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Munich Re to use artificial intelligence to speed up hurricane payouts

Posted On: May. 1, 2019 5:44 AM CST

Germany-based Munich Reinsurance Co. plans to use artificial intelligence to make quick payouts for hurricane-related damage in the Caribbean, reported. Joachim Wenning, chief executive of Munich Re, said that an aircraft would fly over damaged areas immediately after a hurricane strike and take high-resolution images. Mr. Wenning said that the reinsurer will use software to analyze the photos and calculate property damage to allow insurers to settle claims quickly.

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