AXA XL reveals new risk innovation incubator Cube

AXA | November 19, 2019

AXA XL, the property & casualty and specialty risk division of AXA Group, has introduced a risk innovation incubator called Cube. Available globally and described as the first of its kind, Cube will feature a series of workshops in which AXA XL and its clients test new risk management solutions to ultimately come up with a prototype and a supporting business case. The six-week program will see risk managers working alongside AXA XL risk and innovation experts. “Cube supports our goal to go beyond traditional insurance to become a comprehensive partner to our clients,” said Philippe Gouraud, global head of strategic distribution at AXA XL. “The program’s structured and well-tested approach allows us to offer our clients a robust environment to innovate.

Spotlight

In the wake of rapidly-evolving customer expectations, an ongoing industry-wide digital transformation, and the rise of insurtech firms, innovation and technology have become watchwords for today’s global insurance industry. The challenge facing large, established incumbents such as Zurich is how to innovate effectively and whether external collaboration could have a significant impact on driving innovation as opposed to trying to go it alone.

Spotlight

In the wake of rapidly-evolving customer expectations, an ongoing industry-wide digital transformation, and the rise of insurtech firms, innovation and technology have become watchwords for today’s global insurance industry. The challenge facing large, established incumbents such as Zurich is how to innovate effectively and whether external collaboration could have a significant impact on driving innovation as opposed to trying to go it alone.

Related News

AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

Devron Works with Cover Whale to Promote Road Safety

Cover Whale | March 02, 2023

On March 1, 2023, Devron, a pioneer in artificial intelligence and machine learning for distributed and private data, announced its cooperation with Cover Whale Insurance Solutions, Inc., a top commercial trucking insurer and a rapidly expanding insurtech. Using Devron's federated data science platform, Cover Whale will build and train AI models that can quickly add new and different data sources to estimate risk better, offer to coach drivers, and align premiums. The Driver Safety Program offered by Cover Whale uses data science and AI to analyze risk and develop strategies to reduce it, making roads safer. The platform provided by Devron simplifies the process by enabling access to additional datasets and doing away with the requirement, cost, and privacy risk associated with relocating data. This federated method enables Cover Whale to design, train, and run more effective models to identify unsafe driving behaviors or circumstances more efficiently. In the past, for businesses to extract, duplicate, and move large amounts of data to get insights, they were required to develop complicated infrastructures. Devron gets around this requirement, so Cover Whale can build and train machine learning models on datasets where they are already stored. These datasets may include, for example, claims information, various vehicle telematics, external data related to highways, weather conditions, and other such information to acquire a more informed perspective on risk. Cover Whale has commissioned Devron to speed up ongoing data science projects, lay the groundwork for the future development of its operations, and enable faster access to various data sources, formats, and types while producing richer insights with less effort. About Cover Whale Cover Whale is an insurtech founded by industry veterans and tech entrepreneurs that provides cutting-edge policies for commercial vehicles through AI, sophisticated underwriting, and extensive data integration. Coverage, telematics, dash cams, and real-time driver teaching are part of its innovative Driver Safety Program, which aims to reduce claims, improve road safety, and save lives in the United States. The company also provides over 5,000 agencies with the quickest and most user-friendly online quote system.

Read More

CORE INSURANCE, INSURANCE TECHNOLOGY

Inszone Insurance Services Acquires Sonora Insurance Agency

Inszone | February 15, 2023

On February 14, 2023, Inszone Insurance services announced its acquisition of Sonora Insurance Agency. This acquisition will allow Inszone Insurance Services to grow within California and broaden its national footprint while continuing its steady growth. Headquartered in Sonora, California, Sonora Insurance Agency has been delivering insurance solutions in its location since 1987. It developed through organic reach and established its prominent place within the Sonora community. It specializes in Auto, Business, Home, and Worker's compensation. This transaction will enable Sonora Insurance Agency employees to serve Inszone Insurance clients through their current Sonora location without interruption. Additionally, it provides personal and commercial insurance, auto, group benefits, umbrella, motorcycle, condo, and boat insurance. Kristina Eaton took over Sonora Insurance as a second-generation agency owner in 2004. With about 25 years of experience, she expanded the agency's commercial insurance space and served Sonora and the surrounding areas. She is specialized in commercial and personal lines insurance with both NV and CA license. CEO of Inszone Insurance Services, Chris Walters, said, "We are excited to continue growing our footprint in the central region of California with the acquisition of Sonora Insurance Agency. The work Kristina and team have done in the region is incredible, we look forward to supporting them with the vast resources available through Inszone." (Source – Business Wire) About Inszone Headquartered in Sacramento, California, Inszone, a full-service insurance brokerage firm, has provided property and casualty insurance with employee benefits solutions since 2002. It continues to grow organically through acquisitions due to the support of an experienced management team. It is working at different locations across California and expanding its enterprise throughout the United States. It provides services like group dental and vision insurance, umbrella insurance, group health and life insurance, special event insurance, landlord insurance, renters' insurance, motorcycle insurance, auto insurance, commercial property insurance, general liability insurance, workers' compensation, homeowners insurance, pet insurance, disability insurance, employee benefits, personal and commercial insurance.

Read More

LIFE INSURANCE, INSURANCE TECHNOLOGY

In Force Data Solutions from MIB Provide Unique Insights to the Life Insurance Industry

MIB | March 20, 2023

MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry. The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members. The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks: The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims. Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers. Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America. Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more." "Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward." About MIB MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.

Read More