This week in Insurance: Technology adoption gives a solid push to automatic fraud detection, customer acquisition, and campaign management
Latest Industry Insights from Draup Braindesk
Companies are partnering to advance their claim detection & underwriting automation capabilities with a focus on detecting fraud and enhancing the decision-making process.
Cigna collaborated with Shift Technology for AI fraud detection. AI models will increase the protection level by detecting possible frauds committed by individuals.
Penn National Insurance partnered with DataCubes for the automatic underwriting process. It detects risk characteristics and collects appropriate data from various sources to enhance business resilience and decision-making.
Market leaders are adopting cloud-based solutions to automate client onboarding and managing campaigns to serve customer needs better.
Medibank implemented Salesforce to centralize its preference and subscription center data, using marketing cloud and audience studio.
Allianz partnered with Netcentric to create dynamic video content in Adobe Experience Cloud solutions to support Allianz in driving customer experience and increasing digital marketing maturity.
Telemedicine and physician appointment scheduling are cost-saving use cases to optimize insurance operations, thereby improving patient experience.
Approximately, there has been a 20% increase in cost savings with telemedicine reducing expenses for patients.
Latest Reports Published in Draup
Global insurance market analysis: Draup identified insurance operations, sales & marketing, and customer support, three business intentions that will become an overwhelming focus in enhancing the insurance industry through the next decade. Read More>>
New York Life Insurance account intelligence report: New York Life Insurance is looking to accelerate its banking service by developing new digital tools and services to access the website or mobile apps. Its revenue CAGR from 2016 to 2020 is 3.52%. Read More>>
Key Funding Alert
Brussels-based insurtech startup Qover raises USD 25.1 Mn to accelerate momentum globally
The API-first global insurtech startup’s funding from Prime Ventures as lead investor and backed by Cathay Innovation will focus on recruiting business development and marketing talent to speed up customer acquisition and sales in Europe and other markets. Read More>>
Company – Super Seguros HQ Location – Mexico City, Distrito Federal Total Funding – USD 3.6 Mn About – Super Seguros developed radical insurance products. The company’s automated assessment technology allows its users to buy a policy today and cover tomorrow. They specialize in catastrophes (natural disasters), life, and health in Latin America. Read More>>
Key Insights and Signals in Insurance
Partnerships Albemarle Asset Management partners with Linedata to deliver Risk Management services Albemarle will benefit from a streamlined and accurate calculation of value-at-risk (VaR), which relies on automatic data inclusion and management, following industry best practices as part of Linedatas Global Services offering. Read More>> AXA XL teams up with risk engineering insurtech AXA XL and the risk engineering enterprise software platform Risk Control Technologies (RCT) are teaming up to provide clients with easy access to risk engineering and loss prevention information. Read More>> Veoneer and Swiss Re partner to exchange knowledge on ADAS In 2019, the reinsurer launched its ADAS Risk Score to create a vehicle-specific insurance rating that factors driver assistance systems into account. To support its goal, Swiss Re secured partnerships with Toyota Insurance Services and BMW, and now Veoneer. Read More>> LenderDock Inc. and The Hanover Insurance Group announce strategic partnership to automate lien holder The new collaboration advances the goal of an all-digital lien holder data management solution by fully automating on-demand policy verifications and updates. The complete end-to-end solution provides significant cost savings and operational efficiencies for insurance providers. Read More>> Allianz begins an eight-year worldwide Olympic partnership Paralympic Movements on January 1, making it the insurer of the movements. Since its partnership, the insurer has engaged fans, athletes, teams, and employees through health across four pilot markets Australia, China, France, and Spain. Read More>>Mergers and Acquisition Sun Life’s USD 85 Mn acquisition of PinnacleCare Sun Life Financial Inc. has agreed to acquire Pinnacle Care International, Inc., a leading U.S. medical intelligence and healthcare navigation provider. The transaction may close in mid-2021. Read More>> Warburg Pincus and LMCA join forces for brand acquisition JV Warburg Pincus, a global growth investor, and LMCA, a brand extension specialist, have launched brand acquisition firm Full Sail IP Partners. Full Sail IP Partners will acquire brands with untapped potential and build out their business through relevant, revenue-generating licenses. Read More>> Chubb’s improved USD 25 Bn offer for insurer Hartford is rebuffed Hartford Financial Services Corp rejected an increased USD 25 Bn takeover offer from the larger rival Chubb Ltd. The USD 70 a share offer was an increase from the USD 65 a share, or about USD 23 Bn, offer that Chubb made last month, which was also rejected by Hartford. Read More>>Executive Movement Lemonade names Irina Novoselsky and Silvija Martincevic to its Board of Directors Lemonade, the insurance company powered by artificial intelligence and behavioral economics, elected Irina Novoselsky, a seasoned technology executive with a strong record of driving growth and operational efficiency for complex, global organizations. Read More>> Spice Money appoints former HDFC Bank country head Abhay Aima as new Advisory Board Member Abhay was associated with HDFC Bank as Country Head overseeing the critical businesses of Private Banking, Retail Liabilities, Premium Banking Services, Digital Banking, ATMs & International Business. Read More>> AssuredPartners Riley resigns as CEO after 4 months Tom Riley resigned to pursue other investment opportunities, devote time to his family and charitable interests. The company has asked Jim Henderson, former CEO, and current executive chairman, to take over as CEO. Read More>> Willis Towers Watson gets new Asia cyber leader from Tokio Marine Jennifer Tiang has been hired as a regional cyber leader in Asia by Willis Towers Watson. In this new role, she will drive business growth and implement new cyber ideas and solutions to help organizations mitigate rapidly evolving cyber risks. Read More>> AXA UK makes senior appointments for the retail insurance unit Marco Distefano will serve as managing director for motor and home. Both Distefano will report to retail insurance chief Tara Foley, who cited his proven track record of driving innovative transformation and strategic change. Read More>>Deal and Deals Renewal NICE real-time authentication selected by VPBank to safeguard omnichannel customer interactions and improve experiences NICE announced that Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) had selected NICE Real-Time Authentication (RTA) to enhance call security, prevent fraud and improve customer experiences. Read More>> Zurich adds Ping An to the network of insurance providers Zurich Insurance Group has added Ping An Health, a technology-driven health insurance company, to its Zurich Global Employee Benefits Solutions, which provides risk management and financing solutions for multinationals’ global employee benefit plans. Read More>> Munich Res Consulting Unit Boosts Its Pricing Capabilities with Akur8 in Global Cooperation Akur8 announced their global cooperation agreement with Munich Re to boost Munich Res pricing capabilities for their Global Consulting Unit1. Munich Res Global Consulting Unit is driving transformative change in insurance pricing through the application of data science and digitalization, bundled with risk transfer. Read More>>
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