Liberty Mutual partners with Jaguar Land Rover; AIG expands Atlanta presence: Insurtech news

October 23, 2024 4:35 PM

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Liberty Mutual partners with Jaguar

Liberty Mutual Insurance and Jaguar Land Rover (JLR) announced an embedded partnership to provide auto insurance to U.S. JLR car owners. The partnership includes the ability for drivers to obtain quotes and speak to an insurance advisor. Drivers can also access insurance solutions throughout the shopping and ownership cycle of their vehicle.

Dan Bernstein, senior vice president and manager of Strategic Partnership Groups, US Retail Markets at Liberty Mutual Insurance said in a statement: "This agreement with Jaguar Land Rover is a valuable opportunity to embrace evolving consumer buying preferences to solve insurance needs. We have more than 40 years of expertise curating affinity partnerships that drive elevated experiences, and this partnership will enhance the JLR vehicle ownership experience."

New cyber coverage from AXA XL

AXA XL announces updated cyber coverage for businesses to address risks related to their own Generative AI models.

Michael Colao, AXA XL's global chief underwriting officer of cyber, said in a statement: "Looking to improve efficiency, improve customer experience, and so much more, more companies are investing in developing their own Generative AI to unlock new possibilities. They must also be mindful of the risks that come with it, such as potential misuse, compliance issues, and the need for robust safeguards to ensure responsible and secure deployment."

Beazley Security expands

Beazley Security's cybersecurity incident response is expanding to include comprehensive restoration capabilities for clients recovering from cyber attacks. The offering serves to help businesses recover as quickly as possible, with end-to-end support that starts with the investigation of the cyber attack until the incident is fully resolved.

"Since 2017, Beazley Security has been a trusted provider of incident response services," said Alton Kizziah, CEO of Beazley Security, in the announcement. "We've now shifted to delivering on our Full Spectrum Cyber strategy, which includes expanding incident response capabilities with restoration services to ensure clients can get back to their core business quickly and efficiently."

Kizziah added, "Adding restoration capabilities to our tailored suite of risk reducing services provides a crucial aspect of a full-spectrum security solution. Further, unifying Beazley Security's incident management and incident response teams under Wil's proven leadership ensures our clients are able to return to business as usual with the least disruption possible."

MassMutual Foundation’s $25M partnership with Opportunity Finance Network

Opportunity Finance Network announced a five-year partnership with the MassMutual Foundation to launch the CDFI Innovation Initiative, which focuses on driving innovation, providing resources and building infrastructure for the Community Development Financial Institution (CDFI) industry. CDFIs aim to provide economic opportunities, resources and access to financial services and products for local businesses in low-income communities.

"The MassMutual Foundation is honored to support this critically important work particularly at this pivotal moment for the CDFI industry. Partnering with OFN to launch the CDFI Innovation Initiative reflects our shared commitment to further advance financial opportunity where it is truly needed through the proven, positive impact that CDFIs present to communities across the United States," said Dennis Duquette, MassMutual's Head of Community Responsibility and president and CEO of the MassMutual Foundation, in the news release.

Send partners with Deloitte to drive global growth

Send Technology Solutions Ltd (Send) will be partnering with Deloitte to blend its underwriting workbench platform with Deloitte's international network.

In a written statement, Send co-founder and CEO Andy Moss said, "Send's core Underwriting Workbench offering is supported and complemented by strategic partners like Deloitte, who bolster our delivery power, enabling us to give our customers focused and dedicated support wherever they are in the world. The team at Deloitte understands the importance of giving underwriters the tools to thrive in today's insurance landscape, and the critical support structures to facilitate broad transformational change across enterprise businesses."

Simplisure announces digital life insurance platform and comparison tool

Simplisure shared news of its flagship digital solution for insurance advisors and financial planners that aims to simplify the purchase of life insurance. The online tool allows advisors to stay connected with their clients while comparing prices, gathering information, working on applications or renewing policies.

"The life insurance industry has a shrinking agent force, while the need for life insurance has never been greater," said Caleb Baker, co-founder of Simplisure, in the press release. "We built Simplisure to reinvigorate the market by making it easy for advisors to help their clients get the right coverage and to help manage their life insurance going forward."

FCCI Insurance chooses Duck Creek for E&S operations

FCCI Insurance Group has gone live with property and casualty and general insurance solutions provider Duck Creek Technology's policy platform for its excess and surplus (E&S) business.

"Our expansion into the E&S market is a testament to our dedication to serve the evolving needs of businesses across industries," said Dave Patel, executive vice president and chief information officer (CIO) at FCCI. "Deploying Duck Creek Policy with Active Delivery will enable us to provide exceptional service and customized insurance solutions to businesses that require specialized coverage."

Cognizant, Duck Creek's delivery partner, led FCCI's implementation, ensuring the insurance group can quickly recognize reduced expense ratios, improve core operational performance and enhance scalability to handle higher volumes seamlessly. FCCI can use Duck Creek's Policy with Active Delivery capability to drive operational efficiency, automate processes and bring new products to market faster.

The Duck Creek service makes it possible for P&C insurers to deliver products at scale. "In this era of rapid customer-centric innovation and growth, we continue to help insurers streamline their processes to deliver new insurance services that will directly benefit policyholders quickly," said Chris McCloskey, chief operating officer at Duck Creek Technologies. "With the launch of Policy with Active Delivery, FCCI will never have to upgrade again – eliminating maintenance costs and changing the way they do business."

AIG expands Atlanta presence as a risk services provider

Insurer AIG will expand its Atlanta-area operations by consolidating Alpharetta and Buckhead operations into a new innovation hub in Brookhaven, Georgia. AIG is planning a collaborative workspace serving both current employees and more than 600 new local hires.

"This investment is part of our commitment to continue to enhance our expertise to help our clients and partners navigate complex and emerging risks, while building additional capabilities for the future," said Peter Zaffino, Chairman and CEO of AIG.

AIG plans to move its operations to the new location in 2026, which will triple the size of its office space and reach over 1,000 staff members on site.

"With the Atlanta innovation hub, we are enhancing our data and digital capabilities and recruiting talent with highly sought-after expertise," said Claude Wade, executive vice president, chief digital officer and global head of business operations and claims, AIG. "Our goal is to create a collaborative space for AIG colleagues across underwriting, claims, operations, data engineering and generative AI, enabling them to work together to create a differentiated experience for our clients and partners."