XL Catlin unveils autonomous tech insurance
XL Catlin has announced an insurance solution that supports the design, development, testing and implementation of autonomous technology.
The company has experience in the field of autonomous technologies. An agreement was signed in 2016 with a technology company that has a focus on mobile robotics and autonomous systems, to support the commercial adoption of mobile robotic solutions and examine their potential impact on risk management.
Last year, Bermudian-based XL Catlin was the only insurer to join the UK government-backed “Driven” consortium and to support its project to deploy a fleet of autonomous vehicles between Oxford and London by 2019 — the most ambitions autonomous vehicle project ever attempted.
The company said its insurance solution for the autonomous world provides cover for all sectors of industry and can be customised for an individual client’s needs using XL Catlin’s global suite of insurance coverages including, liability, error and omissions and, where appropriate, cyber and business interruption insurance.
In addition, XL Catlin has established a multidisciplinary Global Autonomy Centre of Excellence. It said a team of experts will provide a knowledge pool, combining talent, expertise and capabilities in data analytics, underwriting, claims and risk engineering from around the world. It will provide guidance and support to XL Catlin’s underwriters, brokers and clients globally.
Mike McGavick, chief executive officer of XL Catlin, said: “Autonomous technologies are changing the world around us, the way companies operate and the risks they face. We recognise the new and complex risks that are emerging and, as underwriters, we know we have the expertise to develop and deliver the right insurance solutions.
“We are dedicated to doing so because we also recognise the incredible, positive impact this technology will have on society as a whole from creating safer working environments to providing mobility for those most in need. Our message to the market is clear — we have significant risk appetite, we have the right people on board and we are all dedicated to becoming the go-to market for autonomous systems trials and pilots.”
Vincent Branch, chief executive of Accelerate, XL Catlin’s internal innovation team, said: “Our partnership with Oxbotica and our many client-focused innovation initiatives have highlighted the fact that Artificial Intelligence is permeating all parts of our lives. Specifically, autonomous technologies will — in the near future — directly impact our working environments, the design of our cities and transport infrastructures. The work we have done over the last two years to better understand this technology positions us at the forefront of the industry.”
Nancy Bewlay, global chief underwriting officer, Casualty, said: “Many companies have started incorporating autonomous technologies into their operations, in one form or another, be it to move merchandise within a factory or a warehouse or to shuttle staff from a site to another.
“We have learnt, working with some of these early adopters, that while there are no two similar uses of autonomy and each requires a tailor made approach, there is a real need for a structured solution spanning our expertise across multiple classes of insurance. We are now able to offer such solutions and to support our clients adopting autonomy on a larger scale.”
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