Munich Re Specialty building AI underwriting framework, plans broker tool by end of Q4

By Mia MacGregor Oct 15 (The Insurer) — Munich Re Specialty is developing an underwriting framework designed to help assess risks associated with AI, with plans to provide brokers a related client-questionnaire tool by the end of the fourth quarter, Steve Pacheco, the company's US head of cyber and tech E&O, said. The framework could be completed as soon as next week, Pacheco said in an interview with The Insurer at the WSIA Annual Marketplace in San Diego. "I would anticipate, with marketing being involved, by the end of Q4 I think we'll be able to get something out to our broker partners," Pacheco said. The proposed broker resource would give intermediaries a set of questions to use with clients deploying or developing AI, following the same risk-assessment approach used by Munich Re Specialty's underwriters. The aim is to improve the quality and consistency of information submitted for coverage. "We’re at this pivotal point right now with AI," Pacheco said. "I think there is a significant demand for education, not just on the broker side, but on the underwriting side as well, and even on the policyholder side." Much of Pacheco's portfolio consists of technology E&O business, whe