CORE INSURANCE

Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency

Bamboo Insurance | June 18, 2021

Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency
Bamboo Insurance, an insurance company, focused on transparency, customer advocacy, and a frictionless experience, has purchased certain assets from parent company First American Financial Corporation, a leading provider of title insurance, settlement services, and risk solutions for real estate transactions. In October 2020, First American announced its intention to quit the property and casualty business and focus on its core business.

Over $22 million in premium was purchased in personal and commercial policies underwritten by prominent third-party carriers. As part of the Bamboo team, FAPCIA's staff will continue to deliver exceptional service to policyholders.

Bamboo Insurance has long provided flexible and transparent insurance alternatives in California, including homeowners, dwelling fire, and auxiliary products. Beginning today, Bamboo's new agency business will be able to satisfy the requirements of its clients across the country by offering auto, renters, condominium, commercial lines, and a variety of other insurance coverages in addition to its existing products.

With the addition of an agency of this caliber, Bamboo Insurance will grow faster and further in the insurance value chain.

About Bamboo Insurance
Bamboo Insurance, founded by insurance industry veterans, is a fast-growing insurtech firm that offers commercial and personal line products.

Spotlight

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.

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Cowbell Cyber announced enhancements to its cyber insurance platform

Cision PR Newswire | August 25, 2020

Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), today announced enhancements to its cyber insurance platform which allows for larger risk underwriting to be done with more ease, better accuracy and increased speed and for policyholders to immediately benefit from Cowbell Insights, Cowbell's continuously updated cyber risk insights. For insurance brokers, agents, policyholders, and businesses alike, clarity over coverages and the value delivered has long been the barrier for adoption of cyber insurance. AM Best recent report on the state of cyber insurance suggests that standalone cyber is now outpacing packaged cyber, growing 14% or two times faster. Cowbell's on-going platform enhancements make cyber insurance approachable to all businesses and policyholders through Cowbell Prime, its standalone, admitted cyber insurance product.

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INSURANCE TECHNOLOGY

K2 Insurance Services launches another innovative product on the DRC Insurance Platform

LoadStar and K2 Insurance | October 05, 2021

Decision Research Corporation (DRC), an industry-leading provider of cloud-based enterprise solutions for the P&C insurance sector, announced today K2 Insurance Services has successfully deployed their innovative LoadStar Customs Inspection Insurance product on the DRC Insurance Platform. Via the DRC Agent Portal, freight forwarders and Customs Brokers are now able to purchase coverage online, submit claims, and are issued certificates in a single session, with full policy service, billing, and claims enabled for back-office processing. LoadStar, developed by K2 in partnership with a global insurance leader, is the first insurance solution to solve the problem of unpredictable shipping container inspection costs. President of LoadStar Insurance Services, Dan Williams said, "By creating a predictable cost to eliminate an unpredictable threat, LoadStar can mitigate uncertainty and protect profit margins to keep containers flowing smoothly." Due to the novel nature of the product, K2 required a platform that could handle any risk, not just established insurance products. DRC is our longtime technology partner, so we felt extremely confident turning to them to help us get this unique new product to market quickly and in a cost-effective manner. We were able to get LoadStar up and running on the DRC Insurance Platform, and totally integrated with our enterprise architecture, in just a few months. We take pride in serving our customers using the best and most efficient systems available to the insurance industry, which is why we rely on the DRC Insurance Platform. - Rebecka Kilkenny, CIO of K2. Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage. At K2 we're always looking to launch creative programs run by exceptional people. We consider it part of our core mission to provide innovative products and exceptional results in specialty markets, and DRC's technology empowers us to do exactly that. - Mark Smith, K2 President. Innovative thinking is part of DRC's DNA, so we're always excited to see how visionary clients like K2 are able to use our solutions to create a brand-new market. We have been honored to be part of their success and growth for the past seven years and look forward to continuing our partnership for many more to come. -Karen Yamamoto, CEO of DRC. About LoadStar and K2 Insurance LoadStar Customs Inspection Insurance was born out of a decade long "thorn in the side" problem of Importers who have never been offered a solution to offset the unpredictable financial sting of a Customs Inspection. Today we pride ourselves on offering a first ever solution to deliver "a predictable cost to eliminate an unpredictable threat". LoadStar is there to cover your inspection fees from an X-Ray Exam to a Tailgate Exam to a full devanning of your container in an Intensive Exam. LoadStar covers the expense of the invoice and reimburses the claim in 24-48 hours. Fast and efficient processing of your invoice ensures you'll be back up and running and protecting your profit margins and future business. K2 partners are top-tier insurers and MGAs in the specialty areas they serve. In addition to working with financially sound companies, we also employ robust, modern technology that aligns with our expansion plans and allows us to bring products to the marketplace efficiently and quickly. We understand how important it is in today's environment to have a policy administration system nimble enough to accommodate new products, enhancements, and regions. We're continually looking for acquisitions and growth opportunities. Through a combination of specialized, successful MGAs and well-capitalized, nationwide insurance carriers, K2 offers a compelling value proposition to the marketplace. About DRC DRC provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium.

