RISK MANAGEMENT, INSURANCE TECHNOLOGY
Businesswire | May 19, 2023
Socotra, Inc. announced availability of their insurance policy core platform Connected Core in AWS Marketplace. This move will make it easier for insurers to adopt the platform, resulting in faster implementation times and improved efficiencies. AWS Marketplace is a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy, and deploy software that runs on Amazon Web Services (AWS).
Socotra's availability in AWS Marketplace is an important step forward in the company's mission to serve the insurance industry through better innovation and technology. It further solidifies Socotra's position as a leading provider of modern enterprise insurance platforms, offering insurers the ability to quickly launch new products, reduce operational costs, and improve customer experiences. Socotra's Connected Core is built on a modern cloud-native architecture, providing insurers with greater flexibility and agility to adapt to evolving market conditions. The platform is highly configurable, enabling insurers to rapidly launch new products and services, and automate underwriting, billing, and claims processes.
“For years, Socotra has valued and enjoyed our enduring relationship with AWS. As we introduce this new facet to our relationship, we believe AWS Marketplace opens the door for insurer customers to leverage Socotra’s Connected Core to modernize and speed their product and service offerings to market,” said Mike Benayoun, Director of Partnerships at Socotra. “AWS Marketplace provides our customers a trusted, convenient, and standardized means of purchasing our software, while confidently deploying on AWS.”
This news comes on the heels of the recent launch of Socotra CorePlus, a line of complete insurance IT solutions designed for Homeowners and Auto, composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading software and data providers. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization. Through the new availability in AWS Marketplace, insurers can shorten procurement times, implement the controls needed to operate with confidence, and enable their organizations to unlock innovation.
Socotra brings unparalleled speed, flexibility, and choice that gives insurers more control over their businesses. With Socotra’s complete insurance solutions, insurers and MGAs of all sizes can accelerate product development, reduce costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
RISK MANAGEMENT, COMPLIANCE
PRnewswire | April 03, 2023
Shift Technology, a provider of artificial intelligence-based decision automation and optimization solutions for the insurance industry, and Direct Assurance, the French leader in direct insurance, which offers auto, motorcycle, home and health insurance, and is a 100% subsidiary of the AXA group, today announced their renewed collaboration. Initiated in 2018 to fight auto insurance claims fraud using Shift Claims Fraud Detection, the relationship now extends its scope to cover home insurance claims.
Property and casualty insurance fraud costs the European economy €14 billion annually, and €2.5 billion in France alone. As such, insurers are looking for modern solutions which can more effectively identify and analyze suspicious claims. Working with Shift, Direct Assurance has opted for an innovative approach to this issue. Five years of successful collaboration analyzing motor claims prompted the French leader in direct insurance to extend the use of Shift's solutions to the challenge of mitigating fraud in home insurance claims.
"Fighting against fraud is one of the most effective ways to maintain the competitiveness of our rates and defend the purchasing power of the immense proportion of our bona fide customers," explained Donatien Levesque, director of claims, Direct Assurance.
"In order to identify suspicious claims, we chose to combine artificial intelligence with the know-how of our experts. The enormous amount of information to be processed makes verification and comparison operations extremely difficult," continued Nicolas Vilhelmsen, head of claims business intelligence, Direct Assurance. "That's why we used Shift. Since 2018, this collaboration has allowed us to gain ground on fraudsters in a considerable way. We are very excited to apply this solution to our home claims, which are an increasingly important part of our business."
"From the beginning, Shift's goal has been to put technology at the service of insurance players to help them best serve their customers," concludes Jeremy Jawish, CEO and co-founder, Shift Technology. "We are proud to have contributed for several years to Direct Assurance's strategic initiative to minimize the impact of fraud on its business, and to benefit its legitimate customers."
About Shift Technology
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
About Direct Assurance
Direct Assurance is the French leader in direct car insurance and also offers motorcycle, home and health insurance products. Today, more than a million customers trust the company. A pioneer since 1992, Direct Assurance is a part of the AXA group.
RISK MANAGEMENT, INSURANCE TECHNOLOGY
PRnewswire | May 03, 2023
Arbol, a global climate risk coverage platform, and The Institutes RiskStream Collaborative, the insurance industry's largest blockchain consortium, announced a strategic partnership to transform the parametric insurance space today. The partnership integrates Arbol into RiskStream's network of industry leaders dedicated to unlocking the potential of blockchain in risk management and insurance. The consortium actively explores insurance-specific blockchain and distributed ledger technology (DLT) applications to reduce operating costs, enhance systems, and improve customer experiences across the $1 trillion insurance industry.
Arbol and RiskStream's collaboration aims to leverage blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and reinsurance programs, addressing the challenges in managing seasonal and catastrophic climate risks, such as major storms and hurricanes.
The partnership between Arbol and RiskStream Collaborative will initially focus on developing an innovative, blockchain-driven parametric solution for the insurance industry. This solution will enhance trust and collaboration among all parties involved. It could be extended to non-parametric insurance solutions for reinsurance programs, harnessing the unique value of smart contracts and DLTs.
Sid Jha, Founder and CEO of Arbol, said, "Our collaboration with The Institutes RiskStream Collaborative marks an exciting step in bringing innovation to the parametric insurance space. By leveraging smart contracts and distributed ledger technology, we aim to transform how climate insurance and reinsurance deals are managed, introducing unprecedented transparency and efficiency to global climate risk management."
"We are excited to welcome Arbol into the collaborative as a solution provider. Their work in the parametric (re)insurance space opens the door for our producer, carrier/cedent and reinsurer members to leverage their automated solutions," said Patrick Schmid, President of The RiskStream Collaborative. "Arbol's application, which works with external blockchain oracle data for various perils, aims to leverage RiskStream's Canopy platform. The goal is to improve industry-wide operational efficiency and lead to a better overall insurance experience."
The strategic partnership between Arbol and The Institutes RiskStream Collaborative seeks to create significant value for the insurance industry by showcasing the power of blockchain technology and decentralized data storage. The collaboration is committed to delivering cutting-edge solutions that address current industry challenges while paving the way for future advancements in parametric insurance and beyond.
Arbol is a global climate-risk coverage platform and FinTech company offering full-service solutions for any business looking to analyze, manage, and transfer climate risk. Arbol's products offer parametric coverage based on objective data triggers rather than a subjective loss assessment. Arbol's key differentiator versus traditional InsureTech, or climate- analytics platforms, is the complete ecosystem it has built to address climate risk. This ecosystem includes a massive, climate-data infrastructure, scalable product development, automated, instant pricing–using an artificial intelligence underwriter–blockchain-powered operational efficiencies, and non-traditional risk capacity bringing capital from non-insurance sources. By combining all these factors, Arbol brings scale, transparency, and efficiency to parametric coverage in stark contrast to the oligopoly of reinsurers currently dominating the climate-risk insurance space.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry's first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The Institutes RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.