INSURANCE TECHNOLOGY

NEXT Insurance Participates in Amazon Insurance Accelerator

NEXT Insurance | August 10, 2021

NEXT Insurance, the leading digital insurtech company transforming small business insurance, today announced it is participating in Amazon Insurance Accelerator, providing Amazon sellers looking to buy insurance with instant quotes at competitive rates, directly within Amazon Seller Central. NEXT is the only US-based carrier currently participating in the initiative, further building on its partnership with Amazon Business Prime, NEXT's fully digital, customized e-commerce General Liability coverage also provides sellers with instant, automated Certificates of Insurance (COI) and seamless online claims resolution processes.

"The pandemic ushered in a tremendous amount of innovation and growth for small business e-commerce strategies and access to simple and affordable insurance to protect their livelihood is more important than ever," said Guy Goldstein, CEO of NEXT. "NEXT's digital insurance products are easily embedded into the software systems that small businesses regularly use to run their companies. Today, through Amazon Insurance Accelerator, sellers can seamlessly purchase NEXT's affordable and customized insurance coverage for a simple, frictionless experience. We are excited to partner with Amazon to support small businesses in their quest to thrive."

Amazon requires most third-party sellers carry commercial liability insurance in order to protect both customers and sellers. Through Amazon Insurance Accelerator, third-party sellers on Amazon will be referred to NEXT's online application directly from their account. In 10 minutes or less, sellers can get a customized quote and bind a policy. NEXT automatically adds Amazon as an 'additional insured' and instantly emails COI information back to the seller, creating a simplified, no-worry insurance process that meets Amazon's requirements. In the past, sellers would have to manually mail in COIs, but with this innovative NEXT feature, customers can experience the simplicity and ease of a truly digital experience so they can focus on what matters most - running their business.

To further support small business owners, NEXT is offering an exclusive 10% discount on General Liability insurance for Amazon third-party sellers. Learn more about how to partner with NEXT to help your customers access affordable, simple and fast small business insurance.

About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 250K business owners, NEXT offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies.

Spotlight

The concept of insurance spans a large part of our history and its earliest roots can be traced to as far back as the 3rd B.C with the Chinese merchants. To insure their cargo against potential losses during the course of transportation, they reduced their risk by spreading them across multiple boats for the fear that any of the boats failed to reach their intended destinations. The basic modern insurance structure we are familiar with today comprises of carriers and policyholders connected through middleman agents responsible for much of their sales. Despite posing figures accounting for US$3.92 trillion or 5.7% of the world’s economic output, the behemoth which is the global insurance ecosystem is still largely bogged down by an archaic “One Size Fits All” approach and has not significantly innovated itself towards greater efficiencies.

Spotlight

The concept of insurance spans a large part of our history and its earliest roots can be traced to as far back as the 3rd B.C with the Chinese merchants. To insure their cargo against potential losses during the course of transportation, they reduced their risk by spreading them across multiple boats for the fear that any of the boats failed to reach their intended destinations. The basic modern insurance structure we are familiar with today comprises of carriers and policyholders connected through middleman agents responsible for much of their sales. Despite posing figures accounting for US$3.92 trillion or 5.7% of the world’s economic output, the behemoth which is the global insurance ecosystem is still largely bogged down by an archaic “One Size Fits All” approach and has not significantly innovated itself towards greater efficiencies.

