Who's using what in P&C insurance: August 29, 2022
Insurance technology news from Previsico, Driver Technologies, Duck Creek Technologies and more.
Previsico partnered with Nexus Alpha USA, a hub for innovation in the U.S., to mitigate surface water flood losses for insurers and their customers in the U.S., one of the most affected markets. Previsico’s initial focus will be on New York, which has experienced serious flood issues and losses over the years, including last year, when a state of emergency was declared after it was hit by record rainfall and deadly flash floods as a result of Tropical Storm Ida.
Builders & Tradesmen’s Insurance Services, Inc. partnered with Ontario-based insurtech platform Kamillio. The uniquely intelligent Kamillio platform offers a new perspective on the insurance buying system, acting as a storefront that agents can use to deliver a modern customer experience. Brokers can easily add the extension directly to their websites, enabling consumers to quote and purchase their own general liability policies at any time that is convenient for them.
Driver Technologies, Inc. and Stable Insurance partnered to help more rideshare drivers get the commercial-grade auto insurance they need while providing them with the technology to better protect their passengers and themselves while on the roads.
AXA Climate selected HWind analytics from RMS, a Moody’s Analytics company and world-leading risk modeling and solutions company, as a principal trigger metric for its relevant U.S. parametric insurance policies. HWind produces real-time data sets for tropical cyclone events, allowing quick evaluation of hurricane trigger/payout conditions, which enables parametric policyholders to gain rapid access to capital following impactful events. RMS HWind solutions offer comprehensive coverage over the Western North Atlantic, Eastern Pacific, and Central Pacific basins.
VYRD selected Verisk’s LightSpeed for Homeowners platform to more accurately assess the risk profiles of coastal properties. Within LightSpeed, VYRD is integrating Verisk’s location-based peril information, reconstruction cost estimates, roof data, aerial imagery, building permit data and homeowner insights to support faster, more reliable initial quotes. VYRD is also employing loss history information from Verisk to help complete the underwriting process.
Duck Creek Technologies partnered with Verisk, a global data analytics provider. Duck Creek’s customers are hyper-focused on providing small business owners insurance quotes as rapidly as possible, and the new accelerator for Verisk’s Lightspeed Small Commercial will make it easier for agents to do business with them.