Who's using what in P&C insurance: February 14, 2022
Insurance technology news from RiskSpan, Genpact, Sapiens and more.
RiskSpan collaborated with Verisk to create a first-of-its-kind solution for measuring and mitigating the risks of climate change to the housing finance industry. The collaboration unites RiskSpan’s Edge Platform for mortgage analytics with Verisk Extreme Event Solutions’ proven set of models – relied on by leading insurance, re-insurance, corporate and government entities, to assess the risk from natural catastrophes and climate to a given location by providing a property-specific hazard risk metric.
Fermat Capital Management, LLC selected CyberCube’s Portfolio Manager. This marks the first time that a business that is neither a risk carrier nor an insurance intermediary has partnered with CyberCube. Portfolio Manager is a software-as-a-service application CyberCube has built specifically for the insurance community. It provides risk carriers with a streamlined approach to financially stress test portfolios of risks against a range of cyber-related scenarios such as ransomware attacks and cloud outages.
Genpact partnered with Claim Genius to future proof claims management for P&C insurers. Insurers’ claim operations typically involve manual processes and legacy systems, and lack integration across carriers and vendors. For example, insurance companies spend substantial money and resources on investigating, processing and settling auto claims through a variety of manual and partially automated channels that don’t always connect or communicate efficiently.
Sapiens International Corporation partnered with WCL, a Zywave company, to provide messaging to Lloyd’s of London Bureau Services. Sapiens core digital insurance platform, providing end-to-end P&C policy management, billing and claims solution, will be combined with WCL’s Bureau messaging integration that will open up the distribution from customer to carrier to Lloyd’s Syndicate for Sapiens’ global 600 insurer customer base.
Pennsylvania Lumbermens Mutual selected Insurity’s Sure Underwriting software to strengthen its underwriting processes. The Sure Underwriting software enables PLM to automate its referral engine to accelerate underwriting decisions, reducing the time required by as much as 30 minutes per account.
Related: Who’s using what in P&C insurance: February 7, 2022