Ninety university students from 30 universities across Kenya are developing an artificial intelligence-powered catastrophe model to improve flood risk assessment as Kenya Reinsurance Corporation seeks to use emerging technology to streamline its reinsurance business.
The students are taking part in the third Kenya Re AI4I Hackathon, running from Oct. 7 to Oct. 9 under the theme “Redefining Reinsurance Business Processing with Agentic AI and Machine Learning.”
The initiative aims to strengthen links between academia and industry, develop technology talent and foster insurance technology partnerships, Kenya Re said.
“The program was established with a clear purpose to strengthen the connection between academia and industry, identify and nurture emerging talent, and harness new technologies to improve the way we do business,” Kenya Re Group Managing Director Hillary Wachinga said in remarks delivered by Acting General Manager for Reinsurance Operations Paul Ahomo.
Participants are developing an AI-augmented catastrophe modelling solution for flood risks in some of Kenya Re’s key markets, applying artificial intelligence and machine learning to assess hazards, exposure, vulnerability and potential financial losses.
Flood modelling is particularly important for reinsurers because a single event can affect multiple properties and businesses, potentially resulting in substantial losses across an insurance portfolio.
Wachinga said the first two hackathons provided access to young technology talent, with several participants subsequently joining the company as interns. Two have since been absorbed into Kenya Re.
The reinsurer has already automated parts of its underwriting process and is working to automate claims settlement and bank reconciliations, Wachinga said.