Specialist insurance provider CFC has launched an innovation facility to develop and underwrite products under the Lloyd’s “ICX” innovation risk code.
Led by the CFC 1988 syndicate, CFC suggests that the new innovation facility will pursue opportunities using its “unique innovation approach”, which is built to deliver decisive exploratory underwriting while maintaining oversight and minimising downside risk.
The announcement follows the appointment of George Beattie as Head of Innovation earlier this year.
CFC describes Beattie as a former Co-Chair of Lloyd’s Product Launchpad who leads a team focused on delivering industry-first solutions and next-generation insurance products designed for the emerging risks of tomorrow.
The team includes its own dedicated actuarial and technology resource, offering full autonomy to pursue viable opportunities.
Beattie commented, “This 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.
“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.”
Beattie continued, “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.”
