29th November 2023

Underwriting and Claims IT-Insurance Newslink Global Trends-Editor's Quarterly Highlights

-PERILS, the independent Swiss-based organisation providing industry-wide catastrophe insurance data, and CyberAcuView, the independent US-based organisation set-up by leading cyber insurers for the benefit of the cyber insurance market, announced the launch of a US Cyber Industry Loss Index.
-Moody’s RMS has announced the launch of Moody's RMS Cyber Industry Steering Group to develop industry initiatives that respond to the growth of the global cyber insurance market-leading market participants Munich Re and Gallagher Re, and global cyber risk management leader BitSight have joined the steering group, with other industry partners from across the insurance ecosystem to follow.
-PwC UK announced an alliance with Clearspeed Inc., a leading provider of voice analytics technology for accurate, automated risk assessment at scale-this alliance gives the firm’s clients the opportunity to enhance the experience of their customers by speeding up their claim, application or process, while more efficiently and effectively managing fraud risk across their operations-the alliance is part of PwC’s ongoing commitment to make optimal use of innovative new technologies to tackle the most important business and societal challenges, fraud being a major one.
-Undeclared car modifications are the primary cause of disallowed car insurance claims in the UK, according to new research by Forbes Advisor-the price comparison and financial guidance website found that a sixth of drivers who have made a claim(16%) have been partially or fully declined for failing to declare modifications on their vehicle, such as window tints or rear spoilers.
-Xceedance, a global provider of strategic operations support, technology, and data services to insurance organisations, announced the launch of burst capacity catastrophe modelling resources to support reinsurers during peak renewal times.
-Howden launched Howden Ventures, subject to Lloyd’s approval, with £500m of delegated underwriting capacity, to create an investment and risk incubator that will fast-track insurance product development.
-InsurTech Loss Data Solutions developed an automated platform that UK-based syndicates can use to control indemnity claim leakage, a major driver of costs-Tony Scow, co-founder of Loss Data Solutions, says the idea was sparked after a meeting with a leading Lloyd's syndicate-the syndicate focused on managing subrogation, legal spend, and loss-adjusting expenses but not on managing indemnity claim leakage-this was a problem because indemnity claims leakage–i.e., over-and underestimating property damage–is a significant cost driver.
-In a move to accelerate transformation and reshape the insurance industry, Majesco announced the launch of Majesco Copilot-this solution has been developed in collaboration with Microsoft, incorporating their AI models through Microsoft’s Azure OpenAI Service into Majesco solutions for P&C and L&AH insurance-Majesco Copilot harnesses the capabilities of Azure OpenAI Service to streamline processes, optimise data handling, and elevate the user experience, marking a significant advancement in the way insurance professionals interact with insurance software platforms.
-FRISS ,a Guidewire PartnerConnect Solution partner, announced the launch of the FRISS Accelerator for Claims Analytics for ClaimCenter Cloud-the accelerator leverages the latest capabilities of the Guidewire Cloud Integration Framework, and is available in the Guidewire Marketplace to ClaimCenter users on Guidewire Cloud.
-Great American Insurance Group Great American), a specialty property and casualty(P&C) insurance provider focusing on commercial products for businesses, and Guidewire announced that Great American have selected Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, adapt to changing market demands, and deliver more value to policyholders, agents, and brokersa Guidewire customer since 2006, the company will migrate InsuranceSuite by product and line of business.
-The commitment of funding by the LMA Board and collaboration with key DA brokers and managing agents, reflected the industry's readiness to embrace digital transformation-London Insurance Market Operations & Strategic Sourcing (LIMOSS) will manage the development and provision of CBAA as a market service-eleven Lloyd’s managing agents have already committed to adoption of the solution, covering 42% of the Lloyd’s DA market.
-ICEYE continued its commitment to global SAR solutions, expanding Earth observation capabilities and increasing collection opportunities-ICEYE, the global leader in persistent monitoring with radar imaging satellites and an expert in natural catastrophe solutions, successfully expanded its constellation with four new synthetic aperture radar(SAR) satellites on 11th November-the launch on SpaceX’s Transporter-9 smallsat rideshare mission via Exolaunch was conducted from Vandenberg Space Force Base in California-each spacecraft successfully established communications and is undergoing routine early operations.

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