Intellectual Property, Insurance Technology
PR Newswire | September 01, 2023
ISU Insurance Agency Network (ISU IAN) announces the launch of the proprietary ISU Quote&Bind Platform. The platform is the result of a collaboration between ISU Digital Partnerships, ISU preferred carriers, and CoverForce, an InsurTech API platform facilitating the insurance distribution process, to maximize the ease of doing business. The ISU Quote&Bind Platform works directly with ISU preferred carriers' APIs to simplify and streamline the production workflow, allowing ISU Members to access multiple quotes at once and bind policies in one click. The exclusive member benefit aims to reduce the cost of doing business for ISU preferred carriers, ISU members, and the members' prospects and clients through increased efficiency, speed, and transparency.
"The partnership between ISU and CoverForce is opening the door to the future of the insurance industry," says CEO TJ Ryan III. "Providing this cutting-edge technology to our members to increase the ease of doing business shows our investment and commitment to the independent insurance agent. ISU Quote&Bind eliminates the headaches of regional insurance coverage capacity, new market development, and at least half of the cost associated with producer management when used as business-to-consumer direct sales platform, which facilitates a national reach in the chosen vertical market."
ISU preferred carriers presently binding commercial policies from all 420 ISU IAN Members locations include AmTrust, Chubb, CNA, Employers, Great American, Liberty Mutual, Nationwide and Travelers. ISU plans to add more preferred carriers and expand lines of business on the platform throughout 2023 and 2024. ISU is the first organization in the country to quote and bind Great American's business owner's policy digitally. Members will also be the first group to access the latest digital products from the leading commercial carriers in America.
"We are excited to partner with ISU IAN to enable ISU members to digitally connect with their preferred carriers to maximize placement profitability and expand their books of business," says CoverForce CEO Cyrus Karai. "This partnership embodies our mission to strengthen the independent agent with digital capabilities."
Every ISU Member Coast to Coast™ is now taking advantage of the ISU Quote&Bind platform's convenience and speed to access preferred carriers and products, assure data security, usage control, and preferred compensation and coverage terms. In addition to quick and accurate access to bindable products, the ISU Quote&Bind platform incorporates the ISU Commercial Lines Placement Advisor©, a proprietary system delivering the most up to date carrier appetite guide on the market driven by industry classification, state, and line of business.
About ISU Insurance Agency Network
Founded in 1978, the mission of the ISU Insurance Agency Network (ISU IAN) is to help the independent insurance agent thrive. ISU is the largest independently owned and operated independent insurance agency network representing approximately $8 billion in written P&C premiums across 240+ members in 41 states. All ISU Members receive the best-in-class insurance solutions while leveraging the business benefits that come with being part of a large national organization to complement their local presence and independence. Visit www.joinisu.com for more information.
CoverForce is the first core insurtech API platform working to bridge the gap between insurance distributors and their preferred P&C carrier partners. CoverForce was founded in 2020 at the University of Pennsylvania's Innovation Lab, in conjunction with insurance industry veterans from Travelers and The Hartford, and experienced software engineers from Amazon and Google. Investors include NYCA Partners (www.nyca.com), and QED Investors (www.qedinvestors.com). For more information, visit www.coverforce.com.
Core Insurance, Risk Management
PR Newswire | July 31, 2023
ESET, a global leader in cybersecurity, today announced that it has partnered with Patriot Growth Insurance Services (Patriot), one of the largest US insurance services firms specializing in cyber insurance, to close the gap between cyber insurance requirements and applicants' cybersecurity technology and processes. The newly launched platform allows ESET and Patriot to proactively assess companies' security postures so they know what they should do to qualify for cyber insurance coverage before applying.
"As cyber insurance specialists, we at Patriot are pleased to endorse ESET's market-leading cybersecurity solutions to safeguard our clients' businesses and ensure they can get the coverage they require to defend against advanced threats and unforeseen incidents," said Jason Bowie, Cyber Practice Lead, Patriot Growth Insurance Services. "Through this innovative joint platform, applicants meet with the right insurance and security experts to quickly guide them through the process of securing coverage while gaining access to highly competitive pricing upfront on our respective solutions. It's about connecting the right dots for each client."
The ESET/Patriot joint solution covers a client's complete resource requirements from cyber insurance to cybersecurity controls and on to assessment, including an option for fully managed Extended Detection and Response with ESET PROTECT MDR. By combining cyber risk and insurance assessments with competitive products and services across the spectrum, ESET and Patriot are solving the longstanding problem of how to bring the right cybersecurity expertise directly into the insurance discussion.
"We are proud to partner with one of the country's leading cyber insurance firms in offering world-class solutions that help companies to stay ahead of bad actors and zero-day attacks, while also ensuring they aren't declined when seeking insurance," said Brent McCarty, president of ESET North America. "When businesses choose ESET, they are benefitting from 30 years of cutting-edge malware identification and incident response expertise developed from our work on the frontlines protecting millions of customers and thousands of companies around the world. This partnership marks a tremendous step forward for ESET in the cyber insurance marketplace – delivering unbeatable business value and guidance for our mutual customers."
ESET offers award-winning multi-layered solutions to help businesses of all sizes prevent, detect, and respond to cyber threats. Recently launched, ESET PROTECT Elite delivers enterprise-grade XDR for maximum visibility and threat-hunting capabilities. The comprehensive offering combines multi-layered endpoint protection with multi-factor authentication, vulnerability and patch management, server security, advanced threat defense, full disk encryption, mail security and cloud application protection. ESET protects against ransomware and zero-day threats by pairing human expertise with proprietary cloud-based sandboxing to provide a powerful, isolated test environment. For organizations that struggle with security resources and require full-time threat monitoring and threat hunting – including digital forensics, root cause analysis, and remediation advice – ESET PROTECT Elite is available as part of the company's world-class ESET PROTECT MDR solution.
For more than 30 years, ESET® has been developing industry-leading IT security software and services to protect businesses, critical infrastructure, and consumers worldwide from increasingly sophisticated digital threats. From endpoint and mobile security to endpoint detection and response, as well as encryption and multifactor authentication, ESET's high-performing, easy-to-use solutions unobtrusively protect and monitor 24/7, updating defenses in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company that enables the safe use of technology. This is backed by ESET's R&D centers worldwide, working in support of our shared future. For more information, visit www.eset.com or follow us on LinkedIn, Facebook, and Twitter.
About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot is ranked as the 26th largest broker in the U.S. by Business Insurance. With over 1,700 employees operating in 132 offices across 26 states, Patriot's collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by GI Partners and Summit Partners. For more information, please visit www.patriotgis.com.
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.
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.