6th September 2023
Underwriting and Claims IT-Editor's highlight extracts from Insurance Newslink articles in the last three months:
-Verisk acquired Morning Data, a supplier of state-of-the-art software to brokers and managing general agents(MGAs) in London and across the globe. The acquisition enables Verisk to enhance and expand its solutions for straight-through processing and distribution to the underserved and growing market of SME brokers, coverholders, MGAs, captives and (re)insurers.
-else Holding, the holding company that owns elseco(high technology specialty MGA), Peloton Underwriting Buy-and-Build global MGA) and ATOM technology platform announce that Mercutio Risk Partners Ltd.(“MRP”), formerly known as Montague Risk Partners Ltd, business will fold into else Group
-Majesco announced Munich Re Specialty Group North America is live with Majesco P&C Intelligent Core Suite on Majesco Cloud platform to enable the new operating model supporting multiple specialty lines of business including Inland Marine, Cyber, Terrorism, and Ocean Marine.
-Sapiens International Corporation announced that Penn National Insurance, a super-regional US P&C mutual insurance company, has selected Sapiens ReinsurancePro solution as a part of its multiyear legacy modernization and automation initiative. Penn National Insurance will also use Sapiens cloud services for a seamless and secure hosting experience.
-Hampden Risk Partners(HRP), Lloyd’s syndicate 2689 contracted with the global insurance technology company VIPR Solutions to manage risk data from approximately 2,000 bordereaux received from up to 50 different delegated underwriting entities.
-Whitespace, the fully digital e-trading platform, announced the release of its version 2.12, the fifth major update to the platform in the past six months-Whitespace says it is the only truly digital, data-led platform for the insurance industry.
-Rising costs are putting UK motor insurance providers are under great pressure to understand more about the specific vehicles they are insuring. Yet to date, granular detail on the 'metal' has been difficult to obtain. LexisNexis Risk Solutions, the data, advanced analytics and technology provider to the UK insurance market, is working to resolve that challenge with the launch of LexisNexis Vehicle Insights. When combined with other unique vehicle data products such as LexisNexis Vehicle Build, a single source of accurate, real-time information on the vehicle's ADAS fitment, current status, valuation and maintenance history is created, proving a true 360% view of the vehicle.
-WTW launched a new Property Rebuild Assessment Service, powered by Kroll’s Property Insurance Valuation Platform, to provide its clients with an accurate rebuild valuations report and advice. WTW is to provide property rebuild adequacy assessments and online valuations, to help ensure client confidence that their business is properly protected, and they are not overpaying for cover.
-Sabio Group, the digital customer experience(CX) transformation specialist, was selected by Davies, the specialist professional services and technology business, serving insurance and highly regulated markets, to support the transformation of its contact centre and CX technology infrastructure in a multi-year agreement.
-Loadsure launched its next generation digital Ocean Cargo & Stock Throughput Insurance. This release brings Loadsure’s revolutionary user experience to annualised insurance; enabling brokers to serve their clients with quotes for complex programmes within minutes-providing sustainably-priced cover which consolidates the historical patchwork of labour-intensive, inefficient policies in one; eliminating coverage gaps, enabling massive operational efficiencies and cost savings for assureds.
-Korean Re and Moody’s RMS announced a new agreement to license Moody’s RMS Europe Inland Flood HD Models and Europe Severe Convective Storm(SCS) HD Models using the Risk Modeler application, plus the Europe Windstorm Model and earthquake models for Europe, Korea, China, Taiwan, and Israel. As Korean Re continues to grow both domestically and internationally, this agreement enhances Korean Re’s risk analysis capabilities to help increase the support it can provide to clients with global risk portfolios.
-Guidewire announced Hakuba, its latest cloud release, which drives profitability for P&C insurers. New capabilities include the Autopilot Workflow Service to orchestrate process automation across the P&C insurance lifecycle and the Integration Data Manager, a convenient way to store and govern third-party data for use with InsuranceSuite. Commercial lines offerings are expanded with a new Rating App for agile rate development, London Market underwriting improvements with detailed financials, and Cyence Model 6 to keep up with the constantly evolving cyber threat landscape.
-Duck Creek Technologies India LLP, a subsidiary of Duck Creek Technologies, announced a historical milestone with its expansion into the Indian general insurance market. Duck Creek Technologies India LLP now offers India-based insurers the ease, convenience, and power of modern cloud-based software-as-a-service(SaaS), delivered as a full suite of capabilities or as stand-alone solutions. With this expansion, Duck Creek reinforces its market commitment by establishing its data centre in India, supported by nearly 1,000 local employees.
-Apollo, the independent specialist insurer and reinsurer, and Artificial Labs, the algorithmic underwriting InsurTech, announced the launch of a new smart follow collaboration to unlock fast, consistent and reliable capacity for London Market brokers.
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