Who’s using what in P&C insurance: Nov. 5, 2018
Insurance tech innovation and partnership news from Chubb and HSB, AXA XL and Slice Labs, Guidewire, Appulate, Sapiens and more.
Chubb has announced that it will partner with Hartford Steam Boiler (HSB) Inspection and Insurance Company, a unit of Munich Re, to begin installing innovative Internet of Things (IoT) technology in the homes and businesses of Chubb policyholders. The sensors and devices will monitor for water leaks and changes in temperature, humidity, vibration and water pressure that, if left undetected, can lead to severe property damage. In a program with a segment of Chubb Private Risk Services clients, IoT sensors for early water leak detection will be installed in their primary and secondary homes. The program is made available through HSB’s partnership with GROHE, the world’s leading provider of luxury fittings for kitchens and bathrooms, and the sensors are powered by the GROHE Sense Guard system, an intelligent water security system that detects water leaks, alerts the homeowner and shuts off the water supply automatically to prevent severe damage to the home.
Slice Labs Inc., an on-demand insurance cloud provider, and AXA XL, a division of AXA, recently launched a new cyber insurance policy specifically designed for small and midsize businesses (SMBs). Powered by Slice’s Insurance Cloud Services (ICS) platform, AXA XL’s cyber insurance solution provides U.S. small and medium sized businesses with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks.
El Grupo Asegurador La Segunda, a provider of property insurance products and services, labor risks and insurance for people, based in Argentina, has selected Guidewire Core products to modernize its systems and transform the way it does business. The carrier chose the Guidewire InsuranceSuite™, Guidewire Client Data Management™, Guidewire Rating Management™ and Guidewire Business Intelligence for InsuranceSuite as its platform for policy administration, quoting, underwriting, billing, claims, rating, client data, and business intelligence. La Segunda has plans to implement these products in different lines of business, starting with Automobiles and Personal Accidents.
In other news from California-based Guidewire Software: Canal Insurance Company, a commercial trucking and specialty transportation insurance provider based in South Carolina, plans to use Guidewire Predictive Analytics™ for Claims to complement Guidewire ClaimCenter™, the claims management system it has been using since 2004. The company is one of Guidewire’s earliest customers and plans to implement Predictive Analytics for Claims in early 2019 for its largest line of business – commercial auto liability. Canal also successfully deployed Guidewire BillingCenter™ in 2013.
Maryland-based Harford Mutual Insurance Company has selected the Sapiens North American Property and Casualty Insurance Platform from Sapiens International Corp. The Sapiens system’s configurability and Harford Mutual’s ability to achieve self-sufficiency were cited as key to the decision. The Sapiens’ platform components that Harford Mutual will be implementing include: Policy, Rating, Work Manager, Product Designer, and Authority. Harford Mutual President and CEO Steve Linkous said in a press release: “We anticipate the Sapiens’ system will not only provide us with the operational efficiencies and self-sufficiency for our current business, but will also afford us a platform to support our planned growth with the ease of developing new products and quickly expanding our business to new states.”
Intact Investment Management Inc., a wholly-owned subsidiary of Montreal-based Intact Financial Corporation based, has selected an insurance accounting solution from Eagle Investment Systems LLC, a BNY Mellon company, to meet its insurance accounting and regulatory reporting needs.
Hiscox, a global specialist insurer headquartered in Bermuda, recently made its General Liability program for U.S. small businesses available to MGAs and their agents using Appulate. The program will permit agents to experience real-time quoting of GL risks right from within Appulate and give them the opportunity to bind through Hiscox immediately afterwards.
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