This week on Insurance: Investment into Insurtech platforms is transforming marketing and accelerating fraud detection capabilities

Latest Industry Insights from Draup Braindesk

Insurers are utilizing technology to automate labor-intensive work to reduce costs, manual errors and improve efficiency.

  • Nationwide launched a smart home technology program in collaboration with Notion to offer smart monitoring IoT sensors capable of detecting smoke, water leaks, and open doors, which will help policyholders avoid costly losses. 
  • Allianz acquired ControlExpert, which offers AI-enabled solutions for automating claims handling of auto insurance, fraud detection, and image recognition. 
Artificial intelligence and machine learning enable insurers to generate new leads efficiently and achieve greater retention through product personalization. 
  • AXA is leveraging Akura8’s AI-powered insurance pricing solution that automates demand and risk modeling to offer customers faster time-to-market policies and personalized pricing. 
  • HomeServices Insurance has partnered with Agency Revolution to utilize its marketing automation platform ‘Fuse’ to drive customer acquisition, retention, and digital communications. 
Insurance companies are facilitating round-the-clock support to enhance customer experience and issuing resolution through chatbots. 
  • State Farm, along with other companies, invested USD 27 Mn in Replicant, which has built an AI-powered conversational human-like chatbot using natural language processing and machine learning to resolve customer queries quickly and efficiently in real-time. 
  • Prudential Financial has collaborated with Nuance to utilize its AI-enabled technology in customer recognition and authentication using voice biometrics, allowing for a seamless customer experience. 
Insurers in EMEA are focusing on enhancing in-house capabilities for developing digital underwriting and automated policy issuance solutions. 
  • Zurich is Leveraging robotic process automation technology to automate insurance operations like underwriting and policy issuance. 
  • AXA is Developing a prototype of a medical conversation chatbot offering an easier solution for common medical problems. 
  • Aviva is analyzing the pain points in the digital underwriting process, planning and executing strategies to improve the processing rate. 
Mobile application development, customer segmentation, and usage-based insurance are critical work domains across companies in the region. 
  • LIC is developing and launching ‘i-Life’ mobile application for enhancing customer experience. 
  • Sun Corp is designing solutions for initiatives such as customer segmentation, customer churn modeling, and customer retention. 
  • TATA AIG is developing a telematics system to collect data and provide usage-based insurance to customers. 

Latest Reports Published in Draup

Zurich Insurance Group account intelligence report: Zurich provides mobile applications and web-based health and wellbeing solutions for corporate employees and retail customers and adds digital platforms and the expertise of trusted business partners in the health and wellbeing industry. Read More>>
Northwestern Mutual account intelligence report: Northwestern Mutual will position its future goals in enhancing its innovative capabilities across its Banking & Financial solutions. Its revenue had increased by 4% in FY2020 compared to FY2019 due to higher renewal premium and dividend additions. Read More>>

Key Funding Alert

Kin raises USD 63.9 Mn in Series-C funding for data-driven home insurance 

Kin goes directly to the consumer and makes the whole process cheaper. The company plans on using the budget to ramp up hiring and expand into new geographies and products. The company has focused on areas where the weather’s been more volatile. Read More>>

Startup Spotlight

Company – Highwing 
HQ Location –  Greater Denver Area, US
Total Funding – USD 4 Mn
Year of Inspection – 2018
About: Highwing develops an open-data platform for commercial insurance brokers and carriers to automate workflows. The InsurTech software allows brokers and carriers to connect, access, and leverage insurance data analytics throughout the customer life cycle. Read more>>