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INSURANCE TECHNOLOGY

Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle

Shift Technology | January 28, 2021

Shift Technology, a supplier of AI-driven decision automation and optimization solutions for the global insurance industry, today declared availability of both new products and moves up to existing solutions inside the Shift Insurance Suite (Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle). The Shift Insurance Suite is a bunch of cloud-based AI solutions which backing improved decision making by insurance representatives across divisions. Shift spearheaded the utilization of Artificial Intelligence (AI) to help insurers not just better spot possible fraud in the claims cycle yet in addition settle on more educated decisions about how best to react to these dubious claims. The capacity to rapidly decide whether a claim ought to be explored and assuming this is the case, recognize the ideal analytical methodology infuses huge productivity and exactness into the general claims measure. The organization based on its achievement in fraud detection to address the insurance industry's longing to eliminate grating from the claims cycle and advance toward low-contact, no-contact, and completely computerized claims settlement from first notice of loss (FNOL) through to payment. Today, Shift Claims Automation and Shift Claims Fraud Detection are the lead products in the Shift Insurance Suite. "AI is ideally suited to help insurance professionals make the best decisions possible in support of their customers and their business," stated Marcel Gordon, vice president, Product, Shift Technology. "The ability to ingest and organize massive amounts of structured and unstructured data, understand relationships and connections between individuals, and then do sophisticated analysis enables Shift to provide insurers with a new generation of tools. Shift is putting AI in the hands of operational teams at insurers around the globe." With the declaration of the Shift Insurance Suite, the organization is expanding on its accomplishment in fraud detection and claims automation with the presentation of new products focusing on extra cycles in claims and across the approach lifecycle. To help workers all the more rapidly and precisely recognize openings for subrogation, the organization is presently offering Shift Subrogation Detection. Outside of claims, Shift Underwriting Fraud Detection is intended to give basic data valuable in concluding whether to give insurance inclusion to an individual or business. The organization's new Financial Crime Detection product underpins against illegal tax avoidance, worker fraud detection, and other consistence activities. Shift's products are explicitly intended to incorporate with, and increase the value of, existing center claims management systems. "Insurance is a business of decisions, and making the optimal decision can drive incredible benefits," explained Eric Sibony, chief scientific officer and co-founder, Shift Technology. "Through our work with some of the leading insurance companies in the world we have been able to demonstrate the exceptional power of AI to both optimize and fully automate some of the most important insurance decisions, driving significant value for carriers and their policyholders." To address the decision optimization and automation necessities of the global insurance industry, Shift has assembled its solutions around a powerful AI decision engine that can break down numerous sorts of structured and unstructured data given by the insurer, the insured, and/or external third parties. This may incorporate claims data, including claims handlers' notes, photos and other checked pictures, and unique reports, to give some examples. Shift has reliably exhibited its solutions beat decides based just methodologies that can't coordinate the precision and productivity given by insurance-explicit AI. At press time, the organization has insurers at different phases of sending for every one of its decision automatization and optimization products. The Shift Insurance Suite is comprised of: Shift Claims Fraud Detection: This award-winning technology is in use by more than 80 of the world's leading insurance companies including CSAA Insurance Group and MS & AD Insurance Group to name only a few. On top of the proven capability to detect fraud using data and documents, new capabilities introduced with the launch of the Shift Insurance Suite put the power of Shift's rich insurance data model, with all of the insurer's data denoised, reconstructed and linked together, in the hands of investigators. There is expanded support for the use of images and documents in the detection of fraud, as well as visual exploration of data using a network graph and the ability to search and browse through the complete data model. Shift Claims Automation: Available in two deployment models - Digital Journey and Augmented Adjustment - this solution uses AI to automate the claims process from FNOL through to final settlement. Digital Journey empowers policyholders directly, delivering a self-service claims experience - FNOL, tracking and settlement - with AI decision-making built in. The claims experience is customized to each insurer to match their claims process, handling policies and branding. Augmented Adjustment integrates AI-supported decision making directly into the Claims Management System, decreasing turnaround time and optimizing claims handlers' time during the claims process. Through its application of advanced OCR technology, Shift Claims Automation is particularly focused on removing the need for manual document review throughout the claims process. Shift Subrogation Detection: This new addition to the Shift Insurance Suite uses AI to quickly and accurately discover opportunities to recover costs from third parties. The technology not only finds those claims for which subrogation is possible but also generates actionable cases supported by concrete evidence. Shift Subrogation Detection improves on manual and simple rules-based subrogation identification processes by focusing on coverage (reviewing every single claim), consistency (checking against known subrogation scenarios) and precision (leveraging internal and external data, from police reports to recall lists, using AI). The result includes reduced claim loss and improved deductible recovery, while freeing the claims team to focus on resolving claims. Shift Underwriting Fraud Detection: Designed to optimize decision making at the point of sale, Shift Underwriting Fraud Detection applies AI to the policy underwriting process to detect inaccurate or non-compliant policies. Actionable alerts help to minimize fraudulent policies, avoid undesired risks, and assign appropriate premiums. Shift Underwriting Fraud Detection leverages Shift's rich data model, sophisticated data analysis and deep insurance expertise to give the Underwriting team a complete view of the policy, policyholder and risk while highlighting anomalies. First Central has adopted Shift Underwriting Fraud Detection to support the carrier's auto line of business. Shift Financial Crime Detection: Insurance is a critical part of the financial system, resulting in significant scrutiny from regulators. Shift Financial Crime detection enables insurers to better understand the status of all participants in its ecosystem, including employees, to identify and investigate potential criminal behavior, including money laundering. Shift Financial Crime Detection addresses these challenges for insurers, who have little transaction data to rely upon, by making maximal use of internal and external data about all participants in the insurance process. Used together with Shift's fraud solutions, Shift Financial Crime Detection enables insurers to build an overall picture of - and response to - risk from bad actors across their business. About Shift Technology Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.

