Who's using what in P&C insurance: June 21, 2021
Insurance technology news from Coalition, Farmers Insurance, Acrisure and more.
Farmers Insurance selected Zesty.ai‘s wildfire risk scoring model into its homeowners insurance underwriting processes, which will selectively expand opportunities for coverage for California residences located in certain wildfire-risk areas. In conjunction with this approval, Farmers will be introducing an innovative approach to help manage its statewide exposure by assessing individual wildfire risks to homes on a more granular basis, while evaluating its overall wildfire risk exposure in various parts of the state.
Acrisure launched a cyber risk division in collaboration with Kovrr. The new division will be led by cyber practice leader, Tom Quy, and will offer the market a fresh perspective on cyber reinsurance by coupling the extensive knowledge base of its trusted brokers with its world-class analytics team to provide solutions that will mitigate its clients’ exposure to cyber risk.
Coalition and SentinelOne partnered to offer threat monitoring and cyber insurance to protect organizations from ransomware. The partnership offers Coalition and SentinelOne customers financial incentives to adopt EDR solutions and cyber insurance to promote a more holistic risk management strategy. SentinelOne Singularity XDR, which is a combination of endpoint protection and endpoint detection and response, provides next-gen prevention and EDR capabilities to achieve autonomous protection, visibility, and response at machine speed.
Utica National Insurance Group partnered with Verisk to accelerate the digital transformation of its underwriting process. Utica National is using LightSpeed Small Commercial from Verisk to help automate underwriting, improve customer and agent experiences and, ultimately, reach the finish line in the “race to zero” questions needed on small commercial insurance applications.
Coterie selected IVANS Distribution Platform, the industry’s platform for commercial lines marketing and sales distribution. Coterie will gain access to the IVANS network of independent agents as well as those agents connected to IVANS’ distribution partners, exponentially expanding its opportunities for new business.
QOMPLX partnered with Fathom to add their bespoke catastrophe models on QOMPLX’s cloud-enabled platform, offering various insurance data, services, and models to the insurance and reinsurance industry. The QOMPLX:OS marketplace provides customers access to data, models and services that can be purchased on-demand.
SafeAuto Insurance Company selected insured.io direct-to-consumer insurance sales platform, which provides a new purchasing experience for SafeAuto’s customers and dramatically improves the customer quoting journey. The platform was fully integrated with SafeAuto’s existing systems, configured and selling policies within 90 days. The platform’s initial release is in California.