Who's using what in P&C insurance: October 11, 2021
Insurance technology news from Method Insurance Services, At-Bay, Beazley and more.
Method Insurance Services partnered with Origami Risk’s policy administration solution suite. Along with streamlining Method’s policy administration workflows, Origami is integrating artificial intelligence and machine learning capabilities into its popular, cloud-based platform.
At-Bay collaborated with Microsoft to strengthen the cybersecurity posture of their customers as attacks become increasingly prevalent. In order to encourage stronger security, customers can now save up to 15% on their At-Bay cyber insurance policy by utilizing Microsoft 365’s built-in security controls and comprehensive security services, while managing cyber risk with At-Bay’s free active risk monitoring.
Beazley selected CyberCube’s Portfolio Manager cyber analytics tool, plus a range of CyberCube’s other services. In addition to Portfolio Manager, which allows insurers to stress test reinsurance portfolios against cyber threats.
Buckle selected Metromile‘s REPORT for digital first-notice-of-loss services. Buckle is Metromile Enterprise’s first partnership with a company that specializes in addressing the insurance needs of rideshare and delivery drivers.
Verisk selected Yelp to generate insights from more than 200 million reviews. Verisk is using AI to analyze unstructured data in Yelp reviews, including images that might indicate how a business has evolved. Insurers can use these insights to inform discussions about coverage with potential customers, see how employees are mitigating risks and make underwriting decisions with greater speed and precision.
Rural Mutual Insurance Company partnered with CyberScout, a Sontiq company, to launch the “Are You Smarter Than a Thief?” public awareness campaign in October, which is National Cybersecurity Awareness Month. The goal of the campaign is to help Wisconsinites guard themselves against identity theft, which impacts 1 in 20 Americans and amounts to losses of $17 billion annually.
KW Specialty selected Sapiens‘s ReinsurancePro to automate its reinsurance management on the cloud. With more than 100 years of excess and surplus lines experience, KWS collaborates with wholesale partners and creates products that offer additional value to their product portfolio. Their deployment of Sapiens ReinsurancePro enables KWS to replace their legacy, spreadsheet-driven process and ensure it is streamlined, consistent and financially correct. The integration also enabled KWS to add a Managing General Agent (MGA) book of business to ReinsurancePro.