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.
About ESET
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.
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Claims, Compliance
PRnewswire | June 28, 2023
Indico Data, a leader of intelligent intake solutions for unstructured data, today announced the launch of its integration with Microsoft Azure OpenAI Service to extend Indico's Enterprise Large Language Model (LLM) capabilities using the latest in generative artificial intelligence (AI). Initial use cases will focus on enabling insurance carriers to dramatically increase underwriting and claims intake capacity and improve processing efficiency. As the pioneers in the use of Enterprise LLMs, the integration is yet another step in the company's overall strategy of providing the leading solution for the transformation of unstructured data into actionable insights to drive better intake and better outcomes for insurers and their customers.
The integration with Azure OpenAI Service technology is another milestone in the company's long storied history of innovation and success in AI. Indico's co-founder Alec Radford published the seminal generative AI paper on DC-GANs, which is still one of the most cited papers to be published in this space. This foundation paved the way for what we're seeing today with generative AI: DALL-E, Stable Diffusion, and – of course – GPT-4. In addition, Indico was the first to market with a secure large language model solution for the enterprise and has maintained a strong leadership position in the rapid adoption and deployment of subsequent innovations such as BERT, RoBERTa, GPT-2, GPT-3 and more.
Already a partner with Microsoft, Indico is now deepening its relationship by leveraging the latest generative AI capabilities built on highly secure, enterprise grade cloud technologies. The first product enhancements to be released will include the Indico Prompt Studio and Summarization Studio. Both features take advantage of Azure OpenAI Service to allow users to dramatically accelerate the ease and speed at which they can automate processes, in some cases going from days to hours.
Integrated with Indico's patented Intelligent Intake application interface, Indico's Prompt Studio will fully automate the creation of custom machine learning models by just describing with a simple text prompt the desired data elements to be classified and extracted from the submissions related to claims, underwriting and policy servicing. This accelerates machine learning model creation from days to minutes, accelerating customer time to value. For data security, these models are then converted to use Indico's Enterprise LLM entirely within the customer's firewall.
Indico's Summarization Studio integrates with Azure OpenAI Service to extract claims and policy data and present a summarized view of all related policy details to the analyst. The summarized view supports decision making and points out anomalies in an effort to expedite "covered or not" decisions. By utilizing state of the art machine learning, users are now able to "interrogate" submitted documents and produce summary data that typically take hours to research and create manually.
Looking into the future, Indico also plans to enhance its workflow canvas with a variety of no-code features through Azure OpenAI Service, enabling users to customize Indico workflows to meet their specific business needs without requiring custom coding.
"We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond," said Tom Wilde, CEO Indico Data. "As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise."
Jim DeMarco, Director of Insurance Strategy at Microsoft added, "Indico Data's integration with Azure Open AI Service helps customers unlock new insights at massive scale and speed. Their solution will help insurers and other regulated firms securely unlock new insights from their structured and unstructured data."
Insurers stand to benefit greatly from the efficiencies gained by leveraging Indico Data with Azure OpenAI Service. The increase in speed and accuracy coupled with expanded underwriting and claims processing will lead to faster response times, increased gross written premiums and improved customer satisfaction.
Indico Data automates critical workflows for enterprises in document-intensives industries, including insurance, financial services and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more.
About Indico Data
Legacy intake solutions have forced organizations to choose between speed and accuracy, weighing risk versus revenue. With Indico Data’s Intelligent Intake Solution, now you don’t have to compromise. The Indico Data Intelligent Intake solution gives document-intensive industries the best of all worlds, enabling data-driven decision-making, with unparalleled speed, at enterprise scale. Indico Data’s Intelligent Intake solution drives better outcomes through better intake.
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Core Insurance, Risk Management
Businesswire | July 28, 2023
Socotra, the leading provider of modern, cloud-based solutions for technology-driven insurers, today announced that high-risk homeowners provider Annex Risk is processing business with Socotra. Annex Risk has successfully implemented the true cloud-native insurance policy core platform, Socotra Connected Core, and is now live, offering a digitally-forward approach to close critical coverage gaps in coastal Texas, Florida, and the Eastern Seaboard. Annex Risk’s innovative platform combines algorithmic underwriting and capacity, empowering retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes.
“Technology is core to our business, not an enabler - we needed the most modern, continuously improving policy administration system we could find. No-code/low-code platforms were less compelling to us than Socotra’s flexible, API-centric solution,” said Annex Risk Co-Founder Charlie Sido. "Socotra's API-driven platform allows us to configure the entire policy lifecycle natively, while also seamlessly integrating with external solutions for payments, e-signatures and inspections. This flexibility ensures our ability to adapt and scale as the business evolves, while also providing a foundation for future innovation.”
Socotra's cloud-based architecture allows Annex Risk to eliminate significant operational overhead and leverage Socotra's ongoing investments in the platform. This partnership has expedited Annex Risk’s market entry, enabling them to sell their complex product in four states within six months. As a technology startup, Annex appreciates the capital-efficient and self-sufficient nature of Socotra's implementation, allowing them to maintain control and agility while minimizing reliance on third-party consultants.
"We are thrilled to have Annex Risk join our ecosystem of innovative insurance providers," said Dan Woods, CEO of Socotra. "By leveraging Socotra Connected Core, Annex Risk can offer their retail partners a streamlined and digitized experience that sets them apart in the market. Additionally, Socotra's modern underpinnings will future-proof Annex Risk's investment as they continue to grow and evolve their business."
Socotra offers a game-changing alternative to legacy underwriting systems that rely on emails, PDFs and proprietary tools, resulting in quote times that could stretch into days. With Socotra's powerful capabilities, Annex Risk can deliver an instant quote and bind experience, aligning with retail insurance agents’ expectations and setting a new standard in the industry.
About Annex
Annex is a leading provider of homeowners insurance for properties with significant natural catastrophe exposure. Through its partnership with over two thousand retail agents, Annex focuses on closing critical coverage gaps in coastal areas from Texas up the Eastern Seaboard. Annex's sophisticated algorithmic underwriting and capacity enable retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes. With a technology-driven approach, Annex leverages innovative solutions to deliver an exceptional customer experience.
About Socotra
Socotra provides insurance companies with the flexible modern core platform and ecosystem they need to adapt, innovate, and grow their business. By leveraging solutions such as Socotra CorePlus and Socotra Connected Core, insurers can streamline policy administration, enhance digital experiences, and deliver products to market faster. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
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