In a groundbreaking initiative aimed at revolutionizing the insurance landscape, Kenya Reinsurance Corporation (Kenya Re) has partnered with the University of Nairobi to launch the Kenya Re AI4Insurance Hackathon 2024.
This hackathon invites university students to harness the power of Artificial Intelligence (AI) to devise innovative solutions addressing real-world challenges in the (re)insurance sector. The hackathon focuses on three critical areas where AI can make a substantial impact.
Participants will explore ways to streamline risk assessment processes, enhancing accuracy and improving operational efficiency while reducing human error. Innovative solutions from participants aim to expedite the evaluation and settlement of claims, ensuring that customers receive timely and efficient support. By leveraging AI, participants will work on creating personalized and efficient interactions that elevate the overall customer experience.
During the launch event, Dr. Hillary Wachinga, Group Managing Director of Kenya Re, emphasized the initiative’s importance, stating,
“We seek to bridge the AI talent gap between academia and the insurance industry to address everyday challenges in reinsurance. This hackathon empowers efficiency by identifying solutions that streamline operations and develops a community of AI experts dedicated to advancing the insurance industry. It also marks a significant leap forward in our industry, showcasing Kenya Re’s unwavering commitment to embracing cutting-edge technology.”
The hackathon has attracted nearly 100 students from various Kenyan universities, specifically those in their third or fourth year of software development studies.
The competition will reward the top three participants with cash prizes and a coveted three-month internship opportunity at Kenya Re, providing a pathway for budding talent to gain real-world experience.
As a pioneer in promoting technology adoption within the Kenyan insurance sector, Kenya Re’s initiative could significantly transform the (re)insurance landscape. By fostering innovation, the hackathon aims to lead to faster turnaround times, reduced operational costs, and enhanced experiences for all stakeholders involved.
Founded through an Act of Parliament in December 1970, Kenya Reinsurance Corporation Limited (Kenya Re) is the oldest reinsurer in Eastern and Central Africa. Since commencing operations in January 1971, the corporation has provided reinsurance services to over 900 companies across more than 90 countries in Africa, the Middle East, and Asia.
Kenya Re is committed to delivering world-class reinsurance services and has undergone international rating processes to benchmark its operations.
It currently holds a B (Fair) rating from AM Best and an AA+ (Ke) rating from Global Credit Rating (GCR), underscoring its dedication to maintaining high standards in the reinsurance industry.