Shift’s AI-based fraud detector to improve Economical’s claims processing pipeline

Key Insights and Signals in Insurance

Mergers and Acquisitions 
Axa sells insurance arm in Singapore for USD 575 Mn  
Axa will focus on its core markets with the size, presence in the right business segments, and a solid potential to grow. They will deploy their vision in health and protection, bringing high-value products and services to customers. Read More>>
EverQuote Acquires PolicyFuel 
The acquisition of the property and casualty insurer, providing policy-as-a-service offerings to expand their range of products, and provide customers with personalized shopping experiences. Read More>>
Willis Towers to sell reinsurance unit after failed Aon deal 
Aon canceled its takeover of Willis Towers last month after failing to convince U.S. officials that the combination wouldn’t hurt competition in the industry. Read More>>
Japan’s Dai-ichi Life to buy Westpac’s insurance arm in Australia
The Japanese insurer will acquire Australia’s sixth biggest insurance company through its Australian subsidiary TAL. The acquisition could bring in several billion yen per year in profit to the Dai-ichi Life group. Read More>>

Ciba Health partners with Lockton Companies to offer affordable and holistic care 
Ciba Health, a preventive and personalized virtual care company that focuses on root cause/functional medicine approach, will provide its personalized Type-2 diabetes reversal program to eligible self-funded employers in Lockton’s pilot program. Read More>>
Sanlam and MTN ally to conquer the African insurance market 
As part of the fintech offering, the two companies will build a digital insurance and investment business. They will develop and distribute a comprehensive range of insurance, investment and savings products to the MTN’s customers using digital channels. Read More>>
Executive movement  
Independence Blue Cross names first executive director of health equity 
Independence Blue Cross appointed Seun Ross, Ph.D., RN, as the organization’s first executive director of health equity. Dr. Ross will lead strategies to ensure equitable healthcare throughout the Independence network. Read More>>
Beazley hires Patricia Kocsondy as Head of US Cyber & Tech 
Patricia Kocsondy joined from Chubb, where she served as senior vice president, errors & omissions (E&O), and cyber underwriting for Chubb Limiteds North American Financial Lines. Read More>>
Aegon AM appoints Nicole Grootveld-Sandig CTO 
Grootveld-Sandig will be responsible for defining and executing its enterprise architecture plans and strategic roadmaps and overseeing its governance activities related to technology design, implementation, and information security. Read More>>
AXA XL appoints Cotina Trott as VP 
Ms. Trott began her insurance career as an Underwriting Assistant at the former Heddington Insurance Ltd. In 1994 she joined AXA XL as an Assistant Underwriter and was promoted to Assistant VP. Most recently, she has been involved in local and commercial insurance-related consultancy work. Read More>>
Deals & Deal Renewals 
FDIC Selects PeerIQ, Palantir, others to accelerate the adoption of modern tech tools 
The tools are expected to help financial institutions draw inferences from their data and improve data structure, portability, and processing to support more efficient back-office operations and reporting. Read More>>
Kraft Heinz picks Aon for Irish captive’s investment services  
Food giant Kraft Heinz selected Aon to provide investment services to its Ireland-based captive insurer Noble Insurance Company, which provides insurance coverage to member firms of the Kraft Heinz network domiciled in the EU. Read More>>
Economical Insurance selects Shift Technology for fraud detection 
Economical Insurance will deploy Shift Claims Fraud Detection, one of the solutions comprising the Shift Insurance Suite. The insurer will use Shift’s technology to spot suspicious claims in its personal and commercial auto and property lines of business. Read More>>

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, which makes process adjustments simple. 

  • 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 life cycle. 

  • AXA partnered with Insurance2go to provide mobile phone and gadget insurance, which will help the company expand beyond its existing brands and markets. 

Artificial intelligence and machine learning enable product personalization for prospects, generate new leads efficiently, and achieve greater customer retention. 

  • Oneassist app can activate a subscription plan, renew a subscription, and communicate with OneAssist chat support and the contact center. 

  • Cellcom partnered with Brightstar to provide device protection services to Cellcom customers, including coverage for handset loss, theft, and accidental damage, as well as manufacturer extended warranties. 

  • SoftBank partnered with Zimperium to provide AI-powered security solutions for mobile devices. 

Consumer electronics insurers implement various technologies for claims processing, personalized insurance pricing and fraud detection to achieve reduced costs, improved customer experience 

  • Purchasing Power collaborates with SquareTrade to provide superior warranty service to customers for computers, electronics, and appliances. 

  • Trov integrated a chatbot into its app that handles customer concerns and claims for electrical gadgets, household appliances, sports equipment, and musical instruments. 

  • 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. 

Key Funding Alert

High Definition Vehicle Insurance (HDVI) Group announces USD 32.5 Mn in Series-B funding 
HDVI, a leader in commercial auto insurance technology and product innovation focused on trucking, raised funds to develop new products and fuel company growth, reduce insurance costs, increase safety, mitigate risk and improve efficiency. Read More>>

Startup Spotlight

Company –  HealthyHealth 
Total Funding – USD 17.1 Mn
HQ location – London, United Kingdom
About: HealthyHealth is building a new standard for life and health insurance underwriting using digital data to calculate the risk of diagnosis for over 800 conditions, with extra mortalities and morbidities, saving applicants hours filling lengthy questionnaires or a doctor visit. Read More>>

Latest Reports Published in Draup

Blue Cross Blue Shield of Michigan Account Intelligence Report:It is focused on introducing health plans to help small and medium-size organization’s employees. The company concentrates on introducing pharmaceuticals business segment to help the patients in drug assistance. Read More>>
Aon Account Intelligence Report: Aon is keen to drive growth across the reinsurance industry to bring good risk management and insurance protection that flourish a robust economy. It is keen on enabling the reinsurers to convert their catastrophe data into an open exposure data format to reduce errors. 
Read More>>
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