Insurance Business | August 04, 2020
Axon Underwriting Services has announced the acquisition of the renewal portfolio of Allianz Global Corporate & Specialty’s (AGCS) US contaminated and consumer products recall insurance business written through Allianz Global Risks US Insurance Company.We at Axon Crisis Management are excited to obtain the renewal rights for contaminated products and consumer products recall insurance policies previously underwritten by AGCS in the United States,” said Alex Pittignano, senior vice president at Axon. “Our staff of experienced recall underwriters is prepared to ensure a smooth renewal for clients during this transition.Axon expanded its suite of specialized insurance products in January with the addition of underwriting capabilities to offer contaminated product recall, consumer goods product recall, and restaurant foodborne illness and contamination insurance. All three will be underwritten on a non-admitted basis in partnership with the E&S and specialty companies of Nationwide. They will offer a capacity of $10 million.
expert.ai | December 21, 2021
Expert.ai (EXAI:IM), the premier artificial intelligence (AI) platform for language understanding, today released a new Expert IQ Report, "How Cyber Insurance Has Evolved in 2021." The report provides insurers with insight into unprecedented change and risk being driven by the pandemic, causing costs to soar and confusion to spread across the marketplace. In the first half of 2021 alone, threat research shows global cyber-attacks climbed 29%, ransomware incidents jumped 93% and demands rose an astounding 518%.
Report findings are produced using expert.ai's advanced natural language understanding (NLU) capabilities. The technology takes a unique approach to AI by combining symbolic human-like comprehension and machine learning (ML) to create practical applications that deliver real business impact and measurable benefits. With deep understanding of any kind of document (presentations, contracts, emails, claims, reports, posts, social media messages, etc.) it helps organizations turn unstructured language details into structured data at speed and scale. This augments discovery capabilities and streamlines the automation of complex, knowledge-centric processes.
The Expert IQ Report is a regular series that provides deep content analysis from massive amounts of language data on a given subject. For "How Cyber Insurance Has Evolved in 2021," expert.ai analyzed a sample of approximately 1,130 articles, published in a range of insurance industry outlets between January 2021 and November 2021. Focused on insurance news, opinions and analysis, the analysis identified the cyber-related issues discussed most online, capturing the main topics, trends and sentiment expressed about them.
A few of the cyber insurance findings in the report include:
Products and impact: Cybersecurity and cyber risks were common themes with data clearly showing both a need for more suitable insurance products and the potential impact on existing contracts.
Insurers struggle with risk: A strong correlation between cyber threats and COVID-19 appears to show that underwriters are struggling to evaluate their exposure to pandemic-generated vulnerabilities.
Resilience and relevance: Cyber risks have been testing the ability of organizations to prepare for, respond to and recover from attacks. As a result, resiliency emerged as the main topic across 67% of cyber-related articles in the sample analyzed, proving the insurance sector is still relevant to global improvements in cyber resilience.
"What makes policy review and comparison especially complex for cyber is that threats are evolving and growing. Contracts may exceed 100 pages – it's not easy to streamline the review process to avoid unintended risk exposure while ensuring coverage certainty, With NLU, we augment underwriters by making policy reviews faster, more consistent and accurate. We help them overcome new challenges - like those posed by 'silent cyber' - by improving the reading, identification and extractions of critical information around explicit and implicit coverages."
-Pamela Negosanti, head of sector strategy for financial services and insurance at expert.ai.
"The right AI approach can provide enterprises competitive advantage by automatically generating fast, accurate market understanding from existing business documents. You can identify emerging risks and trends, gain a detailed picture of sentiment, design more effective and profitable products, seize new opportunities and more. It's insight today for decision-making that'll shape your future and provide strategic advantage."
-Keith C. Lincoln, expert.ai CMO
Expert.ai (EXAI: IM) is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to natural language combines symbolic human-like comprehension and machine learning to extract useful knowledge and insight from unstructured data to improve decision making. With a full range of on-premises, private and public cloud offerings, expert.ai enhances business operations, accelerates and scales natural language data science capabilities while simplifying AI adoption across a vast range of industries, including insurance, banking & finance, publishing & media, defense & intelligence, life science & pharma, and oil, gas & energy. Expert.ai has cemented itself at the forefront of natural language solutions and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, The Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett and EBSCO.
Moody’s Analytics | November 25, 2021
Moody’s Analytics is pleased to announce the launch of RiskIntegrity™ Investment Insight, an asset-liability management (ALM) solution for insurance companies. The new tool combines data and modeling capabilities from across Moody’s Analytics to help insurers to build liability-aware investment portfolios and better evaluate their investment strategies across a range of business metrics.
Insurance companies face a variety of challenges in managing their organization’s investment strategy including understanding the impact of alternative asset classes, reducing the operational risk of maintaining complex data and models, and adapting to regulatory change. Available as a software-as-a-service (SaaS) solution, RiskIntegrity Investment Insight helps insurers’ ALM and investment teams address these challenges by bringing Moody’s Analytics core content and models to life to deliver user-friendly analytics and reports on demand.
“Insurers are looking for control and visibility of the economic assumptions and scenarios embedded in their investment process. They need to be able to quickly assess the impact of investment decisions across a range of business metrics – economic, capital, and liquidity. RiskIntegrity Investment Insight will help insurers to perform strategic asset allocation, make better investment decisions, and take more control of their investment process,”
- Phil Mowbray, Senior Director at Moody’s Analytics.
Using the tool, ALM and investment teams can develop new investment strategies to enhance risk-adjusted returns, and apply filters or constraints to align with their specific objectives and risk profiles.
RiskIntegrity Investment Insight is part of Moody’s Analytics suite of award-winning solutions designed to help insurers manage current and emerging risks, and make better integrated risk decisions. Moody’s Analytics insurance solutions include the RiskIntegrity™ for IFRS 17 solution, our AXIS™ actuarial system, and Climate Pathway Scenario Service.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs.