Cyber-specialist CFC has launched an innovation facility to develop and underwrite products under the Lloyd’s ICX innovation risk code, led by the CFC 1988 syndicate. 

The Innovation ICX class is designed to help the market with additional capacity to undertake innovation experiments. 

CFC Head of Innovation George Beattie, who was formerly Co-Chair of Lloyd’s Product Launchpad, says the insurance sector is struggling with a shift from “physical to intangible assets despite these assets now comprising the majority of corporate value”. 

Building innovative infrastructure is critical to all insurance businesses, he says, urging the sector to "think hard and fast about the new kinds of products we should be selling.” 

“Our innovation team isn’t limited by the status quo, and we’re not focused on upgrades to existing products,” Mr Beattie said.  

“Our mission is to identify risks that haven’t yet been addressed by the market and to explore insurance solutions that add real value and ultimately move the needle in protecting businesses of the future.”   

Mr Beattie’s team includes a dedicated actuarial and technology resource, and the CFC global insurance platform uses cutting-edge technology and data science to deliver underwriting. 

Headquartered in London, CFC has offices in Brisbane, New York, San Francisco, Austin and Brussels, and over 750 employees.