Around the P&C insurance industry: June 26, 2024
Insurance industry news from Patra, Insurity, Beazley Security and more is featured in this weekly update.
Patra extended its PolicyCheckingAI to a self-service solution that provides access to all brokers and agencies across the industry. As the first company to introduce AI for policy checking over a year ago, Patra’s patent-pending PolicyCheckingAI offers insurance professionals an innovative solution to streamline operations and ensure complete and accurate coverage for clients – whether you perform this task in-house through this self-service solution or choose Patra’s tech-enabled outsourcing services.
British Caribbean Insurance Company launched its omnichannel insurance ecosystem built on the EIS cloud-native SaaS platform and implemented by EY. The EIS SaaS platform will accelerate speed to market, drive efficiency and place the customer at the heart of the business.
Enlyte launched PrecisionDirect, an integrated provider negotiations and networks solution designed to free up adjusters to focus on claim settlement while securing savings on these bills. PrecisionDirect’s purpose is to help provide auto carriers with a way to improve payment accuracy on bills typically paid in full to providers treating the injured parties. By leveraging two methods of cost containment – the breadth of Coventry’s network and the expertise of negotiators – Enlyte is able to facilitate fair and accurate bill payments.
Howden announced the placement of the first carbon credits warranty and indemnity insurance policy. The W&I policy provides insurance cover on the sale of carbon credits for the reafforestation project of degraded forest lands by Mere Plantations, a U.K.-based company that owns and operates a teak plantation in Ghana, West Africa, and has been underwritten by a leading managing general agent. This is an important milestone in the evolution of the voluntary carbon market. The presence of a carbon credits W&I policy dramatically improves trust in the quality of carbon credits and has the potential to unlock a wave of capital into the carbon market.
Jupiter launched Jupiter AI, a new generative AI agent that revolutionizes the way businesses predict their financial exposure to the physical risks of climate change. Designed to seamlessly integrate with Jupiter’s ClimateScore Global, and its industry-leading gold standard climate science, Jupiter AI can assess the impact from all climate perils at multiple customizable return periods for medium- and long-term projections of future risk. With a lower barrier of entry, anyone within the entire enterprise can harness the power of conversation-assisted climate analysis to understand the impact of climate change on their organization and specific to their role.
PCF Insurance Services acquired four new insurance businesses: Ignitist, based in Pennsylvania, The Brady Agency, based in North Carolina, Roseberry Insurance Agency, based in Mississippi, and The Sinnott Agency, based in Iowa.
Futuristic Underwriters LLC launched its general liability division, dedicated to reducing risk and improving the insurance experience for general contracting, manufacturing/distributing, real estate and hospitality among other industries.
Insurity announced that Gray Nester, executive vice president and chief information officer at Brown & Brown, Inc., will deliver the keynote address at its customer event, Excellence in Insurance. This event, designed as a peer forum for insurance and MGA executives and professionals, will bring together over 300 experts from 115+ leading insurance companies and MGAs to network, discuss, and generate innovative ideas to propel P&C insurance forward. Excellence in Insurance will occur October 28-30 at the OMNI Amelia Island Resort in Fernandina Beach, Florida.
Beazley Security went live with specialist insurer Beazley’s in-house cyber services team and its wholly owned cyber security company, Lodestone. Beazley Security launched with an expanded portfolio of services, including a new managed extended detection & response (MXDR) service that offers clients always-on monitoring and advanced capabilities to rapidly identify and contain threats. Other core offerings include a robust line up of professional services to help clients prepare for and defend against cyber risks, as well as incident response, forensics and restoration services should a client suffer an attack. All of Beazley Security’s services are delivered by seasoned cyber security professionals.
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