AI Shortens Hiscox Underwriting Journey from 3 days to 3 minutes & more…Keep up with what has been happening this week in our latest insurance news round-up…

Appian, PwC UK announce partnership for revamped insurance services

Appian and PwC UK have announced a new alliance aimed at improving processes within the insurance industry.

Professional Trustee appointments grow by 11% overall, with even higher growth in Sole Trusteeship

Growth in the number of Professional Trustee (PT) appointments has surged in the last 12 months, with many firms recruiting heavily to keep up with current demand and anticipated growth in the coming years, according to WTW’s 2024 Professional Trustee Survey.

AI Shortens Hiscox Underwriting Journey from 3 days to 3 minutes

Hiscox has managed to shorten its lead underwriting process for the London Market sabotage and terrorism book from three days to just three minutes through the incorporation of Generative Artificial Intelligence.

LCP predicts another new entrant to the buy-in/out market in 2024 taking the market to a record 11 insurers

In their latest pension risk transfer market update, LCP is predicting that there will be another new entrant insurer to the UK buy-in/out market by the end of the year – hot on the heels of M&G, Royal London and Utmost all entering in the past nine months following a period of stability.

Vanessa Maxwell appointed Global Head of Cyber and Financial Lines at Allianz Commercial

Allianz Commercial confirms a key appointment to its global leadership team taking effect immediately. Vanessa Maxwell is appointed Global Head of Cyber, in addition to her current role as Global Head of Financial Lines, reporting to Shanil Williams, Chief Underwriting Officer at Allianz Commercial.