Arturo AI start-up partners with Canopius
Who's involved: Arturo, a US artificial intelligence (AI) and property analytics start-up and UK-based global specialty re/insurer Canopius.
What's happening: Arturo has partnered with Canopius.
Significance of development: Arturo's property analysis capability will be integrated into Canopius, providing physical property characteristics and predictive analytics. This is to enable differentiated pricing decisions at the point of underwriting.
Timeline: With immediate effect.
Trov partners with Lloyds Banking Group
Who's involved: US-based insurtech Trov and Lloyds Banking Group.
What's happening: Trov has entered into a joint venture with Lloyds Banking Group.
Significance of development: Trov is launching portfolio of digital, white-labeled insurance products for insurers and financial organisations. As part of this project, Lloyds Banking Group and Trov plan to release an insurance product for "modern connected UK customers".
Timeline: The joint venture's insurance product is due to be launched later this year.
AI insurance premiums to exceed $20bn by 2024
Who's involved: UK consultancy Juniper Research.
What's happening: The value of AI underwritten insurance premiums will exceed $20bn by 2024, up from an estimated $1.3bn in 2019, according to Juniper Research.
Significance of development: According to the research, efficiencies in AI underwriting will be enabled by increased use of telematics and internet of things (IoT) management tools in the motor, home, life and health insurance sectors.
The research said insurers' increased access to operational and behavioural data will enable enhanced data analysis capabilities.
Timeline: The research spans 2019-2024.
Greenlight Re Innovations invests in property claims platform
Who's involved: Greenlight Re Innovations, part of Greenlight Capital Re, and Handdii, a property insurance claims platform
What's happening: Greenlight Re Innovations has made a reported $1.5m investment into Handdii.
Significance of development: Handdii's platform aims to significantly reduce both claims handling costs and repair time, while improving the customer experience.
Timeline: With immediate effect.