Kenya Reinsurance Corporation (Kenya Re) has partnered with the University of Nairobi to launch the highly anticipated Kenya Re AI4Insurance Hackathon 2024, an innovative competition aimed at reshaping the future of the insurance and reinsurance sectors through the power of Artificial Intelligence (AI). The hackathon, themed “Reimagining (Re)Insurance with Artificial Intelligence for Operational Efficiency,” invites university students to tackle real-world challenges facing the industry and propose AI-driven solutions.
The hackathon targets three key areas in the (re)insurance space:
- Underwriting Automation: Participants are tasked with developing AI-based solutions that streamline risk assessment processes, enhancing accuracy and reducing human errors, ultimately driving operational efficiency.
- Claims Processing: Innovators will explore ways to significantly accelerate claims evaluation and settlement, ensuring that customers receive timely support, reducing delays, and improving customer satisfaction.
- Customer Service Operations: Solutions in this category aim to leverage AI for more personalized, efficient customer interactions, improving the overall experience for policyholders and clients.
Kenya Re Group Managing Director, Dr. Hillary Wachinga, emphasized the importance of this initiative in closing the AI talent gap between academia and the insurance industry. “We seek to bridge the AI talent gap by identifying solutions that streamline operations, improve efficiency, and build a community of AI experts committed to advancing the insurance industry,” he said. Dr. Wachinga also highlighted the hackathon as a key part of Kenya Re’s broader strategy to embrace cutting-edge technology and drive innovation in the sector.
Over 100 university students from various institutions across Kenya, primarily in their third and fourth years of study with a background in software development, are participating in the hackathon. The top three teams will be awarded cash prizes and a coveted three-month internship opportunity at Kenya Re, offering them a chance to bring their AI solutions to life within a real-world business environment.
This initiative positions Kenya Re as a pioneer in the technological transformation of Kenya’s insurance sector. By promoting AI adoption, the hackathon has the potential to significantly reduce costs, accelerate turnaround times, and improve the overall experience for both businesses and consumers in the industry.
Kenya Re has long been at the forefront of technological advancement, and this hackathon underscores the corporation’s commitment to fostering innovation and shaping the future of reinsurance in Kenya and beyond.
With the rise of AI, the (re)insurance industry is poised for a transformative shift, and initiatives like this hackathon will help equip the next generation of professionals with the skills and experience needed to lead that change.
