CORE INSURANCE, RISK MANAGEMENT
Verisk | October 12, 2022
Many insurers and reinsurers face challenges when assessing property risks for multiple buildings and units that share a common address. To solve this problem and simplify underwriting and portfolio management processes, Verisk (Nasdaq: VRSK), a leading global data analytics provider, has introduced BINS (Building Identification Numbering System), which utilizes geospatial data and proprietary technology to create an inventory of commercial and residential structures.
Leveraging a database of more than 125 million structures covering all 50 U.S. states, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings.
“For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate, BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation, and a unique identifier per property.”
-Jonathan Holden, vice president of data acquisition for Verisk
Verisk offers a wide range of analytic solutions to help insurers and reinsurers make more informed decisions about risk, streamline workflows, and improve profitable growth. These solutions include robust extreme event models and underwriting analytics for millions of commercial and residential properties around the world.
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.
Kanverse.ai | September 13, 2022
Kanverse.ai, a leading Hyperautomation platform, is pleased to announce that it has joined Guidewire’s Insurtech Vanguards Program. Through Insurtech Vanguards, Guidewire identifies and highlights the hottest insurance technology innovation in the P&C industry. The Insurtech Vanguards program takes this effort to the next level by offering a direct channel - that connects insurers with insurance technology companies. This program ensures that insurers can have exponential business impact through quick and decisive access to disruptive, cutting-edge insurance technology.
“We are honored to showcase our product as an Insurtech Vanguard, Carriers can turbocharge insurance forms processing workflows with Kanverse Hyperautomation. Insurers can seamlessly integrate Kanverse across their business environments and witness zero-touch processing of inbound ACORD and supplemental forms with 99.5% accuracy.”
-Dr. Akhil Sahai, Kanverse.ai CPO and Founding member
We are thrilled to welcome Kanverse.ai to our Insurtech Vanguard Program, We launched Insurtech Vanguards to help P&C insurers gain new visibility into insurtechs’ cutting-edge technology and we are excited to introduce Kanverse to our customers,said Laura Drabik, chief evangelist, Guidewire.
Insurers can now reimagine the insurance submission process with Kanverse. They can process ACORD and other supplemental forms with the Kanverse Insurance Document Processing product powered by hyperautomation. It automates ACORD and supplemental forms' ingestion, classification, and data extraction, approvals and filing. Kanverse Package View groups insurance forms for the submission intake process using AI (Artificial Intelligence).
Furthermore, Kanverse AI can automatically adapt to changes witnessed in insurance forms without manual intervention or fine-tuning the system.
Kanverse.ai, a Hyperautomation company, offers a suite of AI-powered products. Key offerings include AP (Accounts Payable) Invoice Automation and Insurance Document Processing products. Kanverse supports various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touchpoints across document processing heavy workflows.
CoreLogic and Zurich UK | November 07, 2022
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, is pleased to announce that Zurich Insurance UK (“Zurich”) will use CoreLogic’s digital claims workflow and collaboration platform to enhance its claims operations.
In the UK, Zurich provides a suite of insurance products including commercial and retail property insurance. The agreement with CoreLogic will enable Zurich to enhance its existing claims capabilities by digitising processes on a secure, real-time web application – bringing a streamlined and much simpler claims experience for its customers, handlers and key supply chain partners.
The CoreLogic platform helps to standardise claims processing on a single, cloud-based platform, enabling consistent and efficient triaging, for desk based adjusting and settlement and supply chain allocation. Delivering reduced claim lifecycles, greater cost control, enhanced accuracy and transparency into the claims management process, the platform provides a streamlined workflow management solution. This allows users to easily and securely access, share and process information and data, as well as communicate and collaborate more effectively.
“Zurich has a strong reputation for its customer-centric focus and is now looking to enhance the customer experience even further through a faster, streamlined and easy-to-use claims experience. We are delighted that they have put their trust in our claims platform to help them achieve that goal.
-Mark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic
By digitising processes and bringing everyone on to one single platform, Zurich’s teams, suppliers and customers will all benefit from better communication and transparency throughout the whole claims journey. The Claims Connect™ platform enables higher quality data and resultant insights, greater process efficiencies and ensures that customers can receive the help and support they need at a time that suits them. We are excited about bringing our solution’s value to Zurich’s claims teams, suppliers and customers through this new relationship, saysMark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic.
Helen Rogers, Zurich’s Head of Claims Digital Experience, said: This collaboration will benefit both our customers and our supply chain partners. CoreLogic’s technology will enable our teams to speed up the customer journey by putting claims into the right hands, quicker. In addition, we will have a single source of data that will drive greater simplicity and consistency throughout the claims process as well as enhancing supply chain resilience and efficiencies.
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information.
The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, UK and Western Europe, and Asia Pacific.
About Zurich UK
Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK – with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley – Zurich employs approximately 4,500 people in the UK.
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.