Chubb Studio expands tech features; Travelers partners with Corvus: Insurtech news

November 3, 2022 12:40 PM

An attendee uses a laptop computer in the audience at the Technext Coinference at the Landmark Event Centre in the Victoria Island district of Lagos, Nigeria, on Monday, Oct. 3, 2022. Nigeria, Africa’s most populous nation, is targeting digital technology as a means to help diversify the economy away from crude oil, taking advantage of an increasingly connected and youthful population. Photographer: Benson Ibeabuchi/Bloomberg — An attendee uses a laptop computer in the audience at the Technext Coinference at the Landmark Event Centre in the Victoria Island district of Lagos, Nigeria, on Oct. 3, 2022.

Chubb Studio, the company's global integration platform, has introduced new tools to embed insurance into digital ecosystems. The new features will provide distribution partners with software development kits that allow a company to embed products and services within their apps; with an option to add products and services from other carriers and third-party vendors; as well as access to Blink by Chubb. "Chubb Studio has opened many doors to digital distribution partnerships across sectors and geographies, helping to drive growth and scale the footprint of our partner companies," said Sean Ringsted, chief digital business officer at Chubb, in a statement. "These three new features will set the pace for others competing in the embedded insurance market. The integration technology and design-led approach provides our distribution partners with significant flexibility to embed insurance how they want and when they want, with even faster product launches. During every integration, we listened to our partners and designed this next iteration of Chubb Studio to not only exceed developer expectations, but also the expectations of customers."

Travelers entered into a multi-year partnership with Corvus Insurance to provide cyber insurance and services to companies in Europe. The deal is subject to regulatory approval. The expansion of Corvus' Smart Cyber Insurance, which includes risk data, will focus on Germany and Austria to provide brokers and policyholders with tools and underwriting experience. Madhu Tadikonda, CEO of Corvus Insurance said in a statement: "We're thrilled to partner with Travelers to bring our transparent, data-driven, and expert approach to underwriting and risk mitigation to a new audience of brokers and policyholders."

Insurance Technologies, a regulatory automation and sales provider for life and annuity, has changed its brand name to Hexure. The change includes a new company logo and website. "We are modernizing our company to deliver to the industry and our clients powerful digital sales automation solutions that enable efficient digital workflows and sales experiences," said Laird Rixford, CEO, Hexure, in a statement. "The new name brings together the four tenets at the heart of who we are as a company. Our proven commitment as a technology partner. The strength of our digital solutions and team expertise. Our dedication to client services. Our vision for the future and desire to lead the industry forward."

ManyPets acquired Digital Edge Insurance, a carrier from Munich Re Digital Partners U.S. Holding Corporation. The acquisition will allow the insurer to underwrite its own policies in 45 states. Policies in the U.S. are currently underwritten by Accredited Surety and Casualty Company, which the company plans to continue to work with. Steve Long, CEO of ManyPets US said in a press release: "Our latest investment marks the next stage of growth in the US market and provides an increased level of flexibility as we expand our footprint and evolve our proposition at speed."

Branch, a full-stack insurtech, has launched a term life insurance product, underwritten by Assurity. The company recently announced a $147 million Series C round. Like Assurity, Branch's goal is to provide frictionless insurance to enable greater adoption and increase coverage for more people" said Zachary Kane, head of Assurity Ventures, Inc at Assurity Life Insurance, in a statement. "We are excited to help Branch provide Term Life Insurance to current customers who are bundling their home and auto insurance, while continuing to remove the hassle that is commonplace across traditional insurance companies."

One Inc partners with Hi Marley on claims payment processing and customer experience. One Inc will integrate Hi Marley's Insurance Cloud into the One ClaimsPay platform. It will allow carriers to text policyholders about payments. "Better user touchpoints are a key priority for insurers looking to transform the experience around claims workflow and payments, and One Inc has long sought to make these interactions as seamless as possible," said One Inc CEO, Ian Drysdale, in a statement. "By using text functionality from Hi Marley in ClaimsPay, carriers can literally put payments flexibility at their policyholder's fingertips. We are thrilled with this partnership and fully expect that expansive new communications channels, enabled by partners like Hi Marley, will prove critical as we reimagine the way claims are initiated, managed, and distributed."

Ahoy!, an insurtech for recreational boating, is now available in California. Amit Nisenbaum, CEO and co-founder of Ahoy!, said in a press release: "Our mission is to improve the core parts of the boating experience, protecting both boats and boaters, which has become increasingly important, with the rate of boating accidents in California rising. We're dedicated to expanding our offering to make specialized insurance more accessible, ensuring better protection, and enhancing the on-the-water experience."