This week in Insurance: Insurers churn out predictive and prescriptive analytical models to facilitate customization, claims, and fraud detection
Latest Industry Insights from Draup Braindesk
Mobile phone insurers are utilizing technology to automate labor-intensive work to reduce costs and manual errors and improve efficiency.
Kasko collaborated with Neodigital to sell mobile phone insurance. End-users can manage all relevant data in one place using the myNeo online portal, making it simple to process adjustments.
TessaB collaborated with T-CETRA to launch mobile phone protection plans that allow customers to activate a protection plan on fully functional phones at any point in their customer lifecycle.
Axa collaborated with Pier Insurance to offer mobile phone insurance policies, including those under Pier Insurance’s loveit coverit brand.
Technologies such as AI and ML enable insurers to generate new leads more efficiently and achieve greater retention through product personalization.
SoftBank partnered with Zimperium to provide AI-powered security solutions for mobile devices.
Asurion collaborated with TIBCO to reduce fraud and risk through advanced analytics.
Rappi collaborated with Chubb to launch a 100% digital home and mobile phone insurance product.
Consumer electronics insurers implement various technologies for claims processing, personalized insurance pricing, and fraud detection to reduce costs and improve customer experience.
Cps collaborated with Zoom to remotely diagnose products and walk customers through troubleshooting procedures to reduce social interactions.
SHI performed a full array of services, including site audits, hardware refresh, and re-imaging services, data migration, application installation, and project reporting to save the customer’s time, hassle, and money on resources and personnel.
Cinch Home Services partnered with GloveBox to provide home protection plans using GloveBox’s mobile and web application to advance their shared mission of simplifying home management for consumers.
Latest Reports Published in Draup
Consumer Insurance Market Analysis: Draup analyzed the market trends, key challenges, business intentions, and major initiatives. Key players are deep diving for mobile phone insurance and the consumer electronics insurance market. AI/ML is enabling insurers to generate new leads and provide product personalization. Read More>>
Genworth Financial, Inc. Account Intelligence Report: Genworth’s digital initiatives are focused on improving the customer experience and automating the workflow of the mortgage process. It intends to offer real-time access and automating the mortgage insurance process to offer the highest levels of quality, efficiency, and compliance. Read More>>
Key Funding Alert
Ethos picks up USD 100 Mn at a USD 2.7 Bn+ valuation for a big data platform to improve life insurance accessibility
Ethos uses more than 300,000 data points to determine a person’s eligibility for both term or whole life insurance policies. It picked up the investment from SoftBank Vision Fund 2 to hire people and expand its product set into critical illness coverage. Read More>>
Company – SafetyWing Total Funding – USD 12.12 Mn About: SafetyWing is a travel medical insurance provider that offers ‘Remote Health’ products for remote and gig economy workers outside their home country. Benefits include emergency medical treatment, coverage for lost luggage, and travel delay. Read More>>
Key Insights and Signals in Draup
Partnerships Zensung, ERGO, Munich Re to launch GO GREEN insurance policy
Zensung’s policy delivered through its Parrot app using AI will make buying and monitoring car insurance simpler, greener and fairer. Users can purchase, claim and receive safe driving rebates through the application. The policyholders can become CO2-neutral by buying carbon credits. Read More>> Zego partners with Bp to insure the trial of Bp EV Pro
The commercial motor insurer, Zego, with backing from Swiss Re, has teamed up with bp, an integrated energy company, to provide drivers with Zegos professional insurance as part of bps all-inclusive electric vehicle subscription service trial bp EV Pro. Read More>> UBS ties up with Baloise to offer Proptech Solutions for Swiss property owners
This strategic relationship aims to give customers access to complementary services that address property owners’ key needs regarding financing, insurance, and maintenance. Baloise will expand its service portfolio and partnerships in the Home and Mobility ecosystems under the Simply Safe strategy. Read More>>
Executive Movement AIG’s Amy Stern take senior reinsurance role at Pie Insurance Pie Insurance, an insurtech company specializing in workers comp insurance for small businesses, will appoint Amy Stern as VP of Reinsurance and Capital Solutions. Stern previously served as Chief Ceded Reinsurance Officer at AIG. Read More>> Millers Higgins joins new broker Inver Re; Hartford hires AXA XLs Brodzinski for Global Specialty; Bayman to MS Amlin for Aviation Reinsurance The Ardonagh Group has appointed Neil Higgins as head of Facultative Reinsurance at its new reinsurance broker Inver Re. Higgins joins from Miller, where he has held several roles since 2010, most recently as head of Property. Read More>> Aon names cybersecurity managing director Aon PLC named Adam Bixby as managing director, proactive security leader, for cyber solutions North America. Mr. Bixby will be responsible for proactive security practices, advisory and testing, leading business development, service delivery, people and operations. Read More>> Troy Dehmann joins Beazley as Chief Operating Officer Troy brings more than 20 years of leadership experience in finance, operations, and business transformation within the financial services sector. Troy spent almost seven years at HSBC in London, including Global COO of Business Finance and Global Head of Cost Management. Read More>> FM Global named Lawson’s successor as CEO FM Global will be succeeded by Malcolm C. Roberts as President of FM Global and elected to the company’s board of directors. Read More>>Deals and Deal renewals Pactiv Evergreen says Pactiv Llc agreed with Massachusetts Mutual Life Insurance Co Pactiv Evergreen will transfer to insurer future benefit obligations, annuity administration for about 16,300 retirees and beneficiaries. Pactiv Evergreen will reduce its gross pension plan liabilities by approximately USD 950 Mn. Read More>> Marias Technology hired by Kentucky National Insurance Company Kentucky National Insurance Company has contracted Marias Technology to test changes to its legacy administration system and end-to-end processing system, as dictated by current business needs. In parallel, it will provide user acceptance testing for the KNICs replacement system. Read More>> AXA units sign USD 4.8 Bn reinsurance deal with KKR subsidiary Under the agreement, AXA HK has reinsured a closed block of whole life insurance policies, originated in Asia, and backed by USD 4.8 Bn in assets. AXA HK will continue to service and administer the policies as the insurer of the reinsured block of business. Read More>>Center setup and Expansion Ardonagh Group announces 60 new roles as global data and risk management center is launched New roles across data science and analysis will provide data-driven insights to clients. The Ardonagh Group will open the Ardonagh Global Data and Risk Management Centre later this month, bringing 60 new highly-skilled data science and analysis roles to Mullingar. Read More>>
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