AXA XL wraps up merger of key business

AXA XL | January 13, 2020

The activities surrounding the mega-merger of AXA and XL Group’s businesses are far from over. Today, AXA XL announced that it has now merged AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company SE (XLICSE). This move was a follow-on from the acquisition of XL Group by AXA that was completed all the way back in September 2018. The ACS, AXA ART, and XLICSE merger has been approved by regulatory authorities, including the Central Bank of Ireland and the Irish High Court, and took effect on December 31, 2019. At this time, XLICSE assumed the businesses of ACS and AXA ART, becoming the insurer or reinsurer of each policy previously underwritten.

Spotlight

In our global assessment of business chatbots, we’ve identified the key elements for insurers to incorporate into these systems to successfully streamline the customer experience, reap cost savings and shift processes from reactive to proactive. Executive Summary. With the increased popularity of messaging platforms, as well as advancements in artificial intelligence (AI) and machine learning (ML), 2018 saw a surge in chatbot development for a range of business needs. Today, chatbots are integral to many enterprise initiatives focused on business modernization and digital customer experience.

Spotlight

In our global assessment of business chatbots, we’ve identified the key elements for insurers to incorporate into these systems to successfully streamline the customer experience, reap cost savings and shift processes from reactive to proactive. Executive Summary. With the increased popularity of messaging platforms, as well as advancements in artificial intelligence (AI) and machine learning (ML), 2018 saw a surge in chatbot development for a range of business needs. Today, chatbots are integral to many enterprise initiatives focused on business modernization and digital customer experience.

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INSURANCE TECHNOLOGY

Shift Technology has Launched Shift Claims Automation on Salesforce AppExchange, the World's Leading enterprise Cloud Marketplace

Shift Technology | July 22, 2021

Shift Technology, a provider of decision automation and optimization solutions for the global insurance industry, announced today the launch of Shift Claims Automation on Salesforce AppExchange, giving insurers and agents more options for settling simple claims without the involvement of claims handlers or loss adjusters. Giving insurance firms' customer service representatives the tools, information, and expertise they need to assist resolve claims more quickly and correctly is one of the most effective methods to address the industry's customer experience issues. Shift Claims Automation is a virtual claims handler that assists customer service professionals or agents in immediately resolving claims rather than going through the conventional claims procedure. All of the information needed to take a claim forward is automatically validated by the solution. An AI decision engine assesses the policy's coverage, responsibility, the authenticity and suitability of documentation, and the possibility of a fraudulent or suspicious claim. Allowing colleagues to settle claims with clients directly can decrease the time it takes to remit money, resulting in more positive customer experiences. Because the solution is available on AppExchange, it will work with current Salesforce deployments. About Salesforce AppExchange Salesforce AppExchange, the world's largest corporate cloud marketplace, gives companies, developers, and entrepreneurs new ways to build, sell, and grow. AppExchange links clients of all sizes and across industries to ready-to-install or customizable applications and Salesforce-certified consultants to address any business problem, with over 6,000 listings, 9 million user installations, and 117000 peer reviews. About Shift Technology Only AI-native decision automation and optimization solutions developed especially for the global insurance sector are available from Shift Technology. The Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions by addressing many key procedures across the insurance policy lifecycle. Shift was awarded Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award after evaluating billions of insurance transactions.

