Around the P&C insurance industry: February 15, 2023
Insurance industry news from VisionTrack, Selective Insurance, Coalition and more.
VisionTrack launched a sophisticated AI-powered post-analysis solution. NARA will revolutionize how vehicle camera footage is assessed and help vehicle operators to dramatically reduce road deaths and injuries. NARA is device agnostic, so it can be integrated with existing connected camera technology – whether VisionTrack or third-party hardware – and adds another powerful layer of analysis to AI vehicle cameras, installed with edge-based AI technology, that are often limited by the processing capacity of the device.
Allianz Group announced that it would make available 6 million euros to support relief and recovery efforts following the earthquakes in Turkey and Syria, including up to one million euros to match the donations of its employees and tied agents. One million euros has already been mobilized via a collaboration of Allianz Türkiye, Allianz Partners and Allianz Trade in Turkey to support a special local fund providing immediate relief to people directly affected by the crisis. The scope of the first wave of support ranges from search and rescue to housing, relocation, and provision of other necessary supplies. Of this amount, 500,000 euros have already been deployed.
Selective Insurance expanded its management liability insurance suite, providing not-for-profit and private organizations broadened coverage and flexible enhancement options to help protect them and their leaders from costly litigation. The new coverage includes additional features in directors & officers liability, employment practices liability and fiduciary liability, such as defense costs outside the limits for not-for-profits, additional defense limits for private companies, automatic inclusion of 3rd party liability with EPLI, full prior acts coverage and more.
Trip Money partnered with Cover Genius to introduce embedded travel protection on MakeMyTrip for its global customers through XCover, Cover Genius’ award-winning global distribution platform. The integration will also provide ‘cancel for any reasons’ travel protection that offers MakeMyTrip’s customers added convenience, security and comfort.
AmTrust Financial Services, Inc. expanded its international extended warranty and protection business in South Korea. AmTrust writes policies for leading automotive, electronics, equipment manufacturers and retailers.
Dillehay Insurance Agency received the 2022 Chamber Champion Award from the Cottleville Weldon Spring Chamber of Commerce. The award signifies the agency’s support and dedication to the Chamber that has membership from the Cottleville and Weldon Spring region.
Reliance Global Group, Inc., which combines artificial intelligence with the personalized experience of a traditional insurance agency, announced that it has significantly enhanced its AI-based, insurtech platform with new customer relationship management tools to further enhance workflow, streamline operations and reduce costs for insurance agency partners utilizing RELI Exchange.
Liberty Company Insurance Brokers partnered with Goretti Nobre Insurance Services of New Jersey.
Coalition expanded its cybersecurity insurance offering to enterprise businesses with revenues up to $5 billion. The company’s increased capacity above its existing limit of $1 billion comes from a syndicated placement across many of its existing partners.
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