Head of innovation says move comes as ’insurance sector struggles to track the shift from physical to intangible assets’
CFC has launched a new innovation facility to develop and underwrite products under the Lloyd’s ‘ICX’ innovation risk code.
In a statement released today (12 July 2023), the specialist insurance provider said the facility will pursue opportunities using CFC’s innovation approach.
This includes delivering “decisive exploratory underwriting while maintaining oversight and minimising downside risk”, the firm added.
The new facility will be led by CFC’s 1988 syndicate.
George Beattie, head of innovation at CFC, said: “The insurance sector is struggling to track the shift from physical to intangible assets, despite these assets now comprising the majority of corporate value.
“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.”
Innovation team
Beattie, who used to serve as co-chair of the Lloyd’s Product Launchpad, joined CFC in January 2023.
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He currently leads a team focused on delivering industry-first solutions and next generation insurance products designed to tackle emerging risks.
He said the new innovation centre “is a big vote of confidence in CFC’s ability to select, develop and trade brand new insurance products”.
“Our innovation team isn’t limited by the status quo and we’re not focused on upgrades to existing products,” he said.
“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.”
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