Cision PR Newswire | September 09, 2020
Vitech Systems Group announced today that Prudential Group Insurance has signed a long-term contract to use Vitech's V3locity® as Prudential's new core administration platform across its entire group insurance business. Prudential will use V3locity to administer a broad range of insurance products including Accident, Critical Illness, Hospital Indemnity, Term Life, Short and Long-Term Disability, Universal Life, Variable Universal Life and more. The insurer's decision to leverage V3locity across its entire group insurance business is aligned with Prudential's overall growth and transformation strategy and follows the successful implementation of V3locity for its voluntary benefits business in May 2019.
Lloyd | July 13, 2020
Centuries-old exchange Lloyd’s of London will be focussing on its core markets, announcing a strategy that will see the world’s specialist insurance marketplace relinquish US admitted licenses. In a market bulletin issued by syndicate capability oversight head Peter Montanaro, Lloyd’s said it will be strengthening its focus on the US reinsurance and excess & surplus (E&S) insurance market “where it is the market leader,” in a move that will be carried out by relinquishing admitted licenses in the US Virgin Islands, Kentucky, and Illinois.
Farmers Insurance | September 21, 2021
Farmers Insurance® today announced plans to use a digitally controlled mobile robot to assist with in-field catastrophe claims handling and non-catastrophe property inspections, helping to improve the safety and efficiency of both while becoming one of the first national P&C insurers to deploy a robotic quadruped.
Created by Boston Dynamics and customized for Farmers®, "Spot" will join claims personnel beginning as early as fall 2021 to help assess damage from catastrophes such as hurricanes, tornadoes, earthquakes, and wildfires. The robot's agility, advanced mobility, and perception to navigate various rough terrain will allow it to access spaces and environments inaccessible for claims employees. Spot will be equipped with a variety of sensors and cameras, including a 360-degree camera and site documentation software to help reduce the time required to capture data and augment the in-field claims review process.
Spot may also help claims adjusters collect critical data and assist with claims handling optimization to serve impacted customers more efficiently. Additionally, the robot may be utilized to handle non-catastrophic events such as structure fires, collapsed structures, water loss, or other potentially hazardous environments in the future.
Farmers focus on enhancing human-powered technology has led the organization to this very exciting milestone where we're able to utilize new and emerging technology like a robot to further strengthen our commitment to our customers, all while helping to keep our employees safe. Adding such a dynamic robot to our stock of evolving tech such as drones and satellite imagery will help us build on our legacy and deepen our commitment to customers.
- Samantha Santiago, Head of Claims Strategy and Automation at Farmers
Farmers efforts in the area of technology are driven by its long history of innovating for the customer and its employees. In recent years, the organization introduced a robust aerial imagery program leveraging drones, manned aircraft and satellite technology to help enhance claims operational efficiencies. Farmers also announced in late 2017 the deployment of a virtual reality (VR) program to help train claims representatives for home damage assessments. The VR program is still being used today and has been a vital technological asset to continue to train claims adjusters during the ongoing COVID-19 pandemic.
In addition to utilizing Spot for in-field claims use, Farmers will explore applications that could help first-responder organizations during scenarios such as post-event search and rescue operations, accessing areas to assess danger for first responders or others, and/or pre-inspections to assess safety for anyone in the general vicinity.
About Farmers Insurance
"Farmers Insurance®" and "Farmers®" are tradenames for a group of insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services products. Farmers Insurance Exchange®, the largest of the three primary insurers that make up Farmers Insurance, is recognized as one of the largest U.S. companies on the 2021 Fortune 500 list.