Chubb allegedly hit by infamous cyberattack

Chubb | March 27, 2020

The hackers responsible for the Maze ransomware have claimed that they have hit major insurance company Chubb. The cyberattackers posted news of the attack on their website, claiming that they managed to encrypt devices on Chubb’s network this month. Bleeping Computer reported that as part of their modus operandi, the Maze hackers steal files from their victims before locking the devices with ransomware-based encryption. The stolen files are then used as leverage by the Maze hackers, who threaten to make the data public unless the victims pay the ransom. Maze has yet to publish any of the data they allegedly stole from Chubb, but the hackers have posted the email addresses of CEO Evan Greenberg, COO John Keogh, and vice-chairman John Lupica. It should be noted, however, that these emails are already publicly available on websites and Maze’s posting does not constitute evidence that the insurer’s computers were encrypted.

Spotlight

In an infographic, they look at the latest trends in directors & officers liability insurance including merger objection, securities class action, and derivative shareholder action. They also examine the general composition of cases from 2011 to 2016.

Spotlight

In an infographic, they look at the latest trends in directors & officers liability insurance including merger objection, securities class action, and derivative shareholder action. They also examine the general composition of cases from 2011 to 2016.

Related News

RISK MANAGEMENT

JENCAP GROUP ACQUIRES INTERNATIONAL ASSURANCE OF TENNESSEE, Expands Medical Stop-Loss Capabilities

Jencap Group LLC | January 04, 2022

Jencap Group LLC (Jencap) has agreed to acquire International Assurance of Tennessee (IAT), a Managing General Underwriter (MGU) specializing in Employer and Medical Stop Loss Insurance. IAT will operate under the auspices of the Jencap Program Administrators LLC division. “The rapidly changing landscape of the insurance industry demands precision and expertise. When you integrate IAT’s niche specialization and proven success into Jencap’s established Stop Loss book of business, we will better serve the growing market demand for Stop Loss Insurance by providing additional resources and an expanded geographic footprint to our agency partners.” -John Jennings, Chief Executive Officer of Jencap IAT is one of the longest standing MGU’s in the business, with its principal office located in Franklin. “For nearly 40 years, our team at IAT has exceeded our agency partners’ expectations by staying true to our product, providing unparalleled service, and remaining consistent in our approach. Partnering with Jencap will offer amplified growth and expansion for IAT and allow us to capitalize on new Stop Loss opportunities in the marketplace.” -TN. Bob Baisden, President and Founder of IAT About International Assurance of Tennessee Founded in 1984, International Assurance of Tennessee is one of the oldest Managing General Underwriters in the business. They write Employer Stop Loss and Medical Stop Loss Insurance for prisons and jails. About Jencap Group Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 17,000 independent agency partners.

