MetLife, Insurtech NY, Dig-In 2023: Insurtech news roundup

June 9, 2023 6:30 AM

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The Berlin-based insurtech INZMO announced the launch of NIMO, a ChatGPT-powered chatbot assistant. NIMO, or Neo-Insurance Multitasking Opal, provides customers with personalized assistance with questions on INZMO products and will also be able to provide information on a policy and coverages, claims and pricing. NIMO's initial functions at launch will include answering customer enquiries, and INZMO will monitor the chatbot assistant in the early stages of its launch to gather insights for future improvements and capabilities in customer service.

In the sessions "Big Data - Big Risks: How to Use AI in Preventing Bias" held on June 6 at Dig In 2023, speakers Douglas Benalan, CIO and head of digital transformation at CURE Auto Insurance, and Robert Clark, CEO and founder of Cloverleaf Analytics, shared their insights into how businesses can ensure their AI-informed data and decisions are without bias by thoroughly assessing or refining data inputs to eliminate biased factors and performing routine data auditing. Clark says it is important to "...make sure data is normalized and cleaned up as you're going through the process… In the case of AI and auditing... auditing is a necessary evil to make sure upfront that you are doing the legwork so that as you get towards the back-end, you are not having to scramble to try to undo something that had the bias built in that you've already plugged into the marketplace."

Meanwhile, a cryptocurrency dominated life insurer, launched this week and announced $19 million in funding from two seed rounds co-led by Sam Altman, CEO of OpenAI and Lachy Groom, previous head of Stripe, with Gradient Ventures. The company plans to build a suite of financial products: a cryptocurrency dominated private credit fund and term life insurance and accidental death coverage. "Meanwhile is sitting at the confluence of the AI and digital assets transformation," said Anna Patterson, managing partner at Gradient Ventures, in a statement. "The team has an opportunity to change how consumers use digital money and set a new standard for tech-enabled life insurance providers. We're excited to support Zac and Max on their mission."

MetLife announced a pet insurance app for health and wellness. The app, which was built on Microsoft Azure, offers a way for policyholders to manage their pet insurance policies, live chat with customer service, submit and track claims as well as access to a live veterinarian chat option. Pawan Verma, executive vice president and chief information officer, MetLife, said in a statement: "At MetLife we take a high-tech, high-touch approach to meet our customers' needs and preferences. That's why it was important to create a seamless app experience to ensure that pet parents can easily access the resources in real-time, along with a commitment to continue to evolve and enhance the app to meet our customers' future needs."

Insurtech NY has opened applications for its annual Digital MGA Lab. The lab is a 12-week program in which startups that are chosen to participate work with mentors to develop their technology and gain contacts in the insurance industry. The program is open to digital brokers, MGAs and analytics startups. "Digital MGAs represent one of the largest opportunities in the insurtech space," said David Gritz, managing director, Insurtech NY. "A Conning Research study found MGAs make up 7% of the overall commercial P&C market. Startups MGAs can cut through all the challenges of launching new products and provide new opportunities for carriers to test and learn together with insurtechs." Applications will be accepted through July 15.

MGA insurtech Ledgebrook has partnered with platform provider Socotra to launch its new platform for the excess and surplus market, powered by Socotra Connected Core. "Ledgebrook has fast track growth objectives, which Socotra enables us to accelerate," said Gage Caligaris, founder and CEO of Ledgebrook, in a press release. "We can provide our wholesale broker customers with better, swifter and more innovative insurance solutions than ever before, backed by the outstanding service they deserve." Software engineering company DataArt is working with Ledgebrook to integrate Socotra's platform. Ledgebrook was founded in Boston in March 2022.

The Hanover Insurance Group announced the addition of SimpliSafe, the home security systems company, to its Partners in Protection program. The program helps the insurer's personal lines customers mitigate risk by using smart home technology to prevent theft, water and fire damage. "Proactive prevention is one of the most effective ways customers can protect their homes from the unexpected," said Daniel Halsey, president, personal lines at The Hanover, in a press release. "This additional offering through SimpliSafe for qualifying customers will provide greater peace of mind for homeowners, with an industry-leading, easy-to-use security and monitoring system for effective home protection."