The following news stories were curated and condensed by the Digital Insurance team.
Blockchain cyber insurance patent approved for CloudCover; Willis Towers Watson partners with CodeEast
December 6, 2021 7:10 AM
CloudCover secures blockchain cyber insurance patent
CloudCover, the company behind the patented CyberSafety Platform, announced the approval of its newest patent application for the invention of a cybersecurity insurance platform that uses blockchain in the underwriting process. The patent is the first to combine cybersecurity insurance and blockchain, according to the press release. “Cybersecurity insurance as we know it is unsustainable – the cost of cybercrime is increasing, more claims are being filed, and premiums have skyrocketed as a result,” said Stephen Cardot, CEO and founder of CloudCover, in a statement. “To be proactive in setting more accurate premiums, we need historical data in the form of actuarial tables – but according to the insurance underwriting industry, that’s unlikely to happen because the risk is so unpredictable. With this invention, CloudCover has proven that notion is incorrect – we’re able to identify risk, control it, score it, lay it off and underwrite it at a granular level – removing the conventional barriers to real-time data insurance and solving a problem that has long plagued the cybersecurity insurance industry.”
Willis Towers Watson partners with CodeEast
Willis Towers Watson and CodeEast, a software provider, announced a partnership to offer a digital transformation solution for insurance companies. The two companies will combine Willis Towers Watson’s Radar Live with CodeEast’s ONEview Digital Insurance Platform to provide solutions and increase profit margins through real-time risk assessment and reduction of operational costs. “The fundamentals of the insurance industry remain the same: Assess risk and present a premium to cover that risk,” said Aidan Brogan, the chief commercial officer of CodeEast, in a statement. “The challenge for insurance companies is to compete in this new world of high staff costs, distribution overheads and ever-growing volumes of data needed to assess risk. Ultimately, this partnership is about giving insurance companies the best digital tools and services to win in this fast-changing world."
Chubb teams up with Betterfly in Latin America
Chubb announced a digital alliance with Betterfly, a Latin America digital benefits platform focused on self-care. Betterfly developed an embedded insurance B2B2C model and has chosen Chubb as its preferred insurance provider for Mexico, Colombia, Ecuador, Chile and Argentina. The two will integrate Chubb’s digital insurance into Betterfly’s ecosystem and make the Betterfly platform available to Chubb’s consumer line insureds through existing channels. "We are thrilled to start working together with Chubb to bring our Betterfly Effect to every corner of Latin America. This alliance combines Chubb's global expertise in risk management, data analytics, and superior claims service with our AI-based customer behavioral science to complement our prevention, protection, and purpose solutions. This is a huge step towards scaling our platform throughout the region and to our vision of protecting the future of 100 million people by 2025," said Eduardo della Maggiora, founder and CEO of Betterfly, in a statement.
Aon announces last-mile insurance with CarrierHQ
Aon and CarrierHQ, an insurtech focused on usage-based commercial insurance, announced the launch of its Last-Mile Delivery insurance program, which provides operators in the last-mile delivery space with custom, flexible and continuous coverage. The new program expands on the existing Aon and CarrierHQ Small Fleet Advantage program. Mark Epperson, chief client officer at Aon said in a press release: "CarrierHQ, with their expertise and experience in delivering custom insurance solutions with special a focus on streamlined application processes and policy and data management in usage-based insurance programs, was the perfect partner to help us deliver the Last Mile Delivery program to this rapidly growing market."
MassMutual partners with Low Carbon
Massachusetts Mutual Life Insurance Company and Low Carbon Limited, a U.K.-based renewable energy investment fund platform, announced a partnership to build an Independent Power Producer and target 20GW of renewable energy capacity by 2030. MassMutual Chairman, President and CEO Roger Crandall said in a statement: "MassMutual is deeply committed to minimizing our environmental impact and building a more sustainable world for our policyowners, customers, employees and communities. Our partnership with Low Carbon will accelerate our efforts in this area, as we share a common belief that by investing in large-scale renewable energy projects, we can play an important part in achieving a global net-zero economy. We look forward to working with Low Carbon and leveraging their experience and expertise to increase the production of renewable energy at scale and to power the next generation of clean energy technology."