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CORE INSURANCE

Hub International Acquires the Insurance Brokerage Assets of the Pete Webb Agency in Virginia

Hub International Ltd | July 12, 2021

Hub International Limited (Hub), a leading worldwide insurance brokerage and financial services company, announced the acquisition of Pete Webb Agency's insurance brokerage assets. The transaction's terms were not revealed. Pete Webb, the owner, formerly worked for Nationwide Mutual Insurance Company (Nationwide), which has now moved to an independent broker model. Pete Webb Agency, located in Fredericksburg, Virginia, offers personal and commercial insurance services such as home, car, life, and business. This addition enhances and strengthens Hub's personal insurance services. Since 2019, Hub has added over 20 agencies that were previously exclusive Nationwide agents before becoming independent. Mr. Webb and his staff will join Hub Mid-Atlantic while operating from their present site in Fredericksburg. About Hub's M&A Activities Hub International Limited is dedicated to expanding its global presence and strengthening the industry and product expertise through organic and acquisition growth. About Hub International Hub International Limited, headquartered in Chicago, Illinois, is a major full-service worldwide insurance broker and financial services company offering risk management, insurance, employee benefits, retirement, and wealth management products and services. With over 13,000 employees in locations throughout North America, Hub's vast network of experts provides clarity to a changing world via tailored solutions and unwavering advocacy, ensuring customers are prepared for the future.

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INSURANCE TECHNOLOGY

ProSight Selects Cenata SURE for Its Outwards Reinsurance Management Solution

ProSight Global, Inc. | August 23, 2021

ProSight Global, Inc., a domestic specialty insurance holding company, today announced their agreement with Cenata Limited ("Cenata"), a leading insurtech software provider, to use Cenata's uniquely capable outwards reinsurance solution, Cenata SURE. Cenata SURE is a full cycle outwards reinsurance management solution, able to take and process real time premium and claims data from multiple inwards systems to provide real-time analysis irrespective of the complexity of a reinsurance program. Cenata SURE caters for all forms of reinsurance contracts, and as a true cloud deployment, has unlimited performance capability regardless of data volumes, and complexity of company structure. With Outwards Reinsurance data touching every part of the business, Cenata SURE will be the cornerstone of a fully integrated ProSight technology eco-system. "We identified Ceded Reinsurance as a 'process critical' part of our business data flow, and having undertaken a detailed review of comparable offerings, Cenata SURE provides all of the business functionality identified for both our current and future needs. The granularity of the data will provide our business with unparalleled analytical insights into our Reinsurance purchasing, provide incredible value to our Reinsurance partners, and be an intricate component of our future strategy. Equally important is that it is built on a truly modern SaaS Cloud stack and compliments our technology roadmap, which when combined with the comprehensive functionality will deliver the necessary competitive commercial edge ProSight desires. The Cenata team is exceptional, which was a significant selection decision driver. They (Cenata) have successfully delivered every implementation they have worked on and have unparalleled knowledge of the ceded reinsurance sector. We have every confidence in them and enjoy working with them as they are true partners", comments Mike Sciole, Chief Operating Officer at ProSight. Cenata's Managing Director, Nick Freer, adds "We are extremely excited to be working with ProSight. We respect and admire their passion as innovators and visionaries for the insurance industry. Their vision for how technology can deliver a commercial competitive edge seamlessly aligns itself with our goals for Cenata SURE. ProSight wants to set a pace that their competitors cannot sustain, and we are 100% supportive of that strategy." About ProSight Global, Inc. Founded in 2009 and headquartered in Morristown, New Jersey, ProSight is a specialty property and casualty insurance holding company, providing a wide range of property and liability solutions to customers across the United States. ProSight 's insurance company subsidiaries are rated "A-" (Excellent) by A.M. Best. To learn more about ProSight. About Cenata Limited Cenata is a niche technology provider, utilizing its deep subject matter expertise and industry experience to transform the insurance industry. Cenata SURE, Cenata's outwards reinsurance software solution, delivers unmatched functionality and seamless integration, all built on leading-edge technological efficiencies.

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