Read More

INSURANCE TECHNOLOGY

Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle

Shift Technology | January 28, 2021

Shift Technology, a supplier of AI-driven decision automation and optimization solutions for the global insurance industry, today declared availability of both new products and moves up to existing solutions inside the Shift Insurance Suite (Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle). The Shift Insurance Suite is a bunch of cloud-based AI solutions which backing improved decision making by insurance representatives across divisions. Shift spearheaded the utilization of Artificial Intelligence (AI) to help insurers not just better spot possible fraud in the claims cycle yet in addition settle on more educated decisions about how best to react to these dubious claims. The capacity to rapidly decide whether a claim ought to be explored and assuming this is the case, recognize the ideal analytical methodology infuses huge productivity and exactness into the general claims measure. The organization based on its achievement in fraud detection to address the insurance industry's longing to eliminate grating from the claims cycle and advance toward low-contact, no-contact, and completely computerized claims settlement from first notice of loss (FNOL) through to payment. Today, Shift Claims Automation and Shift Claims Fraud Detection are the lead products in the Shift Insurance Suite. "AI is ideally suited to help insurance professionals make the best decisions possible in support of their customers and their business," stated Marcel Gordon, vice president, Product, Shift Technology. "The ability to ingest and organize massive amounts of structured and unstructured data, understand relationships and connections between individuals, and then do sophisticated analysis enables Shift to provide insurers with a new generation of tools. Shift is putting AI in the hands of operational teams at insurers around the globe." With the declaration of the Shift Insurance Suite, the organization is expanding on its accomplishment in fraud detection and claims automation with the presentation of new products focusing on extra cycles in claims and across the approach lifecycle. To help workers all the more rapidly and precisely recognize openings for subrogation, the organization is presently offering Shift Subrogation Detection. Outside of claims, Shift Underwriting Fraud Detection is intended to give basic data valuable in concluding whether to give insurance inclusion to an individual or business. The organization's new Financial Crime Detection product underpins against illegal tax avoidance, worker fraud detection, and other consistence activities. Shift's products are explicitly intended to incorporate with, and increase the value of, existing center claims management systems. "Insurance is a business of decisions, and making the optimal decision can drive incredible benefits," explained Eric Sibony, chief scientific officer and co-founder, Shift Technology. "Through our work with some of the leading insurance companies in the world we have been able to demonstrate the exceptional power of AI to both optimize and fully automate some of the most important insurance decisions, driving significant value for carriers and their policyholders." To address the decision optimization and automation necessities of the global insurance industry, Shift has assembled its solutions around a powerful AI decision engine that can break down numerous sorts of structured and unstructured data given by the insurer, the insured, and/or external third parties. This may incorporate claims data, including claims handlers' notes, photos and other checked pictures, and unique reports, to give some examples. Shift has reliably exhibited its solutions beat decides based just methodologies that can't coordinate the precision and productivity given by insurance-explicit AI. At press time, the organization has insurers at different phases of sending for every one of its decision automatization and optimization products. The Shift Insurance Suite is comprised of: Shift Claims Fraud Detection: This award-winning technology is in use by more than 80 of the world's leading insurance companies including CSAA Insurance Group and MS & AD Insurance Group to name only a few. On top of the proven capability to detect fraud using data and documents, new capabilities introduced with the launch of the Shift Insurance Suite put the power of Shift's rich insurance data model, with all of the insurer's data denoised, reconstructed and linked together, in the hands of investigators. There is expanded support for the use of images and documents in the detection of fraud, as well as visual exploration of data using a network graph and the ability to search and browse through the complete data model. Shift Claims Automation: Available in two deployment models - Digital Journey and Augmented Adjustment - this solution uses AI to automate the claims process from FNOL through to final settlement. Digital Journey empowers policyholders directly, delivering a self-service claims experience - FNOL, tracking and settlement - with AI decision-making built in. The claims experience is customized to each insurer to match their claims process, handling policies and branding. Augmented Adjustment integrates AI-supported decision making directly into the Claims Management System, decreasing turnaround time and optimizing claims handlers' time during the claims process. Through its application of advanced OCR technology, Shift Claims Automation is particularly focused on removing the need for manual document review throughout the claims process. Shift Subrogation Detection: This new addition to the Shift Insurance Suite uses AI to quickly and accurately discover opportunities to recover costs from third parties. The technology not only finds those claims for which subrogation is possible but also generates actionable cases supported by concrete evidence. Shift Subrogation Detection improves on manual and simple rules-based subrogation identification processes by focusing on coverage (reviewing every single claim), consistency (checking against known subrogation scenarios) and precision (leveraging internal and external data, from police reports to recall lists, using AI). The result includes reduced claim loss and improved deductible recovery, while freeing the claims team to focus on resolving claims. Shift Underwriting Fraud Detection: Designed to optimize decision making at the point of sale, Shift Underwriting Fraud Detection applies AI to the policy underwriting process to detect inaccurate or non-compliant policies. Actionable alerts help to minimize fraudulent policies, avoid undesired risks, and assign appropriate premiums. Shift Underwriting Fraud Detection leverages Shift's rich data model, sophisticated data analysis and deep insurance expertise to give the Underwriting team a complete view of the policy, policyholder and risk while highlighting anomalies. First Central has adopted Shift Underwriting Fraud Detection to support the carrier's auto line of business. Shift Financial Crime Detection: Insurance is a critical part of the financial system, resulting in significant scrutiny from regulators. Shift Financial Crime detection enables insurers to better understand the status of all participants in its ecosystem, including employees, to identify and investigate potential criminal behavior, including money laundering. Shift Financial Crime Detection addresses these challenges for insurers, who have little transaction data to rely upon, by making maximal use of internal and external data about all participants in the insurance process. Used together with Shift's fraud solutions, Shift Financial Crime Detection enables insurers to build an overall picture of - and response to - risk from bad actors across their business. About Shift Technology Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.

