Insurance players count on AI/ ML as they streamline personalization capabilities, predictive pricing, and end-to-end rating systemization.

Key Insights and Signals in Insurance

Centre set up and expansion
Brightway Insurance opens five new franchise locations

Brightway’s unique independent agency franchise model offers a low-cost, turnkey solution to starting a business. Their customer service and back-office support empower people from various backgrounds to build a profitable business. Read More>>
Ardonagh Group plans European expansion with new Dublin-based division

Ardonagh Europe will bring together several its businesses, including its Irish subsidiary, Arachas. The firm brings together brands across the haulage, classic cars and private health insurance sectors. Read More>>

Deal and Deal renewal
Enstar and RSA develop a bespoke solution
A wholly-owned subsidiary of Bermuda-based insurer Enstar Group Ltd has signed an agreement with Royal & Sun Alliance Insurance Limited to provide adverse development cover for the certain UK, Irish and other businesses of RSA and its subsidiaries, in exchange for a premium. Read More>>
Blue Cross and Blue Shield of Oklahoma (BCBSOK) and Saint Francis Health System reach a new contract agreement
This three-year agreement means BCBSOK members using the Blue PreferredSM, Blue Advantage PPOSM, BlueLincs HMO, Blue Choice PPOSM, Blue TraditionalSM, and NativeBlueSM networks will continue to have in-network access to services at all Saint Francis hospitals and facilities, including Laureate Psychiatric Clinic and Hospital, and Warren Clinic doctors and health care professionals. Read More>>

Executive movement
Capital Insurance Group in California has promoted three members of the senior leadership team
Kevin Okelberry has been promoted to VC and chief underwriting officer. Okelberry will lead the underwriting, product, field, and client-services functions for all CIG product lines. Tammy Ebnet has been promoted to assistant vice president – human resources from the director of human resources. Seven-year veteran of CIG, La Porta, has been promoted to Asst. VP, Sales and Marketing. Read More>>
esure welcomes new CTO
esure Group will welcome a new chief trading officer in Peter Simon. Simon had been running the British Gas residential and small business energy supply, with his role seeing him set up its new energy platform business and brands. Read More>>

Partnerships
Mobile Health announces 8-year preferred partner agreement with Anthem Blue Cross and Blue Shield
Mobile Health signed an eight-year agreement to be the preferred partner for Sydney’s employer health and wellbeing program customization, the member engagement tool offered to members of Anthem Blue Cross and Blue Shield’s plans. Read More>>
UnityPoint Health — Des Moines partners with Qventus to deliver an improved patient experience
UnityPoint Health-Des Moines (Iowa) and Qventus are partnering to use AI to improve patient flow, the discharge process, and triaging ancillary services. Qventus uses AI to predict the expected discharge date and potential barriers to the predicted discharge day. Read More>>

Merger and acquisition
Globe Life acquires Beazley Benefits
Beazley Benefits specializes in customized supplemental health solutions for the employee benefits market, with a product line that includes Supplemental Medical, Group Limited Indemnity, Critical Illness, Short Term Disability, and Accidental Death & Dismemberment. Read More>>
Enstar acquired 27.7% interest in Enhanzed Reinsurance for USD 228.7 Mn
Enstar’s wholly-owned subsidiary agreed to purchase a Hillhouse affiliate’s 27.7% interest in Enhanzed Reinsurance Ltd. Hillhouse is an investment management firm for institutional clients. It invests in public equity and private markets worldwide. Read More>>

Latest Industry Insights from Draup Braindesk

Insurance Operation: Rising demand for predictive pricing and automation in claim settlement is driving the market growth for advanced insurance operations.

Top Insurance Operation Trends:

Predictive pricing and risk selection adopting predictive modeling tactics have increased revenues and accuracy for many P&C insurers. Insurers using predictive analytics grew their direct written premiums by 53%.

Automation for faster claims personalized experience: Insurers can harness the results of AI to customize unique experiences for customers. The high-speed demand of modern customers is met with the help of AI.

Telematics devices: Auto insurers use telematics to obtain policyholder information in real-time via data transfer. The data is then analyzed to create a detailed risk profile and to calculate rates accordingly.

Mobile apps had a more satisfying experience than those who used desktops or mobile browsers to interact with their insurance companies

Key focus areas:

Wearables for Insurance • Microinsurance using AI • Usage-based Auto Insurance • Physician Appointment Scheduling • Digital Wallet • Health Monitoring using Wearables • Real-time Insurance Alert & Reminders • Digital Insurance Cards • Digital Claims Adjuster • Insurance Compliance Reporting Automation • Personalized Nutrition and Diet

Case Studies:

CareFirst has partnered with ‘Sharecare’ to monitor and analyze the data received from wearable devices and offer specialized programs to improve customers’ wellbeing.
Allianz Care partnered with Tritan Software to offer Seacare’s tools include telemedicine, infectious disease management (including COVID-19), compliance reporting, case tracking, automated referrals, medical evacuations, and repatriations

Key Funding Alert

Policybazaar files for an IPO; seeks to raise over USD 800 Mn in funding
Policybazaar allows consumers to compare pricing and features of life, health, travel, vehicle, and property insurance products from hundreds of companies. As a result, customers avoid traditional brokers or mediators, who often promote incentive-based policies. Read More>>

Startup Spotlight

Company – Wealthpark
Total Funding – USD 39.23 Mn
HQ location – Tokyo, Japan
About: WealthPark provides management support tools that promote business efficiency to real estate management companies. It is a premier communication tool between real estate management companies and investors. Read More>>

Latest Reports Published in Draup

Swiss Re Account Intelligence Report: Swiss Re intends on using ML and big data platforms to identify the fraudulent activities in insurance claims. It focuses on digitization and automation, monitoring claims risks to identify trends and solutions, and helps to ensure portfolio. Read More>>

The Travelers Companies Inc. Account Intelligence Report: The Travelers Companies strengthens its technological capabilities by using AI and cybersecurity to develop customizable solutions and products. It is constantly innovating, upgrading, and launching new products to meet the ever-increasing needs of consumers. Read More>>

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