CORE INSURANCE

Akur8 helps Wefox Insurance Improve their Insurance Pricing Process

Akur8 | June 23, 2021

wefox Insurance and Akur8 are excited to report their coordinated effort, as a vital achievement to reinforce wefox Insurance's pricing process. This arrangement further builds up the presence of Akur8 in Germany, and shows the broadness of Akur8 use cases, working together with a completely advanced neo-guarantor.

Explicitly produced for insurers, Akur8's answer improves their pricing processes via computerizing hazard and request demonstrating, utilizing straightforward Artificial Intelligence proprietary technology. The center advantage for insurers is more noteworthy speed-to-exactness, while keeping up with full straightforwardness and control on the models made.

With Akur8, wefox Insurance further builds up their administration levels to clients and conveyance accomplices. wefox Insurance furnishes dispersion accomplices with custom fitted taxes, exact and designated pricing and high reactivity. Akur8 further backings wefox in its interest to severe endorsing discipline through giving an altogether robust pricing process.

The coordinated effort among Akur8 and wefox Insurance was worked with by Munich Re. This supports Munich Re's vision of key reinsurance organization including best in class counseling administrations by cooperating with their customers along the entire worth chain.

About Akur8
Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds.

About wefox Insurance
wefox Insurance is a digital real-time insurer. Brokers and end customers can take out paperless insurance within a few minutes. Damages are reported digitally and in more than 60 percent cases are settled on the same day. wefox household, liability and motor vehicle insurance are available in Germany, Poland and Switzerland. wefox has just announced their series C funding of over $650m for a valuation of $3bn.

Spotlight

Tip 1 Carefully choose the vehicle you drive. Consider the price, safety, and miles per gallon.Pro Tip: Get a quote for the insurance before falling in love with the vehicle Tip 2: Keep a clean driving record. Insurance rates are largely based upon driving record. The majority of companies say this is their number one consideration.Tip 3: Keep your grades up. Some companies offer discounts for B average and above. This is for highschool as well as college.

Spotlight

Tip 1 Carefully choose the vehicle you drive. Consider the price, safety, and miles per gallon.Pro Tip: Get a quote for the insurance before falling in love with the vehicle Tip 2: Keep a clean driving record. Insurance rates are largely based upon driving record. The majority of companies say this is their number one consideration.Tip 3: Keep your grades up. Some companies offer discounts for B average and above. This is for highschool as well as college.

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INSURANCE TECHNOLOGY

Hub International Launches Hub Drive Safe App

Hub International | November 10, 2021

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm announced today the launch of its HUB Drive Safe App, a fleet risk management solution that provides driver coaching at scale, automatically detects collisions and helps fleets reduce their insurance costs through safer driving behavior on iOS and Android mobile devices. "The HUB Drive Safe App is our newest fleet risk management solution to help clients across various industries, including transportation , agribusiness , construction and hospitality , to keep their drivers safe, manage driver behavior and reduce collisions and loss. Technology continues to revolutionize the world we live in, and we have been focused on using digital technology to streamline our clients' experience and helping them better manage their costs for doing business." - Lisa Paul, Chief Strategy Officer of HUB's Transportation Specialty. According to a study 1 , the bottom quartile of commercial line drivers account for more than 50% of collisions. With the use of technology that relies on artificial intelligence and machine learning algorithms and leverages massive datasets of driving behavior data, a driver's behavior can improve and reduce collision risk by up to 49%. The HUB Drive Safe App offers immediate feedback and coaching after every trip to ensure that commercial drivers avoid collisions and remain safe on the roads. The mobile app also allows fleet managers to get a detailed overview of the safety and efficiency of their drivers - all via one comprehensive dashboard. The HUB Drive Safe App is powered by a global dataset and first-of-its-kind mobility risk intelligence (MRI) platform to ensure the most precise collision detection and first notice of loss capabilities on the market. Additional safety features on the HUB Drive Safe App include: View and customize a driver profile to improve driving behavior with tips based on performance tracked in the app Gain high-level insights on the fleet's performance with a fleet score Automatically detect collisions, alert the fleet manager and notify an emergency contact or trigger insurance claims process Encourage consistent improvements in driving behavior with positive reinforcements and/or rewards With the HUB Drive Safe App, HUB continues its commitment to providing tailored insurance solutions designed to best manage its clients' risks and needs. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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CORE INSURANCE

Wright National Flood Insurance Company announces agreement with Westfield

Westfield | December 30, 2021

Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from Westfield Insurance Company ("Westfield"). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents. Additionally, Wright will also assume the servicing of Westfield's private flood business. Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its experience, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve. Patricia Templeton-Jones, the president of Wright National Flood Insurance Services, said she is excited about the partnership with Westfield agents. "Westfield has provided flood coverage solutions for the past 20 years for its agent partners and policyholders. We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry, Since the inception of the National Flood Insurance Program, Wright Flood has been a premier provider of NFIP flood coverage and private flood options for homeowners and business owners." -Templeton-Jones. "Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss. We are confident customers will continue appreciating the peace of mind that comes with having flood coverage," - Craig Welsh, Westfield's chief distribution officer. Beginning in early 2022, Wright Flood will manage Westfield's NFIP flood placements. All new policies and renewals will be issued by Wright National Flood Insurance Company, which is A.M. Best rated as A- (Excellent) for financial strength. For retail agents accessing flood coverage through Westfield, there will be minimal change in the process to continue to provide NFIP flood insurance coverage for policyholders. Wright and Westfield representatives together will be in contact with their agents. About Wright National Flood Insurance Company Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess and private flood insurance with leading industry expertise, rated A- (Excellent) by A.M. Best. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve. About Westfield Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as one of the nation's leading property and casualty (P&C) companies, we remain true to their vision and are dedicated to making a positive difference in our customers' lives.

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Greater Than Collaborates with MSIG Global Digital Hub

Cision PR Newswire | October 08, 2020

Greater Than, the insurtech provider of AI-based risk intelligence, has today entered a collaboration with MSIG Global Digital Hub and MSIG Vietnam, part of MS&AD Insurance Group, and Asia's leading insurance provider. Through the partnership, Greater Than will provide MSIG Vietnam, with AI-based driving analytics attached to an app-based loyalty service to be launched for MSIG Vietnam's auto insurance customers in the fall of 2020. The customer-centric offering will promote insurance holders that drive safe. The new offering is a step in the direction of MSIG to offer digital products creating an enhanced customer experience. Through Greater Than's AI-based risk analysis and loyalty program, the car insurance provider will be able to identify risk groups to calculate existing and future real-time damage costs and new ways to directly rewarding customers who drive safely.

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