World-First Insurance Innovation Hub Launched by Howden

Global insurance group Howden has launched Howden Ventures, a platform designed to fast-track insurance product development. Subject to approval from Lloyd’s, Howden Ventures will have £500m ($638m) of delegated underwriting capacity and will draw on expertise from innovation teams across the insurance market. The platform will also provide £10m of funding to support at least five insurtech start-ups over the next two years. Howden Ventures aims to bring together funding, underwriting capital, expertise, governance, and distribution to create an end-to-end platform that accelerates insurance innovation and product development. The platform will focus on developing solutions to emerging risks in a changing world, such as climate change and disruptive technology. Tom Hoad, head of Howden Ventures, said the platform would bring together innovative thinkers in the insurance industry to solve critical risks.
Howden Ventures has also made its first investment in CetoAI, a maritime technology company that uses data analytics and artificial intelligence to manage machinery breakdown risk in global shipping. With Howden’s investment, CetoAI will be able to use live data to reduce breakdowns, increase vessel utilisation rates, and reduce emissions. Tony Hildrew, CEO of CetoAI, said the funding and expertise provided by Howden Ventures would allow the company to address emerging risks in the maritime industry. Daniel Whiteside, global head of marine at Howden, said the investment in CetoAI demonstrated the power of insurance to drive innovation and address climate risk in the market.

Source .