LexisNexis Risk Solutions announced the expansion of its global-usage based insurance solutions with the acquisition of Wunelli, a telematics data services company based in the United Kingdom. The companies will work together to empower insurers to leverage telematics data to make timely, informed decisions, reduce risk exposure and improve customer experience.
OneShield Inc., will acquire specific strategic and intellectual property assets of Clear Data Strategies LLC. Clear Data Strategies provides subscription cloud-based and site-installed software solutions for claims processing and policy administration for the property and casualty insurance market.
Westfield Insurance added Declaration (Dec) Pages to its Activity Notes download through IVANS Insurance Solutions, enabling Westfield to deliver more policy information directly to its independent agencies.
The Greater Des Moines Partnership announced its Global Insurance Accelerator initiative, which will create a world class accelerator to help grow insurance-based technology startups. Teams entering the Global Insurance Accelerator will be provided with a seed investment of $20,000 and an optional, discretionary $100,000 in a convertible debt note in exchange for equity in the company. The program is expected to launch in fall of 2014.
Tech Development
CoreLogic announced the launch of its Flash Flood Risk Score, a new and unique data analytics tool designed to inform insurers of the overall projection of flash flood risk beyond established Federal Emergency Management Agency floodplains. The Flash Flood Risk Score uses a combination of hydrology, meteorological and environmental database to provide a numeric risk score, ranging from 1 to 100, and categorical risk rating, ranging from "Very Low" to "Extreme." This tool enables underwriters to set guidelines for flash flood risk and evaluate portfolio risk exposure.
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