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INSURANCE TECHNOLOGY

Guidewire Announces Cortina Release Introducing New Integration Framework, Analytics, and Application Services to Accelerate Insurance Innovation

Guidewire | May 12, 2021

P&C insurers trust Guidewire Software to engage, innovate, and expand effectively, and the company today announced the latest release of its market-leading cloud platform. On the 11th and 12th of May, Cortina will be unveiled at Connections Reimagined. The event-based, API-first Integration Framework from Cortina speeds up the link of Guidewire to other platforms, allowing teams to simplify further workflows and drive creativity. Closed-loop analytics provides specific information during the insurance lifecycle, allowing claims and underwriting experts to make smarter, quicker decisions. Furthermore, platform evolution through Application Services enables developers to experiment and build quicker to keep up with the competition. Expanded Application Services makes integrations and other InsuranceSuite interactions easier to build and maintain. • Guidewire Cloud Console—Enhanced tooling to enable IT self-service with provisioning and deployment, as well as database backups and restores. What used to take two people 20 days now takes one person 15 minutes to provision and deploy. • Guidewire Claims Autopilot**—Cloud-based claims service that allows for an automation-first approach to claims handling, enabling insurers to leverage artificial intelligence, analytics, and digital technologies to deliver better customer experiences, while lowering operating expenses. Insurers are empowered to make better-informed decisions with closed-loop analytics enabled by Data Studio. • Closed-loop analytics — A new holistic solution, Initial Segmentation for Auto/Motor Claims in ClaimCenter, improves claims processing efficiency. • Data Studio — A new data management tool to access, create, and publish business-ready data sets to enable insurers to leverage their data wherever it’s needed. Integration Framework reduces the complexity of integrations across the P&C lifecycle. • InsuranceSuite Cloud API expansion—Broader functional coverage enables apps to do more using the APIs. Further improving the Guidewire developer experience, the ClaimCenter API reference is now publicly available for developers. • Integration Gateway —A new integration service that orchestrates calls to and from InsuranceSuite and third-party applications. Reduced integration complexity enables developers to drive more innovation. • Application Events — A new integration service enabling developers to easily publish event streams from InsuranceSuite that “push” data and events to external systems. This service automates more processes and enables insurers to create their differentiating ecosystem of connected apps and services. With twice-yearly launches since the launch of Aspen in May 2020, the organization has been increasing the importance of its platform. Guidewire Cloud is being chosen by insurers to replace self-managed deployments, power greenfield implementations, and transition their core business. Thirty-three Guidewire InsuranceSuite clients have chosen Guidewire Cloud, with 12 now operational. For the third year in a row, Guidewire was positioned as a Leader in Gartner, Inc.'s Magic Quadrant for Non-Life Insurance Platforms, Europe1. Furthermore, Guidewire was named a Leader in Gartner, Inc.'s Magic Quadrant for P&C Core Platforms, North America for the sixth time in a row. For the third year in a row, Guidewire was positioned as a Leader in Gartner, Inc.'s Magic Quadrant for Non-Life Insurance Platforms, Europe1. Furthermore, Guidewire was named a Leader for the sixth time in a row in Gartner, Inc.'s Magic Quadrant for P&C Core Platforms, North America2 for InsuranceSuite, and a Challenger for the fourth time in the same report for InsuranceNow. About Guidewire Guidewire is the forum that P&C insurers rely on to effectively participate, evolve, and expand. To offer our platform as a cloud service, we combine digital, central, analytics, and AI. Guidewire is used by over 400 insurers, ranging from start-ups to the world's biggest and most sophisticated. As a supplier to their clients, they are constantly evolving to support their growth. They are proud of our unmatched implementation track record, with 1,000+ active initiatives supported by the industry's biggest R&D team and partner ecosystem. Hundreds of applications are available in their marketplace to help with integration, localization, and innovation.

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Spotlight

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.