NAIROBI, Kenya, Oct 9 – Ninety university students are developing an artificial intelligence tool to help assess flood risks and improve insurance decisions as Kenya Reinsurance Corporation seeks to apply emerging technologies to catastrophe modelling.
The students, drawn from 30 universities across the country, are participating in the third Kenya Re AI4I Hackathon, which runs from October 7 to 9. They were selected from 147 applicants to work on an AI-powered solution that could help reinsurers assess potential losses arising from floods.
The challenge centres on how insurers and reinsurers can use data to estimate the likelihood and financial impact of disasters, particularly floods that can damage multiple properties and businesses at the same time.
By analysing flood hazards, property exposure and potential losses, AI-powered models can help insurers determine the risks they are taking on and set premiums that reflect the level of exposure.
For reinsurers, which provide financial protection to insurance companies against large or widespread claims, accurate catastrophe modelling is critical in estimating potential liabilities and determining how much risk they can afford to assume.
The hackathon, themed “Redefining Reinsurance Business Processing with Agentic AI and Machine Learning,” also seeks to expose university students to practical challenges in the insurance industry.
University of Nairobi Professor Peter Waiganjo said closer collaboration between universities and industry was creating opportunities for students and researchers to apply academic knowledge to real-world problems.
He said the engagement was helping bridge the gap between classroom learning and professional practice, while giving students access to mentorship and exposure to industry operations.
Kenya Re Group Managing Director Hillary Wachinga said the initiative was intended to strengthen ties between academic institutions and industry while identifying young people capable of developing technology-driven solutions.
“We want to create a stronger link between academia and industry by giving young innovators an opportunity to work on real business challenges, develop practical solutions and demonstrate their capabilities,” Wachinga said in remarks delivered on his behalf by Acting General Manager for Reinsurance Operations Paul Ahomo.
He said previous editions of the hackathon had also created opportunities for students to gain professional experience, with several securing internships at the corporation and two subsequently joining Kenya Re as employees.
The latest edition comes as financial institutions explore artificial intelligence and machine learning to improve data analysis, automate processes and support decision-making.
For the participating students, the competition offers an opportunity to test their technical skills against a problem faced by the insurance industry. Its outcome will also test how effectively the proposed technology can translate complex risk data into information that reinsurers can use in their operations.
