CyberCube launches new edition of cyber accumulation model

CyberCube | April 20, 2020

Cyber analytics provider CyberCube has released an updated version of Portfolio Manager, a cyber risk platform for insurers, reinsurance brokers and reinsurers. Portfolio Manager allows insurers to stress test reinsurance portfolios against a spectrum of cyber-related scenarios, including data breaches, cloud outages, global ransomware attacks and financial fraud. The tool, first launched in 2018, was the world’s first fully probabilistic cyber catastrophe model. CyberCube said that it has worked with leading market participants over the last two years to develop the latest edition of the cyber catastrophe model.

Spotlight

Zach Patten, President of Oak Grove Insurance, provides information on a recent auto claim that he filed for an insurance loss with his personal vehicle. In this video, he discusses the importance an individual or family having the appropriate coverage for their needs. Here, he states that rental reimbursement coverage protected him and his family from paying large expenses out of pocket while his personal vehicle was being repaired over a 15-day period.

Spotlight

Zach Patten, President of Oak Grove Insurance, provides information on a recent auto claim that he filed for an insurance loss with his personal vehicle. In this video, he discusses the importance an individual or family having the appropriate coverage for their needs. Here, he states that rental reimbursement coverage protected him and his family from paying large expenses out of pocket while his personal vehicle was being repaired over a 15-day period.

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INSURANCE TECHNOLOGY

CogniSure AI Announces Solution Partnership With Duck Creek Technologies for Transforming Unstructured Submission Data Into Risk Insights

Duck Creek Technologies and CogniSure | September 15, 2022

CogniSure Submission Ingestion API allows commercial insurance carriers quicker access to risk insights buried in submission emails and attachments such as Loss Runs and SOVs. CogniSure AI, an Illinois-based corporation, has entered into partnership with market-leading insurance software provider Duck Creek Technologies, which allows insurance companies to exponentially gain underwriting efficiencies while enhancing their risk decision-making capabilities. CogniSure AI's algorithms extract data from complex submission documents such as applications, schedules, SOVs and loss runs into structured formats and further derive risk insights for underwriter consumption. Duck Creek customers can easily integrate CogniSure AI's Submission Ingestion APIs through its Marketplace. With ever-increasing risk complexity and customer expectations, it's important that underwriters focus their time on risk assessment and nurturing relationships rather than manually extracting and aggregating data buried in PDF/Excel documents attached to submissions. PropertyCasualty360 reported that commercial insurers receive roughly 100 million submissions each year; as such, underwriters are extremely selective as to which risks they are willing to work. A majority of the commercial submissions come in emails, and unstructured data is one of the biggest challenges to digitization of commercial underwriting operations. "Unstructured Data ingestion is a big challenge for property and casualty (P&C) insurance carriers, and we are excited to have CogniSure AI join the Duck Creek solution partner ecosystem. CogniSure AI drives significant operational efficiencies and helps underwriters make better risk decisions by providing access to data that is buried in unstructured documents." - Robert Fletcher, Head of Global Partnerships at Duck Creek Sai Raman, Founder & CEO, CogniSure, said, We're really excited to roll out our submission intake solution for Duck Creek customers. We believe it's a tremendous opportunity to complement the Duck Creek platform and drive the automation of underwriting submission processes. We have invested significantly to pre-train our solution through large volumes of insurance documents such as loss runs and schedules to make it production ready and deliver best-in-class precision and responsiveness. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. About CogniSure The CogniSure AI platform provides actionable insights from unstructured data buried in insurance documents such as submissions, loss runs, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data extraction and provides unrivaled insights to address the complexity of insurance document processing.

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CORE INSURANCE

The Standard Partners with Noyo to Modernize the Customer Experience

The Standard and Noyo | October 21, 2022

Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, has entered into a strategic partnership with Noyo. This partnership reinforces The Standard's commitment to digital transformation by bridging member enrollment and eligibility data across benefits technology platforms. The solution will enable faster group connection and processing times, as well as decreasing operational overhead for benefits administration. By incorporating Noyo's capabilities around handling, standardizing, and transmitting data quickly and accurately, The Standard is making it easier for employers to administer their benefits and employee enrollments and reducing data issues that can disrupt coverage. The partnership will provide an enhanced billing experience and access to data, allowing information to pass quickly and seamlessly between stakeholders. “The Standard is making a significant investment in our group insurance business to transform the way we connect with and provide service to our customers, We are investing to deliver a superior outcome for our customers through a unique combination of expertise, caring and digital experience." -Jill Schlofer, second vice president of Implementation and Enrollment for The Standard Key Partnership Benefits Streamlines member maintenance updates including open enrollment, new hires, qualifying life events and demographic and termination changes across all group sizes. Allows brokers to connect clients faster, spend more time advising their clients and less time on administration. Performs member enrollment data audits to ensure eligibility changes are processed quickly and accurately. I am incredibly excited to see an insurance carrier with more than a hundred years of history adopt the technology of the future, We look forward to transforming the way key benefits data is managed and enabling The Standard to focus on their mission to protect the lifestyles of their customers,said Shannon Goggin, CEO at Noyo. About The Standard The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals. About Noyo Noyo is the modern data infrastructure that makes frictionless employee benefits possible. Founded by leaders in benefits, insurance and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry with seamless digital connectivity. With Noyo, crucial benefits data is instantly available anywhere it’s needed, unlocking new possibilities for how benefits are designed and delivered.

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AUTOMOBILE INSURANCE

Verisk launches EV Database for UK and Irish motor insurance markets

Verisk | October 17, 2022

The number of electric vehicles sold in the UK and Ireland continues to rise. The risk profile of cars on the road is changing, making access to technical electric vehicle data critical for insurers and brokers. To help support strategic underwriting and pricing decision making, Verisk (Nasdaq: VRSK), a leading global data analytics provider, announced the launch of its Electric Vehicle Database for the UK and Ireland. Verisk’s Electric Vehicle Database is a proprietary, technical dataset for all new and existing models of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The Database provides insurers, brokers, and MGAs with a pivotal advantage in the electric vehicle space, with access to over 175 technical attributes. These attributes include an EV’s battery, efficiency, and performance, as well as information on each vehicle’s acceleration, top speed, range of a single charge in different conditions, battery capacity, charger location and warranty period. “We’ve entered the electric motor age, and Verisk is uniquely equipped to help insurers to create new rating attributes for prediction of risk associated with EVs, Verisk is working with its customers to bring new datasets and services that help them to continue to make well-informed decisions as technologies and regulations change.” -Jonathan Guard, commercial director, Ireland, Verisk All of the electric vehicle datasets are available via batch append services or through Verisk’s Data Insight Hub, a continuously expanding source of insurance data and analytics accessible at any part of the customer journey, including the point of quote. Verisk is a leading provider of motor vehicle data and services to insurers, MGAs and brokers in the UK and Irish market. Such services include matching vehicle registrations to rating code groups, claims alerts, technical data and new datasets such as windscreen data. The Verisk Data Insights Hub provides these datasets and services, including the Electric Vehicle Database in a fast automated API service that meets the needs of the market’s point of quote services. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

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