RISK MANAGEMENT, INSURANCE TECHNOLOGY
Cybercube | January 24, 2023
Accretive Insurance Solutions, a consortium of top-tier, nationally-recognized independent specialty and wholesale insurance carriers and administrators, announced on January 23, 2023, that it has partnered with top-tier cyber analytics firm CyberCube to provide better risk transfer counseling.
Accretive is licensing CyberCube's Broking Manager to assist retail agents and their clients in making better risk transfer decisions. CyberCube's Broking Manager is the company's first software-as-a-service (SaaS) solution designed exclusively for the insurance brokerage sector. It provides a streamlined approach to evaluate potential financial exposure implications from cyber catastrophes, allowing clients to make informed coverage and limit decisions.
CyberCube Sales Manager Nate Brink remarked, “Today, CyberCube's market-leading analytics are helping thousands of insurance buyers quantify their cyber risk exposure. This partnership with Accretive will drive better-informed risk transfer decisions when clients are considering buying cyber insurance."
(Source – Business Wire)
Meanwhile, Rob Roth, Executive Vice President of Wholesale at Accretive, stated, "Accretive is focused on propelling growth for our agencies by providing the best resources and expertise in the industry. CyberCube's analytics will enable us to support our retailers and their insureds in making data-driven decisions and help grow our cyber business."
(Source – Business Wire)
About CyberCube
CyberCube provides the insurance industry's best cyber risk analytics. The company's cloud-based technology helps insurance companies place insurance, underwrite cyber risk, and manage cyber risk aggregation by providing best-in-class data access and advanced multi-disciplinary analytics. CyberCube's enterprise intelligence layer gives information on millions of enterprises worldwide and models thousands of technology failure spots. In 2015, Symantec launched the CyberCube platform, which now functions as a standalone insurance firm with an unprecedented data partner ecosystem with support from ForgePoint Capital, HSCM Bermuda, MTech Capital, and Stone Point Capital individuals.
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CORE INSURANCE
Root Insurance | February 17, 2023
On February 16, 2023, CCC Intelligent Solutions Inc., a SaaS platform for the personal and casualty insurance industry, announced that Root Insurance would extend its relationship with it for a technology-based first-party casualty solution. This extended relationship empowers Root Insurance to connect APD claims data and insights with casualty claims processing.
The addition of a CCC-powered first-party casualty solution enables Root to manage auto physical damage along with first- and third-party casualty claims through a single digital workflow. It digitalizes reimbursement recommendations, bill intake, and review. It provides accident data and insights so that it could help insurers with reviewing the medical bills for appropriateness and accuracy of medical treatment and medication charges through a digital medium.
Chief Claims and Customer Service Officer of Root, Mark LeMaster, said, "As a digital-first insurer, it is essential for Root to leverage data and technology to inform decisions and deliver seamless experiences." He added, "By working with CCC we can do both across the life of a claim, spanning auto physical damage, first- and third-party casualty and subrogation claims. CCC's network, technology, and AI are coming together in a way that will enable us to deliver on our policyholders' expectations for straight-through claims experiences."
(Source – Business Wire)
Chief Commercial and Customer Success Officer of CCC, Mike Silva, said, "We are excited to continue to support Root's vision for smart, digital claims management." He added, "Connecting the auto-physical damage and casualty claims processes will help Root gain greater insights to achieve better claims efficiency and better outcomes."
(Source – Business Wire)
About Root Insurance
Headquartered in Columbus, Ohio, Root insurance, an insurance company, has been providing insurance products and technology platforms for fairness, simplicity, and personalization in the FinTech industry since 2015. It offers services for car insurance, data science, engineering, automotive telematics, mobile applications, technology, and related insurance. It has been reported that the Root application has about 11 million app downloads, collecting more than 18 billion data for insurance offerings. Through the application, it measures driving behaviors like route consistency, driving times, speed of turns, and braking, determining the safe drivers.
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RISK MANAGEMENT,INSURANCE TECHNOLOGY
Vouch | December 27, 2022
Vouch, known as the 'Insurance of Tech,' recently launched the first insurance solution for Web3 companies. Under this, it will cover Web3 companies with insurance policies, including smart contract vulnerabilities, DAOs, crypto, and more.
"The global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030."
- Grand View Research
In the past year and a half, about 3,000 startups have raised almost $40 billion. Many of these are run by founders who are building strong companies that solve real problems for real users. Till now, Web3 companies had to settle for insurance that didn't meet their needs or make do with what they already had, which eventually slowed their growth.
Vouch has become the most trusted partner by getting $160 million from the best companies in Silicon Valley. Its newest market includes Web3 companies, while Ansible Labs, Bitwave, Stardust, and Utopia Labs are some of its launch clients.
Traditional policies tend to leave crypto out, but Vouch's Web3 Protection Policy covers that. In addition, the policy includes four coverages that can be expanded to cover key Web3 risks based on the needs of the client:
Directors & Officers (D&O) insurance helps protect the company and the personal assets of its founders, officers, and board members from claims of wrongdoing, such as misrepresentation or breach of fiduciary duty, as well as the costs of responding to or defending against the claims.
Errors and Omissions (E&O) insurance protects the company when a customer claims that the company's services caused them to lose money.
Cyber: It helps pay for data breaches caused by mistakes, hacking, and social engineering. It also protects against privacy violations, security failures, and system failures.
Crime: Helps protect the company from employee theft, forgery, and fraud, as well as some digital assets.
Vouch has built a strong partner network to meet the needs of its Web3 customers in addition to its coverage. In the partner network, Fireblocks is responsible for direct custody technology, Silicon Valley Bank for banking, Upside for token management, and Tactic for accounting.
AboutVouch
Vouch Insurance is a new type of insurance platform for startups that is trusted by the startup industry's biggest names, including Y Combinator and Silicon Valley Bank. Everything has been designed for startups by experienced founders, from onboarding to claims. The company, which has offices in San Francisco and Chicago and whose fully digital coverage can be activated in minutes, assists clients in managing, mitigating, and avoiding risks.
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