Who's using what in P&C insurance: December 14, 2020

California Mutual Insurance Company selected Invoice Cloud to implement a payment processing platform that significantly reduced administrative inefficiencies while greatly enhancing the user experience for policyholders. The premium payment process is an important and frequent touchpoint between insurance companies and their insured policyholders.

Berkshire Hathaway GUARD Insurance Companies selected IMS for a new commercial fleet insurance program, TrackMRI. TrackMRI is a safety-focused commercial fleet insurance telematics solution, powered by the DriveSync connected car and telematics platform to provide an easy-to-use fleet management portal, device logistics support, data collection, scoring, fleet behavior assessment and program analytics, as well as hands-on customer support to fleet manager customers.

Nationwide joined Verisk Cyber Data Exchange as part of a growing effort across the insurance industry to gain new insights into the rapidly changing world of cyber risk. By joining the Verisk Cyber Data Exchange, Nationwide will contribute premium and loss records to an expanding pool of aggregated, anonymized insurance data from participating cyber insurers around the world. In return, Nationwide will obtain access to an interactive platform powered by the exchange and be able to use its robust analytics to better manage risks, develop products, build models and guide strategic planning.

Orchid Underwriters Agency, LLC partnered with Betterview to gain access to the InsurTech’s remote property intelligence platform. The partnership aims to enhance Orchid’s CAT-exposed property underwriting operations. An early adopter of data-driven underwriting, Orchid’s Commercial Lines division has a history of teaming with InsureTech companies, such as Betterview, to deliver best-in-class underwriting results to its partner carriers.

925 Partners Insurance selected Applied‘s Analytics® data analytics solution built for independent agencies. Integrated with Applied Epic, 925 Partners Insurance will leverage data-driven dashboards to better track sales momentum, employee operations and insurer relationships, enabling them to make more informed decisions and reach business goals.

CompSource Mutual Insurance Company selected One Inc Digital Payments Platform to expand digital payment capabilities. CompSource Mutual has been serving Oklahoma’s business community for more than 80 years. Since transitioning to a mutual insurance company in 2015, CompSource Mutual has been building and implementing an innovation strategy to modernize processes and products, while fostering a corporate environment that fuels continual improvement and growth. As part of the company’s mission to deliver superior service and innovative solutions, CompSource Mutual chose One Inc’s inbound payment services product to upgrade payment capabilities and enhance the overall customer experience.

Transverse Insurance Group selected Cloverleaf‘s business intelligence solution. Transverse is a property and casualty insurance company specializing in program business and providing a broad range of commercial and personal lines products through partnerships with program administrators and reinsurers. Transverse provides admitted and non-admitted solutions and actively collaborates in all phases of program administration by engaging a team of insurance professionals with diverse backgrounds of technical skills including underwriting, product development, actuarial and financial analysis, compliance and claims administration.

Risk Placement Services selected Marietta, Ga.-based Cogitate to effect a digital transformation for RPS. As an add-on platform, Cogitate’s technology doesn’t replace RPS’s core systems, meaning there will be no down-time for RPS. This strategic partnership is designed to rapidly bring Risk Placement Services into an integrated, digital environment, enabling:

• Improved channel partner connectivity
• Enhanced end-user and customer experience
• Seamless and uninterrupted business processes during the transition

TransUnion announced a partnership with The Floow, a leading telematics services provider. TransUnion will begin introducing The Floow’s four main telematics solutions — FloowDrive, FloowFleet, FloowKit and FloowScore — that capture real-time driving behavior, to help insurers create greater pricing sophistication, identify market risks and improve customer experiences.

Insurers also will benefit from The Floow’s seamless implementation process. The device-agnostic nature of The Floow’s telematics data refinery, coupled with Scoring as a Service solutions, limits friction by allowing customers to use telematics from any device, 3rd-party telematics program, or connected car. Further, the accuracy and predictive power of the solutions allow insurers to better measure risk and price policies compared to traditional risk models.

Related: Who’s using what in P&C insurance: December 7, 2020