State Farm expands Ting program; HSB introduces cyber insurance for autos: Insurtech news

April 3, 2024 4:59 PM

A pedestrian views a smartphone while passing in front of the CN Tower in Toronto, Ontario, Canada. — A pedestrian views a smartphone while passing in front of the CN Tower in Toronto, Ontario, Canada on May 19, 2017.

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State Farm expands program with Ting

State Farm announced the expansion of its fire safety program with Ting. More than 2 million eligible customers will be offered smart sensors for free. State Farm has collaborated with Whisker Labs, the makers of Ting, since 2020 and now about 700,000 homes insured by State Farm have received a Ting sensor, according to the press release. Chris Schell, executive vice president and chief operating officer of State Farm, said in a statement: "Hearing from our customers about how Ting has helped them protect their families and homes is extremely powerful. It just makes sense to expand the program to reach even more homeowners with free Ting sensors."

HSB introduces Cyber for Auto

HSB, part of Munich Re, introduced Cyber for Auto, new coverage available to help protect private information connected and stored in personal vehicles. Many passenger vehicles have sensors, computers and connected technology. Drivers also connect their smartphones to cars, which could expose personal data. James Hajjar, chief product and risk officer for the Treaty Division of HSB, said in a statement: "Automakers continue to integrate new technologies into today's vehicles. With each added system or connection, there are new vulnerabilities that hackers and other cyber criminals can exploit. Cyber for Auto helps insurers and their customers stay ahead of these new cyber exposures."

Chubb launches Flood Insurance System

Chubb launched a new platform to give agents more access to flood insurance quotes. Chubb Personal Risk Services launched the Flood Insurance System, which will be available across the U.S. The system will be integrated into the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform. Louis Hobson, senior vice president of Chubb's North America Flood Insurance Business, said in a statement: "We made a significant investment to create an exceptional quoting and issuance process for agents and to ensure we can offer complete flood protection coverage options for clients."

Agero expands deployment of crash response technology

Agero, a white-label provider of digital driver assistance services and software, has expanded deployment of its Crash Response technology, which works with emergency services to dispatch support following detection of a crash. The Agero Crash Response team follows up with the driver, triages the situation and determines the level of support required. It also shares the information with the insurer's claims department to begin the claims process and dispatch a tow truck.

NEXT Insurance launches Copilot for agents

Next Insurance, a technology-first small business insurer, has announced the availability of Copilot, a new tool to help agents quote and bind online without underwriting delays. It streamlines the process, saving time and money for agents and their customers.

"NEXT's Copilot offering has been a game-changer for our agents, allowing us to effortlessly serve the small businesses, freelancers and independent contractors we support," said Kimberly Silkes, vice president of finance management at InsuranceBee in a press release. "At InsuranceBee, we understand the challenges of running a business, and like NEXT, we are dedicated to delivering fast, affordable and convenient coverage to our clients. With just a simple click, Copilot eliminates time-consuming steps while providing agents the flexibility to customize the purchasing experience according to their unique selling approach."

Clearcover launches generative AI tool for claims processing

Clearcover launched a generative AI statement collection tool that leverages large language models to conduct a conversational experience immediately following first notice of loss. The solution aims to save processing time by collecting essential information about the loss, which is a process typically completed by adjuster follow-up calls, to process a claim.

"Our underlying foundation was built with best-in-class technology for digitally native customers, which has enabled us to get ahead of the curve," said Clearcover CEO and Co-founder Kyle Nakatsuji in a press release. "I am incredibly proud of our Product, Claims and CX departments for leaning into this industry challenge and raising the bar for AI insurance solutions."

Coalition adds affirmative AI endorsement to cyber insurance policies

Coalition added a new Affirmative AI Endorsement to its United States surplus and Canada cyber insurance policies. With the added endorsement, the definition of a security failure or data breach now includes an event where AI caused a failure in computer system security, as well as a trigger expansion for a funds transfer fraud (FTF) that includes AI or deep-fake led fraudulent instruction.

"As threat actors adapt their attack strategies by incorporating AI, Coalition's Affirmative AI Endorsement introduces important clarity around how incidents are covered when AI is involved," said Shawn Ram, Coalition's Head of Insurance, in a press release. "Coalition is at the forefront of evolving cyber insurance coverage to address this ever-changing risk ecosystem. While FTF and data breach coverages have always been cornerstones of our policies, this new endorsement gives brokers confidence that they're offering their clients the most comprehensive cyber coverage – and provides policyholders with peace of mind."

Lloyd’s and Bermuda Monetary Authority partner on risk expertise and innovation

Insurance and reinsurance marketplace Lloyd's has partnered with the Bermuda Monetary Authority (BMA) to develop shared risk expertise. Lloyd's and BMA plan to foster innovation through the Lloyd's Lab and improve education access in the Bermuda market, with support from the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd's Market Association (LMA).

Sheila Cameron, Chief Executive Officer, Lloyd's Market Association, said: "The LMA is fully supportive of the joint initiative between the Lloyd's and Bermuda market which ensures we share the knowledge and expertise needed to deliver the products and solutions to meet our members' needs. Collaboration between brokers, insurers and reinsurers on both innovation and education will help us tackle the risks of the future together."

Family Guardian chooses Equisoft to upgrade another operations function

Family Guardian Insurance Company, a Bahamas-based insurer, has modernized its front-end tools using Equisoft, a global digital solutions provider. The provider has replaced Family Guardian's Illustrations system, used in the insurer's financial services division.

"By retiring our legacy system and integrating Equisoft/illustrate we have digitalized our front-end tools enabling us to create efficiencies and enhance service delivery for our customers. We thank the Equisoft team for their support and commend them for their innovation," says Glen O. A. Ritchie, CPA, Family Guardian President.

Family Guardian had previously implemented another Equisoft product, the Oracle Insurance Policy Administration System.

Zinnia acquires Ebix life and annuity services

Zinnia Corporate Holdings has completed an acquisition of Ebix's North American Life and Annuity Assets. Ebix is an infrastructure provider serving the insurance industry and other industries.

With the acquisition, Zinnia will now offer customer and agency management geared to the insurance industry, along with research, quoting, illustration, order entry tools and an underwriting platform. More than 770 Ebix life and annuity staff in six U.S. and India locations have joined Zinnia.

Origami Risk signs Florida underwriter as policy administration user

Public Risk Underwriters of Florida, Inc. (PRU), the program manager of Preferred Governmental Insurance Trust, has chosen Origami Risk's multi-tenant property and casualty platform to improve its policy administration and billing.

"Our members rely on us for comprehensive solutions and innovative product offerings. Origami's state-of-the-art platform gives us the ability to respond to their needs with greater speed, accuracy and efficiency," said Jennifer Martin, executive vice president, PRU. "We will also leverage Origami's versatile functionality to bring members more timely insights and greater transparency to help them manage their risks more effectively."