RISK MANAGEMENT, COMPLIANCE
PRnewswire | April 03, 2023
Shift Technology, a provider of artificial intelligence-based decision automation and optimization solutions for the insurance industry, and Direct Assurance, the French leader in direct insurance, which offers auto, motorcycle, home and health insurance, and is a 100% subsidiary of the AXA group, today announced their renewed collaboration. Initiated in 2018 to fight auto insurance claims fraud using Shift Claims Fraud Detection, the relationship now extends its scope to cover home insurance claims.
Property and casualty insurance fraud costs the European economy €14 billion annually, and €2.5 billion in France alone. As such, insurers are looking for modern solutions which can more effectively identify and analyze suspicious claims. Working with Shift, Direct Assurance has opted for an innovative approach to this issue. Five years of successful collaboration analyzing motor claims prompted the French leader in direct insurance to extend the use of Shift's solutions to the challenge of mitigating fraud in home insurance claims.
"Fighting against fraud is one of the most effective ways to maintain the competitiveness of our rates and defend the purchasing power of the immense proportion of our bona fide customers," explained Donatien Levesque, director of claims, Direct Assurance.
"In order to identify suspicious claims, we chose to combine artificial intelligence with the know-how of our experts. The enormous amount of information to be processed makes verification and comparison operations extremely difficult," continued Nicolas Vilhelmsen, head of claims business intelligence, Direct Assurance. "That's why we used Shift. Since 2018, this collaboration has allowed us to gain ground on fraudsters in a considerable way. We are very excited to apply this solution to our home claims, which are an increasingly important part of our business."
"From the beginning, Shift's goal has been to put technology at the service of insurance players to help them best serve their customers," concludes Jeremy Jawish, CEO and co-founder, Shift Technology. "We are proud to have contributed for several years to Direct Assurance's strategic initiative to minimize the impact of fraud on its business, and to benefit its legitimate customers."
About Shift Technology
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
About Direct Assurance
Direct Assurance is the French leader in direct car insurance and also offers motorcycle, home and health insurance products. Today, more than a million customers trust the company. A pioneer since 1992, Direct Assurance is a part of the AXA group.
CORE INSURANCE, RISK MANAGEMENT
PRnewswire | April 13, 2023
Vouch, the insurance of tech, today announced its first embedded insurance API partnership with StartupOS, the platform that helps founders grow their startups with essential tools, expert guidance, and a community of mentors, investors, and partners. StartupOS users can now get quotes for General Liability and Business Property insurance coverages from Vouch directly from the StartupOS platform. Additionally, the platform will host free risk management training modules from Vouch that are designed specifically for early-stage founders. The partnership underscores both companies' commitment to serving early-stage founders and to helping them protect their companies from the beginning.
"Two-thirds of founders get business insurance at company formation, but zero percent of first-time founders do. When it comes to insurance, there's both an awareness and a trust gap that leaves many early-stage startups under-covered and vulnerable," said Travis Hedge, Co-founder and CRO, Vouch. "With embedded insurance from Vouch, companies on the StartupOS platform can work directly within the platform they already use to get educated on the coverages that are essential to their business, get quotes, and work with Vouch to seamlessly complete the process of purchasing insurance."
Vouch's API allows partners like StartupOS to take advantage of Vouch's core underwriting functionality through an integration that is easy to implement and maintain. The API allows partners to offer materially better experiences to their users so that buying insurance feels like a native part of their platform.
"We're thrilled to partner with Vouch to provide business insurance training and insurance products directly through our platform," said Jeff Wagner, Chief Platform Officer at StartupOS. "Through our collaboration and API integration, we are ensuring that our startups have access to the best insurance products tailored to their needs. This partnership is a significant step forward in our commitment to providing startup founders with the most innovative and comprehensive solutions to support their growth. We are excited about the value this will bring to our founders and look forward to a successful partnership with Vouch."
Vouch is a US-based provider of business insurance to thousands of high-growth companies that has raised $160 million from top-tier Silicon Valley institutions and investors including Ribbit Capital, Redpoint Ventures, Y Combinator, and Index Ventures. Since its inception in 2018, the company has empowered clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
As 'The Insurance of Tech', Vouch believes it's their responsibility to deliver effective and affordable insurance solutions to innovators in emerging categories. These entrepreneurs are making huge bets on the future, and it's Vouch's job to insure away the risks that are incidental to their vision. Today that means launching protection for Web3. Tomorrow, it could be Climate, or Space. Wherever the next generation of founders goes, Vouch will be there to protect them.
StartupOS is a platform that elevates startups with essential tools, expert guidance, and a supportive community of mentors, investors, and partners to help founders grow their startup. The platform aims to increase the overall number, confidence, and probability of long-term success for all founders, regardless of their background.
StartupOS offers a series of learn-by-doing activities to equip founders with all the resources and knowledge they need to build their startup from the ground up, making it the perfect platform for validating ideas, building an MVP, achieving product market fit, and pitching to investors. Paired with a vast community of mentors and investors, StartupOS provides access to invaluable startup knowledge and resources that are essential to every founder's journey. The platform also offers access to an extensive Partner Ecosystem loaded with top-tier solutions and services to streamline and simplify a founder's back-office operational needs.
RISK MANAGEMENT, INSURANCE TECHNOLOGY
Businesswire | April 11, 2023
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today introduced CoalitionAI™, a new initiative to deploy generative AI and large language models to help brokers and businesses protect themselves from cyber risk. U.S.-based brokers and businesses can now access new AI-powered education and chat features, including:
CoalitionAI Broker Copilot: Appointed brokers in the U.S. now have access to the Broker Copilot, a generative AI chatbot embedded into the Coalition broker dashboard that can answer questions about cybersecurity best practices, cyber policy coverage options, and more. The Broker Copilot is trained on publicly-available documents and resources published by Coalition for broker inquiries and education.
CoalitionAI Security Copilot: Businesses using Coalition Control™ – Coalition’s cyber risk assessment and monitoring platform – can now seek and gain details on cyber security vulnerabilities, better understand coverage contingencies, and learn about ways to resolve cyber security issues using the new Security Copilot.
“This new wave of generative AI will unequivocally change the insurance industry and transform the broker experience,” said Joshua Motta, Chief Executive Officer and co-founder at Coalition. “Our Broker Copilot and Security Copilot are just the beginning. Over time the entire Active Insurance experience – from risk selection to active security protection to active response – will all benefit from generative AI that can help reduce the impact of cyber risk.”
The CoalitionAI features released today use a combination of proprietary technology, large language modeling, and generative pre-trained transformers. Coalition plans to introduce additional AI capabilities to support its Active Insurance offerings, including Active Risk Assessment, Active Protection, and Active Response. In the coming months, Coalition brokers and Coalition Control users will gain access to additional AI-driven tools that will strengthen the quoting, underwriting, and incident response experiences.
“AI is already reshaping the cyber risk landscape,” said Tiago Henriques, Coalition’s Vice President of Security Research. “While we are applying our AI expertise to improve the broker and customer experience, we are also focused on keeping up with emerging AI-related vulnerabilities. Part of our commitment to protecting the unprotected is helping our policyholders both understand the risks and reap the benefits of new technologies.”
Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.