Risk Management, Insurance Technology
PRnewswire | June 26, 2023
Canopius, the global specialty lines (re)insurer, and Measured Analytics and Insurance ("Measured"), the AI-powered cyber insurance provider, today announced a new capacity partnership to offer cyber insurance and cybersecurity solutions to small and midsize businesses ("SMBs") in the United States. Canopius joins Paris-based SCOR, one of the world's leading reinsurers, which has been a long-standing lead capacity provider for Measured's strategic growth.
The new partnership will combine Canopius' and SCOR's cyber expertise and global reach with Measured's innovative approach to cyber risk management.
"We are thrilled to announce our partnership with Measured Analytics and Insurance, as it marks a step forward in our mission to provide comprehensive cyber insurance solutions to small and midsize businesses across the United States," said Jenny Soubra, US Head of Cyber and Tech E&O at Canopius. "When combined with Canopius' and SCOR's expertise, together we are equipped to deliver unparalleled cyber protection to customers. Measured's innovative approach to cyber risk management aligns seamlessly with our capabilities, resulting in a strategic partnership positioned to drive transformative change."
Global insurers seeking growth with discipline in cyber insurance demand analytic rigor, technology expertise, and dynamic risk insight across the underwriting value chain. Measured's solutions leverage artificial intelligence, proprietary threat insights and behind the firewall data to identify security threats and reduce businesses' potential exposure. For insurers, this creates a better customer experience and manages risk and profitability.
"Best in class underwriting coupled with differentiated scalable distribution are the key capabilities for strong profitable growth in the cyber insurance market," said Benjamin Auray, Chief Underwriting Officer - Global Head of MGA at SCOR. "We believe Measured's data-driven approach to tracking exposure in real-time creates smarter insurance products. Measured is built to scale quickly and grow responsibly, powered by partnerships and proprietary data."
With the proliferation of threat actors and the rise in cyber incidents, the global (re)insurance market has raised expectations for analytic rigor to profitably underwrite. This heightened discipline, coupled with rising demand for cyber coverage, has resulted in price increases and coverage contraction.
Measured makes it easier to obtain cyber coverage through creative partnerships with market leaders in insurance and cyber technology. Measured's proprietary analytics and technology-oriented underwriting generate deeper insights for insurers and greater value for customers at the initiation of a policy. When combined with the cyber hygiene enhancements of its cybersecurity partners, Measured delivers actionable insight around customers' ongoing security posture.
"Measured is uniquely positioned to provide innovative solutions for organizations seeking cyber insurance," commented Measured CEO, Jack Vines. "We're more than an insurance provider, we're a reliable, AI-powered cyber risk management partner. We appreciate the strategic advantage provided by SCOR's commitment of capacity and expertise to date. Together, we're better than ever at making our customers safer and more secure, thanks to having Canopius and SCOR at our side."
About Measured Analytics and Insurance
Measured Analytics and Insurance is a U.S.-based cyber insurance provider that utilizes proprietary, AI-rich data analytics and national security grade threat intelligence to deliver smarter cyber insurance products. The combination of flexible cyber underwriting solutions, data-driven insights and strategic partnerships with leading cybersecurity companies makes Measured the cyber risk solutions provider of choice. Learn more at measuredinsurance.com.
About Canopius
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the U.K., and the U.S. It underwrites through Lloyd's Syndicate 4444 (managed by Canopius Managing Agents Limited), a U.S. surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda-based Class 4 Insurer.
About SCOR
SCOR, a leading global reinsurer, offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying "The Art & Science of Risk," SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients a tier one reinsurer rating from Standard & Poor's, AM Best, Moody's and Fitch.
The Group generated premiums of EUR 19.7 billion in 2022 and serves clients in more than 160 countries from its 35 offices worldwide.
