Future Insurer #40

Welcome back to Future Insurer! This edition is all about AI's expanding footprint across insurance — from a major US carrier testing quotes inside ChatGPT, to new data showing most insurers are still stuck in AI pilot mode, to Australia's twin regulators drawing a line on AI governance. We've also got nuclear energy facilities and a cyber insurtech shaking up the local market. Plenty to unpack.

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IN THIS EDITION'S NEWS

🤖 Liberty Mutual Tests ChatGPT Integration for Auto Insurance Quotes

Liberty Mutual has been piloting an integration that lets users request personalised auto insurance quote estimates directly inside the ChatGPT interface. The feature appears to have since been pulled, suggesting it remains in testing, but it's a signal of what AI-powered distribution could look like for personal lines. If insurers can meet consumers where they already are, inside conversational AI platforms, the traditional quote-and-bind funnel could be fundamentally reshaped. One to watch closely, particularly as other carriers explore similar territory.

📊 Only 10% of P&C Insurers Are "AI Trailblazers" — Capgemini Report

Capgemini's 19th annual World Property & Casualty Insurance Report 2026 paints a stark picture: a mere 10% of insurers, "intelligence trailblazers", are successfully scaling AI, achieving up to 21% higher revenue growth and approximately 51% greater share price increases over three years. The remaining are stuck in exploration or proof-of-concept stages. The report makes clear that the gap between leaders and laggards isn't primarily about tech capability but about organisational readiness, workflow redesign and people.

☢️ Markel & Willis Launch Nuclear Insurance Facility Amid Atomic Resurgence

Markel and Willis have unveiled a dedicated nuclear insurance facility, providing capacity for reactors powering the global AI and data centre boom. For insurers of large-scale construction, energy and technology risks, this is a tangible example of how the AI investment wave is reshaping demand across the value chain. It's also a reminder that some of the biggest insurtech opportunities aren't platforms or apps but about insuring the physical infrastructure that makes AI possible.

🔐 Cowbell Appoints New Australia Boss, Challenges Cyber Insurance Status Quo

US-based cyber insurtech Cowbell has appointed Gerry Power to lead its local operations — and he's not pulling punches, describing Cowbell's continuous, data-driven underwriting model as "revolutionary" and calling for a fundamental rethink of how cyber insurance is underwritten and distributed in Australia. The appointment signals growing competition in the Australian cyber insurance market and the continued push toward real-time, tech-enabled risk assessment. In February this year, Zurich announced a collaboration with Cowbell.

🤝Silent AI Risks, and APRA & ASIC Align on AI Governance for Insurers

A decade ago, “silent cyber” forced the market to confront unintended, unpriced coverage lurking among traditional policy lines. The same dynamic is now playing out with artificial intelligence, and it is accelerating faster than policy language, underwriting questionnaires or claims protocols can adapt. The result is a growing category of “silent AI” exposure, being AI-related risks that are neither explicitly covered nor excluded under insurance policy wordings across multiple classes including professional indemnity, public liability, cyber and D&O. Read more in my recent article: Silent AI Risks Finally Make Some Noise

Tim Chan is an insurance & insurtech lawyer at global law firm Norton Rose Fulbright and Founder of The InsurTech Lawyer blog. He regularly advises insurers and startups on emerging legal issues affecting the industry.

Disclaimer: This newsletter provides general information only and does not constitute legal, financial or other professional advice. It does not address the circumstances of any particular individual or entity. You should seek your own professional advice.