Page 18 - Insurance Times May 2024
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Aon completes transac- Aon's existing broking and advisory Life Guide, the world's number one Life
capabilities across the commercial risk, & Health underwriting manual, helps
tion to acquire Global In- health, and reinsurance markets. Com- clients understand current and future
surance Brokers in India bined with the company's team of over risks, so they can make informed deci-
Leading global reinsurance broker Aon 1,100 colleagues across India, it will sions, and build strong, sustainable
plc announced that it has successfully aid in accelerating its strategy. portfolios.
completed the transaction to acquire
Global Insurance Brokers (GIB) and will Swiss Re launches Swiss Africa Specialty Risks
become a part of the firm after the Re Life Guide Scout, a Gen- launches first Lloyd's syn-
finalization of the National Company
Law Tribunal merger process. erative AI-powered under- dicate
The process is expected to be com- writing assistant Re/insurance group Africa Specialty
pleted later this year. In the meantime, Swiss Re launches an augmented ver- Risks (ASR) has announced the launch
of ASR Syndicate 2454 at Lloyd's.
Global Insurance Brokers will operate sion of its Life & Health underwriting
independently as an Aon company. manual Life Guide. The new version This marks a significant milestone as it
comes equipped with Swiss Re Life becomes the first African-focused syn-
Rishi Mehra, Head of Aon for India, will dicate at Lloyds, managed by Apollo.
join the GIB board as its chairman sub- Guide Scout, a Generative AI-powered Having received in-principle approval
ject to customary approvals. Jon Pipe, underwriting assistant, developed by in December, the syndicate com-
Swiss Re, that integrates Microsoft
CEO and principal officer of Aon India menced underwriting on April 26, 2024
Azure OpenAI Service. Swiss Re Life
Insurance Brokers and GIB's existing with a planned gross premium of ap-
executive leadership team, will work Guide Scout aims to help increase the proximately £70 million for the year.
closely with Mehra to help clients efficiency and quality of underwriting
make better decisions to protect and by generating swift answers compiled ASR Syndicate 2454 will underwrite
from curated expert knowledge in re- the group's existing lines of business
grow their business.
sponse to questions asked by the un- which encompass political risk & trade
Mehra said, "This is an exciting mile- derwriter in natural language. credit, political violence and terrorism,
stone in Aon's journey in India and re- Life & Health insurance underwriting parametric, energy, property, con-
flects our commitment to the Indian is a complex process that requires ac- struction, liability, and treaty. Addition-
market. The exceptional talent and curate and up-to-date information to ally, there are plans to introduce new
breadth of capabilities across our two assess an insurance applicant's risk. To lines of business in 2024, pending the
firms will create opportunities for our make the right decisions, underwriters required approvals.
colleagues and expand our ability to
invest a significant amount of time to Presently, only 2% of Lloyds business
better serve the growing needs of our
search and review information using originates from Africa, a figure ASR
clients."
standard search tools to identify rel- Syndicate 2454 intends to increase sig-
The acquisition is expected to bolster evant sources and facts. nificantly.
The Insurance Times May 2024 17
