Who's using what in P&C insurance: November 21, 2022

Elpha Secure selected CyberCube’s new generation of cyber risk analytics tools. The New York-based MGA has licensed CyberCube’s Portfolio Manager platform and its Single Point of Failure Intelligence module. The products will conceptualize Elpha Secure’s risks as the business grows and create a compelling case to attract capacity from providers operating within the insurance-linked securities space.

MEMIC selected Gradient AI for its underwriting solution to better identify risks and improve the underwriting accuracy of workers’ compensation policies. Using Gradient AI, MEMIC can leverage the knowledge of its own people, the power of AI and access to a vast data set containing millions of anonymized underwriting and claim records. This combination has enabled MEMIC to move beyond traditional underwriting to quote policies more accurately, reflecting a company’s unique risks.

TNEDICCA and Ohio Mutual Insurance Group partnered to provide a unique view into crash hotspots — locations where frequent crashes occur — to Ohio Mutual’s Ohio members. The Accident Advisor solution is powered by TNEDICCA’s proprietary crash database of more than 30 million crashes, based on police reports and geolocated to the precise location of the crash. Via a map, Ohio Mutual’s members can identify local crash hotspots specific to their home and commuting area. This insight can help policyholders stay safer on the road by avoiding accident hotspots or exercising additional caution in these high-risk areas.

CerebrumX Lab Inc. partnered with Ford connected vehicle data to support its data-driven usage-based insurance as-a-service model for insurers. This model offers a quicker and more cost-effective implementation of UBI programs by using embedded telematics for eligible Ford and Lincoln connected vehicles. Usage-based insurance programs using embedded connected vehicle systems, with the consent of the customer, provide more accurate and reliable driving data, empowering insurers to reward safe driver behavior with opportunities for reduced personalized premiums.

KOBA Insurance announced it is migrating its insurance program onto the Socotra policy core platform. With a data-driven focus, KOBA is nimble and is innovating distribution and product solutions for niche markets. In June 2022, KOBA also launched a car share product in partnership with Uber-owned Car Next Door. KOBA plans to expand its portfolio to include other usage-based insurance products for boats, fleets, rideshare vehicles and motorcycles.

ZestyAI partnered with CSAA Insurance Group for wildfire risk assessment. To help gauge property-level wildfire risk, CSAA plans to integrate ZestyAI’s, Z-FIRE into underwriting and rating processes for homeowners insurance. This partnership comes as wildfires continue to cause destruction in multiple states across the country. Z-FIRE provides wildfire risk scores for all properties in the 48 contiguous U.S. states.

Related: Who’s using what in P&C insurance: November 14, 2022