RenaissanceRe is expanding the use of artificial intelligence (AI) across its business, but President and Chief Executive Officer Kevin J. O’Donnell said the technology should be implemented thoughtfully to maximize its long-term value.
AI Seen as a Tool to Enhance Decision-Making
Speaking during the company’s second-quarter 2026 earnings call, O’Donnell said RenaissanceRe views AI as a way to strengthen employee capabilities and improve business decisions rather than as a standalone solution.
He cautioned that the company has learned AI does not automatically improve existing operations.
“We have learned that AI is not a silver bullet. It does not automatically make everything better.”
O’Donnell added that organizations need to deploy AI strategically, particularly when introducing automation.
“Rather, especially in the case of automation, it needs to be employed carefully and thoughtfully to maximise its benefit.”
Rethinking Business Processes
According to O’Donnell, simply adding AI to established workflows is unlikely to deliver the best results.
“It is not sufficient to simply overlay it on top of existing processes. Instead, many processes need to be reimagined from the ground up.”
He said RenaissanceRe’s AI strategy combines automation with human expertise, aiming to amplify employees’ capabilities while improving decision-making across the organization.
The company has already made a range of generative AI tools available to employees, who are using them to develop applications that provide deeper insights into underwriting risks.
“It’s probably fair to say that it is being used in one way or another across everything that we do.”
Expanding Automation Across the Business
As AI adoption grows, O’Donnell said RenaissanceRe is transitioning from a model of “humans in the loop” to “humans on the loop,” reflecting a greater role for automated systems supported by human oversight.
He added that the company is making significant investments in AI and expects the technology to influence an increasing share of its operations over time.
AI Integrated Into Underwriting
O’Donnell also highlighted the redevelopment of RenaissanceRe’s REMS underwriting platform, where AI is being incorporated as part of the company’s augmentation strategy.
Rather than replacing underwriters, the technology is intended to support professional judgment by helping evaluate new risks, assess prospective clients and analyze emerging underwriting models.
The company said the initiative reflects its broader objective of combining human expertise with AI to improve underwriting capabilities and operational efficiency.
Source: InsuranceMagz