Elpha Secure and Sterling New age have partnered to launch ES-1000, A cybersecurity insurance package

insurancebusinessmag | August 10, 2020

Elpha Secure and Sterling New age have partnered to launch ES-1000, A cybersecurity insurance package
Cybersecurity insurance company Elpha Secure and Sterling New Age Cyber have partnered to launch ES-1000, an all-inclusive, complimentary cybersecurity package. A business would generally spend in excess of $300 per user annually for the protections offered by ES-1000, said Geraldine DelPrete, president of programs for SterlingRisk. From the moment a policy is bound, Elpha Secure focuses on mitigating risk and cyber threat,” DelPrete said. “In addition to performing its initial ES Threat Metric network assessment, Elpha Secure has now rolled out ES-1000, a robust alignment of cyber assessment services, educational resources and expert consultation, all at no additional cost. We see it as a game-changer, elevating cybersecurity insurance to a central role in meeting a company’s total cybersecurity needs.

Spotlight

Like other sectors, life insurance is navigating its way through a wave of new digital technologies. The rapid evolution of InsurTech capabilities is pressuring traditional life insurance firms to adapt to a quickly-changing market that values agility. What is driving these changes? Intensifying competition, margin pressures, advances in technology, and evolving customer preferences. Not to mention, customer engagement metrics are shifting as consumers seek digital touchpoints, hassle-free convenience, and personalization. This report explores critical technology trends to be considered by strategic life insurance executives aiming to future-proof their firms.

Spotlight

Like other sectors, life insurance is navigating its way through a wave of new digital technologies. The rapid evolution of InsurTech capabilities is pressuring traditional life insurance firms to adapt to a quickly-changing market that values agility. What is driving these changes? Intensifying competition, margin pressures, advances in technology, and evolving customer preferences. Not to mention, customer engagement metrics are shifting as consumers seek digital touchpoints, hassle-free convenience, and personalization. This report explores critical technology trends to be considered by strategic life insurance executives aiming to future-proof their firms.

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Hub International Acquires Assets of The Olson Insurance Agency LLC And Insure All LLC

Hub International Limited | November 03, 2020

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the insurance brokerage assets of The Olson Insurance Agency LLC (The Olson Agency) and Insure All, LLC (Insure All). Terms of the transaction were not disclosed. The owner of The Olson Agency and Insure All, Max Olson and Michael Forney, respectively, were each previously part of Nationwide Mutual Insurance Company's (Nationwide) exclusive distribution model and recently transitioned to independent brokers. Both The Olson Agency and Insure All provide personal and commercial insurance services, including home, auto, life and business. The agencies are based in the following cities in Virginia: The Olson Agency in Springfield, Arlington and Woodbridge; and Insure All in Stanley.

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INSURANCE TECHNOLOGY

Patra Partners with expert.ai to Develop Explainable and Practical AI Solutions for Policy Checking

Patra, expert.ai | February 18, 2021

Patra, a main supplier of technology-enabled services for the insurance business, and expert.ai, the chief artificial intelligence solution for natural language understanding and natural language preparing (NLU/NLP), today reported an organization that carries efficiencies to an assortment of insurance processes. This organization conveys AI-powered policy checking to the insurance market today. By brushing expert.ai's technology and expertise alongside the market force of the InsurConneXtions Alliance individuals, extra complex solutions are right now being produced for the business. Guaranteeing exact language understanding at speed and scale, expert.ai empowers worldwide associations to use its develop and demonstrated AI-based natural language (NL) stage to robotize the perusing, understanding, and extraction of significant information from organized and unstructured content to enlarge and grow experiences for each cycle that includes language. By incorporating expert.ai's front line AI capacities, Patra improves quality, lessens contact, and drives out shortcomings during the time spent physically inspecting and cross-approving handfuls to many pages of text for some random policy. These capacities encourage a more profound understanding of information, empowering beforehand unattainable experiences because of the tremendous and complex nature of language semantics. In cooperating, the two organizations are fulfilling the developing requests in the insurance business of utilizing progressed natural language and ML capacities to address difficulties in policy checking hazard openness. With near 80% of the data inside the insurance business being unstructured information, insightful robotization dependent on human-like understanding is a basic factor for upper hand, as it expands limit, decreasing failures and high-hazard weaknesses. By applying the force of artificial intelligence to policy checking, Patra is giving offices, wholesalers, MGAs, and transporters a superior understanding of their book of business and assisting them with understanding estimating practices and inclusion elements by hazard hunger. These abilities will release another age of chances, including proactive warnings versus receptive revelations. "With expert.ai, Patra is unlocking the ability for clients to be alerted of policy inaccuracies, reduce E&O exposures, drive cost savings, create additional value for our services, and push the limits of today's technology," said John Simpson, CEO and Founder of Patra. "Policy Checking has been one of the insurance industry's biggest challenges for decades. Now, with expert.ai and the formation of the InsureConneXtions Alliance, Patra has brought to market a proven leader in artificial intelligence, in addition to partnering with innovators in insurance industry to solve challenges that apply to every policy issued. Policy Checking is just the first of many services we are addressing." "We're honored to join forces with Patra, an innovation leader in insurance services, in delivering the next generation of AI technology for policy checking and review. And we see this as just the first step in working together to power language understanding in any application or process across the insurance value chain," said Walt Mayo, CEO of expert.ai. "The combination of expert.ai's long history of industry-best AI natural language understanding, and Patra's deep process expertise and customer focus creates an incredibly strong foundation for addressing real-world challenges in the insurance industry." About Patra Patra is a leading provider of technology-enabled services to the insurance industry. Patra's global experts' team allows brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers. Patra is also a founding member of the InsurConneXtions Alliance, representing leaders across insurance technology, brokerage, wholesale, and specialty insurance, representing over $50 Billion in Insurance premiums. About expert.ai Expert.ai is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to NL combines symbolic human-like comprehension and machine learning to transform language-intensive processes into practical knowledge, providing the insight required to improve decision making throughout organizations. By offering a full range of on-premise, private, and public cloud offerings, expert.ai augments business operations, accelerates, and scales data science capabilities, and simplifies AI adoption across a vast range of industries, including Insurance, Banking & Finance, Publishing & Media, Defense & Intelligence, Life Science & Pharma, Oil Gas & Energy, and more. The expert.ai brand is owned by Expert System (EXSY:MIL), that has cemented itself at the forefront of natural language solutions, and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, Bloomberg INDG, BNP Paribas, Rabobank, Dow Jones, Gannett, and EBSCO.

