News
Plugable’s charger scheme; FSCS’ claims partnership; Aon’s broking head
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Axa reveals AI pilots being rolled out across business
Axa has more than half of its artificial intelligence use cases already in production, according to Axa XL chief innovation, data analytics officer Ashok Krishnan.
Blueprint Two rollout hit by more delays
The first phase of the rollout of Blueprint Two has been pushed back again, due to testing of the technology running behind schedule.
‘A lot of gaps’ to fill in Automated Vehicles Bill
There are still gaps left to fill regarding the use of automated vehicles, according to the Association of British Insurers’ manager for general insurance policy, Jonathan Fong.
One in four don’t declare all medical conditions for travel insurance
One in four people do not declare all of their medical conditions when buying travel insurance, according to a survey from AllClear.
NFU Mutual only feeds AI models internal data
NFU Mutual is only feeding generative artificial intelligence models internal data to avoid inaccuracy, according to chief data officer Alistair Mathie.
RSA and NIG to arrive at single product set in mid-2025
RSA and NIG will harmonise their two product sets into one by September next year, regional director Steve Scott has said.
Zurich to review family friendly HR policies
Zurich’s human resources and actuarial teams are conducting a review of its family friendly policies and benefits, Insurance Post can reveal.
Four key takeaways from Insurance Post’s AI Summit
Insurance Post organised a conference for senior-level artificial intelligence leaders from the UK’s largest insurance companies to discuss strategies for implementing AI, as well as the challenges and opportunities encountered in their transformation…
R&Q to enter liquidation in Bermuda to facilitate Accredited sale
R&Q has confirmed it is to enter provisional liquidation in Bermuda in order to push through the proposed sale of Accredited to Onex.
Hiscox uses AI to slash underwriting from three days to three minutes
Hiscox has shortened its lead underwriting journey for the London Market sabotage and terrorism book from three days to three minutes through the use of generative artificial intelligence.
Acrisure UK MGA targets trebling of GWP
Acrisure’s UK managing general agent operation has set its sights on more than trebling its gross written premiums within three years, following a relaunch of the business last year.
Winners of British Insurance Technology Awards 2024 revealed
The winners of the inaugural British Insurance Technology Awards were unveiled last night (18 June) at a glitzy bash at the London Marriot Hotel, Grosvenor Square.
Cifas sees false insurance claims increase by a fifth
Opportunistic drivers submitting false ‘no claims’ documents are raising concerns for insurers, with filings to the National Fraud Database increasing in 2023, according to Cifas.
EU AI Act may block smaller insurtechs from market entry
Smaller insurtechs in the artificial intelligence sector will be subject to additional regulatory oversight due to the European Union AI Act, which may prevent them from making it into the market, according to Sixfold CEO Alex Schmelkin.
Zurich prioritises internal AI development over partnerships
Zurich is focusing on in-house expertise rather than external partnerships for artificial intelligence development, according to data science lead Jonathan Davies.
Insurance market has rushed automation – survey
Many technology professionals at insurers and MGAs believe the market has rushed into automation, according to a survey by RDT Tech.
ABI’s Braun receives OBE in King’s Honours List
Yvonne Braun, director of policy for long-term savings, health and protection at the Association of British Insurers, has been awarded an OBE in His Majesty the King’s Birthday Honours List.
Ageas reveals AI has saved business more than £4m
Ageas has saved more than £4m due to the use of artificial intelligence, with £2m of the savings coming from AI-enhanced fraud models.
Ecclesiastical is cautious about generative AI for complex tasks
Ecclesiastical’s generative artificial intelligence technology is not ready to support high value or complex task replacement, according to group technology director Graeme Howard.
Consumers want Amazon and Tesla embedded insurance products
Four out of 10 consumers would be comfortable with the idea of buying insurance from companies such as Ikea, Amazon, or Tesla when making purchases from those brands, according to Guidewire’s Insurance Consumer Survey 2024.
‘Nascent’ cyber market to hit ‘choppy waters’
Experts speaking at the Financial Times Global Insurance Summit on 13 June have said there are going to lots of ups and downs in the cyber market, with one suggesting “premiums are under-priced”.
Clear’s latest deal; JMG surpasses £300m GWP; Kane named Allianz ambassador
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Axa and Zego reject generative AI for pricing
Axa and Zego have ruled out using generative artificial intelligence for pricing due to compliance concerns.