Frank Cowan launches new cyber insurance product

Insurance Business America | April 16, 2019

Frank Cowan Company has unveiled an enhanced cyber product designed specifically for public entity, non-profit organizations, as well as similar other specialty classes of businesses. The new product, backed by AXA XL’s syndicate 2003, features all-inclusive limits available up to $1 million for standard coverages, with higher limits and optional coverage available. A release noted that Cowan has broadened its policy definition of a computer system in terms of scope and coverage “beyond the insured shown on the declaration page.” Clients will also have access to education, advice, contract reviews, and complimentary templates to prepare and recover from a cyber incident. In addition, client get to connect with Crawford & Company – the cyber loss service provider of Frank Cowan Company. “Municipalities and not-for-profits are not immune to cyberattacks. In fact, we’ve seen an uptick in the number of attempts and incidents over the past year. We no longer recognize cyber as an emerging threat, but rather a real risk that every organization should address in their business plan.

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

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Nearmap Launches AI Products to Improve the P&C Insurance Claims Experience

PRnewswire | July 19, 2023

With the 2023 natural disaster season upon us, property and casualty (P&C) insurers are now, more than ever, aware of the increased strain recent catastrophes, like Hurricane Ian, have had on their business. Nearmap, a leading location intelligence and aerial imagery solutions provider, aims to alleviate some of that pressure by revolutionizing how P&C insurers respond to catastrophes. Today, the firm is announcing an enhanced post-catastrophe response solution, which combines industry-leading Nearmap ImpactResponse post-catastrophe imagery with two new products--Nearmap ImpactTriage AI and Nearmap ImpactAssessment AI. This new solution equips insurers with a more robust set of AI-derived property insights all in one place, enabling them to address damage and get a head start on claims. Don Weigel, Chief Product Officer, said: "As we see a growing number of natural disasters, our role at Nearmap has expanded from monitoring the evolution of towns and cities to also supporting disaster response efforts. We have a unique combination of ultra-efficient cameras, fast imagery processing, and industry-leading deployment of AI. These new solutions allow Nearmap to be there supporting organizations at all stages as they respond to catastrophe, process claims, and help communities to recover." Together, the post-catastrophe products from Nearmap provide industry-leading aerial imagery and AI-derived damage assessment data to support all stages of the post-catastrophe claims workflow. Nearmap ImpactResponse Nearmap ImpactResponse, the flagship post catastrophe product, delivers high-resolution, post-catastrophe aerial imagery faster than any other solution on the market. With Nearmap ImpactResponse, in-person inspections—often dangerous, time-consuming, or prohibited—are no longer the most viable option. The level of detail provided by Nearmap ImpactResponse is unprecedented, consistently delivering the sharpest post-catastrophe imagery at sub-3" per pixel since its launch in 2021. Derived from Nearmap ImpactResponse imagery, come the two new products: Nearmap ImpactTriage AI Nearmap ImpactTriage AI provides damage classification that allows insurers to quickly identify impacted properties after disaster strikes. Delivered via API following a catastrophe, ImpactTriage AI data gives carriers a jumpstart toward recovery efforts—allowing them to prepare for claims and assign adjusters. Nearmap ImpactTriage AI provides insurers a categorization of the damaged locations, enabling insurers to systematically prioritize and allocate limited resources. A three-tier damage classification (No Damage, Partial Loss, and Total Loss) supports prioritization of resources and services according to damage severity. A five-tier FEMA-based damage classification (No Damage, Affected, Minor, Major, and Destroyed) additionally supports more accurate estimates of financial impacts at the claim and event levels. The new product supports insurers in their ability to automate claims, proactively process total losses, and deliver policyholder settlements before a claim is filed. Nearmap ImpactAssessment AI Nearmap ImpactAssessment AI is a robust collection of AI-derived condition and damage data that allows insurers to quickly and more accurately analyze vast amounts of post-catastrophe imagery and to pinpoint relevant details that could easily be missed in onsite or manual reviews. Insurers can compare these insights with pre-catastrophe data, when available, to reduce fraud. The set of AI-derived attributes includes roof damage, temporary and permanent repairs, structural damage, debris, wreckage, and more. With disaster season in motion, the ability to rapidly scope impact, engage proactively with customers, process claims swiftly, and manage post-catastrophe costs are not only business essentials—they are promises to policyholders. "After a hurricane, it's like a warzone," said Noel Bunol, Executive Vice President, Gulf States Insurance. "We can't get in there by vehicle. Nearmap imagery allows us to see the damage from above. We can view entire neighborhoods to see how hard they were affected; if powerlines are down and start to determine where to send resources." About Nearmap Nearmap provides easy, instant access to high-resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in the United States, Canada, Australia, and New Zealand several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data-driven insights—enabling informed decisions, streamlined operations, and better financial performance. Founded in Australia in 2007, Nearmap is one of the largest aerial survey companies in the world.

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NSM Insurance Group Acquires Shield Commercial Insurance Services

PRnewswire | July 11, 2023

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Core Insurance, Insurance Technology

Securian Canada Selects the FINEOS Platform to Expand Disability Management Offering

Businesswire | July 18, 2023

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