Innovation, Acquisitions, and Tax Insights in Life Insurance
Swiss Re launches AI-powered Underwriting Ease to streamline life insurance reviews
August 14, 2025
Swiss Re has launched Underwriting Ease, a platform that combines AI and human expertise to streamline complex life insurance underwriting. Using technologies like OCR, natural language processing, and large language models, it extracts and organizes applicant data for cases requiring manual review. The system can reduce manual underwriting workload by up to 50%, allowing underwriters to focus on complex risk assessments, and integrates seamlessly with existing workflows. Deployed in North America and tested in Europe and Asia, it also serves as a training tool for new underwriters and feeds data back into automated models to improve accuracy. Early adopters, including SBLI, report faster processing and greater efficiency in handling referred cases.
Families in UK paid IHT on life insurance policies that could have been avoided – report
August 13, 2025
In 2022/23, nearly 7,500 UK families paid inheritance tax (IHT) on life insurance policies that could have avoided the charge if placed in trust, NFU Mutual reports. HMRC data shows life insurance payouts added up to £865 million in estates, potentially generating £346 million in tax. Policies in trust bypass the estate, avoiding the 40% IHT rate and speeding up payments to beneficiaries. Experts warn many policyholders are unaware of the tax implications, especially as rising property values and frozen thresholds increase IHT liability. Reviewing life insurance arrangements is now a key part of estate planning to prevent unnecessary tax charges.
Aon company NFP buys UK-based Bspoke Insurance Group
August 8, 2025
Aon’s NFP has acquired UK-based Bspoke Insurance Group, a specialist in managing general agents and underwriters, while allowing it to retain operational independence. Bspoke, founded in 2022 and headquartered in Leeds, offers insurance products across sectors including commercial enterprises, leisure, property, and high-net-worth clients, using a tech-driven, virtual insurer model. The management team will integrate into NFP Europe, but existing Bspoke brands will maintain their identities. NFP aims to leverage Bspoke’s expertise to expand specialist underwriting and insurance solutions, while Bspoke plans to pursue further growth and acquisition opportunities. This follows NFP’s recent acquisition of US-based Levine Group.
