RISK MANAGEMENT,INSURANCE TECHNOLOGY
Insurity | January 13, 2023
Insurity, a leading cloud-based software and analytics provider for insurance carriers, brokers, and MGAs, announced the launch of Sure Premium Audit Analytics on January 12, 2023.
This product is a part of its Sure Premium Audit solution that integrates robust predictive analytics from Insurity Predict into the auditing process to enhance operational efficiency by up to 15%.
Identifying exposure risk in the premium auditing process remains arduous for many P&C carriers. It may be hard or even impossible for premium audit departments to check all of their business. Instead, many carriers' current premium auditing process is highly responsive and based on standard policy features such as premium, location, and industry.
Sure Premium Audit Analytics addresses these issues with robust predictive models and machine learning built on Insurity's 20+ years of industry experience in premium auditing. Carriers can use Sure Premium Audit Analytics to improve their audit workflows with embedded AI and machine learning, allowing them to optimize the premium audit process by forecasting audit results before the audit is even ordered. Additionally, users can simplify the auditing process by developing custom predictive models on a low-code, configurable interface.
Existing Sure Premium Audit customers and P&C carriers can quickly get started with Insurity's turnkey analytics system, which has been fully integrated into the Sure Premium Audit platform. In addition, customers can synchronize these predictive models into any workflow or in-house tool using Insurity Predict.
Chief Insurance Officer at Insurity, Sylvester Mathis, said, "Premium audits can be a time-consuming process, resulting in carriers leaving hundreds of thousands, if not millions, of dollars of missed premium on the table." He added, "Sure Premium Audit Analytics takes the guesswork out of identifying premiums to audit by proactively flagging policies possessing the characteristics to generate exposures outside initial estimates. Audit costs are reduced, or practically eliminated and time-consuming processes are removed by leveraging the most efficient audit methods."
(Source – Businesswire)
Hartford-based Insurity is a top cloud-based software provider for brokers, insurance carriers, and MGAs. Insurity has over 400 cloud-based deployments and is recognized by 7 of the top 10 MGAs and 15 of the leading 25 P&C carriers in the United States. The company is uniquely equipped to offer exceptional value through its unrivaled industry experience, best-in-class digital platform, and the industry's most robust analytics offerings. With Insurity, customers can optimize their operations, focus on their core businesses, and provide superior policyholder experiences.
RISK MANAGEMENT, INSURANCE TECHNOLOGY
Cybercube | January 24, 2023
Accretive Insurance Solutions, a consortium of top-tier, nationally-recognized independent specialty and wholesale insurance carriers and administrators, announced on January 23, 2023, that it has partnered with top-tier cyber analytics firm CyberCube to provide better risk transfer counseling.
Accretive is licensing CyberCube's Broking Manager to assist retail agents and their clients in making better risk transfer decisions. CyberCube's Broking Manager is the company's first software-as-a-service (SaaS) solution designed exclusively for the insurance brokerage sector. It provides a streamlined approach to evaluate potential financial exposure implications from cyber catastrophes, allowing clients to make informed coverage and limit decisions.
CyberCube Sales Manager Nate Brink remarked, “Today, CyberCube's market-leading analytics are helping thousands of insurance buyers quantify their cyber risk exposure. This partnership with Accretive will drive better-informed risk transfer decisions when clients are considering buying cyber insurance."
(Source – Business Wire)
Meanwhile, Rob Roth, Executive Vice President of Wholesale at Accretive, stated, "Accretive is focused on propelling growth for our agencies by providing the best resources and expertise in the industry. CyberCube's analytics will enable us to support our retailers and their insureds in making data-driven decisions and help grow our cyber business."
(Source – Business Wire)
CyberCube provides the insurance industry's best cyber risk analytics. The company's cloud-based technology helps insurance companies place insurance, underwrite cyber risk, and manage cyber risk aggregation by providing best-in-class data access and advanced multi-disciplinary analytics. CyberCube's enterprise intelligence layer gives information on millions of enterprises worldwide and models thousands of technology failure spots. In 2015, Symantec launched the CyberCube platform, which now functions as a standalone insurance firm with an unprecedented data partner ecosystem with support from ForgePoint Capital, HSCM Bermuda, MTech Capital, and Stone Point Capital individuals.
CORE INSURANCE,RISK MANAGEMENT
Inszone Insurance Services | January 09, 2023
Inszone Insurance Services, a national provider of personal and commercial lines insurance, acquired Carmichael Associates, Inc., a long-time employee benefits insurance company.
Inszone will gain from the acquisition of Carmichael because it is well-known among the locally-owned businesses in the Los Angeles area. In addition, the company is popular for its eased and simplified services in managing human resources and determining appropriate insurance plans for the employees and workers of the local business owners.
Carmichael's customers will continue to receive the same level of service under the Inszone Insurance Services brand, located in Lakewood (California). The company offers customers a genuine one-stop buying experience designed to simplify and streamline a complex process.
Employee benefits remain a crucial area of growth for Inszone Insurance Services. As a rapidly growing and expanding insurance service provider in all 50 states of the United States, the company looks forward to the work that will help it achieve its goals and acquire more benefits-focused agencies in the future.
"Carmichael's team of professionals have been exceptional in the field, and we are thrilled to incorporate their innovation into the Inszone's framework,"
- Chris Walters, CEO of Inszone Insurance Services
About Inszone Insurance Services
Founded in 2022, Inszone Insurance Services is a full-service insurance brokerage firm that offers a wide range of property, casualty insurance, and employee benefits solutions. With an experienced management team focused on the goals, it grows organically through acquisitions. With 35 locations in California, Arizona, Utah, Nevada, Colorado, Illinois, Texas, and Missouri, the company is looking to expand further across the country. It is focused on helping each customer understand and make sense of their insurance needs, the coverage they need, and the policy they are buying.