INSURANCE TECHNOLOGY

Pie Insurance Receives Regulatory Approval to Acquire Western Select Insurance Company

Pie Insurance | August 28, 2021

Pie Insurance, an insurtech company specializing in workers' comp insurance for small businesses, today announced that Pie Carrier Holdings has received regulatory approval from the Illinois Department of Insurance to acquire Western Select Insurance Company, a property casualty insurance company that is licensed in Illinois, California, and New York, from a subsidiary of Premia Holdings Ltd. The proposed acquisition represents an important step by Pie Carrier Holdings, a subsidiary of Pie, formed in May 2020, to execute on Pie's strategy of becoming a full-stack insurance carrier.

Upon the closing of the proposed acquisition, Western Select Insurance Company will be renamed Pie Casualty Insurance Company.

"Since Pie was founded in 2017, our goal has been to offer the entire small business insurance experience to our customers as a full stack insurance carrier," said John Swigart, co-founder and CEO of Pie. "Receiving regulatory approval to acquire Western Select Insurance Company is a key milestone on the path for Pie to write our own policies, and to bring our seamless commercial insurance experience to even more small businesses across the country."

About Pie Insurance
Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie's intense focus on granular, sophisticated pricing and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $300M in funding and commitments for future funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide.

Spotlight

Although the covid19 spread and the subsequent lockdown imposed will adversely impact the life insurers business in the short term, but with likely a change in consumer behavior and rise in demand for pure protection products given the uncertaninties, the medium term to long term impact may turn out to be positive for them.
Insurers can do more to retain customers who are looking to switch providers.

Spotlight

Although the covid19 spread and the subsequent lockdown imposed will adversely impact the life insurers business in the short term, but with likely a change in consumer behavior and rise in demand for pure protection products given the uncertaninties, the medium term to long term impact may turn out to be positive for them.
Insurers can do more to retain customers who are looking to switch providers.

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INSURANCE TECHNOLOGY

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

GeoX | February 18, 2022

GeoX, a leader in supplying geospatial data to insurers, has today announced a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology. In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways they had not previously considered. By combining GeoX's ground-breaking technology with Sompo's significant expertise and established global distribution networks, this partnership will fuel digital transformation within the insurance industry while enhancing customer experience. GeoX has the know-how and technology to provide reliable, high-quality intelligence for residential and commercial properties across the USA. Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilizing this know-how. "In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex, We look forward to working closely with Sompo Japan, as this partnership will analyze risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before." -Izik Lavy, Co-Founder and CEO at GeoX. "Sompo Japan has been a global leader in the application of modelling and data to casualty insurance with a strong commitment to the specialty markets, At this time of significant change across the business landscape, we must develop innovative responses to emerging and evolving risks. We look forward to this partnership, as it will drive positive change within the sector promoting the development of advanced insurance underwriting using geospatial data." -Yinnon Dolev, head of Sompo Digital Lab Israel & Europe at Sompo Holdings. About GeoX GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements.

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INSURANCE TECHNOLOGY

Guidewire Software Announces Promotion of PartnerConnect Consulting Partner, Exavalu, Inc.

Guidewire | June 10, 2021

Exavalu, Inc. is promoted to PartnerConnect Consulting Select partner by Guidewire Software, Inc.; the platform P&C insurers rely on to engage, innovate, and expand effectively. There are three relationship tiers in the PartnerConnect Consulting partner program: Select, Advantage, and Global Premier. The levels are designed to award partners based on their accomplishments and contributions, such as insurance sector expertise, the number of Guidewire certified employees, and specialization achievement. Exavalu, Inc. is a consulting company focused on the insurance industry that serves as a trusted adviser to significant property and casualty insurers on core and digital transformation. Exavalu’s global Guidewire practice comprises seasoned experts with several years of implementation expertise in the Guidewire suite of products, including InsuranceSuite, Digital, Data, and InsuranceNow, along with Guidewire Cloud, Guidewire’s cloud services. “We congratulate Exavalu, Inc. on its well-deserved promotion to Select partner within our PartnerConnect program,” stated Lisa Walsh, vice president of Alliances at Guidewire Software. “We are delighted to recognize Exavalu Inc.’s proven implementation experience throughout Guidewire’s suite of products, and we look forward to strengthening our collaboration in serving our mutual and valued customers.” About Exavalu, Inc. Exavalu, Inc. is a consulting firm focusing on the insurance business that serves as a trusted advisor to leading Property & Casualty insurers on Core and Digital Transformation. We assist insurance carriers in executing their market growth, profitability, cost-cutting, risk management, and innovation strategies. Our global team of highly experienced Insurance business and technology SMEs provides carriers with advisory and implementation services on core modernization, customer experience enhancement, integration, automation, data analytics, artificial intelligence, and cloud migration and engineering. About Guidewire PartnerConnect Guidewire PartnerConnect Consulting partners offer business transformation and strategy consulting and implementation and related solution and delivery services. Guidewire Consulting practices now have over 12,000 consultants globally that have been trained or have expertise with Guidewire products. Guidewire PartnerConnect is a program that is exclusively available via invitation.

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INSURANCE TECHNOLOGY

Grange Insurance Uses Digital Tools to Improve the Claims Experience

Grange Insurance, | April 30, 2021

The insurance claims process is commonly regarded as a pivotal point in the customer experience journey. Grange Insurance has enabled next-generation policyholder interactions through the claims journey in response to changing customer expectations in the modern age. Digital updates include: • Two-way texting to enable Grange claims associates to connect with policyholders within multiple modes of communication • Electronic claims payments for faster claims resolution and payment • Proactive customer texts to keep our policyholders informed of their claim status throughout the claims process. • These improvements are part of Grange and its associate partner Integrity Insurance's dedication to engaging in new solutions to provide exceptional customer experiences. Two-way texting Grange has implemented next-generation business technology to provide claims customers with text message services. Policyholders will text pictures of their assigned insurance claims and get real-time answers to their claims questions when they need them the most. This program, which is powered by Hi Marley, an AI-based conversational service interface designed specifically for the insurance sector, needs no IT integration or app to get started. Grange saw an improvement in its already high customer loyalty scores within months of allowing two-way texting capability. Grange policyholders may connect with their adjuster in a variety of ways, including phone and email. Paying claims electronically Grange policyholders can also receive claims payments more quickly due to a secure electronic settlement system built to expedite restitution. Customers who file a home, vehicle, or business claim with Grange will choose to pay their claims electronically. Customers who use this payment method will collect their electronic payment in as little as a few hours by direct deposit to a checking or savings account, direct deposit to a debit card, or instant prepaid virtual cards. Other advantages of this new capability include the ability to easily navigate payment status in a touchless experience and reduce the chance of fraud through mailed checks. Grange allows customers to have a say in how they want to receive claims payment in the manner they find most convenient. Claims status notification Grange also offers automatic text messages, enabling policyholders to access claim status notifications on their mobile devices quicker than ever before. Grange's mission, with further updates already in the works, is to make the claims experience more manageable and less frustrating, allowing policyholders to get back on their feet as soon as possible. Policyholders do have the option of participating or not, and their choices can be changed at any time. Grange is deeply committed to protecting individuals and enterprises with exceptional service and takes tremendous interest in consumer loyalty, as shown by strong ratings from J.D. Power and positive customer feedback. The business is dedicated to keeping ahead of user preferences, attitudes, and desires to have a customized and effortless customer experience. About Grange Insurance Grange Insurance Company, with $3 billion in assets and more than $1.3 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin

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