Commercial Auto Insurance Market Key Trends, Drivers, Challenges and Standardization To 2019-2025

Market Research Sheets | December 26, 2019

The Commercial Auto Insurance market report [6 Year Forecast 2019-2025] focuses on Major Leading Industry Players, providing info like Commercial Auto Insurance market competitive situation, product scope, market overview, opportunities, driving force and market risks. Profile the top manufacturers of Commercial Auto Insurance, with sales, revenue and global market share of Commercial Auto Insurance are analyzed emphatically by landscape contrast and speak to info. Upstream raw materials and instrumentation and downstream demand analysis is additionally administrated. The Commercial Auto Insurance market business development trends and selling channels square measure analyzed. From a global perspective, It also represents overall industry size by analyzing qualitative insights and historical data.

Spotlight

History of insurance dates back to early human society. Granaries were the earliest form of insurance (riskpooling) which over time adapted by merchants to transport their products on ships. And, in 1968, Lloyds was born in a coffee house. Between 1968 and today, the insurance industry has been working on four fundamental principles of insurance and among them the most prominent is ‘utmost good faith’ or ‘Uberrima fides’. Although the insurance business runs on TRUST, but it has been breached by several times, due to which many insurance companies have paid the fraudulent claims, due to lack of evidences.

Spotlight

History of insurance dates back to early human society. Granaries were the earliest form of insurance (riskpooling) which over time adapted by merchants to transport their products on ships. And, in 1968, Lloyds was born in a coffee house. Between 1968 and today, the insurance industry has been working on four fundamental principles of insurance and among them the most prominent is ‘utmost good faith’ or ‘Uberrima fides’. Although the insurance business runs on TRUST, but it has been breached by several times, due to which many insurance companies have paid the fraudulent claims, due to lack of evidences.

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INSURANCE TECHNOLOGY

Groundspeed and Unqork Form Strategic Alliance

Groundspeed | June 25, 2021

Groundspeed, a leading provider of SaaS-based smart submission and analytics solutions to the property and casualty insurance sector, and Unqork, the leading enterprise no-code platform, have announced a strategic collaboration and integrated offering to commercial insurance firms. Combining two solutions enables carriers to enhance risk selection, reduce time-to-quote, and better serve their customers, all while significantly improving and accelerating their return on investment. Groundspeed is changing the way carriers, brokers, and others use data to improve underwriting outcomes, save costs, and offer better service. Today, one of the essential parts of the underwriting process is assessing submission papers, and existing techniques do not use the value contained in these documents. Groundspeed enables carriers to get deeper insights from data that was previously trapped in unstructured submissions. Its artificial intelligence Rapid Data Pipeline transforms commercial insurance documents, including emails, applications, loss runs, and exposure schedules, into enhanced structured data that can be utilized for underwriting, pre-fill, and analytics. Unqork's no-code visual platform enables companies to create mission-critical apps that can manage the complexity, scalability, and security demands of contemporary businesses – all without writing a single line of code. Compared to coding techniques, insurers can bring solutions to market at least three times quicker and at a third of the cost by using Unqork's pure no-code platform. Unqork's no-code method also results in 600x fewer defects than code-based solutions, allowing for higher-quality apps with considerably less future maintenance. Groundspeed was recognized to FinTech Global's InsurTech 100 for the second year in a row, a select group of industry pioneers in digital transformation. The InsurTech 100 recognizes "innovative use of technology to address a major industry issue, or to create cost savings or efficiency gains across the insurance value chain." About Groundspeed Analytics Groundspeed Analytics is a major supplier of commercial P&C sector SaaS-delivered submission and placement solutions. Insurance carriers and brokers may automate the ingestion and enrichment of information in unstructured submission documents by using Groundspeed's API, the company's enterprise data pipeline solution. API access is provided for Groundspeed's complete solutions. About Unqork Unqork is the industry's first no-code enterprise application platform, allowing big organizations to develop, deploy, and manage sophisticated applications without writing a single line of code. Organizations such as Goldman Sachs, Liberty Mutual, New York, Chicago, and Washington, DC, and Maimonides Medical Center use Unqork's drag-and-drop interface to develop enterprise applications quicker, with better quality, and at a cheaper cost than traditional methods.

