Who's using what in P&C insurance: May 23, 2022
Insurance technology news from Paul Davis, Fenris Digital, Socotra and more.
Paul Davis partnered with USAA and its members and will be a direct program provider on USAA’s Property Direct Repair Program and provide property claims support to their members throughout the United States. The two companies share a similar culture and set of values, along with a long history of serving members of the military. The relationship between the two companies, both known for excellent service, began 25 years ago with Paul Davis, the restoration company’s late founder.
Fenris Digital partnered with InsuranceGIG to provide commercial and property data prefill to agencies, wholesalers and carriers, and grow the InsuranceGIG ecosystem. InsuranceGIG is designed to make buying and selling API-based services for insurance faster, cheaper and risk-free. Buyers are able to get introduced to more services they otherwise would not, while enjoying transactional pricing, sampling services before purchasing an entire tech stack, no long-term contracts and the ability to bundle APIs to create custom workflows.
Socotra aquired Avolanta, a software startup offering the only unified portal purpose-built for the insurance industry. As part of the acquisition, the Avolanta team joined Socotra and Avolanta’s technology will become Socotra Unified Portal. Many insurance customers are still forced to fill out paper applications with agents and brokers manually entering customer data into outdated web portals. Avolanta enables insurers to solve these issues by seamlessly connecting agents, brokers and customers with its unified portal.
Way.com and Roamly partnered with Verisk’s LightSpeed auto platform to quickly deliver quotes to customers. LightSpeed Auto combines Verisk’s extensive data resources and groundbreaking analytics, bringing key decision points forward in the insurance buying process via a single API. It also provides flexibility surrounding what data a company can access depending on their unique business model and needs. Users can apply precise business rules to each transaction, and the solution is backed by Verisk’s RISK:check® Point of Sale, which can help insurers improve application integrity and combat premium leakage and underwriting fraud.
Coaction Specialty Insurance Group selected ClarionDoor to modernize product distribution capabilities for the company’s commercial general liability and commercial property lines of business. ClarionDoor’s product distribution solution equips insurance customers with a powerful product engine fronted by a remarkable underwriting interface that provides a real-time, seamless distribution experience. ClarionDoor’s rapid implementation capabilities enable insurers to develop and deploy innovative products and empower the sales channel with complete policy rate, quote, bind and issuance capabilities.
Neptune Flood partnered with ICEYE – an international, satellite imagery company providing earth observation data via the world’s largest synthetic-aperture radar constellation. As part of the collaboration, ICEYE will provide Neptune Flood with high-resolution flood hazard data in the immediate aftermath of a flood event to enable monitoring of Neptune’s insured geolocations for micro changes in water depths around properties. The agreement also allows for exploration of future initiatives including triggers for parametric insurance products offered through Neptune’s Jumpstart brand.