Lancashire inks deal to use Novee’s AI proposition for power and renewables underwriting

Insurtech Novee has partnered with Lancashire Insurance Group to deploy its artificial intelligence (AI) intelligence layer in the latter’s power and renewables class of business.

Novee’s AI intelligence layer provides underwriters actionable insights to support decision-making and automates manual tasks.

Lancashire felt that underwriters in power and utilities face some of the most information dense submissions in the market and that agentic AI ”can cut through that complexity”.

Alex Priestley, head of onshore power and renewables at Lancashire, said: “The power sector presents some of the most complex risks in the market and underwriters are often overwhelmed by the ‘data density’ of submissions. They are often faced with hundreds of pages of technical and risk engineering detail to assess.

”In a data driven world, the enhanced ability to harness all the deep detail embedded in those submissions will be key to enhancing our risk analysis, risk selection and assist in future loss avoidance.

”Novee has shown us how agentic AI can cut through that complexity, giving us greater consistency while allowing our underwriters to interrogate exposures more deeply. This partnership is about equipping our underwriters with the tools they need to operate faster, smarter, and with more confidence in their risk selection and line size deployment.”

Rachel Dickson, group chief information officer at Lancashire, added: “At Lancashire, we focus on giving underwriters the best possible tools. The high configurability of the Novee platform meant we could adapt it to our underwriting approach and integrate it into our existing workflows and systems for this class of business without disruption.

”Technically, the collaboration has been smooth as Novee’s team is responsive and the integration was efficient. Its modern, flexible architecture enables rapid feature deployment and connectivity, delivering quick value with minimal overhead.”

‘Major validation’

Novee already serves underwriters across the market in property, terrorism and energy and will continue to expand across commercial and specialty lines.

“For Novee, the partnership with Lancashire represents a major validation of its mission to transform underwriting,” the firm said.

Haris Khan, chief executive at Novee, added: “Our mission is to transform the working life of underwriters by embedding AI into their day-to-day lives. With Lancashire, we’ve shown how our platform can take highly complex submissions and break them down into structured insights that are fully traceable back to source. Underwriting is made up of tasks that, together, create significant pain.

“Novee is the Swiss Army knife that delivers compounded value across the end-to-end process and we believe every underwriter should have their own AI-assistant that evolves with them and frees them to focus on what they do best.”