IMB recently announced that it's collaborating with MetLife and Majesco on a cloud-based insurance platform. The IBM Insurance Platform will feature cognitive computing, data analytics and integration and security capabilities designed to help insurers expand access to their products and capture new customers. "Carriers will be able to inject greater innovation and speed into their operating models, and consumers will experience a broader range of products tailored to their individual needs," Bridget van Kralingen, senior vice president of IBM Industry Platforms, said in a press release.
Octo Telematics recently struck a deal to acquire the usage-based insurance (UBI) assets of Willis Towers Watson, including its market-leading DriveAbility® solution and the DriveAbility Marketplace. Key Willis Towers Watson personnel will also join the Octo team, notably industry pioneer Geoff Werner (Global Telematics Leader) who has led the development and growth of DriveAbility throughout its lifecycle. In light of this transaction, Octo will develop a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies' suite of products and services. The partnership will focus on further development of algorithms and other analytical tools to provide actionable intelligence based on accurate analysis of data.
Specialist insurer Beazley, an underwriter of hospital professional liability insurance, has teamed up with The Risk Authority Stanford (TRA Stanford), a provider of healthcare risk management services, to enrich and enhance Beazley's hospital claims database. TRA Stanford's Innovence™ Pulse—software designed by risk managers for risk managers — will be used to identify trends in past claims and generate actionable data in real time to increase patient safety. "An important part of our value to clients lies in the breadth of our claims experience, backed by the data held on our claims database — one of the insurance industry's largest," said Nat Cross, healthcare focus group leader at Beazley. "Through the relationship with The Risk Authority Stanford, we will significantly increase this value."
Eos Venture Partners (Eos), a global InsurTech Fund, announced earlier this month that it will be a partner to the Hartford InsurTech Hub powered by Startupbootcamp InsurTech. Eos Founder Sam Evans said of the annoucement: "We're delighted to extend our existing relationship and funding commitment with SBC to their new program in the US. We've been working with SBC InsurTech in London and know through that experience that it's a fantastic program with some great companies. In fact, we've invested in two SBC alumni, RightIndem and Insure A Thing."
Eos also recently announced a strategic partnership with ClickFox, the journey company. Eos said this was a natural extention of the existing partnership between ConVista and ClickFox. ConVista is a certified delivery partner of the ClickFox solution, focusing on insurers.
SpatialKey Inc. will offer its insurance clients access to market-leading political violence data from IHS Markit, which provides comprehensive location-specific risk scores and in-depth intelligence. In September, the service became immediately available to underwriters and exposure managers within SpatialKey's geospatial insurance analytics platform.
Royal & Sun Alliance Insurance Company of Canada has successfully deployed Guidewire ClaimCenter® as its new claims management system. RSA chose ClaimCenter to enable the delivery of a simple, personal, and proactive, customer-centric claims experience for its customers. The company also sought to enhance its operational efficiencies and product growth to support business processes in a cost-effective manner.
Guidewire Software, Inc. also recently announced that it is teaming with Salesforce to bring to market a new solution to deliver CRM optimized for the unique needs of P&C insurance. The solution will empower insurers to better engage with their customers, partners, and employees. As part of the partnership, Guidewire is joining the Salesforce AppExchange, the world's leading enterprise apps marketplace.
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