PriyaPatel
TLDR:
Key Points:
- Ariel Re and Hiscox launch CyberShock consortium offering cyber catastrophe protection
- Swiss Re introduces Gen AI underwriting assistant for risk assessment
Full Article:
The recent insurtech news highlights the launch of the CyberShock consortium by Ariel Re and Hiscox, providing up to U.S. $50 million of per-program capacity for cyber insurers to manage cyber catastrophe risk. Daniel Carr, head of cyber at Ariel Re, emphasized the importance of scaled solutions for systemic risk in the market, with Hiscox Re as the ideal partner due to their expertise in cyber.
Additionally, Liberty Mutual Reinsurance partnered with Safehub to offer a sensor-based parametric earthquake reinsurance product, aiming to provide quicker indemnification to policyholders in seismic events. Swiss Re also introduced Gen AI underwriting assistant Life Guide Scout to assist underwriters in risk assessment, utilizing Microsoft Azure OpenAI Service to enhance the underwriting process.
In other news, Chubb acquired pet insurer Healthy Paws to expand the brand’s reach in the pet insurance market, while Arbol spun off Lilypad to focus on providing property insurance in climate-risk prone coastal regions of the U.S. Lilypad aims to address the insurance coverage gap in catastrophe-prone areas through advanced climate data and technology infrastructure.
Moreover, Munich Re and Clareto launched an EHR summarizer to facilitate fast and accurate decision-making for life insurance carriers, while Genesis Global released its Genesis Credit Application Platform (CIA) to automate bank processes for credit risk offsetting and portfolio management. These developments highlight the industry’s focus on leveraging technology and data analytics to drive efficiency and innovation in the insurance sector.
