CFC unveils new innovation facility
CFC unveils new innovation facility | Insurance Business Australia
Technology
CFC unveils new innovation facility
New facility aims to develop and underwrite products under Lloyd’s innovation risk code
Technology
By
Steven Byerley
Specialist insurance provider CFC has announced the launch of an innovation facility aimed at developing and underwriting products under the Lloyd’s “ICX” innovation risk code.
The facility, led by the CFC 1988 syndicate, will utilize CFC’s unique innovation approach to explore underwriting opportunities while managing downside risk, the company said.
The establishment of the innovation facility follows the appointment of George Beattie (pictured above) as head of innovation at CFC earlier this year. With extensive experience as the former co-chair of Lloyd’s Product Launchpad, Beattie leads a team focused on delivering industry-first solutions and next-generation insurance products for emerging risks. The team includes actuarial and technology resources, providing them with the autonomy to pursue viable opportunities.
“This is a big vote of confidence in CFC’s ability to select, develop and trade brand new insurance products,” Beattie said. “Our innovation team isn’t limited by the status quo, and we’re not focused on upgrades to existing products. Our mission is to identify risks that haven’t yet been addressed by the market and to explore insurance solutions that add real value and ultimately move the needle in protecting businesses of the future.”
“The insurance sector is struggling to track the shift from physical to intangible assets, despite these assets now comprising the majority of corporate value,” he said. “That’s why building innovative infrastructure is critical to all insurance businesses, and we must think hard and fast about the new kinds of products we should be selling.”
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