Technology

WTW: London market transformation leaders seeing tangible returns

London market firms that have already begun investing in digital transformation are beginning to see tangible returns, with those adopting technology at a faster pace achieving a 6 percentage point outperformance in 2022 over those that lagged, WTW has found.

Newfront’s Lipkin: AI is a “once-in-a-generation opportunity” to reshape an industry

Newfront CEO Spike Lipkin has set his sights on re-imagining the broking landscape having laid out his vision for a new type of retail broker which has been made possible following recent breakthroughs in AI.

Insurtech Capitola launches Co-Pilot to bring GPT tech to digital marketplace platform

Digital marketplace Capitola has launched Co-Pilot, a new feature using generative pre-trained transformers (GPT) that the insurtech says can offer brokers personal assistance, automate tasks and streamline workflows.

Axa’s Bisbjerg: Insurance revolution will come when companies leverage power of insurtechs

Insurtech will not disrupt the (re)insurance industry owing to the inherent complexity and scale of investment required to turn large incumbent brokers and carriers fully digital, according to Axa’s chief transformation officer Frederik Bisbjerg.

Hard market’s push to specialization could negatively impact embedded insurance growth

The ongoing hard market will result in greater carrier specialization with insurers less focused on offering every coverage and instead leaning into specific niches, a development that may have a negative impact on the emerging embedded insurance sector’s growth, attendees at the Insurtech Insights conference in New York heard on Wednesday.

Jensten Underwriting partners with Hiscox for UK technology market cover

Jensten Underwriting, the underwriting unit of Livingbridge-backed Jensten Group, has partnered with Hiscox to launch a new specialist cover for technology businesses in the UK.

Aon names Deloitte’s Fakkel as CTO in Strategy and Technology Group

Aon has appointed Marc Fakkel as chief technology officer within its Strategy and Technology Group, The Insurer can reveal.

P&C market must innovate if it wants to compete

Manoj Kumar, group chief executive and managing director of MNK Re, outlines how the insurance industry must embrace transformative technologies such as AI to aid risk modelling as well as inform customer insights for tailored coverages – or risk being left behind.

Aon’s Fiore and Superczynski: (Re)insurers must be flexible to attract capital

Renewed interest from US mutuals looking to Lloyd’s for diversification, the re-emergence of sidecars, buoyant cat bond issuance, a burgeoning surplus notes market and growing appetite for balance sheet relief from legacy and structured reinsurance deals are all signs of the pressure carriers are under to optimise capital structures at a time of market stress.

Swiss Re: Sector must build consumer trust to realise AI opportunity

The adoption of AI is providing the global (re)insurance sector with the means to achieve its long-term goals, according to Swiss Re, with the reinsurer warning that companies will need to work harder to build trust with policyholders if they are to realise the opportunity.

Orion180 targets Florida entry and commercial lines roll-out

Recently converted full stack E&S carrier Orion180 expects to double its $150mn book of business in 2023 with plans to grow its existing coastal homeowners book as well as expand geographically and into commercial lines as it also eyes a potential Florida entry later this year, E&S Insurer can reveal.

Consilium launches Abbotts-led cyber, tech, and fintech division

Consilium, the specialty (re)insurance broking business of the Aventum Group, has launched a new cyber, tech, and fintech division with Tom Abbotts appointed as its lead.

Canopius to underwrite digital asset custody on Lloyd’s Asia platform

Specialty (re)insurer Canopius has launched the first digital asset custody product on the Lloyd’s Asia platform, with the offering providing local coverage in Singapore.

Swiss Re CorSo looks to increase clients’ resilience through a digital twin

A big push for Swiss Re Corporate Solutions is its Risk Data Services platform, which helps companies build a digital twin of their assets to gain a better overview of their exposure, with Allen Kwan telling The Insurer the benefits include developing insights that inform insurance-buying decisions.

Goosehead acquires 15,000 policies from smart home tech firm Vivint for $5.5mn

Goosehead has acquired 15,000 insurance policies from smart home tech firm Vivint for $5.5mn in consideration, a deal the publicly traded agency said would accelerate its growth and provide “significant benefits” to existing Vivint customers.

Aon goes live on PPL Next Gen

Aon has gone live on the recently launched Placing Platform Limited Next Gen platform.

MGAs: Agents of disruptive innovation

“Disruptive innovation” was the phrase coined by the academic Clayton Christensen to describe how new entrants can displace incumbents in a competitive marketplace.

WTW launches next-gen trading solution Neuron

WTW has announced the global launch of Neuron, a digital insurance platform designed to help underwriters and brokers connect and trade more easily.

AGCS: Nat cats the main loss driver for TMT industry but cyber concerns dominate

Natural catastrophes remain the major driver of insured losses for the technology, media and telecommunications industry, but cyber risks have risen up the agenda to become the primary concern among executives, according to Allianz Global Corporate & Specialty.

Zurich places debut multinational property policy via WTW’s broking platform

Zurich Commercial has issued the first digital submission for multinational property insurance on WTW’s digital broking platform.

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