XL Catlin has developed a new insurance solution that supports the design, development, testing, and implementation of autonomous technologies, and has established a new Global Autonomy Centre of Excellence.
Available globally, the new solution aims to provide cover for all sectors of the autonomous technology industry, and can be tailored to a client’s specific needs using XL Catlin’s suite of insurance coverages, which include liability, error and omission, and cyber and business interruption.
Additionally, XL Catlin plans to provide guidance and support to its underwriters, brokers, and clients with the establishment of the multi-disciplinary Centre of Excellence, which will bring together global experts in data analytics, underwriting, claims and risk engineering.
Mike McGavick, Chief Executive Officer (CEO) of XL Catlin, commented: “Autonomous technologies are changing the world around us, the way companies operate and the risks they face. We recognise the new and complex risks that are emerging and, as underwriters, we know we have the expertise to develop and deliver the right insurance solutions.
“We are dedicated to doing so because we also recognise the incredible, positive impact this technology will have on society as a whole from creating safer working environments to providing mobility for those most in need.
“Our message to the market is clear – we have significant risk appetite, we have the right people on board and we are all dedicated to becoming the go-to market for autonomous systems trials and pilots.”
XL Catlin is already experienced in the field of autonomous technologies, having partnered with Oxbotica in 2016 to support the adoption of mobile robotic solutions, and having joined the UK government-backed DRIVEN consortium in 2017 with plans to support its future autonomous vehicle projects.
Vincent Branch, CEO of Accelerate, XL Catlin’s internal innovation team, explained: “Our partnership with Oxbotica and our many client-focused innovation initiatives have highlighted the fact that Artificial Intelligence is permeating all parts of our lives.
“Specifically, autonomous technologies will –in the near future– directly impact our working environments, the design of our cities and transport infrastructures. The work we have done over the last two years to better understand this technology positions us at the forefront of the industry.”
Nancy Bewlay, Global Chief Underwriting Officer (CUO), Casualty, added: “Many companies have started incorporating autonomous technologies into their operations, in one form or another, be it to move merchandise within a factory or a warehouse or to shuttle staff from a site to another.
“We have learned, working with some of these early adopters, that while there are no two similar uses of autonomy and each requires a tailor made approach, there is a real need for a structured solution spanning our expertise across multiple classes of insurance. We are now able to offer such solutions and to support our clients adopting autonomy on a larger scale.”