Who’s using what in P&C insurance: May 27, 2019
News from Grinnell Mutual, Aon plc, LeaseLock Insurance Services Inc. and more.
Multistate property & casualty insurer Grinnell Mutual has successfully deployed the Guidewire InsurancePLatform via the Guidewire Cloud as a SaaS solution. The move comes through Grinnell’s technology initiative, CONNECT, which culminated in the launch of Grinnell Compass, their new underwriting company, and their Hone-Guard product.
The reinsurance solutions business of Aon plc and Guy Carpenter, a subsidiary of Marsh & McLennan Companies, announced a joint effort with The Institutes RiskStream Collaborative to bring greater efficiency to the reinsurance placement process through distributed ledger technology (DLT). The collaboration leverages advancements in blockchain and DLT technology and existing industry standards to harmonize the approach to digital reinsurance transactions.
LeaseLock Insurance Services Inc. and Boost Insurance have partnered to offer an InsurTech product for the rental housing market, enabling enterprise multifamily companies to protect against losses typically funded by security deposits and surety bonds. Backed by Boost’s platform, LeaseLock Zero Deposit streamlines the lease transaction and delivers a better experience for both renters and multifamily operators.
Global cybersecurity firm Arete Advisors and the Westfield Agents Association collaborated to develop InsuraShield. InsuraShield is an Information Sharing and Analysis Organization (ISAO) that encourages and enables the sharing of cybersecurity information within its insurance industry members.
SOSA, a global innovation platform, and FinTLV, an InsurTech venture capital in Israel, partnered with Japan-based MS&AD Insurance Group. SOSA and FinTLV will connect MS&AD with its network of 150 multinational corporations and investors, and more than 10,000 startups. SOSA and FinTLV will enable MS&AD to achieve bottom-line results on its innovation investments by developing new insurance products, applying multi-vertical technologies to insurance use cases and implementing differentiating solutions.
Greenlight Re Innovations, part of Greenlight Capital Re Ltd., a specialist property & casualty reinsurance company, invested in FairClaims, an online insurance consumer dispute resolution startup. Through FairClaims’s online mediation and arbitration platforms, claims can be resolved in a shorter time frame than through traditional routes.
Insurity Inc. announced that FHM Insurance Company is in production with the Workers’ CompXPress policy administration solution. The solution provides FHM a complete digital experience for policy and billing, with self-service portals to improve operational efficiency for its agents, policyholders and employees.
Indio Technologies announced a partnership with MarshBerry. Through the partnership, MarshBerry will be able to provide its Connect member firms with software that both improves the overall client experience and turns the insurance application and renewal process into a fully digital, online process.
Arity has partnered with Y-Risk to establish a model that improves insurance efficiency for the emerging on-demand and shared economy. Arity and Y-Risk, a brand of The Hartford, will enable shared mobility companies to better manage and understand driving risk os they can work more efficiently with insurance carriers and streamline operational costs.