Around the P&C insurance industry: November 8, 2023
Insurance industry news from NEXT Insurance, NFP, Coalition and more.
NEXT Insurance partnered with Allstate, combining the companies’ expertise in small business insurance to develop and offer innovative and unique new products to a large underserved market, as well as a commitment to deepening its reinsurance relationship with Allianz. The partnerships come with a $265 million strategic investment from Allstate and Allianz X.
EagleView announced a new standard in the aerial insights market. EagleView will now provide imagery and enhanced property analytics for the top 50 United States metro areas one or more times per year, on top of their current, customer-driven, aerial capture. With more frequent image capture available across these top metros, EagleView will continue to be the leading choice for customers seeking the highest resolution, unrivaled quality, the largest historical library of aerial imagery and property analytics based on the most comprehensive coverage offered–a combination of features unmatched in the aerial imagery and insights industry.
Arturo launched its new claims module. The AI-powered module helps carriers strategize on claims prioritization, proactively reach out to customers, evaluate damage from natural disasters and understand the potential financial impact across their entire book — all of which eliminates traditionally time-intensive, manual work.
TransUnion unveiled its TruEmpower Scam Blocker — a preventative solution guarding against a wide variety of sophisticated digital scams—now available for individuals, families and small businesses, delivered through insurers.
NFP acquired Resolute Insurance Services, an independent insurance broker based in the West Midlands. This acquisition expands NFP’s commercial insurance product offerings and accelerates Resolute’s plans to provide additional solutions to clients.
NFP acquired SeaChange Limited, a health and safety consultancy based in Naas, County Kildare. This acquisition expands NFP’s European health and safety capabilities and solutions for the company’s Irish, U.K. and mainland European clients. The acquisition closed effective October 1.
Matt Mallory, CEO of Mallory Agency and a prominent figure in the insurance sector, was recognized as a distinguished member of Georgia Trend’s GEORGIA 500, specifically in the category of “Banking, Finance, and Insurance.”
duPont REGISTRY Group, Driven Lifestyle’s luxury ecosystem for the high-end automotive lifestyle, launched duPont REGISTRY Insurance, a licensed insurance agency. The new luxury automotive insurance division offers the highest quality coverage and white glove service for high-end car owners through products offered by Hagerty.
National Women’s Soccer League announced a multiyear renewal of its partnership with Nationwide, the league’s exclusive insurance partner and presenting sponsor of the Nationwide Community Impact Award since 2021. With the extension, Nationwide will also maintain its position as a non-exclusive partner in the investment and retirement planning category.
ACORD Solutions Group launched extended capabilities in ACORD Transcriber, a widely used tool that enables digitalization and automation of data processing from insurance forms and other documents. These AI-based capabilities facilitate data extraction from both structured and unstructured document formats, including submissions, contracts, invoices, endorsements, loss runs, market reform contracts (MRCs), schedules of value, declaration pages and more.
RIMS, the risk management society, presented Tata Steel Limited with the 2023 ERM Global Award of Distinction at RIMS ERM Conference in Denver. For the second straight year, the 10th largest steel producer in the world was recognized for its continued success implementing an ERM program that is embraced throughout the organization and credited for informing strategic decision making, as well as the successful achievement of business objectives.
Coalition launched its suite of innovative Active Cyber Insurance products in Australia. Active Cyber Insurance is more than risk transfer; it’s a new type of insurance built for the digital age, as it works with organizations to help them understand their cyber risk profiles, improve their defenses and, ultimately, prevent future attacks.
Related: