Core Insurance, Insurance Technology
PRnewswire | July 19, 2023
With the 2023 natural disaster season upon us, property and casualty (P&C) insurers are now, more than ever, aware of the increased strain recent catastrophes, like Hurricane Ian, have had on their business. Nearmap, a leading location intelligence and aerial imagery solutions provider, aims to alleviate some of that pressure by revolutionizing how P&C insurers respond to catastrophes. Today, the firm is announcing an enhanced post-catastrophe response solution, which combines industry-leading Nearmap ImpactResponse post-catastrophe imagery with two new products--Nearmap ImpactTriage AI and Nearmap ImpactAssessment AI. This new solution equips insurers with a more robust set of AI-derived property insights all in one place, enabling them to address damage and get a head start on claims.
Don Weigel, Chief Product Officer, said: "As we see a growing number of natural disasters, our role at Nearmap has expanded from monitoring the evolution of towns and cities to also supporting disaster response efforts. We have a unique combination of ultra-efficient cameras, fast imagery processing, and industry-leading deployment of AI. These new solutions allow Nearmap to be there supporting organizations at all stages as they respond to catastrophe, process claims, and help communities to recover."
Together, the post-catastrophe products from Nearmap provide industry-leading aerial imagery and AI-derived damage assessment data to support all stages of the post-catastrophe claims workflow.
Nearmap ImpactResponse
Nearmap ImpactResponse, the flagship post catastrophe product, delivers high-resolution, post-catastrophe aerial imagery faster than any other solution on the market.
With Nearmap ImpactResponse, in-person inspections—often dangerous, time-consuming, or prohibited—are no longer the most viable option.
The level of detail provided by Nearmap ImpactResponse is unprecedented, consistently delivering the sharpest post-catastrophe imagery at sub-3" per pixel since its launch in 2021.
Derived from Nearmap ImpactResponse imagery, come the two new products:
Nearmap ImpactTriage AI
Nearmap ImpactTriage AI provides damage classification that allows insurers to quickly identify impacted properties after disaster strikes. Delivered via API following a catastrophe, ImpactTriage AI data gives carriers a jumpstart toward recovery efforts—allowing them to prepare for claims and assign adjusters.
Nearmap ImpactTriage AI provides insurers a categorization of the damaged locations, enabling insurers to systematically prioritize and allocate limited resources.
A three-tier damage classification (No Damage, Partial Loss, and Total Loss) supports prioritization of resources and services according to damage severity.
A five-tier FEMA-based damage classification (No Damage, Affected, Minor, Major, and Destroyed) additionally supports more accurate estimates of financial impacts at the claim and event levels.
The new product supports insurers in their ability to automate claims, proactively process total losses, and deliver policyholder settlements before a claim is filed.
Nearmap ImpactAssessment AI
Nearmap ImpactAssessment AI is a robust collection of AI-derived condition and damage data that allows insurers to quickly and more accurately analyze vast amounts of post-catastrophe imagery and to pinpoint relevant details that could easily be missed in onsite or manual reviews.
Insurers can compare these insights with pre-catastrophe data, when available, to reduce fraud.
The set of AI-derived attributes includes roof damage, temporary and permanent repairs, structural damage, debris, wreckage, and more.
With disaster season in motion, the ability to rapidly scope impact, engage proactively with customers, process claims swiftly, and manage post-catastrophe costs are not only business essentials—they are promises to policyholders.
"After a hurricane, it's like a warzone," said Noel Bunol, Executive Vice President, Gulf States Insurance. "We can't get in there by vehicle. Nearmap imagery allows us to see the damage from above. We can view entire neighborhoods to see how hard they were affected; if powerlines are down and start to determine where to send resources."
About Nearmap
Nearmap provides easy, instant access to high-resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in the United States, Canada, Australia, and New Zealand several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data-driven insights—enabling informed decisions, streamlined operations, and better financial performance. Founded in Australia in 2007, Nearmap is one of the largest aerial survey companies in the world.
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Risk Management, Insurance Technology
GlobeNewswire | August 23, 2023
Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, is delighted to announce its partnership with Risk Control Technologies (“RCT”), a frontrunner in risk data management software for underwriting and loss control teams. Duck Creek will be a silver sponsor of RCT’s Loss Control Summit conference for loss control professionals from August 21-23, 2023, to kick off their partnership in Toronto, Canada.
At the heart of Duck Creek's core solutions is Duck Creek Policy, a cutting-edge platform that offers low-code tools through a Software as a Service (SaaS) model. This platform facilitates the entire lifecycle of insurance operations and seamlessly integrates with esteemed industry collaborators. Through these synergies, insurers gain access to solutions that enhance underwriting performance, customer satisfaction, and operational efficiency.
The essence of loss control management resides in preemptive risk mitigation and extended risk assessment coverage. RCT enables carriers to optimize and significantly increase their risk data coverage across their entire book of business. In addition to mitigating more claims, it positively impacts their renewal rates while also creating efficiencies for underwriters within Duck Creek. All of this helps carriers improve their loss ratios, strengthen their customer engagements, and drive impactful operational efficiencies.
“Our partnership with a pinnacle player in loss control management equips Duck Creek's customers to optimize both the quality and extent of coverage extended to policyholders,” said Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies. “RCT’s data-driven risk management solution is paramount, especially for insurers engaged in underwriting property, casualty and workers comp lines of business. We look forward to continuing to cultivate our partnership and engaging with RCT’s customers at the upcoming Loss Control Summit in Toronto.”
“The strength of our business at RCT rests firmly with our innovative customers and our industry-leading partners,” said David Da Costa, CEO, Risk Control Technologies. “We’re excited to work with Duck Creek, one of the most transformative leaders in the insurance solutions market today. In addition to efficiencies gained by integrating, combining loss control data with data already in Duck Creek, such as claim data, creates significant value from being able to better predict claims or optimize pricing within your book. We’re excited to continue our partnership with a leading partner like Duck Creek.”
About Risk Control Technologies
Risk Control Technologies Inc. (RCT) is the leading provider of Risk Management and Loss Control software to the insurance industry. RCT’s RiskHub platform helps underwriting assess risk, and leverage the appropriate risk assessment tool based on the risk’s complexity. RCT helps over 150 insurance organizations improve their loss ratios, increase customer retention, implement operational efficiencies, and harness powerful data insights to enable better business decisions. RCT’s customers include a wide range of insurance organization types, operating across a broad variety of lines of business. For more information, visit www.riskcontroltech.com.
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
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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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