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Three major insurance groups push taxpayer-funded pandemic support

National Association of Mutual Insurance Companies, the American Property Casualty Insurance Association and the Independent Insurance Agents & Brokers of America Inc. | May 22, 2020

An alternative federal proposal designed to protect businesses financially was unveiled by three major insurance industry groups. Protection must be purchased at least 90 days before the presidential declaration, according to the proposal. A draft bill outlining the proposed Pandemic Risk Insurance Act of 2020 has been circulating on Capitol Hill. An alternative federal proposal designed to protect businesses financially against widespread economic shutdowns due to a future pandemic was unveiled Thursday by three major insurance industry groups. The Business Continuity Protection Program would provide immediate revenue relief for payroll, employee benefits and operating expenses following a viral emergency declaration by the President, according to a statement from the National Association of Mutual Insurance Companies, the American Property Casualty Insurance Association and the Independent Insurance Agents & Brokers of America Inc. Under the plan, which would be run by the Federal Emergency Management Agency and funded by taxpayer dollars, businesses would purchase revenue replacement for three months’ relief for up to 80% of payroll and other expenses, through insurers that voluntarily participate in the BCPP. Read More: Atlas General Insurance Services announced the formation of the Client Solutions Group Protection must be purchased at least 90 days before the presidential declaration, according to the proposal. Businesses would be required to certify that they would use any funds received for retaining employees and paying necessary operating expenses and that they would follow federal pandemic guidelines. Pandemics simply are not insurable risks; they are too widespread, too severe, and too unpredictable for the insurance industry to underwrite, Pandemics are a national problem, and we need a national solution. - Charles Chamness, NAMIC’s president and CEO The proposal comes after insurer groups indicated they were not supportive of a legislative proposal to create a federal pandemic backstop akin to the Terrorism Risk Insurance program created after the 9/11 terrorist attacks under the Terrorism Risk Insurance Act. A draft bill outlining the proposed Pandemic Risk Insurance Act of 2020 has been circulating on Capitol Hill. “A TRIA-like program, with an industry financial role, does not square with the fundamental notion that pandemics are not insurable risks,” the trade groups said in the statement. Read More: NFS modernized flood insurance space by launching Trident The Risk & Insurance Management Society Inc. said Thursday its external affairs committee will begin reviewing the alternative proposal. “Our support for a PRIA solution doesn’t preclude us from backing other legislative proposals, especially those that are favorable to the risk management community,” said Whitney Craig, RIMS director of government affairs, in an emailed response. Valid use of funds through the BCPP would be audited and enforced through fines, required repayment and criminal penalties, according to information provided by the trade groups. NAMIC, the APCIA and the Big “I” said they will be working with members of Congress and the administration to enact the BCPP AboutNational Association of Mutual Insurance Companies (NAMIC) Founded in 1895, the National Association of Mutual Insurance Companies (NAMIC) is a full-service national trade association serving the property/casualty insurance industry with more than 1,400 member companies that underwrite nearly 40 percent of the property/casualty insurance premium in the United States. NAMIC members are small farm mutual companies, state and regional insurance companies, risk retention groups, national writers, reinsurance companies, and international insurance giants. About American Property Casualty Insurance Association (APCI) Representing nearly 60 percent of the U.S. property casualty insurance market, the American Property Casualty Insurance Association (APCI) promotes and protects the viability of private competition for the benefit of consumers and insurers. APCI represents the broadest cross-section of home, auto, and business insurers of any national trade association. APCI members represent all sizes, structures, and regions, which protect families, communities, and businesses in the U.S. and across the globe.

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