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CORE INSURANCE

Smart Choice Selects Cowbell Cyber as Preferred Partner for Cyber Insurance

Cowbell Cyber | February 23, 2022

Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to medium enterprises (SMEs), announced it has partnered with Smart Choice – one of the nation's leading insurance agency networks – to distribute its standalone cyber coverage and risk monitoring services. Now, Smart Choice's network of 9,000 agency partners across 45 states have access to Cowbell Prime 100, Cowbell's flagship standalone and admitted cyber insurance product. Smart Choice selected Cowbell Cyber because of the company's robust standalone cyber portfolio which brings the following advantages to Smart Choice agents and policyholders: Speed: Cowbell Prime enables Smart Choice agents to prepare multiple, customized quotes in a few clicks. No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound with quote, bind and issue capabilities done within minutes. Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average. The wealth of risk management resources for policyholders including: continuous risk assessment and monitoring, cybersecurity awareness training program for employees, access to Cowbell's risk engineering advice and more. "We're excited to be partnering with Smart Choice to deliver customized cyber coverage and easy-to-use risk management tools to their large and ever-growing agency network, Partnering with Smart Choice also allows us to better distribute cyber insurance, making sure all small to medium-sized businesses have access to relevant cyber coverages." -Dan Law, Vice President of National Accounts at Cowbell Cyber. "Cowbell Cyber's insurance programs are a perfect fit with what agents and policyholders are asking for: speed, ease of use, clarity and relevance, Additionally, we know that Cowbell Cyber equips our policyholders with best-in-class risk management tools and resources to keep our policyholders' cyber resilience up-to-speed with the changing cyberthreat landscape." -Oliver Travieso, VP of Commercial Lines at Smart Choice. About Smart Choice The Smart Choice® Agents Program is a wholly owned program of Worldwide Insurance Network, Inc. (WIN), headquartered in High Point, North Carolina. They currently serve over 9,000 agency partners in 45 states. For more information, visit www.smartchoiceagents.com. About Cowbell Cyber Cowbell Cyber offers standalone, individualized, and easy-to-understand cyber insurance for small and mid-size enterprises. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont.

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INSURANCE TECHNOLOGY

Chintai has Partnered with DeFi Insurance Provider iTrust

Chintai | August 13, 2021

Chintai, a Singapore-based SaaS company that leads in compliant blockchain technology for capital markets, has partnered with iTrust, a decentralized finance insurance protocol. iTrust will provide insurance coverage for deposits, smart contracts, and impermanent loss protection for liquidity providers on the Chintai network, creating a more dependable ecosystem for all users. The partnership solidified ahead of Chintai's private institutional beta release, which gives financial institutions a no-cost opportunity to test compliant digital asset issuance and secondary trading for traditional assets such as equities, bonds, real estate, and debt. Multiple institutional participants have joined the beta by testing the tokenization of traditional assets on the platform, including investing leaders such as Collective Capital, Chimera Wealth, B1, and Cryptology Asset Group. iTrust will work to provide syndicated cover on the Chintai network. But what sets iTrust apart is their ability to both provide 'reinsurance' while maximizing the staking benefits for decentralized finance products such as Nexus Mutual, InsurAce, and others. In an industry that lacks insurance for crypto assets, iTrust is playing an important role for companies like Chintai, which aims to provide an easy-to-use bridge that allows traditional financial institutions to easily port regulated assets to a fully compliant blockchain environment. "Chintai is an industry leader in providing much-needed professional, regulatory compliant services and platforms to the financial services sector. We are extremely excited to work with Chintai to source and supply syndicated cover to protect its users," said Robert Cooke, Co-Founder & Director of Partnerships for iTrust. "iTrust fills a gap in the blockchain industry which will enable traditional financial institutions to work with the same industry standards in regards to risk management," said David Packham, CEO of Chintai. "We are delighted to work with iTrust to revolutionize capital markets with our compliant digital asset technology". The Chintai institutional beta program provides financial institutions with a comprehensive digital asset product suite for compliant issuance, secondary trading, algorithmic market making, and custody. Participants will trial the platform with no up-front cost, which enables experimentation and customizations to suit their specific needs. About Chintai Chintai is a Singapore-based company with offices in Germany that uses blockchain technology to modernize capital markets for asset managers, banks, and enterprises. Our core product suite streamlines the life cycle of regulated assets by automating compliance, reporting, data reconciliation, cap table management, corporate actions, liquidity, and more. The technology can be white-labeled to allow anyone to become their own regulated issuer and market operator. Chintai is currently accepting clients into our pilot program for tokenized real estate, funds, debt, and other financial instruments.

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