One small step for drones, one giant leap for insurers?

insurancebusinessmag | June 07, 2019

One small step for drones, one giant leap for insurers?
Drones flying over our heads could become an everyday sighting soon if the Federal Aviation Administration (FAA) has its way. In February, the FAA released its proposed rules for commercial drone use, or small unmanned aircraft systems (UAS), in the Federal Register, and has since taken other steps that indicate the skies, could, in the near future, open up for drones.

Spotlight

Autonomous, data-driven decision-making is increasing as healthcare uses more AI for administrative and clinical functions. However, AI is only as good as the data used to train it. Without establishing the veracity, or accuracy, of data, organizations leave themselves vulnerable. These vulnerabilities can do great harm because data underpins medical decisions, treatment plans and even whether an insurance claim is accepted or denied. Companies must follow a dual mandate to maximize veracity and minimize opportunities for data manipulation.

Spotlight

Autonomous, data-driven decision-making is increasing as healthcare uses more AI for administrative and clinical functions. However, AI is only as good as the data used to train it. Without establishing the veracity, or accuracy, of data, organizations leave themselves vulnerable. These vulnerabilities can do great harm because data underpins medical decisions, treatment plans and even whether an insurance claim is accepted or denied. Companies must follow a dual mandate to maximize veracity and minimize opportunities for data manipulation.

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Akur8 helps Wefox Insurance Improve their Insurance Pricing Process

Akur8 | June 23, 2021

wefox Insurance and Akur8 are excited to report their coordinated effort, as a vital achievement to reinforce wefox Insurance's pricing process. This arrangement further builds up the presence of Akur8 in Germany, and shows the broadness of Akur8 use cases, working together with a completely advanced neo-guarantor. Explicitly produced for insurers, Akur8's answer improves their pricing processes via computerizing hazard and request demonstrating, utilizing straightforward Artificial Intelligence proprietary technology. The center advantage for insurers is more noteworthy speed-to-exactness, while keeping up with full straightforwardness and control on the models made. With Akur8, wefox Insurance further builds up their administration levels to clients and conveyance accomplices. wefox Insurance furnishes dispersion accomplices with custom fitted taxes, exact and designated pricing and high reactivity. Akur8 further backings wefox in its interest to severe endorsing discipline through giving an altogether robust pricing process. The coordinated effort among Akur8 and wefox Insurance was worked with by Munich Re. This supports Munich Re's vision of key reinsurance organization including best in class counseling administrations by cooperating with their customers along the entire worth chain. About Akur8 Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds. About wefox Insurance wefox Insurance is a digital real-time insurer. Brokers and end customers can take out paperless insurance within a few minutes. Damages are reported digitally and in more than 60 percent cases are settled on the same day. wefox household, liability and motor vehicle insurance are available in Germany, Poland and Switzerland. wefox has just announced their series C funding of over $650m for a valuation of $3bn.

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Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity

Guardian Life | May 19, 2020

Guardian Life unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider. The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy. Guardian Level Term also offers the ability and flexibility to convert to permanent protection. Today, The Guardian Life Insurance Company of America® (Guardian Life) unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider1. The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy. Nearly two-thirds of Americans have donated to charity over the last year2. Yet, being able to bequeath a donation to a charity is often perceived as reserved for the wealthy. Guardian Life's Level Term with the built-in Charitable Benefit allows those who are charitable-minded to support their charity of choice upon their death. Term life provides a tax free payout for beneficiaries, while the charitable benefit feature provides a donation, 1% of the policy face amount (subject to a $100,000 maximum charitable donation), to the policy owner's charity at no additional cost. Read More: HGGC opens up on PCF Insurance acquisition There are three methods that are commonly suggested for charitable giving through insurance: naming the charity as a beneficiary, transferring dividends to a charity or donating an existing policy to a charity. Guardian Life's Level Term life insurance introduces a new option - utilizing the built-in charitable giving feature to make a charitable contribution while also providing a payout to beneficiaries. Any charity the owner chooses must be a qualified 501 (c) (3) charity. Guardian Level Term offers a unique opportunity that resonates with today's charity-conscious client, policy owners will have the ability to give to the charity of their choice without taking anything away from their beneficiaries. - Andy Gordon, Head of Life Insurance, Annuity and Underwriting Solutions for Guardian Life. Guardian Level Term also offers the ability and flexibility to convert to permanent protection. It's fully convertible to whole life insurance. Additional optional benefits include the disability waiver of premium rider3, terminal illness rider, and an extended conversion rider, which provides the policy owner flexibility on when to convert to a whole life policy. Read More: Just Auto Insurance propels pay-per-mile auto insurance product in Arizona About Guardian Life The Guardian Lifeprovides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we're a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of over 9,000 employees and our network of over 2,500 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2019 included $9.3 billion in capital and $1.7 billion in operating income.

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Worry+Peace marked its first foray into open insurance with scalable review-focused tools

Insurance Business | July 29, 2020

Insurtech company Worry+Peace has marked its first foray into open insurance with the release of a pair of automated and scalable review-focused tools accessible to all providers who are using the firm’s online platform. Reviews API gives each insurer a default key and a corresponding product key to every product it lists on the Worry+Peace marketplace, allowing for seamless data transmission. Onboarding for existing providers has already started and is set to be completed by the end of August.The company has also launched Reviews BCC, which enables insurers to send out customised review requests by copying Worry+Peace in outbound e-mails. The tool can also be automated using a CRM system. Both tools operate on a “cost-per-use basis,” with users given the option to spend their credits on inviting reviews or boosting their listings.

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