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.

Spotlight

A recent roundtable hosted by Insurance Post in association with LexisNexis Risk Solutions saw an expert panel discuss how data enrichment can be used from a post-loss perspective and what this change could mean for the future of property claims. This article provides a summary of the discussion.

Spotlight

A recent roundtable hosted by Insurance Post in association with LexisNexis Risk Solutions saw an expert panel discuss how data enrichment can be used from a post-loss perspective and what this change could mean for the future of property claims. This article provides a summary of the discussion.

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INSURANCE TECHNOLOGY

PolicyMe Launches New Critical Illness Insurance Offering the Most Covered Conditions in Canada for Adults

PolicyMe | November 08, 2022

Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness. “Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.” -Jeff McKay, Co-Founder & CTO of PolicyMe How PolicyMe is building a better Critical Illness Insurance product Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers. From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe. How PolicyMe is bringing more critical illness coverage to Canadians PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions). Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability. Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application. We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro. Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders. 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CORE INSURANCE,INSURANCE TECHNOLOGY

Higginbotham Enters Missouri by Joining Forces with Connell Insurance

Connell Insurance and Higginbotham | December 06, 2022

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CORE INSURANCE

Relation Insurance Services Acquires Garrity Insurance

Relation Insurance Services | November 17, 2022

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