This week in Insurance: Large-scale investments into AI & data analytics accelerate modernization of processing, claims, and underwriting platforms
Latest Industry Insights from Draup Braindesk
Blue Cross Blue Shield of Louisiana
Blue Cross Blue Shield of Louisiana launched an innovative program to improve the quality of patient care, slow the rise of health care costs.
They are developing advanced online platforms and blue applications by adding new premium features customized to fit their members.
The company is providing the customers new, easier ways to schedule and make their premium payments online.
Blue Cross Blue Shield of Louisiana focuses on expanding the primary medical care centers and Medicare advantage network through their valuable partnerships.
The company is integrating with other health care organizations to collaborate on their websites and applications to enhance their digital offering platforms.
Zurich
Zurich Insurance Group Ltd has 30+ technology centers with a significant technology footprint in Europe. Mumbai Area, India, Zurich, Switzerland is the major key buying center for Zurich Insurance Group.
Zurich launched cyber risk solutions with Artificial intelligence-based technology and cyber expertise to give customers state-of-the-art cyber solutions.
Zurich collaboration focuses on improving claims management performance and offering a significant edge in the fight against fraud.
Application Development and Maintenance is the majorly outsourced segment contributing 40% of total outsourcing. DXC is the major strategic partner for Zurich Insurance, supporting them in Application Development & Maintenance-related engagements.
Latest Reports Published in Draup
American International Group account intelligence report: American International Group’s digital initiatives focus on general insurance, an AIG’s property/casualty business, to enable and improve better underwriting analysis. It is developing products with advanced technologies to improve its general insurance, life, and retirement solutions. Read More>>
Blue Cross Blue Shield of Louisiana account intelligence report: Blue Cross is developing advanced online platforms and blue applications by adding new premium features customized to fit each member. It is providing customers fresh and easier ways to schedule and make their premium payments online. Read More>>
Key Funding Alert
Corvus receives an additional USD 15 Mn through a series C extension round
Corvus’s broker-focused approach uses AI, and machine learning helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the dynamic commercial insurance marketplace. Read More>>
Startup Spotlight
Company – Super Seguros HQ Location – Mexico City Area, Mexico Total Funding – USD 3.6 Mn About: Super Seguros is an insurance company that developed radical insurance products. The company’s automated assessment technology allows its users to buy a policy today and cover tomorrow. It was founded in 2019 and headquartered in Mexico City, Distrito Federal. Read More>>
Key Insights and Signals in Draup
Centre Setup and Expansion Humana (HUM) arm to offer original Medicare members holistic care
The offer will enable the unit to boost its care-team medical facilities for original Medicare beneficiaries. It allows the company to boost its care-team medical facilities for Original Medicare beneficiaries. Read More>> Kaiser Permanente, Providence announces new Victorville hospital
The healthcare providers plan to construct the new hospital on property initially purchased in 2007 for a new St. Mary Medical Center campus. Read More>>
Deals and Deal Renewal Equip works with Cigna to broaden access to eating disorder care in CA, NY + TX Equip virtually delivers evidence-based eating disorder treatment to families at home. This year, the company raised USD 13 Mn earlier this year, currently serves families in California, New York, New Jersey, and Texas, and plans to expand its geographic reach throughout 2021 to several states. Read More>> Aviva inks GBP 190 Mn bulk annuity deal The company has completed a GBP 190 Mn bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme. Aviva will insure the defined benefit (DB) pension liabilities for approximately 2,000 members, removing these members’ investment and longevity risk from the scheme. Read More>> Hiscox completes legacy reinsurance deal with Enstar Group Research notes from the Royal Bank of Canada said the deal was a sensible move for the management. It will allow the company to focus on the more profitable front book in the current market and remove some uncertainty from reserve volatility in the future. Read More>>Partnerships ICICI Lombard redefines customer engagement with Azure AI and Azure Speech services The company has leveraged Azure Speech Services and Natural Language Processing (NLP) to simplify the insurance requirements of its customers, including the purchase of new policies, renewal of existing policies, and settlement of claims. Read More>> Volvo XC40 recharge Pure Electric now comes with 3-year insurance from Allianz The insurance contains all the important coverage modules, from self-damage cover to reimbursement for new prices and repairs in a specialist workshop. For the electric vehicle, there is a special additional electrical cover in addition to the damage events of the partially comprehensive and fully comprehensive insurance, which for example, protects the battery against damage, destruction, or loss as part of an all-risk cover. Read More>> Vitality partners with Samsung on a health insurance program The partnership will allow Vitality members using Samsung phones to link their Samsung Health profile to their Vitality Member Zone account to automatically capture daily steps and heart rate activity to earn Vitality activity points. Read More>>Executive Movement Swiss Re hires Hermant from AIG for iptiQ APAC role Hermant joins from AIG, where he served as Head of Portfolio Management for Accident & Health, Travel and Warranty in the Asia-Pacific region. He spent nearly three years at AIG. He was the Founder and Director at PGM Asia Solutions, an analytics consulting firm specializing in data analytics and predictive modeling. Read More>> Magma Fincorp appoints Adar Poonawalla as chairman, to be rebranded as Poonawalla Group company The lender has also appointed Abhay Bhutada as its managing director and Vijay Deshwal as chief executive officer. Deshwal, currently a business head at ICICI Bank, will assume charge at Magma from the first week of July. Read More>> CSAA Insurance Group names EVP of commercial insurance Brown will be responsible for distributing commercial insurance under the Mobilitas brand, launched by CSAA in 2020 to provide commercial insurance solutions for the sharing economy and mobility sector. Read More>> Hamilton Insurance appoints Kevin Price In this newly created role, Price will build the US-based book of allied medical liability insurance business, leveraging Hamilton Insurance DAC, the company’s platform supporting US E&S lines that share its rating of “A-” by A.M. Best Company, Inc. Read More>>Mergers and Acquisitions Allstate makes USD 300 Mn acquisition of SafeAuto The company will acquire SafeAuto, a non-standard auto insurance carrier that provides “state-minimum” private passenger auto insurance. SafeAuto will accelerate Allstate’s offering affordable protection solutions by lowering costs and leading to higher growth. Read More>> Samsung Life Insurance to become No. 2 shareholders of Savills IM with 25% stake The insurance unit of Korea’s largest conglomerate Samsung Group announced Thursday its board of directors approved a plan to acquire a 25% stake in Savills IM for GBP 63.75 Mn (USD 90.5 Mn) with an option to buy an additional 10 percent stake by 2025. Read More>> Intact and Tryg complete cash acquisition of RSA Intact’s said the acquisition increases its premiums by approximately 70% and enables further investment in the company’s core capabilities of data, risk selection, claims, and supply chain management to sustain and drive increased outperformance across the markets in which it operates. Read More>>
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