QBE has appointed IAG innovation expert James Orchard as its new CEO of QBE Ventures.

Mr Orchard will join the insurer “in the coming months” to focus on research and development, new ventures, and “customer-led, data-driven approaches”.

He is currently EGM Innovation at IAG, having spent more than five years with the insurer. He previously worked at Wesfarmers Insurance and Leighton Holdings.

Group CEO Pat Regan says Mr Orchard’s experience and “entrepreneurial mindset” will help build “the QBE of the future”.

“We know that we need to further strengthen our focus on innovation, better digital and data science and an understanding of the evolving impact of emerging technologies,” Mr Regan said.

“Over the past couple of years, we’ve made significant investments to build our in-house skills and capabilities and we’ve partnered with some outstanding insurtechs specialising in cyber risk, machine learning and AI and climate risk through our Ventures program.

“These partnerships continue to develop and evolve and now, through our revitalised Ventures program and James’ appointment, we will strengthen our approach and our portfolio, and create faster paths to partnership.”