17 January 2019

Insurtech weekly: AxaXL, Legal & General, ArgoGlobal, Zurich, Expert System, Axieme

Axa XL uses AI to improve property risk engineering

Who's involved? Axa XL Risk Consulting andExpert System, an Italian software company

What's happening?  Axa XL Risk Consulting is using AI algorithms developed by Expert System to automate the process of reading site survey reports and identify the correct meaning of words and expressions in context

Significance of deal: Axa XL saidusingnatural language processing enables the risk consulting team to expand the volume of accounts that can be reviewed, focus risk engineering time on high impact areas, and allow underwriters to reduce their speed-to-quote time

Timeline: With immediate effect


L&G brings robots into its service delivery

Who's involved?  Legal & General and NICE Robotic Process Automation

What's happening?  Legal & Generalis using NICE Robotic Process Automation to help its customer service consultants update multiple policies simultaneously, and rapidly respond to customer queries

Significance of deal: Legal & General said it shows how robotic intelligence andhuman workforces can combine to maximise operational efficiencies and deliver an excellent customer experience. The insurer said it also allows process changes to be made faster

Timeline: With immediate effect


ArgoGlobal partners with insurtech platforms in gig economy

Who's involved?  ArgoGlobal Assicurazioni, an Italian property and casualty subsidiary of Argo Group, Italian digital platform Jobby and insurtech start-up Axieme

What's happening? ArgoGlobal Assicurazioni is working with Jobby and Axieme to provide Italian temporary and short-term workers with pay-as-you-go insurance

Significance of deal: More than 4,500 hours of coverage have been provided to more than 600 gig-workers since the partnership. ArgoGlobal Assicurazioni predicts growth in this area based on the growing gig economy

Timeline: With immediate effect


Eight finalists selected for Zurich Innovation World Championship

Who's involved?  Zurich and eight start-ups

What's happening?  Eight regional winners have been selected to participate in the concluding phase of the Zurich Innovation World Championship

The eight start-ups are:

  •  Chisel, a finalist from the North America Region, involved in natural language processing and AI
  • Habit Analytics, a finalist from the EMEA region, that provides an analytics platformusing the Internet of Things to improve underwriting and customer service
  • LifeNome, a finalist from the Latin America region, that offers DNA-based personalised wellness information
  • Nubihome, a finalist from Latin American region, that analyses customer metadata from smart devices
  • Shayp, a finalist from the EMEA region, that helps building managers, homeowners and insurers eliminate water leaks and related damagesSoldier.ly, a finalist from the Asia Pacific region, that has designed an app to track a user’s biometric data and assess their stress levels
  • zesty.ai a finalist from the North America region, that uses digital imagery to provide data intelligence for property insurance  
  • Vymo, a finalist from the Asia Pacific region, that provides a virtual personal sales assistant to help sales representatives to achieve best outcomes

Significance of development: Zurich said the start-ups have presentedground-breaking ideas and technologies” and each of the organisations has the potential to work with Zurich

Timeline: The eight start-ups are due in Zurich at the end of January for the final global round, when they will pitch their ideas to global executives and stakeholders