Who's using what in P&C insurance: July 19, 2021
Insurance technology news from Swiss Re, Chisel AI, Five Sigma and more.
Swiss Re partnered with Milliman Appleseed to accelerate new entrants offering private flood insurance. Using Milliman Appleseed, a new advisory organization licensed to submit loss costs, rating factors and risk scores with state insurance regulators across the U.S, go-to-market time is greatly reduced.
Chisel AI and Xceedance partnered to deliver best-in-class, on-demand, AI-powered policy checking and review technology and services to commercial brokers and agents. The Chisel AI automated policy check solution digitizes and standardizes the entire process of comparing an existing policy, quote and binder against a new policy to ensure contract certainty in minutes. Xceedance will leverage the Chisel AI platform to further elevate on-demand policy checking support, as part of the company’s extensive operational capabilities for brokers and agents.
Five Sigma is increasing its speed and quality of claims management with Qover, an InsurTech company that provides innovative embedded insurance solutions globally. Qover’s insurance solutions are available in real-time through Open APIs or white labeling, which can be easily and quickly integrated into any digital platform looking to make insurance part of its strategy. Five Sigma’s unique capabilities with rapid configurable digital claim workflows enable a high degree of automation all through the first notice of loss to the claim settlement process.
Depository Trust & Clearing Corporation partnered with Ebix, Inc. to deliver an automated annuity compliance solution to significantly increase efficiency, reduce costs and lower the risks associated with certifying agent compliance for annuity sales. Under this partnership, the firms will link Ebix’s platform, AnnuityNet, with DTCC’s Producer Management Portal.
RedZone selected Duck Creek‘s Partner Ecosystem as its wildfire hazard identification solution, enabling users to identify not only the wildfire risk for a location, but also understand the detailed drivers behind the risk. Duck Creek users can now access RedZone’s API to quickly get site-specific wildfire scores and insights.
Berkshire Hathaway Homestate Companies partnered with Zesty.ai to give agents access to AI models for better understanding climate risk for commercial properties at the individual property level. This comes at a critical time for the industry, as losses from secondary perils like wildfires, severe convective storms, and floods have been increasing in frequency and severity, resulting in $97 billion in insured losses in 2020 alone.
Strategic Risk Associates (SRA)and The Ironwood Consulting Group have formed a strategic partnership that will extend SRA’s highly successful integrated risk management solution, Watchtower. Business risk is increasing across the board, and stakeholders are becoming increasingly demanding regarding risk management reporting and accountability. Watchtower’s property & casualty solution integrates industry-specific metrics and competitive data to provide a panoramic view of enterprise risk and world-class reporting to carriers while breaking down silos across the organization.
Salus Workers’ Compensation, LLC selected Origami Risk’s Insurance Solution Suite. The program will allow for the accelerated implementation of a customized, fully integrated, single platform for claims adjudication, reporting and delivery of enhanced client services.
Hexaware Technologies partnered with Socotra, the first cloud-native core platform for insurers. As a Socotra Silver level partner, Hexaware will support new and existing Socotra customers around the world, including North America, APAC, and EMEA.