Who's using what in P&C insurance: May 31, 2021
Insurance technology news from SafeAuto, Root, Inc., GEICO and more.
Seek Now, Inc. partnered with ITEL Laboratories, Inc. to settle flooring, roofing and siding claims. ITEL is a Florida-based testing laboratory that offers both physical and mobile testing services throughout the U.S. Leveraging a robust API, the integration will harness the speed and efficiency of Seek Now inspection services with the unbiased results of ITEL reports. As such, the integration will deliver Seek Now inspection data seamlessly through ITEL’s shingle pricing service for fair, accurate and clear settlement information, while providing customers with a singular location for transactions.
SafeAuto partnered with Hugo to offer pay-as-you-go car insurance. While many states ease pandemic-related mandates and restrictions, millions of Americans continue to drive less often, but still pay the same amount for their auto insurance. Through its partnership with Hugo, SafeAuto customers can save money by only paying for insurance on the days they drive.
Builders & Tradesmen’s Insurance Services selected Ask Kodiak to more rapidly and effectively communicate the company’s products and appetite to its agents. Ask Kodiak’s open API can be embedded in any agency management system or portal, or integrated with other InsurTech solutions, to put real-time product recommendations, target classes, underwriting eligibility and marketing information quickly in the hands of agents and brokers. Further, Ask Kodiak’s new industry standard for high-definition classification of commercial insurance risks, NAICS HD, utilizes all levels of the North American Industry Classification System hierarchy, thereby amplifying the accuracy and precision of classification and all but eliminating the instances of not otherwise classified risks.
Root, Inc. partnered with Safekeep, which uses AI to maximize net recovery through its Claimflo product. Safekeep will enhance Root’s identification and maximize recovery of subrogation opportunities within the company’s claims portfolio. Claimflo is expected to potentially increase recovery by more than 20%.
GEICO partnered with Tractable to accelerate its auto claim and repair process. Tractable’s proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. Inserting AI into the process, GEICO will be able to accurately review estimates within seconds while also reducing administrative overhead.