mea announces today the selection of mea platform by Swiss Re and an expansion of the partnership between the two companies.
This selection and expansion build upon the successful collaboration initiated in July 2023, when Swiss Re first selected mea for its Corporate Solutions business. The partnership which has increased significantly going into its second year, and now extends to cover P&C reinsurance operations use cases. Swiss Re, one of the world's leading re/insurance groups selected mea after a lengthy testing period.
The expanded contract will see mea's generative artificial intelligence (GenAI) technology applied to process complex data formats, including Schedules of Value (SOV) and Loss Runs, allowing data to be easily processed from these intricate Excel spreadsheets and PDFs. This capability sets mea apart in the market, offering solutions that few competitors can match.
mea is a GenAI-powered global platform that simplifies insurance processes by automating essential activities. Its GenAI solution Ora uses advanced natural language processing and machine learning techniques to accurately extract unstructured data from submission-related documents and turn it into structured data that can be analysed and interpreted. This significantly reduces the need for manual processes and workarounds, decreasing the time and resource traditionally required to manage in-bound submission flow.
Tarun Kohli, Managing Director & Head Group Delivery Services, Swiss Re, said: “We are pleased to announce this partnership with mea which comes off the back of successful pilots across our reinsurance and insurance operations. We went through a rigorous selection process to identify a platform that is both innovative and mature enough to complement our state-of-the-art tech stack. mea's capabilities have proven to be the right fit for us as Swiss Re is continuing its digital transformation journey.”
Marc Werder, Managing Director & Chief Innovation and Transformation Officer at Swiss Re Corporate Solutions, said: "With its GenAI-powered platform, mea's technology helps us further enhance our data capabilities and simply processes where needed. The expansion of this partnership is part of our commitment to continuously optimising our business operations and driving innovation across the organisation.”
Martin Henley, CEO at mea, commented on the expansion: "We are thrilled to deepen our partnership with Swiss Re. This selection and expansion demonstrate the value and efficiency our solution brings to both Reinsurance and Insurance operations. We're just scratching the surface of what's possible, and we look forward to continuing to innovate and deliver value for Swiss Re."