Read More

Roamly and Wheelbase Partner to Bring New Digital RV Insurance Offerings to Professional Rental Operators

Wheelbase | January 27, 2022

The insurtech company Roamly today announced its new professional insurance product for the rapidly growing market of professional RV rental companies worldwide. Wheelbase, the professional software product for RV fleet operators, will now embed Roamly into its software to make insurance painless, simple, and economical. New, tailored RV insurance product brings digital insurance to commercial RV operations. The new partnership offers Roamly, the only tailored RV insurance product, directly to commercial RV rental operators, tour companies, and booking agencies. In addition, Roamly is made available directly from the software for any consumer who books trips and vacations through a rental company utilizing the Wheelbase software. With embedded digital insurance, commercial RV operators and their customers no longer have to navigate insurance solutions that can be costly, cumbersome, and complex. Roamly also includes trip cancellation coverage and interior damage coverage for renters – making for a seamless and worry-free vacation for travelers. Roamly also provides benefits that reimburse the traveler for unused, prepaid, and non-refundable insured travel arrangements. "With the growth of commercial RV rental operations worldwide stemming from an environment where people want to travel, as well as the dominant position that Wheelbase enjoys in the professional market, this partnership made logical sense for consumers who want an easy-to-book and fully protected trip without the arduous task of sorting out insurance with agents and brokers," - Roamly's Chief Insurance Officer Aaron Ammar. Now consumers have a way to protect their trips, and fleet operators can focus on customer operations without chasing insurance products through insurance carriers, which are commonly expensive and complex to purchase. Operators utilizing Wheelbase software and Roamly insurance include Road Adventures by Mark Wahlberg, a rapidly expanding RV rental business in Ohio partially owned by Hollywood actor Mark Wahlberg. "When you dive into the RV rental business, it is a priority for your fleet to be insured both during and outside of rentals to mitigate all risks, It can be a bit gut wrenching to hand your keys over to a stranger, and hope they will properly care for your unit. However, utilizing Roamly insurance for both our renters and our company has cultivated a peace of mind for us. The transition was seamless and simple, and the Wheelbase team was there to help every step of the way." -Chris Haydocy, Managing Member of Road Adventures by Mark Wahlberg. In 2021, more than 240 new companies started using Wheelbase software to run their business – amounting to roughing one new RV rental business onboarded every other day. Roamly has grown rapidly over the past year. Having recently come out of beta, it's already produced more than $7M in written premium. About Roamly Roamly is the first RV-focused insurtech in the world, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles which are affirmatively allowed to be rented on platforms like Outdoorsy. For more information, visit www.roamly.com. About Wheelbase Wheelbase is the RV industry's most powerful fleet management and rental software that streamlines the way small, medium, and large RV businesses operate. Wheelbase provides RV rental companies with a cloud-based complete suite of rental management tools to optimally run businesses from the first point of customer contact to key return. The software provides rental companies with fleet management, payment processing, web hosting, online booking, insurance protection for domestic and international renters — all from one simple dashboard. The software is used by 1,000+ companies in the US, Canada, Australia and throughout Europe.

Read More