GeoX | February 18, 2022
GeoX, a leader in supplying geospatial data to insurers, has today announced a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology.
In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways they had not previously considered. By combining GeoX's ground-breaking technology with Sompo's significant expertise and established global distribution networks, this partnership will fuel digital transformation within the insurance industry while enhancing customer experience.
GeoX has the know-how and technology to provide reliable, high-quality intelligence for residential and commercial properties across the USA. Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilizing this know-how.
"In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex, We look forward to working closely with Sompo Japan, as this partnership will analyze risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before."
-Izik Lavy, Co-Founder and CEO at GeoX.
"Sompo Japan has been a global leader in the application of modelling and data to casualty insurance with a strong commitment to the specialty markets, At this time of significant change across the business landscape, we must develop innovative responses to emerging and evolving risks. We look forward to this partnership, as it will drive positive change within the sector promoting the development of advanced insurance underwriting using geospatial data."
-Yinnon Dolev, head of Sompo Digital Lab Israel & Europe at Sompo Holdings.
GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements.
Overhaul | January 12, 2022
Overhaul and Movingdots are collaborating to provide motor carriers with the necessary actionable data to identify and address driver behavior. Movingdots is a technology subsidiary of Swiss Re developing data-driven mobility solutions for insurers, car manufacturers and platform providers globally. Overhaul is the industry's first and only software-based, supply-chain visibility, integrity, and security solution for the world's leading brands. Overhaul's TruckShield platform will work with Movingdots' telematics solution Coloride to enhance data gathering and machine learning techniques, allowing carriers to detect and correct risky driver behavioral events, helping ensure on-time shipments while also lowering costs for insurers.
According to the National Highway Traffic Safety Administration (NHTSA), in the US in 2019, more than 118,000 large trucks were involved in crashes resulting in an injury, a 5% increase from 2018. As a result, motor carrier coverage has risen dramatically in recent years, with premiums projected to rise more than 14% in 2021 and yearly coverage rates as high as $30,000 per year in some cases. By partnering together, Movingdots and Overhaul will ultimately lower insurance costs and premiums by assisting clients in identifying risky behavior and changing it – improving their overall risk management by adopting better driving behaviors and helping to reduce the number of accidents.
"Coloride technology can coach drivers to implement safer driving behaviors, preventing accidents on the road, By joining forces with Overhaul, many more commercial fleets will get access to this technology. Drivers will see their trip details including risk events like excessive speeds and will have an overview on how to improve their driving style. We are thrilled to continue spreading safety and innovation in mobility through cutting-edge technology together with Overhaul."
-Donato Genovese, Movingdots' CEO.
Using the trucking industry's first and only app-based risk management technology, insurers can rely on TruckShield and Coloride to showcase fleet safety and deliver reliable data that can be critical when determining insurance pricing. Coloride's events detection software algorithms can identify driver behaviors such as speeding or harsh braking; coupled with TruckShield's ability to implement corrective coaching, carriers can reduce future risks and accidents through effective actions.
"Motor carrier owners and operators alike are facing astronomical insurance rates and having to reallocate funds and resources, only creating more hurdles and roadblocks for the industry, Our work with Movingdots is helping revolutionize a trucking industry that's in need of any opportunity to gain a competitive advantage, be it increased visibility, on-time deliveries or lower insurance premiums. We're proud of our ongoing innovations with the Movingdots team and look forward to standing by our trucking clients across each and every route."
-David Broe, COO of Overhaul.
Founded in 2016 and headquartered in Austin, Texas, Overhaul is the industry's first and only holistic, end-to-end solution that optimizes supply-chain visibility, integrity, and security for global enterprises. Its software-based approach offers high configurability and efficient time-to-value to supply-chain organizations without heavy tech. Additionally, Overhaul's logistics-experts team partners with each client to create a fully customized and comprehensive solution for the entire supply chain. As such, Overhaul has quickly grown to be a trusted provider for Fortune 100 companies moving freight globally across industries, such as pharmaceutical and healthcare, technology, logistics, and food and beverage. Customers include Microsoft, Bristol Myers Squibb, Gordon Food Service, and many others.
