XL Catlin has launched an insurance product supporting the design, development, testing, and implementation of autonomous technology.
In a statement, XL Catlin said the new product, available globally, provides cover for all sectors of industry and can be specifically customized for an individual client's needs using XL Catlin's global suite of insurance coverages including liability, error and omissions, and, where appropriate, cyber and business interruption insurance.
In support of the new offering, XL Catlin added, it has established a multi-disciplinary Global Autonomy Centre of Excellence to provide a knowledge pool combining talent, expertise, and capabilities in data analytics, underwriting, claims, and risk engineering from around the world. It will provide guidance and support to XL Catlin's underwriters, brokers, and clients globally.
Mike McGavick, chief executive officer of XL Catlin, commented: “Autonomous technologies are changing the world around us, the way companies operate and the risks they face. We recognize 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 recognize 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.”
Vincent Branch, chief executive 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 of XL Catlin's casualty business, 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.”