State Farm, USAA join forces to test blockchain solution for auto insurance claims

insurancebusinessmag | June 03, 2019

State Farm and the United Services Automobile Association (USAA) are collaborating on a blockchain-based solution designed to automate parts of the auto insurance claims handling process.Cryptopolitan reported that the joint test platform will allow both insurance firms to conduct scheduled payments, aggregate total payments and calculate net balance. The platform also simplifies the subrogation process, by accumulating the balance of payments between the insurers; and it enables regular separate payments.

Spotlight

With its eerily accurate predictions about advanced technology becoming an integral part of everyday life, the book's revived popularity only hints at the massive surge of excitement surrounding one specific subject Artificial Intelligence (AI). The numbers tell the same story: deals to Al startups enabling computers to mimic human intelligence and decision behavior increased 4.6x, from 150 in 2012 to 698 in 2016'. With a combined funding of USD 4.8B in 2016' and a projected overall spend of USD 47B by 2020', a world in which Al is prevalent is no longer mere fiction.

Spotlight

With its eerily accurate predictions about advanced technology becoming an integral part of everyday life, the book's revived popularity only hints at the massive surge of excitement surrounding one specific subject Artificial Intelligence (AI). The numbers tell the same story: deals to Al startups enabling computers to mimic human intelligence and decision behavior increased 4.6x, from 150 in 2012 to 698 in 2016'. With a combined funding of USD 4.8B in 2016' and a projected overall spend of USD 47B by 2020', a world in which Al is prevalent is no longer mere fiction.

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CORE INSURANCE

Corvus Insurance Opens Continental European Office in Germany

Corvus | July 28, 2022

Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance® products powered by AI-driven risk data, today announced the opening of a new continental European office in Frankfurt, Germany. The newest office location for Corvus creates a presence in continental Europe for the company — a first for a US-based insurtech — allowing Corvus greater flexibility to expand its international footprint and capabilities through new markets. “Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” said Oliver Delvos, Head of International at Corvus Insurance. “Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” said Oliver Delvos, Head of International at Corvus Insurance. “We will be able to spread our wings and develop our business with a true European focus.” The Frankfurt office will look to underwrite cyber insurance business for both small- and medium-sized businesses (SMBs) and larger corporations. Coupled with product growth, Corvus seeks to increase employee headcount by attracting new talent to the industry and into tech. This will include offering positions for ‘Werkstudenten’ from universities as a way to provide graduates with potential career opportunities. “Cyber by its very nature is a global risk, and by expanding our operations into Europe, this will create new opportunities for our team to help even more policyholders and support our foundational mission of making the world a safer place,” said Lori Bailey, Chief Insurance Officer of Corvus Insurance. To learn more about Corvus, please visit https://www.corvusinsurance.com. About Corvus Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance®, Smart Tech E+O™, and Smart Cargo®. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and Skyward Specialty Insurance. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the US, in the UK, and Germany. For more information, visit corvusinsurance.com.

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INSURANCE TECHNOLOGY

Patriot Growth Insurance Services Joins Forces with Mccormick & Sons of Massachusetts

Patriot Growth Insurance | July 01, 2022

Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, announces a new partnership with Massachusetts' McCormick & Sons Insurance Agency. McCormick & Sons Insurance, based in Avon and Waquoit, has been serving the communities of Norfolk and Barnstable County as an independent agency since 2007. McCormick & Sons, led by David McCormick, offers personal and commercial insurance to over 2,000 customers. The McCormick agency will merge with FBinsure, a Patriot partner agency, and the entire customer service team will continue to serve their clients with the same high-level professional care they have come to expect. It was important for us to ensure our clients would be able to work with the same familiar faces they have trusted for years, all while increasing their access to additional products and services. This partnership is right for our clients and employees, and the benefits will be felt for years to come." David McCormick, President of McCormick & Sons. We are delighted to welcome McCormick & Sons Insurance Agency to the FBinsure family. We are delighted that, as a well-known agency in a new community, they have chosen Patriot and FBinsure to propel their agency forward while maintaining critical client relationships. We are confident that their clients will notice a difference in their future experiences." Russ Martorana, President and CEO of FBinsure. This is Patriot and FBinsure's fifth collaboration in the last year. Tino's Insurance Agency joined in January, followed by the Durand Insurance Agency of Seekonk, Exchange Insurance, and Paul B. Sullivan Insurance.

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CORE INSURANCE

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Coherent, Duck Creek Technologies | July 13, 2022

Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy. Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.” Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry. Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.” Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.” To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent. About Coherent Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/. About Duck Creek Technologies Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

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