The following news stories were curated and condensed by the Digital Insurance team.
Roundup: USAA launches telematics app in 34 states; Progressive announces new CMO
September 27, 2021 7:15 AM
USAA launches telematics app in 34 states
USAA announced the launch of its telematics app SafePilot in 34 states. The app will be available in more areas later this year. SafePilot rewards safer driving behaviors as members who enroll in the app are eligible for policy discounts up to 10% and up to 30% of continued discounts for safe driving. Daily driver enrollment is 203% higher year to date, than in 2020 and almost half of new policyholders are opting into the program. "Demand for behavior- and usage-based insurance continues to grow, and we are thrilled to be able to offer personalized pricing and solutions to more of our members," said Randy Termeer, USAA SVP, GM auto and small commercial, in a statement.
Progressive announces new chief marketing officer
Progressive Insurance named Remi Kent as its new chief marketing officer starting Nov. 1. Kent will succeed Jeff Charney who is planning to retire. Kent joins Progressive from 3M where she spent eight years and was most recently the senior vice president and global chief marketing officer of the consumer business group. "I'm absolutely thrilled to welcome Remi to the Progressive family. With more than 20+ years of marketing experience, she has a proven track record of working with and leading well-known global brands, and I'm confident she's the right person to continue to move our brand forward," said Tricia Griffith, Progressive's president and CEO, in a statement. "Her creativity and data-driven decision making aligns with ours and I know she'll be a great fit for our culture. I look forward to having Remi as the newest member of my executive leadership team and I also want to reiterate my thanks to Jeff for his passion and dedication to growing our brand over the last 11 years."
Amerisure implements One Inc ClaimsPay tech
One Inc, a digital payment network for the insurance industry, completed the first phase of the implementation of its ClaimsPay technology with Amerisure. The technology will facilitate outbound digital payments for Amerisure and can provide claimants with payments faster than traditional systems. “Despite the complexities of our geographic reach and our unique focus points for the commercial P&C market, One Inc was a tremendous partner, building a robust and flexible solution for us,” said Laurie Pierman, vice president of claims operations at Amerisure. “We’re incredibly happy to have them at our side for the next steps in this journey, as we collectively push to make claims technology support and complement our focus on exceptional claims service.”
HSB adds social media income to home cyber protection
Hartford Steam Boiler, part of Munich Re, has added social media income to its HSB Home Cyber Protection insurance. Influencers who lose income from a cybercrime can now get personal cyber coverage. “Social influencers want attention, but not from cybercriminals,” said James Hajjar, assistant vice president for HSB, part of Munich Re. “Hackers and other digital predators target social media. We’re filling the coverage gaps with insurance that follows customers with the protection they need.”
NetDiligence releases Cyber Claims Study
Ransomware was the number one cause of loss for small to medium enterprises, according to the Cyber Claims Study from NetDiligence, a provider of cyber risk readiness and response services. The study is in its 11th year and includes an analysis of about 6,000 claims from 2016-2020. The information included in the study related to data breaches and other cybersecurity events covered by cyber insurance carriers. The average cost of a ransomware incident for SMEs was $352,000, according to the study. The average incident cost for large companies, across all types of incidents, was $10.1 million. "The value of cyber insurance cannot be overstated and our studies repeatedly underscore this," said Mark Greisiger, president of NetDiligence, in a statement. "With ransomware again the number one cause of loss, we will be watching closely to see whether cyber policyholders, especially SMEs, deploy sufficient cybersecurity safeguards to reduce their ransomware exposure and qualify for ransomware coverage. If not, the challenge will be how we, as an industry, can help them get there."
QBE offers water-focused inspections through app
QBE, a global insurance company, is building on its existing partnership with Flyreel, an AI solution insurtech, to offer policyholders’ inspections related to potential water damage using an AI-assisted app. QBE partnered with Flyreel in 2020 to provide self-service inspections and this new effort will further that partnership to include issues like burst pipes and leaking water valves. "Events like hurricanes and the Texas Freeze put a spotlight on the shocking effects of in-home water damage, but in reality, damage often happens without a natural disaster," said Mark McCormick, vice president of risk solutions at QBE, in a press release. "Flyreel's solution is very user friendly and provides important customized information about water loss risks with real-time tips and recommendations. As an example, it helps homeowners find and use the main water shut off valve, which can save significant time, money and heartache when there's a water issue."
