Swiss Re partners with Insurtech Claim Genius to bring AI solutions to car insurance

Key Insights and Signals in Insurance

Center setup and expansion
Intermountain Healthcare launches Tellica Imaging 
Tellica Imaging will provide high-quality, convenient, low-cost MRI and CT scan services. It focuses on improving patient experience and making care more affordable and will offer non-invasive magnetic resonance imaging (MRI) and computed tomography (CT) services at three Utah locations. Read More>>
Deals and Deal renewals
Vitech’s V3locity Solution selected by Pacific Life for institutional investment administration 
Pacific Life will use V3locity for its deal acceptance, policy administration, payments, and enterprise capabilities, to manage their pension risk-transfer (PRT) and stable value businesses. Vitech will scale Pacific’s business, provide improved reporting and analytics, enable advanced functionality for new products, and consolidate key business units onto one unified system. Read More>>
Executive Movement
Centene (CNC) announces resignation of Jeffrey Schwaneke 
Centene Corporation and Jeffrey A. Schwaneke, the former Executive Vice President of HealthCare Enterprises of Centene, mutually agreed that Mr. Schwaneke would resign from his employment with Centene effective as of September 22, 2021. Read More>>
AXA XL Insurance appoints Jeremy Gittler as Head of Cyber and Technology for the Americas 
Mr. Gittler will manage AXA XL’s cyber portfolio and develop the regional underwriting strategy and product innovation in the Americas. Mr. Gittler has over 15 years of cyber claims experience. Read More>> 
IRB Brasil RE’s Board of Directors has elected the new CEO
Executive Raphael Afonso Godinho de Carvalho will take office on October 1st, with a unified term of office with the other members of the company’s executive board until July 2nd, 2023. Carvalho has extensive experience in the financial and insurance sectors, spanning over 30 years in large institutions. Read More>>
Frankenmuth Insurance names Fred Edmond CEO 
Mr, Edmond has 37 years of industry experience and 23 years of service with Frankenmuth Insurance. In 2005, he was promoted to Vice President, senior vice president in 2012, and chief operating officer in 2014. Read More>>
Mergers and Acquisition
Helios Underwriting acquires Lloyd’s vehicle North Breache 
The transaction would enable Helios to continue to build its participation on the better syndicates at Lloyd’s. Read More>>
USI Insurance Services acquires Insurance and Capital Management 
The ICM team has a deep understanding of the marine insurance marketplace and offshore fishing operations. As part of USI, they will also have access to USI’s market-leading resources, solutions, and national expertise available through the USI ONE Advantage. Read More>>
Baptist Health Care and Florida Blue collaborate to provide local businesses affordable health insurance options 
Truli for Health (Truli), an affiliate of Florida Blue and an independent licensee of the Blue Cross and Blue Shield Association. It is being offered in select Florida markets to give small and medium-size businesses a new option for high quality, easily accessible, and more affordable health care coverage for employees. Through a collaboration with Baptist Health Care in northwest Florida, area employers can begin enrolling in the plan on Oct. 1. Read More>>
Claim Genius and Swiss Re announce strategic partnership for global AI claim solution 
Swiss Re and Claim Genius announced their strategic partnership to bring more efficiency to motor claims. Claim Genius’s mission is to reduce claims processing time, increase companies’ profitability, and revolutionize the claims experience for customers worldwide. Read More>>
UK-based fintech partners AXA Mansard to boost insurance in Nigeria 
Through this partnership with AXA Mansard, borrowers on the platform will receive loan protection insurance to cover them in the event of hospitalization, thereby minimizing the financial impact of unexpected medical emergencies that may affect their ability to repay the loans. Read More>>
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Latest Industry Insights from Draup Braindesk

Insurance companies are digitizing their operations by enhancing their in-house capabilities in the risk analytics section and collaborating with niche companies for telematics solutions. 

  • Aviva acquired a majority stake in Neos, the smart technology insurance provider which monitors and protects homes via connected devices. 

  • CPIC is leveraging Nemesysco’s “Voice Analytics” solution to reduce life insurance frauds. 

  • Metlife uses Azure’s cloud platform for running more scenarios to improve risk analysis. 

Insurers are partnering for customer management solutions such as customer monitoring and digital KYC applications. 

  • Chubb developed an in-house incident alert tool that assists clients during catastrophic events in mitigating liabilities. 

  • Nationwide is leveraging Verisk’s solution to offer usage-based auto insurance with personalized discounts based on driving behavior. 

  • Aviva developed an “Aviva Drive” smartphone app to record driving behavior and alter insurance premiums accordingly. 

Funding Alert

Cyber insurance firm Coalition lands USD 205 Mn at Series-E, valued at USD 3.5 Bn 
Coalition offers businesses cybersecurity tools and insurance to help manage and mitigate cyber risk to more than 50,000 customers. Coalition will now expand into new insurance lines, fuel its expansion into new markets, and increase its headcount. Read More>>

Startup Spotlight

Company – Artivatic.Ai 
Total Funding – USD 1.15 Mn
About: Artivatic offers smart risk underwriting, alternative data insights, real-time personalized product offering & automated onboarding, claims automation, sales & distribution, self-branch servicing, customer 360, insights, and analytics. Read More>>

Latest Reports Published in Draup

Cigna+eviCore Account Intelligence Report: Cigna uses science-based analytics to enhance medical costs while improving clinical outcomes for customers. It intends on introducing interactive voice response (IVR) solutions designed to monitor COVID-19 patients. Read More>>
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