Weekly News Roundup: 1st September

The rapid take up of gen AI tools in organisations is documented in the latest research from McKinsey, with a third of the respondents confirming its regular use in at least one business function. Direct Line faces a hefty bill as it seeks to redress a breach of the FCA’s motor and home insurance pricing rules, the first formal arrangement since the regulations came into effect.

The state of AI in 2023: Generative AI’s breakout year (Source: McKinsey)
Gen AI: The “most commonly reported uses [….] are in marketing and sales, product and service development, and service operations”.

Activists target 9 insurance companies in new protest (Source: Insurance Business Magazine)
Campaigners from a number of protest groups spilt oil outside offices of 9 insurers in a bid to stop them providing cover for the East African Crude Oil Pipeline (EACOP) project.

Direct Line faces $38 million redress bill for overcharging customers (Source: Reuters)
The insurer admits that it breached pricing rules when charging existing customers for renewals and faces paying around £30m in compensation.

How technology is increasing parametric potential: ICEYE (Source: Artemis.bm)
Advances in satellite and radar technology are enabling companies to “access granular hazard and impact data” at speed.

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