Driverless cars and the insurance sector

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Read on for insight on the issue driverless cars pose for the insurance sector, details of 3 events, 2 reports and 1 podcast from InsTech and the latest industry insights from Send, Aurora, Norton Rose Fulbright and Blink Parametric.

New tech, new problems

How to insure autonomous vehicles? According to the Financial Times, UK insurer Aviva is “worried about the unknown risk” of insuring driverless cars. One of the team at Thatcham Research, a consulting firm which helps insurers measure risk, goes further: “people might think that autonomously driving cars are going to be safe and really I have to answer that might not be the case”. One problem is lack of data, but the shift of liability risk will also move from the driver and owner to the car manufacturers themselves. We’ve plenty of time to solve this problem though - I don’t expect driverless cars on our roads for at least twenty years.

- Matthew Grant

Driving scale and revenue with embedded insurance - Podcast 216

Sean Ringsted, Chief Digital Business Officer at Chubb, joined Matthew Grant to discuss developments at this major insurer. Topics include the company’s one-stop embedded insurance offering - Chubb Studio - and new uses of IoT devices in insurance. Find out why the growth of neobanks in developing economies is making insurance easier to buy, the lessons Chubb learned from building its own technology and what to expect in 2023. 
Listen here
ESG reporting in 2023: Practical applications for managing and measuring carbon emissions, 24 November, 4:30pm at CodeNode

Next week’s event, supported by S&P Global, continues our exploration of how insurers are measuring and managing climate-related risk. We will be joined by companies that are offering tools and data and the insurers that use them. We anticipate another lively and engaged discussion on stage and amongst attendees. If you are involved in climate or ESG as an insurer, a provider of technology or consulting on this topic, then join us for some inspiration, information and innovation.

Property Intelligence: the where and the what, 22 November, 2pm

To support the launch of our InsTech report, ‘Property Intelligence - the where and what: 50+ companies to know’, Matthew Grant is hosting a Live Chat to discuss the findings with Mark Varley, Founder & CEO, Addresscloud, Stu Cox, Senior Product Manager, Arturo and Todd Rissel, Chairman & CEO, e2Value. They will discuss the new ways location and property attribute information is being accessed, new data sources being found and what has changed since our first location intelligence report in 2021.

From Admin Systems to Ecosystems: Enhancing services through partnerships, 8 December, 2pm

Join us for another Live Chat hosted by Robin Merttens to discuss the distribution, underwriting, claims and innovation benefits that are evolving from the ecosystem model and the role that admin systems can play in providing and enhancing them. The live chat will be based on findings from our report, From Admin Systems to Ecosystems, which will be released at 9am on 8 December.

Ensuro: an alternative source of insurance capacity

InsTech’s Henry Gale has interviewed Marco Mirabella, Founder & CEO of Ensuro. Find out how Decentralised finance (DeFi) can provide a new source of capital for insurance and the products Ensuro can provide cover for, from travel to hurricane and cyber. Decentralised finance is the use of blockchain technology to offer financial instruments with cryptocurrency.

Blink Parametric enters Pakistan with Salaam Takaful Limited

Blink Parametric’s parametric flight disruption product will be embedded across all of Salaam Takaful’s travel insurance policies in Pakistan. Salaam Takaful offers coverage for Islamic banking operators as well as for large corporate groups under Shariah guidelines. This comes in the same week that Blink Parametric joined the India InsurTech Association (IIA) as the company explores further market development opportunities across APAC InsurTech.

Send announces £9m Series A investment

The round was led by venture capital firm Breega with participation from Mercia and will enable Send to accelerate growth both in the UK and US. Send’s underwriting workbench is used by insurers, reinsurers and MGAs. It is designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work.

Aurora launches with global specialist health offering

Aurora launched its new insurance platform on Monday with a global specialist health offering. Backed by AXIS, the offering provides SME businesses with cover to support employees and their immediate family in dealing with major oncological, neurological, cardiological conditions and transplants. Find out more about Aurora from an interview with its Co-founder and CEO, Jan-Vincent Finn.

Insurathon by Norton Rose Fulbright

Insurathon is a Norton Rose Fulbright event which fosters technological advancements and innovation in the insurance sector, now in its sixth year. It supports the selected start-up and scale-up technology businesses looking to develop a business concept in the insurance space. Applicants selected as finalists will compete for a prize of £25,000 of pro bono UK legal and regulatory advice and a potential investment of £25,000 by way of an equity investment.

CelsiusPro and Global Earthquake Model (GEM) partnership 

The partnership aims to expand earthquake and climate risk financing options through parametric insurance. GEM earthquake data and models will be used within CelsiusPro’s parametric insurance software. GEM is available on the Oasis Loss Modelling Framework platform.

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