Frederick Mutual enters commercial agreement with AI start-up

Frederick Mutual Insurance | September 18, 2019

Frederick Mutual Insurance Company has signed a commercial agreement with Betterview – a start-up that develops solutions for the property insurance market – to leverage the latter’s AI-powered property risk management platform. Terms of the agreement were not disclosed. Through the agreement, Frederick Mutual will utilize Betterview’s property analytics to enhance the lifecycle of its policies – from loss control and underwriting to claims and catastrophe response. Betterview’s platform is used by personal lines and commercial lines carriers to identify and score roofing conditions, as well as other related property risks. The start-up makes this possible through the use of machine learning and computer vision to analyze aircraft and satellite imagery. The data from the images is then combined with data on building records and weather history to determine the roofing’s characteristics and condition, as well as the risk of future loss.

Spotlight

Medicalchain will enable users to give conditional access to different healthcare agents such as doctors, hospitals, laboratories, pharmacists and insurers to interact as they see fit. Each interaction with their medical data is auditable, transparent and secure, and will be recorded as a transaction on Medicalchain’s distributed ledger. During this process, the patient’s privacy is protected at all times. Medicalchain is built on the permission-based Hyperledger Fabric architecture which allows varying access levels; users control who can view their records, how much they see and for what length of time.

Spotlight

Medicalchain will enable users to give conditional access to different healthcare agents such as doctors, hospitals, laboratories, pharmacists and insurers to interact as they see fit. Each interaction with their medical data is auditable, transparent and secure, and will be recorded as a transaction on Medicalchain’s distributed ledger. During this process, the patient’s privacy is protected at all times. Medicalchain is built on the permission-based Hyperledger Fabric architecture which allows varying access levels; users control who can view their records, how much they see and for what length of time.

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Setoo, an E-Commerce Insurtech Pioneer, will Merge with Pattern Insurance Services, Creating an Embedded Insurance Global Leader

Setoo, Pattern Insurance | July 19, 2021

Setoo, an embedded insurance pioneer, announced today that it has entered into a merger agreement with Pattern, an insurtech startup that has emerged from stealth mode. Pattern will be the name of the joint venture's activities in Europe and the United States. Pattern will assist companies in generating new revenue streams and increasing customer satisfaction by transforming all of their online transactions into protected experiences without the need to be an insurer. Pattern will provide a one-stop-shop for embedded insurance products, enabling businesses to provide a fully protected buying experience for their customers, along with real-time underwriting data for a frictionless buying process, as a result of a merger. The fully automated, embedded insurance-as-a-service platform enables businesses to create and distribute unique and personalized insurance products autonomously. Pattern's coverages include parametric and traditional insurance products, which are seamlessly offered by businesses to their customers while fully compliant with local regulations. In addition, Pattern requires companies to protect customers from unforeseen changes in plans, inclement weather, utility outages or surcharges, shipping delays, and other factors. The two companies have received a total of $25 million in funding since their start, including a recent seed round of $10 million for Pattern. In addition, Kamet Ventures, the venture builder where Setoo was incubated, Comcast Ventures, MS&AD Ventures, Foundation Capital, FinTLV, TechAviv Founder Partners, Kli Capital, Abstract Ventures, and others have invested in the joint venture. The merger is expected to be completed by the end of August. Pattern will be insured by AXA, Spinnaker Insurance Company, Wakam, and others after the merger. About Setoo Setoo enables e-businesses to develop and offer personalized protection products, increase revenue from ancillary services, and provide an exceptional customer experience. E-businesses can use Setoo's platform to create new, super-targeted parametric and traditional insurance products in minutes, address actual concerns, and generate automatic compensation without requiring consumers to take any action. Setoo serves high-profile clients such as Amadeus and LMN as an insurance Managing General Agent (MGA) in the EU and the UK. About Pattern Pattern is a one-stop-shop for innovative parametric and traditional insurance products that enable businesses to provide their customers with a fully protected digital buying experience. Pattern's coverage includes utility outages, weather incidents, and much more. Pattern is nearing the completion of its operational deployment as a US MGA.

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NAU Country Launches Grain Cart Reporting with Agrimatics™

NAU Country Insurance Company | September 08, 2021

NAU Country Insurance Company, one of the largest crop insurance providers in the U.S., and Agrimatics, a leading agricultural software technology company, announced a partnership to help their customers – the American Farmer – more efficiently report production for their crop insurance policies. This partnership certifies the digital file output from Agrimatics' Libra Cart is compatible with NAU Country's EASYwriter Pro® processing and adjusting suite of software. This certification means that farmers now can transfer their on-farm storage production information easily from field to truck to their crop insurance agent or adjuster. In turn, that data will be imported into NAU Country's system where the agents and adjusters will associate it to the corresponding unit and location. As always, farmers have complete control on what information (if any) will be shared with NAU Country's system. Agrimatics' Libra Cart is a tablet and smartphone-based grain cart weighing and data management system. The Libra Cart hardware device mounts directly onto a grain cart and wirelessly communicates with the Libra Cart app running on a compatible mobile device in the tractor cab. Libra Cart's patented technology simplifies and streamlines harvest data management, providing load tracking from field to truck to destination. NAU Country is America's original Multi-Peril Crop Insurance (MPCI) company and one of the largest federal crop insurance providers in the United States, specializing in MPCI, Crop-Hail, and Named Peril insurance products. The company is part of QBE Insurance Group Limited, a global insurance leader focused on helping customers solve unique risks worldwide. "We're about keeping crop insurance simple," said NAU Country Chief Marketing and Technology Officer, Michael Deal. "NAU Country thrives on creating agricultural risk management tools through the use of technology and customer service," added Deal. "The integration with Agrimatics empowers our insureds to utilize technology to efficiently report production data while in the office, in the field, or on the go. Creating happier customers and agents." About Agrimatics™ Agrimatics is Bitstrata Systems' agriculture brand, which focuses on creating smarter, simpler equipment monitoring, control, and data management solutions for farmers and their farms. Located in Saskatoon, Saskatchewan, Bitstrata rests in the agricultural heartland of Western Canada. The Bitstrata team has decades of collective experience creating and delivering products for the tough environments of the agricultural, telecommunications and weighing industries worldwide. About NAU Country NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 800 field and office staff across the country. As a division of QBE Insurance Group Ltd., a leading global insurer, NAU Country has the financial strength for today's insurance environment.

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AXA XL Announces Key Leadership Appointments in Aerospace Underwriting

AXA XL1 INSURANCE | January 11, 2022

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