The following summaries are written by the Digital Insurance editorial staff.
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The Hartford reveals new logo
The Hartford has launched its new brand featuring a redesign to its stag logo. The company also updated its website and will roll out advertising and updated branding across its platforms over the next few years,
The company worked with Pentagram and Solve on the update to the brand identity and new campaign.
Christopher Swift, The Hartford's chairman and CEO, said in a statement:
"As we embrace an ambitious growth-and-innovation strategy centered on our customers and their changing needs, our brand must evolve with the business."
Additionally, the company updated its holding company to The Hartford Insurance Group. Some business segments will also be renamed including commercial lines which will become business insurance; personal lines will be personal insurance and group benefits will be employee benefits.
Bosch acquires Roadside Protect
Bosch announced its acquisition of Roadside Protect, a provider of towing and roadside administration services in the U.S. and Canada. The cost of the acquisition was not disclosed. Roadside Protect, which was founded in 2002, employs around 200 people and is headquartered in Itasca, Illinois.
"The acquisition is a strategic component for further expanding the services we offer in the North American market. Roadside Protect operates a digital platform through which it manages its partner network of more than 12,000 towing companies in the U.S. and Canada. With this acquisition, we are combining our global customer network and our expertise in breakdown service with the North American towing industry."
eBay closes Caramel acquisition
Ebay completed the acquisition of Caramel, an online auto transaction provider, after announcing the transaction in January. Caramel will continue to be available through multiple platforms and simplify the buying and selling of cars on eBay.
"At eBay, we know that buying a car is a significant decision, and trust is at the heart of that experience. By integrating Caramel's seamless platform, we are underscoring eBay's commitment to a more secure and transparent vehicle marketplace, which in turn makes it easier than ever for buyers and sellers to transact with confidence."
Turvi launches CoverAI
Technology solution and innovation partner Turvi has launched CoverAI, a new product that utilizes AI to enable claims managers to quickly summarize and interpret insurance policy language for faster coverage decisions.
CoverAI has the ability to interpret endorsements, search hundreds of pages of documents for a claim and answer user questions for consistent and rapid application of policies to expedite the claims process.
"The CoverAI functionality is a game changer," said Turvi CEO Ken Tolson in a press statement. "We have tested it with a number of organizations, and we have received overwhelmingly positive feedback, both in terms of reduced cycle time and the quality of the insights produced."
CoverAI can operate as a standalone application programming interface (API) or it can be fully integrated into other claims management systems.
Cytora launches explainable risk assessment with agentic AI
Cytora announced the latest version of its digital risk processing platform, Cytora Platform 3.0, which utilizes agentic AI. According to the press release emailed to Digital Insurance, the agentic AI manages teams of digitization agents that think, work and explain "like a human" to complete a task and digitizes transactions like new business, claims or renewals.
Juan de Castro, COO at Cytora, said in the announcement, "Cytora Platform 3.0 marks a major step forward in digital risk processing for commercial insurers. With agentic risk digitization, we have substantially increased the capability of our platform to digitize the highest complexity transactions and at the same time, enhance explainability, transparency and user experience.
IAG invests in Climate Data Startup 7Analytics
IAG Firemark Ventures, the corporate venture capital arm of General Insurer IAG, is investing in 7Analytics, a flood data platform that leverages geoscience and machine learning to develop predictive models for floods and landslides in residential and commercial properties at the individual asset level.
7Analytics co-founder and COO, Jonas Aas Torland said in the press release emailed to Digital Insurance, "In recent years we have seen intense precipitation impact entirely new areas and our platform assumes the next big event could happen anywhere. This investment from Firemark Ventures will help our company accelerate, scaling both commercially and geographically."
IAG Firemark Ventures General partner, Scott Gunther, said, "We've seen first-hand the devastating impact of floods and major events on communities. As the frequency and severity of weather events continue to increase, having access to up to date information provides opportunities for insurers to help customers understand their risks and take steps to improve their resilience."
