Around the P&C insurance industry: March 27, 2024
Insurance industry news from Duck Creek Technologies, Agero, Marsh and more featured in weekly update.
Duck Creek Technologies introduced Duck Creek Payments to the North American market. This cutting-edge, cloud-based Software as a Service (SaaS) solution is poised to transform the insurance industry by offering unparalleled access to any global payment provider or technology for premium collections and claims disbursements.
Platinum Excess Trucking partnered with Everspan Group, a program insurer rated A- by AM Best. Platinum Excess Trucking is a managing general underwriter specializing in excess liability for trucking and specialty auto accounts.
Clearcover launched its revolutionary generative AI solution that further digitizes statement collection, significantly streamlining the insurance claims process and customer experience.
Messagepoint was named a winner for the second year in a row of Business Intelligence Group’s Artificial Intelligence Excellence Awards, in the generative AI subcategory. The Artificial Intelligence Excellence Awards identify and recognize the truly unique solutions that stand out in a crowded AI space. Messagepoint won for its assisted authoring, which harnesses the power of generative AI to help users create clearer, more consistent and compliant content faster than ever before. Messagepoint is recognized for being the first customer communications management industry software provider to offer generative AI capabilities that support content optimization for plain language, reading levels, sentiment, length and translation.
Fidelis MGU announced its results for the end of 2023, alongside its rebrand to ‘The Fidelis Partnership’ from Fidelis MGU.
Blink Parametric and Zurich Insurance integrated Blink Parametric’s award-winning real-time flight delay assistance and claims solution with the Zurich Edge Platform as part of their regionwide digital strategy. Under this collaboration, Zurich offers real-time assistance to eligible policyholders who experience flight delays, by providing them with complimentary access to a VIP airport lounge. Moreover, if the lounge cannot be utilized on the day of disruption, the lounge pass will remain valid for six months, to be used at the policyholder’s discretion worldwide. The first market to go live with this Zurich initiative is Singapore.
Sertis completed an oversubscribed seed funding round. This milestone is a significant indicator of market confidence and investor support, positioning Sertis for further growth in the multifamily insurance sector.
Centre for Disaster Protection has been selected as the Coordinator for the Technical Advisory Group of the Global Shield against Climate Risks. In this significant role, the centre will collaborate with a group of experts supporting climate-vulnerable countries to access tailor-made, high-quality climate and disaster risk finance and insurance support packages from the Global Shield.
Apollo partnered with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International. The new consortium, which went live earlier in 2024, builds on an established arrangement in which Apollo and MRSL have partnered in hull collaboration since 2019. Apollo already has a position in this sector, with the recent appointment of Kyu Byun from WTW strengthening its capabilities and enhancing its services to brokers and clients alike. The new consortium offers brokers lead line capacity up to $75 million per vessel.
Agero announced the expanded deployment of its crash response technology after experiencing record growth in 2023. The expansion enables Agero to roll out this critically important system, which immediately works with emergency services to dispatch support after a crash has been detected, to more U.S. consumers. The crash response technology is particularly important as vehicle accident rates and severity continue to rise.
Marsh announced the creation of Edgware Re Ltd., a group captive insurance company for organizations seeking more control and stability in their cyber insurance programs.
Delaware Department of Insurance reissued a Bulletin addressed to all insurance companies, domestic and foreign, to remind them of the state’s mandatory insurance fraud reporting requirement. Delaware Insurance Code, Chapter 24 Insurance Fraud, § 2408 Duties of Insurers, states that any insurer that has a reasonable belief that insurance fraud is being, or has been, committed must send any and all information relating to the fraud to the Delaware Insurance Fraud Prevention Bureau, on a form authorized by the Bureau.
With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves. Specialty insurer HSB helped consumers respond with Cyber for Auto, a new coverage that will be available for cyberattacks, the company announced.
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