Tech provider announces online platform for insurance sector

Business Insurance | October 16, 2019

Quantemplate Technologies Ltd. on Wednesday announced the general availability of its online data platform for insurance brokers and underwriters, together with increased funding. The Quantemplate platform helps with the automated ingestion, storage and preparation of data sets, according to an email from a spokesman for the London-based company. Quantemplate is agnostic to source of data, internal or external, according to Scott Quiana, president and head of sales. “We are able take in data like (Risk Management Solutions Inc.) or other external sources used to augment data or tie sources together,” he said in an email. The company also said in the statement that it has closed on more than $12 million in funding and has “approximately 20 large and midsize customers already licensing the platform.”

Spotlight

For years, industry studies have indicated that small commercial insurance is ripe for digital disruption, but growth in online sales to this segment has disappointed to date. Accenture explores why small commercial customers find purchasing insurance online to be time-consuming, confusing and frustrating. Listen to the perspectives of small business owners and find out how our experiential research methods can enable carriers to understand what really matters to their customers.

Spotlight

For years, industry studies have indicated that small commercial insurance is ripe for digital disruption, but growth in online sales to this segment has disappointed to date. Accenture explores why small commercial customers find purchasing insurance online to be time-consuming, confusing and frustrating. Listen to the perspectives of small business owners and find out how our experiential research methods can enable carriers to understand what really matters to their customers.

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CORE INSURANCE

Relm Insurance Announces Strategic Partnership With CyberCube

Relm Insurance and CyberCube | November 22, 2022

Relm Insurance Ltd. (Relm), a market-leading specialty insurance carrier serving emerging industries, has inked a strategic partnership with renowned cyber risk analytics firm CyberCube to bolster its cyber underwriting business with advanced analytics, artificial intelligence and advanced risk modeling and assessment capabilities. Launched in 2019 as the first commercial insurer licensed under the Bermuda Monetary Authority’s “Innovative Insurer General Business” (Class IIGB) regulatory framework, Relm partners with a global distribution network of brokers to develop insurance solutions for businesses and institutions operating at the forefront of emerging industries, with a focus on digital assets/Web3.0, cannabis and psychedelics. Relm will leverage CyberCube’s sophisticated technology platforms, including Account Manager and Portfolio Manager, to enhance underwriting decision-making with industry-specific threat risk scores, financial loss frameworks, and real-time data and insights. “This partnership with Relm demonstrates we are continuing to broaden our reach within other, non-traditional insurance markets. It will allow us to further demonstrate that our data accuracy, methodology and expert personnel can be utilized effectively to help create a profitable framework, regardless of industry. By licencing our products, Relm finds itself in a position for rapid success as it rolls out more in-depth risk selection protocols.” -Sean Omar, CyberCube’s Sales Manager - Americas Donavan Burgess, Relm Senior Vice President - Digital Assets, Cyber & Professional Lines, said: The advent of cryptocurrency and the utilization of blockchain technology have created a new set of cyber exposures. CyberCube’s mix of data, actionable insights, team of experts and footprint across the insurance value chain will provide us with the best springboard to grow our business over the coming years. Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and underwriting teams. It also allows stress testing of portfolios of insurance risk so that loss drivers and areas of accumulation risk can be identified. Account Manager is designed for risk carriers and is used by leading companies across the insurance ecosystem. It enables underwriters to make efficient, data-driven risk selection decisions.

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CORE INSURANCE,RISK MANAGEMENT

