Amwins and Propeller, Tractable and Duck Creek: Insurtech partnerships

April 11, 2022 7:00 AM

Buildings bordering on the banks of the River Thames in London, U.K., on Monday, March 21, 2022. The U.K. is expanding the Financial Conduct Authority’s powers in a package of post-Brexit changes to the way it regulates the City of London. Photographer: Chris Ratcliffe/Bloomberg — Buildings bordering on the banks of the River Thames in London, U.K., on March 21, 2022.

Tractable and Duck Creek partner on P&C claims. The Tractable AI solution, which uses photos to automate an auto appraisal, will be integrated into the Duck Creek Technologies’ platform. "Tractable's AI is accelerating millions of claims a year and helping drivers get back on the road," said Julie Kheyfets, vice president and general manager of North America at Tractable, in a press release. "By teaming up with Duck Creek, we're able to bring the benefits of AI claims to even more carriers and drive a faster, better claims experience for even more policyholders."

Allianz and Swiss Re placed the world's first binding reinsurance contract on distributed ledger technology. The two reinsurers digitally signed the contract at the beginning of this year. The two are members of the insurance industry consortium, B3i, which enabled the contract on its live production network. Jan Stoermann, chief underwriting officer at Allianz Re, said in a statement: “The signing of the first legally binding reinsurance contract on the B3i platform is a step into the future for Allianz. It showcases the capabilities of the platform which we plan to expand on: we will explore how to further integrate B3i’s platform into our transactional processes such as accounting and claims management.”

Propeller, a surety bonds insurtech, signed an agreement with Amwins to be the company’s preferred surety partner. Propeller’s technology for agents and brokers allows the surety bond process to be automated, onboarding agents in minutes. Joe Perschy, the chief executive officer at Propeller, said in a statement: "Amwins and Propeller are a natural fit. Amwins is a premier distribution partner, while Propeller is the most forward-thinking surety solution empowering retail agents to extend services to their clients. This solution truly provides retailers a bolt-on surety department overnight, equipping them with surety technology, market access, and expertise."

Cambridge Mobile Telematics expanded its DriveWell platform to connected cars. The platform gathers data from Internet of Things devices and uses it to create an assessment of policy risk based on driver and vehicle behavior. “There is a wave of innovative IoT data sources coming that will be critical to understanding driving risk and lowering crash rates. CMT fuses these disparate data sources to produce a unified view of driving,” said Hari Balakrishnan, CTO and founder of CMT, in a statement. “Fusion is the only way to unify everyday driving behaviors across vehicles and drivers in a policy. For example, a family that wants a telematics program may have both connected and unconnected vehicles. You need fusion to give them a consistent customer experience.”

Spot Pet Insurance launched its services across Canada. The policies offered by Spot in Canada are underwritten by Northbridge General Insurance Corporation and administered by PTZ Insurance Services. "Spot's agile business model allows us to react quickly to market trends and drive technology and innovation, which has helped us enhance critical processes such as the user experience, customer service, and digital claims," said Spot President, Scott Taylor, in a press release. "As an insurtech our focus on technology, innovation, and people sets us apart from other businesses and helps Spot stand out."

Ondo, a London-based insurtech that offers a water security and detection system, announced its incorporation with LeakBot USA. The goal is to expand to all U.S. states and increase the number of partnerships with P&C insurers. Ondo was recently listed on the London Stock Exchange. The company also announced Jim Strickland as the general manager of North America. Strickland said in a press release: "I know that the property & casualty industry in North America is very keen to find a solution to the escape-of-water problem and I am totally convinced LeakBot is the break-through solution the U.S. industry has been waiting for. I am thrilled to join the team at Ondo and take the lead in growing LeakBot in North America."

Kaitlyn Mattson

Managing Editor, Digital Insurance