2026-11-05 · Source: Insurance Business UK
Summary in 3 Points • AI is transforming credit insurance underwriting by automating data preparation, reducing processing time from hours to minutes. • Convergence's platform processes over 500 credit insurance enquiries monthly, growing approximately 140% in 2025. • OAK Global's OCEAN platform addresses credit reinsurance challenges by standardising data and revealing hidden exposures. --- The Gallagher Re Q3 2026 Global InsurTech Report highlights how AI is revolutionising credit insurance underwriting by automating data preparation, significantly reducing the time required for portfolio modelling and analysis. Convergence, a Lloyd's-based credit non-payment insurer, has reported processing over 500 enquiries monthly, with its platform enabling analysts to complete tasks in minutes that previously took hours, showcasing a growth of approximately 140% in 2025. OAK Global is tackling similar challenges in credit reinsurance with its OCEAN analytics platform, which connects various data processes to reveal hidden exposures before capacity is committed. The report also notes a decline in global insurtech funding, yet AI-focused companies continue to attract the majority of investment, indicating a shift towards internal AI capabilities among incumbent insurers. This trend suggests that while funding may fluctuate, the demand for effective AI solutions in underwriting remains strong. AI is enhancing underwriting efficiency in credit insurance, enabling faster processing and better data utilisation, which is crucial for managing delegated authority and binder business.
AI is enhancing underwriting efficiency in credit insurance, enabling faster processing and better data utilisation, which is crucial for managing delegated authority and binder business.