Howden Re and UCL School of Management receive £200k for AI project targeting reinsurance processes

Howden Re, the reinsurance and advisory division of Howden, and the UCL School of Management have been awarded £200,000 in government funding through a Knowledge Transfer Partnership (KTP), and the project is co-funded by Innovate UK and Howden Re.

The partnership will focus on developing AI tools intended to update how reinsurance pricing and accumulation are handled.

Drawing on both academic input and industry needs, the 18-month project aims to introduce more structure and automation into current workflows by using Large Language Models (LLMs), Machine Learning (ML), and Cloud technologies.

This marks the first KTP award for either organisation. Howden Re is one of only a few organisations chosen for funding this year from a pool of approximately 100 applicants.

The project responds to long-standing issues around data clarity that have contributed to inconsistent underwriting results.

A central goal is to create a pricing and accumulation system that standardises data processing and reduces manual steps. Improved benchmarking capabilities are also planned to help inform quicker and more consistent decisions.

“We’re thrilled to be collaborating with UCL on this AI product, a first of its kind in the reinsurance space,” said Dr. Melodie Vanderpuye, Project Supervisor, Howden Re.

“As risks become ever more complex and interconnected, the role of re/insurance in making sense of uncertainty, and putting a price on it, has never been more vital. With this investment, Howden Re reinforces our commitment to innovation, increasing efficiency and solving data transparency problems in a scalable way.”

Dr. Deyu Ming, Project Academic Supervisor, UCL School of Management, commented: “This KTP not only advances the frontier of applied AI research, but also shows how academic–industry partnerships can co-create impactful solutions to complex and real-world data challenges in the reinsurance space.”

“This partnership with Howden Re is a great example of how we can apply cutting-edge research to real-world challenges,” added Professor Steve Yoo, Academic Lead, UCL School of Management. “We’re excited to see UCL’s AI expertise make a tangible impact in the re/insurance industry.”

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