Betterview Announces Partnership with Risk Innovator JMI Reports

Betterview and JMI Reports | December 01, 2022

Betterview, the company leading P&C insurers rely on to identify and manage real property risk, today announced a partnership with JMI Reports, one of the largest providers of onsite property data to the insurance industry. Products from JMI Reports are now available on the Betterview Property Intelligence & Risk Management Platform, allowing users to optimize inspection efficiency in a single, intuitive user interface (UI). The innovative tools from JMI Reports allow insurers to understand, prioritize and act upon risks to predict and prevent future loss. One of these is QuickVUE, a self-inspection tool that empowers insurers to thoroughly understand property risk without consuming overwhelming amounts of data. Additionally, reliable inspection data from on-the-ground physical inspections is available on the Betterview platform. Using this integration, insurance companies can filter properties based on which require a physical inspection and which ones can be fast-tracked as solid risks. “The solutions from Betterview and JMI Reports are strengthened by synthesizing them within a single platform, Customers can work with their policyholders to get rapid, accurate views of real property risk. They can then consume that information directly within our platform, gaining an immediate and actionable view of every property in their book, and flagging those that need more attention. Any insurer that uses Betterview and JMI together will see great improvements in inspection efficiency, which should translate to an improved expense ratio as well.” -Betterview co-founder and chief operations officer, Dave Tobias JMI Reports also believes that the two companies are ideal partners. Both Betterview and JMI are in the business of understanding risk and helping insurers work better with their insured, Ultimately, we want to turn underwriters and agents into insurance heroes. By integrating QuickVUE and other inspection tools directly in the Betterview platform, I believe we are taking a positive step towards that goal,says Nathan Clark, president and CEO at JMI Reports. About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. About JMI Reports: JMI Reports is a risk innovator providing property profiles and data insights to improve efficiencies and profitability for insurance carriers and MGAs. For more than 30 years, our mission has remained the same: to protect your blindside by listening to your needs and delivering actionable, forward-thinking, and cost-saving solutions that make a difference.

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CORE INSURANCE

New carrier partners go live on Commercial Submissions to streamline small commercial quoting

Vertafore | September 12, 2022

Vertafore®, the leader in modern insurance technology, today announced Acuity Insurance, Westfield Insurance and CNA Insurance are the latest carriers to go live on its award-winning Commercial Submissions™ platform. These additions reflect the platform's growing momentum and bring even more choice to the solution and mark a new milestone in Vertafore's vision to modernize commercial insurance for the independent agency channel. Vertafore introduced general availability for Commercial Submissions in March 2022. Nearly 800 independent agencies have since signed up to use the platform to quickly quote BOP, workers' compensation and general liability insurance from some of the nation's top carriers. Technology built for insurance professionals by insurance experts Vertafore has long been the leader in market connectivity solutions that enable agencies and carriers to speed up binding and quoting. In 2021, Vertafore facilitated more than $13 billion in real-time carrier/agency premium submissions and handled 150 million real-time transactions through its rating and connectivity solutions. The company built on this connectivity success when it set out to solve challenges of commercial insurance quoting. And since the product's launch, agencies have generated thousands of quotes across three lines of business in 40 states. The success of Commercial Submissions is the result of a dedicated, experienced Vertafore product and development teams, led by Wendy Haney and David Acker. Haney and Acker have nearly five decades of combined experience developing tools that simplify the day-to-day work of insurance professionals, with a particular focus on solutions that improve connectivity across the insurance distribution channel. "When Vertafore identifies a technology need in our marketplace, we first consider whether our customers are best served through a partnership, an acquisition, or with a Vertafore-built product, The depth of our in-house talent, our proven success with personal lines connectivity and our relationships across the distribution channel made it clear that we were in the best position to deliver a high-quality solution to streamline business insurance quoting. And our agency and carrier partners continue to validate that decision." -Amy Zupon, Vertafore CEO Industry-leading solution for commercial lines quoting Commercial Submissions delivers a game-changing experience for independent agents and the business clients they serve. The platform simplifies and automates commercial insurance by: Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry. Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting. Enabling real-time digital collaboration with clients to complete applications quickly and accurately. The solution also reflects Vertafore's ongoing, multimillion dollar investment to deliver products with a modern user experience. By building Commercial Submissions from the ground up, Vertafore has placed integration, connectivity, and design thinking at the core of the product. As a result, the solution creates a seamless experience and incorporates inclusive design principles that eliminate barriers, improve accessibility and overcome situational challenges that impede user productivity. Commercial Submissions has been recognized by the Golden Bridge Awards®, achieving Gold in the Business-to-Business Product category. The solution also landed on the SaaS Awards' shortlist for Best SaaS Newcomer and received a Silver award for the 2021 Best New Insurance Solution from the American Business Awards. About Vertafore As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.

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