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Workers Compensation, Risk Management
Businesswire | July 05, 2023
Inszone Insurance Services, a rapidly growing national provider of benefits, personal, and commercial lines insurance, announced today that they have acquired Nugen and Associates, an insurance brokerage based out of Rancho Cucamonga, CA. With this acquisition, Inszone Insurance Services expands its commercial insurance expertise, while providing enhanced services and support to existing and new clients in the Rancho Cucamonga area.
Known for its comprehensive insurance solutions for local contractors and businesses, Nugen and Associates has gained an excellent reputation in tailoring insurance products to meet specific client needs. This expert knowledge in commercial and contractor insurance enriches Inszone's service offering.
“Nugen and Associates have done a great job focusing on the commercial space, building strong relationships with their customers,” said Chris Walters, CEO of Inszone Insurance Services. “We look forward to expanding the reach and providing additional product offerings to said clients, giving them access to personal lines and benefits insurance solutions, all with the goal of providing customers a true one-stop-shop for all their insurance needs.”
Inszone Insurance Services will continue to provide exceptional insurance services while maintaining the same level of dedication to personalized service and professionalism that clients have come to expect. Current clients of Nugen and Associates can expect a seamless transition with the same high-quality service and support as before, now enhanced by the resources and capabilities of Inszone Insurance Services.
Inszone Insurance is expected to announce a number of important acquisitions in the upcoming months as it continues to build its national presence.
About Inszone Insurance Services
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.
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Claims, Compliance
Globenewswire | July 13, 2023
Bees360, the top provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the most advanced provider of AI-enabled interior property inspections powered by more than a decade of MIT research, have partnered to transform the insurance claims process.
Inconsistent data collection and varying methods of individual inspectors and adjusters with differing expertise complicate traditional processes in property and damage inspections. With more than six million home inspections conducted annually in the U.S. alone, insurers need consistent, accurate, and transparent processes of effectively managing such risks. Bees360 and Hosta AI address this challenge head-on by harnessing advanced technologies to improve the quality, efficiency, and accuracy of property inspections, to produce the most robust property dataset possible, and to enable superior claims service from the start.
"This partnership with Hosta AI means we are collectively bringing operational efficiencies and advanced interior data analytics to the insurance industry," said Andy Liu, CEO of Bees360. "By combining the power of aerial and interior inspection and advanced data processing, we are revolutionizing insurance claims processing and providing insurers with a competitive edge while delivering faster, more accurate results for policyholders."
The combined AI capabilities of Bees360 and Hosta AI offer a complete solution for property inspections and claims adjustments. Bees360 leverages state-of-the-art drone inspection technology and Hosta AI delivers an AI-powered Assessment Platform to address the interior, resulting in streamlined and accelerated claims processing.
"Our partnership with Bees360 allows us to harness their extensive aerial inspection capabilities and combine them with our expertise in advanced interior data processing,” said Henriette Fleischmann, CEO of Hosta AI. “By unlocking the potential of AI and machine learning, we can provide insurance companies with unparalleled insights to enable superior service and highly accurate claim settlement."
Bees360 and Hosta AI share a commitment to delivering innovative solutions that expedite the claims settlement process, enhance accuracy, reduce costs, and improve customer satisfaction.
About Bees360
Bees360 is a leading innovator of deep learning and computer vision technology who focuses on bringing AI and drone solutions to property underwriting and claim inspections. It is founded by data scientists and insurance experts whose collective background in data science, mathematics, property claims & underwriting provide an unparalleled level of knowledge to build AI-powered workflow and a disruptive business model for the conventional insurance industry. Learn more at www.bees360.com.
About Hosta AI
Established in 2020, Hosta AI is on a mission to empower people and businesses with fast, accessible and trusted information about their built surroundings. Hosta helps companies that need fast and accurate data about the built environment accelerate their businesses with automated property assessments. The Hosta AI Assessment Platform uses patent-pending AI spatial and material analysis to automate property assessments from just a few simple photos. To learn more about Hosta AI, please visit www.hosta.ai.
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