Insurtech weekly: Axa, Hiscox, Tinubu Square, Société Générale Assurances,

Published in: Risk, Corporate strategy, Software - IT

Companies: Axa, Hiscox, Tinubu Square, Société Générale Assurances,

Axa implements machine learning for motor claims

Who's involved: The UK division of French multinational insurer Axa.

What's happening: Axa UK claim handlers are piloting a machine-learning device designed to improve speed and efficiency within the claims handling process.

Significance of development: Known as Repair or Replace Intelligence (RoRI), the machine-learning tool is designed to capture data from relevant phone conversations to ascertain the costs of repairing the vehicle and the cost of writing it off.

Axa said this approach will increase efficiency as previous methods accounted for the age of the vehicle and the extent of the damage, usually resulting in delays for insurers as only half of the total losses would be identified immediately.

Hiscox in water leak technology partnership

Who's involved: Specialist insurer Hiscox; smart water leak alarm LeakBot.

What's happening: Hiscox has secured a partnership with LeakBot to provide its leak detection system to customers.

Significance of development: Hiscox said the partnership will see it become the first UK insurer to offer new and existing buildings insurance customers a free LeakBot.

The insurer added the average cost of damage from escaped water in the UK is £8,500 ($11,075) and the annual cost to insurers in the UK and US is $16bn.

Tinubu Square secures €15m investment

Who's involved: Tinubu Square, a provider of software-as-a-service for credit and surety insurers; New York-based Long Arc Capital; French investment bank Bpifrance.

What's happening: Tinubu Square has completed a €15m ($16m) investment round led by Long Arc Capital and Bpifrance.

Significance of development: Tinubu Square said the investment, which builds on the €53m it secured from the same investors in October 2017, advances its strategic plan of tapping into high growth international markets.

Société Générale Assurances backs online insurtech

Who's involved: French bancassurer Société Générale Assurances; Czech-based online life insurance start-up Mutumutu.

What's happening: Société Générale Assurances has invested nearly €1.1m in Mutumutu with the potential of increasing its investment in the company by the end of the year.

Significance of development: Mutumutu, which focuses on incapacity to work, disability and death policies, said the funding will help it achieve its ambition of tripling the number of clients within the next 12 months.

Paul Walsh