AXA XL, the property & casualty (P&C) and specialty risk division of insurer AXA, has announced the launch of its risk innovation incubator, Cube.
Described by insurer and reinsurer AXA XL as the first of its kind, Cube is a six week programme that provides risk managers with the opportunity to work alongside AXA XL’s risk and innovation experts to develop risk management products for their most complex exposures.
Cube is comprised of numerous workshops in which the re/insurer and its customers experiment and test new products with the goal of producing a prototype and a supporting business case.
During the six week programme, AXA XL clients have access to a team of innovation, digital, and analytics experts as well as risk specialists, and, when appropriate, to some of the re/insurer’s technology partners.
Philippe Gouraud, Global Head of Strategic Distribution at AXA XL, commented: “Cube supports our goal to go beyond traditional insurance to become a comprehensive partner to our clients. The programme’s structured and well-tested approach allows us to offer our clients a robust environment to innovate.
“We strongly believe that our co-creation approach fosters powerful innovation and helps our clients improve their risk profile.”
Hélène Stanway, Digital Leader at AXA XL, added: “Evolving technologies and new ways of harnessing data are transforming the way companies work, and the way we are able to gain risk insights to support them. Over recent years, we have successfully completed and scaled a number of innovative proofs of concept.
“It is now time to leverage what we have learned, through a structured and repeatable approach, to work even more closely with our clients and help them solve some of their most challenging risk management issues.”