Franklin Mutual partners with vipHomeLink
Franklin Mutual Insurance Company, an insurance provider based in New Jersey, and vipHomeLink, the digital home management solution, announced a partnership for the insurer to offer policyholders FMI HomeAssist powered by vipHomeLink, a home management and claim prevention solution that provides a place to securely store home information in one place. Additionally, policyholders will have access to home maintenance reminders, tips and home safety and energy efficiency recommendations. "vipHomeLink is an ideal partner for FMI," said Brian Lytwynec, president and CEO of Franklin Mutual, in a statement. "Their unique and innovative platform is designed to simplify homeownership, improve home safety, and prevent insurance claims. We are proud to begin offering FMI HomeAssist, powered by vipHomeLink to all our customers in 2022. Together, we will help our members and their families stay safe and prevent claims around their home."
Claimatic granted U.S. claims software patent
Claimatic, a SaaS insurance solution, announced a patent approval for its software that automatically triages, routes and assigns claims in seconds. The invention uses an algorithmic software system to triage claims by intaking details to determine severity, perils, location and other details. "This patent is further proof of Claimatic's commitment to the optimization and streamlining of insurance claims processing," said Larry Cochran, Claimatic founder and CEO, in a press release. "The insurance industry is a minefield of complexities that we strive to simplify through the integration of industry expertise and technology. We are constantly working to develop new solutions that enable our clients to serve their customers more efficiently."
Everbridge collaborates with Howden
Everbridge, a software company focused on public warning solutions and critical event management, and Howden Broking, a provider of reinsurance brokerage, are collaborating by combining public safety technology and parametric insurance to provide a holistic approach to address climate risk. Parametric insurance pays when an event like an earthquake, pandemic, or cyber event occurs and surpasses an agreed figure. “While Everbridge technology helps our customers prepare for and manage critical events, a major catastrophe requires capital to fuel the emergency response,” said Dominic Jones, senior vice president of partnerships & alliances at Everbridge, in a statement. “We partner with Howden as they continue to push the industry to look at new innovative ways for customers to address an increasing threat landscape from extreme climate-related disruptions. Together, Everbridge and Howden are providing differentiated solutions for mitigating climate risk and maximizing resilience by using technology and insurance-based capital solutions to help shorten the period of time between a major event occurring and people receiving the funds.”
Ethos hires first distribution officer
Ethos, an insurtech focused on life insurance, has hired Marty Schafer as its first chief distribution officer. Schafer, who will focus on partnerships with third-party life insurance distributors and agents, joins the company after more than two decades in life insurance including positions at John Hancock and Crump Life Insurance. Ethos recently announced a $100 million funding round. "Marty is one of the most beloved people in the life insurance industry, so he's been on our radar for a while. When we were looking for someone to take ownership of enabling Ethos' distribution partners with the Ethos platform, he was top of our list," said Peter Colis, CEO and founder of Ethos, in a statement. "We couldn't be more excited about adding Marty to our executive team, which will allow us to better serve our partners and policyholder families."
AgentSync launches AutoPilot
AgentSync, an insurance software solution company, launched AutoPilot, an insurance licensing service that pairs technology with expertise to power the growth of agencies and carriers. AutoPilot uses AgentSync Manage to provide compliance services. “Gone are the days of clunky, outdated Managed Service Providers (MSPs) that work off of tedious, manual spreadsheets and take days or weeks to respond. AutoPilot raises the bar for tech-forward licensing and compliance support services,” said Niji Sabharwal, co-founder and CEO of AgentSync, in a press release. “AutoPilot runs on our best-in-class technology and we’ve done the hard work of recruiting and training experts who understand the regulatory nuances of licensing, distribution, and compliance across all states. Our pricing model sets a new industry standard for transparency and value. Where else can you get modern technology, stress-free licensing and compliance support, and a team that unlocks growth for you?”