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RenaissanceRe CEO warns AI is not a silver bullet for insurers
During its second-quarter 2026 earnings call, RenaissanceRe said it is integrating AI across the business and redeveloping its REMS underwriting system to support risk and client assessment.
RenaissanceRe, the global reinsurance and insurance company, said it sees meaningful potential for artificial intelligence across its operations, but cautioned that AI does not automatically improve processes. President and CEO Kevin J. O’Donnell made the point during RenaissanceRe’s second-quarter 2026 earnings call, arguing AI is “not a silver bullet” and needs careful, thoughtful deployment to generate real benefits.
O’Donnell said the company has learned that simply adding AI to existing workflows is not sufficient, especially as it expands automation. Instead, he said many processes may need to be reimagined from the ground up to maximize the impact.
RenaissanceRe also described its approach as a mix of augmentation and automation, with generative AI tools made widely available to employees. The company said staff are developing new use cases aimed at providing greater insight into the risks it underwrites, and that AI is already being used in one way or another across its operations.
As RenaissanceRe increases automation, O’Donnell said the company is moving from “humans in the loop to humans on the loop” and investing significant resources in the transition. He also highlighted ongoing redevelopment of its REMS underwriting system, where AI is being integrated to enhance judgment and broaden underwriting capabilities, including assessment of new risks, new clients, and new models.
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