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INSURANCE TECHNOLOGY

CoreLogic and QOMPLX Join Forces to Expand Insurance Data and Model Offering

CoreLogic | August 05, 2021

QOMPLX is proud to announce a new relationship with CoreLogic, an industry-leading provider of property intelligence and data analytics, providing industry access to CoreLogic’s Oasis LMF- enabled models via the QOMPLX:OS marketplace. Q:HELM will include access to CoreLogic’s next level contiguous US Earthquake Model and Japan Earthquake Model, which provide insight into the damage that can occur following an earthquake and how aftershocks can amplify the effects months after an event. Similar to QOMPLX’s other collaborations, the relationship with CoreLogic expands the geographic range and catastrophe offerings of Q:HELM. “CoreLogic is seeking to help the market take advantage of the additional flexibility and choice provided by placing its catastrophe models onto the Oasis Loss Modeling Framework. We are delighted to be providing our models as part of QOMPLX offering to further increase that opportunity,” said William Forde, Senior Director, Product Management, Insurance and Spatial Solutions at CoreLogic. Broadly, this relationship will further expand QOMPLX’s offering of cutting-edge insurance data, services, and models to the insurance and reinsurance industry. “We provide a high-performing ecosystem of diverse offerings inside Q:HELM, and the CoreLogic models will be a major addition to the platform,” said Steve Smith, QOMPLX Director, Insurance Product & Modeling. “QOMPLX has an important role to play in bringing together more complete information and insights needed for industry to address broader weather and climate risk challenges on an ongoing basis” said Jason Crabtree, CEO of QOMPLX. The QOMPLX:OS marketplace provides customers access to services that can be purchased on-demand and offers significant advantages to provide more informed insurance underwriting decisions and better risk selection. Key features include: One-Stop Shop – A single platform with a common user interface Mix and Match – Choose offerings based on your specific needs Multiple Contract Options – Customers can pay as you go Diverse Suite of Offerings – Variety in models, data and services This robust offering for insurers and reinsurers is emblematic of QOMPLX’s unique role in risk analytics. We provide solutions to mitigate major long-term risks to capital and climate that are foundational to our modern global economy. The underlying capabilities of the QOMPLX core data factory fuel our cloud insurance risk analytics offering with the ability to rapidly ingest, transform and contextualize data at scale, much faster than traditionally seen across the industry. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy, and protect their homes.

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INSURANCE TECHNOLOGY

PZU group adopts Akur8 to improve the charging process in the Baltic countries

PZU insurance group | September 07, 2021

The Baltic activities of the PZU insurance group, one of the most important financial institutions in Central and Eastern Europe, and Akur8 announce the start of a collaboration aimed at improving PZU's pricing process in two of its entities in the Baltic area. This agreement strengthens Akur8's international reach as a next-generation charging platform, as well as its presence in Central and Eastern Europe. “This new collaboration with PZU represents an important result for Akur8: it marks our entry into the Central and Eastern European insurance market and strengthens our international presence. It also represents a validation of the value of Akur8 for insurers already well positioned in the use of AI applied to internal processes " With 200 years of experience in offering the best protection in the industry to its clients, the PZU Group is one of the leading Polish and Central and Eastern European insurers. By choosing Akur8 to drive the transformation of its pricing process, PZU strengthens its commitment to the adoption of innovation and AI at scale to stay at the forefront of insurance. "We are thrilled to adopt Akur8 as an insurance pricing platform for two important businesses. We are the best technology on the market and this choice further confirms our deeply innovative DNA. PZU Estonia is committed to researching the best insurtechs in the industry to continuously raise its standards. and offer customers the best protection at the fairest rates, "commented Mihkel Uibopuu, CEO of PZU Estonia. "Compared to manual solutions, Akur8 offers a totally innovative approach to pricing, which we believe is particularly interesting to adopt. In terms of speed and performance, the advantages offered are considerable, and the process is solid and secure. Even the collaborative and intuitive interface, the intelligent functions and responsive and competent support were highly appreciated by our pricing teams, "added Julius Kondratas, technical director and member of the board of directors of Lietuvos Draudimas AB. About Akur8 Akur8 is revolutionizing the pricing process of insurance products thanks to transparent AI. The company has developed an exclusive pricing solution, intended for insurance companies, which automates modeling, but without compromising on transparency and total control over the models created, as required by international regulatory bodies. Akur8 is the only solution in the industry to harmonize the actuarial world with that of machine learning. About PZU The Powszechny Zakład Ubezpieczeń SA group (PZU group) is the largest financial institution in Poland and in Central and Eastern Europe. PZU SA is the leader of the group, with traditions dating back to 1803, the year of the creation of the first insurance company in Poland. The PZU group manages consolidated assets for a total value of 90 billion euros. The group enjoys the trust of 22 million customers in five countries and offers products and services to customers in the retail and commercial sectors, as well as small and medium-sized enterprises. By diffusion and number of customers, Poland represents the core market of the PZU group, but its subsidiaries play an important role in areas such as Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU scored 92% and 100% in aided recognition, thus establishing itself as Poland's most recognized brand. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it is among the leading stocks in the blue chip segment with the largest capitalization since the start of listing.

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