Lloyd’s insurer launches AI proposition to streamline political violence and terrorism portfolio

AI underwriting platform Novee has launched for Lloyd’s specialty insurer Atrium to automate aggregation checks across it’s political violence and terrorism (PV&T) portfolio.

The initial deployment focuses on binder-related referrals, in which aggregation checks are particularly time-critical and delays can directly impact service levels and lead positions.

Intending to extend the capability over time across its open market book, Atrium will apply the same approach to a broader range of quotes and submissions.

Oliver Martin, head of political violence at Atrium, said: “At the heart of our approach to underwriting is a commitment to delivering an efficient service to our brokers and clients.

“Novee’s AI platform enables us to have instant insights into exposure concentrations allowing us to move quickly to deliver quotes and referrals to our brokers.

”We believe this advanced capability represents a significant step change in how we support and service our broker partners, strengthening both our responsiveness and the value we deliver.”

Supporting underwriters

With the AI underwriting platform now live, aggregation checks are triggered automatically as submissions are received with exposure insights surfaced to underwriters in near real time.

This provides rapid visibility of current and maximum exposures by peril, said Novee, enabling enables faster and more consistent decision-making while reducing manual effort and rework.

Haris Khan, chief executive at Novee, said: “Working closely with Atrium, we’ve taken the time to trial, refine and operationalise this capability in a way that genuinely supports underwriters.

“This go-live reflects a shared focus on practical outcomes, using AI to bring faster aggregation insight into one of the most time-pressured classes in the market.”