Key Insights and Signals in Insurance

Centre Setup and Expansion
Aviva Health is building a new facility in Roseburg 
The most critical aspect of the project is that they will have space for 24 family medicine doctors that come to Roseburg for residency programs through Aviva Health. Read More>>
NHBC launches a new training hub to develop future housebuilders 
The training hub, which will support more than 100 apprentices annually, is a purpose-built facility that will immerse trainees in a realistic working environment. Read More>>
Deals and Deal Renewal 
Aon signs an agreement to sell the firm’s retirement and investment business in Germany to Lane Clark & Peacock LLP (LCP) 
The agreement resolves questions raised by the European Commission concerning the markets in which these businesses are active. Read More>>
Western National chooses Milliman Datalytics-Defense as a legal spend management solution, launching them to the forefront of AI for claims 
Milliman Datalytics-Defense provides real-time, actionable intelligence through responsive reporting dashboards built upon a robust data warehouse. The web-based tool is available on a subscription basis and can perform peer comparisons, allowing insurers to benchmark their defense costs. Read More>>
Optima Health selects Ontrak for all Medicare and Medicaid business 
Ontark is a leading AI-powered and telehealth-enabled, a virtualized healthcare company, today announced a new master services agreement with Sentara Healthcare to expand its Ontrak program for Optima Health members. Read More>>
AmeriHealth Caritas & Howard University to pilot addiction medical home alternative payment model 
The new value-based payment model, called PerformPlus® New Beginnings Episode Model for Substance Use Disorders, is based on the Addiction Recovery Medical Home Alternative Payment Model (ARMH-APM). The pilot began in June 2020 and will run for five years. Read More>>
Anthem, Epic team to enhance data sharing with providers 
The partnership would harness Epic’s Payer Platform, embedded into Anthem’s Health OS and providers’ workflows, which will ease administrative burdens and address potential gaps in care. Reducing the impact of prior authorization was a key consideration. Read More>>
Insurance tech provider Noyo partners with Unum for expanded benefits 
By integrating Noyo’s technology into Unum’s platform, it will access insurance policy data much faster. Employers and employees will have easier access to their information. The partnership will improve Unum’s connection with its distribution partners using various human resource information systems to access policy information. Read More>>
Virgin Money and Macmillan launch scheme to support people living with cancer 
The new Virgin Money Macmillan Guide will support customers in Scotland and the rest of the UK living with or affected by cancer. Read More>>
Mergers and Acquisitions
AssuredPartners announces the acquisition of Bond Benefits Consulting, LLC 
The partnership will enhance the capabilities and client offerings of AssuredPartners. The team of 34 at Bond Benefits will remain under the leadership of Erick Bond, CEO. The agency currently reports USD 7 Mn in annualized revenues. Read More>>
Australian Unity to acquire aged care facility provider 
The ASX-listed company announced today that it intends to expand its retirement living portfolio by acquiring Greengate Partnerships. The company intends to finance the acquisition via its issue of the USD 120 Mn Australian Unity Mutual Capital Instruments in December 2020. Read More>>
Gallagher buys reinsurance, brokerage businesses from Willis Towers Watson  
The USD 3.57 Bn transaction arrives after EU antitrust regulators brought up competition concerns in Aon’s USD 30 Bn deal to acquire WTW, a rival HR and risk consulting and insurance broking firm. Read More>>
Executive Movement
Aviva Singlife appoints ex-DBS banker Pearlyn Phau as group CEO 
The appointment came after the closure of the transaction in November 2020 when Singlife announced its merger with Aviva, making this one of the region’s largest insurance deals and the largest in Singapore. Read More>>
AXA Health appoints Sarah Hughes as head of strategic clients 
Hughes’ responsibilities include working across AXA Health’s medical insurance, health trust, employee assistance, occupational health and workforce wellbeing services. His role will extend to supporting key new business opportunities and working across AXA Group entities to harness global capability and client relationships. Read More>>
Berkshire Hathaway specialty insurance names Nikki Nagra, Head of Casualty Claims, UK 
Nikki comes to BHSI with more than two decades of claims management experience. She was recently UK Motor Claims Manager at AIG, where her career also included leadership roles handling casualty and disease claims. Read More>>
New hires strengthen GuideOne National’s specialty property focus
GuideOne National announced that Nick Batten is appointed as VP of Specialty Property, and Joseph Simeoni is appointed Lead Property Underwriter. Batten joins GuideOne National from FM Global, where he most recently served as Vice President, Manager Global Services Americas. Read More>>
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