Automation of contract checks
MS Amlin has launched an artificial intelligence tool designed to cut the time required to review reinsurance contract wordings by half. Known internally as Wordy Bot, the system evaluates reinsurance contracts against the insurer's underwriting standards to flag missing clauses, wording differences, and potential inconsistencies. Developed jointly by teams in London and MSIG Asia, the tool is intended to help underwriters respond to brokers more quickly during the January 1 renewal season by reducing rounds of questions and revisions. Chief underwriting officer Martin Burke stated that the software does not make underwriting decisions or replace human judgement, but instead allows underwriters to focus on interpreting wording changes rather than searching for them.
Rollout and market implications
Wordy Bot is currently deployed on MS Amlin's North American property reinsurance book. The firm intends to expand its use to North American casualty reinsurance, the wider reinsurance portfolio, and eventually direct insurance. The deployment coincides with softening reinsurance markets where cedants are pushing for broader terms, increasing the risk of coverage widening through unnoticed wording alterations. While the technology aims to streamline placements for brokers, it also ensures that reinsurers can identify and assess contract changes more reliably under deadline pressure.