innovation News

Lloyd’s 1st Syndicate-in-a-Box, Operated by Munich Re, Aims to Be an Innovation Lab

Lloyd’s of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd’s and, ultimately, reduce the cost base of the market. One …

The Lowdown: Innovation, Social Inflation, Hot Markets and More…

I recently had the benefit of attending the Society for Insurance Research 49th annual conference, where I was immersed in discussions about data, research, artificial intelligence, machine learning and more. This intimate conference included 200 attendees from 48 carriers and …

AXA XL Launches Risk Innovation Incubator Called ‘Cube’

AXA XL Insurance launched Cube, a risk innovation incubator, a six-week program designed to enable risk managers to work alongside AXA XL risk and innovation experts to develop innovative risk management solutions for their most complex risks. The program comprises …

Praedicat Develops Named Peril Casualty Insurance Product via Lloyd’s Lab

Praedicat, Inc., the Los Angeles-based liability risk analytics software company, announced it is developing a new insurance product designed to help global industrials secure coverage for innovative and essential products and chemicals that are typically excluded or under-insured in standard …

China’s Ping An Insurance to Spend $22B on Tech, From AI to Blockchain

Ping An Insurance wants to be valued more like a technology company. Its executives have yet to convince investors their planned $22 billion spend on everything from artificial intelligence to blockchain will work. While Ping An (Group) Co.’s Hong Kong-traded …

Brit Taps Birch from VC Firm Hambro Perks for Newly Created Role, Head of Innovation

Brit Ltd. announced that James Birch has been appointed to the newly created role of head of Innovation. Reporting to CEO Matthew Wilson, Birch started his new role on July 22. Birch will be responsible for managing the innovation process …

Insurer Innovation Comes Under the Rating Agency Microscope

Underway for some time now, the disruption of the insurance industry has moved into a new phase, following the announcement by A.M. Best that it may soon begin scoring insurers’ innovation efforts. Journalist Russ Banham spoke with ratings agencies, thought …

What does “We’re studying the problem” really mean?

I was reading my latest issue of Carrier Management yesterday and found an article about how Lloyd’s was planning to modernize their operations. The article mentioned that Lloyd’s had put together a prospectus of potential solutions, but that nothing would …

Chubb, Hiscox, Tokio, Other Lloyd’s Underwriters Form Innovation Facility to Insure Emerging Risks

A group of Lloyd’s underwriters has launched a new facility with £53 million ($67.5 million) of capacity that is designed to speed up re/insurance product development for new and emerging risks. The Product Innovation Facility is led by senior underwriters …

ACORD InsurTech Innovation Challenge’s European Winner Is Riskbook

ACORD, the global standards body for the insurance industry, has announced that Riskbook was the winner of the London semi-final round of the ACORD InsurTech Innovation Challenge (AIIC), with RITA and Optimiz.Claims named as runners up. Riskbook is focusing on …