Hiro partners with former burglar to protect homes
Hiro, a prevention-first home insurtech, announced a partnership with Michael Fraser, a security consultant and former burglar, who will bring experience from both sides of the industry to the company. The insurtech rewards customers for using smart home tech to protect their homes. Hiro will work with Fraser on a Q&A about security tips and tricks, among other things. "You're told that insurance is there to protect you, but actually, that is a common lie throughout the industry. We know that once your invaluable items are gone, they're gone, regardless of whether you get a payout. This is why we've brought Michael on board – to empower our members to proactively protect their homes," said Krystian Zajac, co-founder and CEO at Hiro, in a press release. "Of course, we're still there to pay out if bad things happen, but we also help our community to make their homes more secure – and we reward them for doing so. Partnering with Michael is the next phase of this, and his advice to our members will really help them to develop safer habits and proactively protect items that can't be replaced by money alone."
California drivers report distracted driving is getting worse
Over half, 64% of California residents are concerned about distracted driving, according to a poll conducted by Zogby Strategies commissioned by Students Against Destructive Decisions and Root Insurance, an auto insurtech. The poll suggests that parents with children under 17 years old believe the problem is getting progressively worse. The poll included responses from 602 Californians, who were surveyed Sept. 3-4. Respondents also report a willingness to try different apps to measure driving behaviors and receive feedback. Four out of five respondents said they think it’s fair to base car insurance rates on how people drive. “Californians are clearly looking for innovative ways to tackle the distracted driving crisis,” said Kathy Mitchell, director of government affairs for Root, in a press release. “Rewarding safer, less distracted drivers with lower auto insurance rates is a common sense next step that every other state in the country has taken. Everyone deserves to know how they drive, and good drivers should be rewarded for following the rules of the road.”
HONK releases accident information service, FirstOnScene
HONK Technologies, a roadside assistance platform and transport company, released its FirstOnScene accident service solution that combines HONK’S tow network and machine learning. Tow operators collect information, photos and videos for third-party AI analysis. Insurance carriers are able to receive that information about vehicle damage while the driver is still at the scene of the accident, which can reduce settlement time. HONK is working with several insurance carriers with a formal launch planned for next year. "HONK's nationwide network of tow providers and our technology platform creates a powerful combination that's ideally suited to accelerate the accident scene claims process," said Rochelle Thielen, chief revenue officer at HONK, in a press release. "Tow operators handle hundreds of accident scenes each year. Guided by their extensive experience and aided by our machine learning-powered technology, tow operators can now capture photos and video that are AI-ready. FirstOnScene shortens the claims process, reduces costs and returns the customer's vehicle far faster."
True Flood Risk awarded U.S. patent
True Flood Risk, an artificial intelligence risk analytics solution for floods, announced that the company was awarded a U.S. patent for its system and method of detecting objects in images to determine elevation or height of the first floor of various properties, which can be used as an alternative to inspections. "This patent confirms the uniqueness of True Flood Risk's core technology and represents a ground-breaking step forward in helping local communities, floodplain managers, insurers, property owners and renters to better understand, mitigate and price flood risk," said Shelly Klose, founder and CEO of True Flood Risk, in a statement. "Historically, flood maps and models examined the horizontal plane of flooding but didn't factor in how different levels of flooding would impact a specific building. Today, True Flood Risk's patented technology is helping to enrich existing tools to provide a more accurate, granular and complete view of flood risk."
CameraMatics focuses on U.S. market
CameraMatics, the Ireland-based IoT fleet and vehicle safety company, is reengaging with the U.S. market by hiring industry veterans in the U.S. and launching a new website geared toward American trucking fleets and operators. "Operating commercial vehicles has become a risky business," said Michael Menolascino, head of sales, U.S., said in a press release. "Whether operating a large fleet or a handful of light trucks, fleet operators are responsible for the safety and security of vehicle assets and drivers, in addition to ensuring compliance, controlling costs, and operating as efficiently as possible. With insurance premiums soaring and nuclear and large-scale court verdicts increasing, U.S. fleets need an intelligent, easy-to-use solution like CameraMatics. I'm excited to bring our cutting-edge technology to U.S. customers."