At-Bay issues E&S policies; Trupanion automates payments

August 17, 2023 6:34 AM

Traffic on highway 101 in San Francisco, California, US, on Thursday, June 29, 2023. More than 43 million motorists will drive 50 miles or more from their homes this Independence Day weekend, according to a forecast from AAA. Photographer: David Paul Morris/Bloomberg — Traffic on highway 101 in San Francisco on June 29, 2023.

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At Bay, a cyber insurance provider, is now issuing cyber and tech E&O policies under Excess and Surplus.

"As the first cyber InsurTech to become an E&S carrier and write on its own paper, this is a natural evolution for a company that is a leader in efficient and quality underwriting," said At-Bay board member, David Lockton, in a statement. "With its strong track record of cybersecurity innovation and underwriting profitability, I believe At-Bay has what it takes to lead the cyber market while expanding into new lines of risk."

Trupanion, a pet insurer, is now offering automatic direct payments to veterinary hospitals. The company will automate about 60% of invoices through a web-based portal that uses artificial intelligence and machine learning models trained on claims processed by Trupanion.

"Trupanion, through vet direct pay, is the first and only pet insurer that can pay a bill directly to the veterinary hospital at time of checkout," said Jacquie Mero, Trupanion vice president of claims, in a statement. "As many pet parents can't afford to pay the full cost of treatment out of pocket and wait for reimbursement, our ability to pay hospitals directly in real-time can often mean the difference between a pet receiving the treatment they need or leaving without care."

Trupanion is also using AI to automate about 40% of the claims that members submit, according to the press release.

The Nationwide Agency Forward survey shows that nearly half of homeowners are not performing routine maintenance on their homes. Roof repair and replacement and kitchen and bathroom remodeling are the most common renovations being delayed. Additionally, 71% of agents reported that customers are reducing their homeowner's coverage to save money.

"As a homeowner, it's important to protect your property from further damage when there is a known issue," said Beth Riczko, Nationwide's president of property & casualty personal lines. "When a claim is filed, there are many factors reviewed during the investigation that may impact whether the claim is covered, including if the insured followed policy conditions. For example, when shingles are damaged on a roof and aren't repaired causing interior damage, there could be coverage impacts."

Insurtech

Homeowners insurance

Property and casualty insurance

Artificial intelligence

Machine learning