CLAIMS, RISK MANAGEMENT
Shift Technology | March 16, 2023
Shift Technology, a leading provider of AI-driven solutions for the insurance industry, announced on March 15, 2023, that General Insurance Association of Singapore (GIA) would be expanding its use of Shift Claims Fraud Detection to assist its member insurers in detecting travel insurance fraud.
This strategic expansion is a testament to the success of General Insurance Association of Singapore's (GIA) Fraud Management System (FMS). This move comes at an opportune time, with global travel gradually returning to pre-pandemic levels. Shift and GIA have been working together since 2017 to combat insurance fraud. Initially, the collaboration involved the use of Shift Claims Fraud Detection to identify suspicious motor and travel insurance claims. However, due to the significant success achieved in both areas, the solution's use has been expanded to include the detection of various types of travel insurance fraud.
Kai Weng Ho, Chief Executive of GIA, stated, "Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximize the potential of the travel module and comes at an opportune time of rising global travel."
He added, "Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector's existing fraud detection and management efforts."
(Source - Cision PR Newswire)
Jeremy Jawish, CEO and Co-Founder of Shift Technology, remarked, "Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful."
He added, "Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what's happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all."
(Source - Cision PR Newswire)
About Shift Technology
Shift Technology offers AI decisioning solutions to insurance companies and their clients as one of its many services. These solutions automate and optimize decision-making processes from underwriting through claims, resulting in improved client satisfaction, higher operational efficiency, and lower costs for insurance companies.
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RISK MANAGEMENT, COMPLIANCE
Embroker | January 23, 2023
Embroker, the digital platform that makes business insurance radically simple, recently launched ONE by Embroker, a universal application that uses AI and machine learning to create industry-specific business insurance products.
The streamlined procedure allows brokers and startup founders to acquire immediate quotations for a complete package of products by focusing on critical business information and eliminating the need for needless and redundant questions.
Business owners prefer a one-stop insurance shop so they can focus on running their company. Commercial insurtechs offer many kinds of coverage but no assistance with product selection. Founders and brokers may search numerous sites to find the correct risk management solution, and even then, the coverage may not meet their demands. Insurance agents spend hours shopping around for policies from different companies instead of providing value-added services to their clients. This is hard on businesses and doesn't make the most of the broker's skills.
Ben Jennings, CRO at Embroker, remarked, "Founders and business owners shouldn't be served a one-off, one-size-fits-all solution. When it comes to risk management, businesses need a strategic partner. To truly add value, insurtechs must provide a comprehensive suite of vertically-focused products that address all of their needs."
(Source – Business Wire)
He further added, "ONE by Embroker does just that. We provide a single-destination solution that replaces the traditionally complicated process through a universal application, generating quotes specific to the policies most appropriate for each business based on the broker or founder's inputs."
(Source – Business Wire)
As ONE by Embroker evolves to incorporate more policies for more verticals, the estimates will contain all of the coverage a firm requires, whether Embroker products are used or not. Embroker is revolutionizing the way businesses learn about, shop for, and buy insurance by launching the ONE by Embroker platform.
Jonas Edgeworth, CTO at Embroker, stated, "Leveraging our data science capabilities, we've created ONE by Embroker as a universal application that can synthesize and combine products — enhanced with third-party data at scale — to provide a tailored suite of coverage for our customers' needs."
(Source – Business Wire)
"Essentially, this new technology platform is our growth engine, allowing us to quickly launch new products into the market moving forward," he concluded.
(Source – Business Wire)
About Embroker
Embroker makes business insurance simple. It helps growing businesses save time and obtain the best coverage by combining technology and broker expertise. The company, a premier digital insurance brokerage, is transforming an $800 billion property and casualty (P&C) insurance sector. Headquartered in San Francisco, the company has offices in Chicago and Boston. Embroker has been named one of the innovators shaping the future of finance by Goldman Sachs and one of the world's most promising private FinTech companies by CB Insights.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Inszone | February 15, 2023
On February 14, 2023, Inszone Insurance services announced its acquisition of Sonora Insurance Agency. This acquisition will allow Inszone Insurance Services to grow within California and broaden its national footprint while continuing its steady growth.
Headquartered in Sonora, California, Sonora Insurance Agency has been delivering insurance solutions in its location since 1987. It developed through organic reach and established its prominent place within the Sonora community. It specializes in Auto, Business, Home, and Worker's compensation. This transaction will enable Sonora Insurance Agency employees to serve Inszone Insurance clients through their current Sonora location without interruption. Additionally, it provides personal and commercial insurance, auto, group benefits, umbrella, motorcycle, condo, and boat insurance.
Kristina Eaton took over Sonora Insurance as a second-generation agency owner in 2004. With about 25 years of experience, she expanded the agency's commercial insurance space and served Sonora and the surrounding areas. She is specialized in commercial and personal lines insurance with both NV and CA license.
CEO of Inszone Insurance Services, Chris Walters, said, "We are excited to continue growing our footprint in the central region of California with the acquisition of Sonora Insurance Agency. The work Kristina and team have done in the region is incredible, we look forward to supporting them with the vast resources available through Inszone."
(Source – Business Wire)
About Inszone
Headquartered in Sacramento, California, Inszone, a full-service insurance brokerage firm, has provided property and casualty insurance with employee benefits solutions since 2002. It continues to grow organically through acquisitions due to the support of an experienced management team. It is working at different locations across California and expanding its enterprise throughout the United States. It provides services like group dental and vision insurance, umbrella insurance, group health and life insurance, special event insurance, landlord insurance, renters' insurance, motorcycle insurance, auto insurance, commercial property insurance, general liability insurance, workers' compensation, homeowners insurance, pet insurance, disability insurance, employee benefits, personal and commercial insurance.
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