About Movingdots GmbH
Movingdots GmbH is a subsidiary of Swiss Re, one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer. The automotive industry and customer needs are changing quickly with vehicles becoming electric, shared, connected and autonomous. At Movingdots, we develop data-driven mobility solutions for insurers, car manufacturers and platform providers worldwide to succeed through these trends. Learn more about our modular, end-to-end telematics app solution Coloride, the award-winning ADAS risk score, our fleet management solutions and other products on our website. In 2022 Movingdots is listed among the top 250 insurtechs worldwide to watch by Digital Insurance Agenda.
DL Holdings Group Limited | February 21, 2022
On 16 February 2022, DL Holdings Group Limited ("DL Holdings" or the "Company" and its subsidiaries (together, the "Group"), Stock Code: 1709) announced that it will engage in a comprehensive partnership with YF Life in the next three years. YF Life Innovation Strategic Partnership Conference was held in Hong Kong, which explored new opportunities and laid the foundation for YF Life in terms of business development, talent acquisition, advancement in business positioning and brand influence. DL Holdings is the only strategic partner in wealth management and investment in this Strategic Partnership Conference. The two companies will jointly explore and expand client base in the Asia-Pacific region and provide a spectrum of bespoke services ranging from insurance, investment, family office to asset management for high-net-worth clients and their families.
"YF Life operates on the client-oriented principle that prioritizes clients' need and satisfaction. We strive to provide up-to-date insurance products and will make every effort to provide safe and robust services in legacy planning and asset management. Through a 'strong, refined, fast, intelligent, and broad' business approach, we partner with prominent institutional partners to expand YL Life's circle of friends and influence. DL Holdings is a well-known listed investment and asset management company in Hong Kong with over a decade of experience and a solid client base in family office services. We believe DL Holdings will bring new opportunities and advancement to YL Life's family office and investment business."
-Dr. Zhang Ke, Managing Director and Chief Executive Officer of YF Life
"Insurance is a fundamental part and the most important protection in wealth management, especially in legacy planning. Therefore, the first thing we do for all our family clients is to curate appropriate insurance products that most suit their needs. As one of our trusted insurance partners, YF Life is one of the best insurers in terms of branding, quality of products and convenient customer services. Our strategic partnership with YF Life will not only bring a substantial enhancement in our bespoke insurance products and underwriting services but will also broaden our high-net-worth client base and catalyze the expansion of our AUM."
-Mr. Andy Chen, Chairman of the Board of Directors and Chief Executive Officer of DL Holdings
The listed company of DL Holdings recorded a profit over HK$ 200 million in the fiscal year of 2021. DL Holdings group engages in a spectrum of financial businesses including family offices, securities investment and private equity funds, and the total amount of assets under investment and consulting management has exceeded US$ 3 billion. Under the effect of market fluctuations and changing policy environment, DL Holdings exhibits stable and robust investment strategies and excellent risk control. According to the strategic partnership agreement, DL Holdings will provide multi-family office and securities investment services for YF Life with a focus on services that are not covered by traditional private banks and investment institutions such as alternative investment, asset management, identity planning, offshore trust, education, and philanthropy for YF Life's high-end clients. Both companies have agreed on sharing model on client resources and profit and will seek a sustainable and stable long-term partnership through interaction of the two brands and media support.
On the Strategic Partnership Conference, YF Life also signed strategic partnership agreements with Bauhinia Think Tank, Hong Kong University of Science and Technology Business School, Jinan University and Bauhinia Magazine to promote the comprehensive new upgrades of the YF Life from strategic planning, talent development, social responsibilities, and media communication perspectives.
About DL Holdings Group Limited
DL Holdings Group Limited is listed on the main board of the Hong Kong Stock Exchange (stock code: 1709.HK). Founded in 2011, DL Holdings' parent company is headquartered in Hong Kong with offices in Shanghai, San Francisco, Singapore and Tokyo. DL Holdings Group is a full-licensed financial services and investment group focusing on serving Hong Kong's small and medium market cap growth listed companies and founders' families. DL Holdings' total assets and investment under management exceeds USD 3 billion currently, including USD 1.4 billion under DL Family Office's management.