The rapid development of artificial intelligence (AI) has prompted options aplenty for insurers in aiding risk management. Against this backdrop, Moody's wins the award for best use of AI in risk management.

In the last 12 months the firm has proven its commitment to continuous innovation in the insurance industry and has equipped its 14,000 employees with AI tools.

New AI solutions from the firm include Moody's Research Assistant and Moody's Intelligent Risk Platform (IRP) Navigator. The former offering focuses on credit analysis and combines the latest generative AI (GenAI) with the firm's proprietary data, enabling users to create a comprehensive view of risk along with citations to the source documents for transparency.

Part of the tool utilises interactive chat features to provide complex insight into credit risks.

Moody's IRP Navigator is described by the firm as a "24/7 chatbot" designed to answer product enquiries and provide workflow assistance on-demand. The tool includes translation services, coding assistance and prompt suggestions.

"With deep expertise across all our applications and insurance terminology, Moody's IRP Navigator offers customers frictionless product and workflow support to better serve their needs by reducing servicing wait times and enabling Moody's Customer Success teams to dedicate more time on high impact customer support," the firm explains.

With its clients already using cloud-based platforms, Moody's says it is well-placed to introduce further AI initiatives.

"Our clients are looking at their solutions to unearth and integrate insights from their businesses, and we want to ensure clients can benefit from the sheer breadth of data and insights not just from the risk modelling and insurance space, but from across the entire Moody's business," a spokesperson tells InsuranceERM.