CORE INSURANCE,INSURANCE TECHNOLOGY
HSB | December 07, 2022
Specialty insurer HSB today announced an agreement with IronSDN, Corp., to add app-based cyber risk management tools to HSB’s coverage for consumers and their families.
WhiteHaX® CyberSafe, developed by IronSDN, is an advanced risk verification and protection app for smartphones and other personal devices that is easy for customers to use.
The app is available to individuals insured by HSB’s Home Cyber Protection™, which is added to the homeowners policies of personal lines insurers that work with HSB.
The WhiteHaX app also will be available as part of HSB’s new personal standalone cyber insurance program, MyCyberProtection™, through HSB’s insurance affinity group and digital partners.
“With billions of connected devices in use, cybercriminals are targeting individuals more than ever before, The WhiteHaX CyberSafe app puts the power of privacy and cybersecurity in the hands of our customers, so they can keep ahead of today’s constantly changing cyber risks.”
-Jeffrey O’Shaughnessy, senior vice president of HSB, part of Munich Re
Cyber Protection at Home and Away
The WhiteHaX app analyzes the security of iOS and Android devices, including mobile phones, and tablets, with proprietary threat intelligence that is updated daily to help prevent phishing, malware, and other cyber risks.
A single user sign-up tracks the security and privacy of up to four devices in the household, with the ability to check the status of all devices at home and away with one click.
A virtual privacy network (VPN) can encrypt data to help fight cyber threats and online tracking, while on-demand Wi-Fi scans quickly assess if a public or private network is safe.
The WhiteHaX app monitors email addresses for data breaches 24/7, issues scam and security alerts, and helps users respond when their privacy is at risk.
Our WhiteHaX apps provide some of the most compelling and complete solutions to help mitigate cyber exposures, They are designed to help consumers identify cyber risks on their household personal devices and fix cyber security and privacy-related issues through step-by-step instructions,said Vimal Vaidya, chief executive officer and founder of IronSDN.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior).
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
WORKERS COMPENSATION,INSURANCE TECHNOLOGY
Insurity | November 29, 2022
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it had launched a Payroll Validator feature for workers’ compensation carriers leveraging Sure Premium Audit. The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers’ comp carriers and policyholders. The Payroll Validator feature is available for immediate purchase for existing Sure Premium Audit users.
Sure Premium Audit enables P&C carriers to uncover additional premiums by automatically screening a carrier’s entire book of business to generate audits based on business-defined rules without human intervention. For example, a top 25 P&C carrier recently presented at Insurity’s customer conference, Excellence in Insurance Innovation, that Sure Premium Audit’s automation tools have allowed them to reduce the operational time of their audit staff by over 24,000 hours a year.
Now, with the new Payroll Validator feature, workers’ compensation carriers can further automate their audit process by transferring raw payroll data from over 100 payroll service providers, decreasing wait times as payroll data is imported directly to the field audit tool. Policyholders can log in once and provide permission to pull payroll data throughout the policy period or shortly after.
Sure Premium Audit’s Payroll Validator also reduces the opportunity for fraud. Carriers can increase security by eliminating the sending of sensitive data through email or other unsecured channels and minimize fraud by having the unaltered payroll data come directly from the source of the payroll system.
“The faster and more efficient workers’ comp providers can make their premium auditing process, the faster they can send out bills, and more likely they are to collect payments, Sure Premium Audit’s Payroll Validator automates a historically time-consuming process for workers’ comp providers by capturing that payroll data directly from the payroll service provider. Not only does this eliminate the time auditors must spend obtaining messaging and payroll data from policyholders, but it creates a more streamlined experience for your policyholders.”
-Sylvester Mathis, Chief Insurance Officer at Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.
CORE INSURANCE, COMPLIANCE
Napier and Utmost Group | February 01, 2023
On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider.
Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner.
The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms.
Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services."
(Source – Business Wire)
London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry.
About Utmost Group
Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.