INSURANCE TECHNOLOGY

Damco Solutions Partners with omni:us to Fast-Track Insurers Adoption of Data-Driven Cognitive Claims Management

Damco Solutions, omni:us | December 07, 2020

Damco Solutions Inc., leading innovation solutions and digital services company, has announced the partnership with omni:us, an Artificial Intelligence as a Service (AIaaS) provider to fast-track insurers adoption of data-driven cognitive claims management.

Backed with more than two decades of IT experience, profound insurance domain information, and industry-demonstrated ability in arising advancements, Damco Solutions would leverage omni:us remarkable capabilities to help insurance businesses accelerate their pace of digital transformation. This partnership would uphold insurers to rapidly convey AI into their claim's lifecycle streamlining the interactions among insurers and safeguarded parties.

The combination of Damco's Insurance industry experience, innovation capability with omni:us ability in AI would give exceptionally differentiated digitization services assisting insurers with reevaluating the claims venture with high impact automation.

Below is a snapshot of omni:us capabilities:
  • Digital FNOL: Real-time claims management that converts information into actionable claims data by minimizing touchpoints with intelligent claim automation
  • Claims Indexation: AI cognitive process that streamlines document extraction and classification to read, interpret, and understand data by eliminating the manual workflow
  • Completeness Check: AI-powered claims handling process with AI-powered decisions and recommendations, providing insights for regulatory compliance and reducing manual claims touchpoints
  • Coverage Check: Intelligent claims automation improving productivity in the claims process by eliminating time-intensive tasks, identifying noncovered claims, detecting fraud, claims leakage, etc.

"We look forward to collaborating with omni:us to help insurance companies with AI-based cognitive claims management solution and digital technologies to simplify claims lifecycle," said Mohit Gupta, Founder & Chief Executive Officer, Damco Solutions Inc. "Together, we would be able to help a broader range of insurers industrialize innovation in claims management. With the addition of omni:us, we see tremendous opportunity to enlarge our approach and help more businesses supercharge their future-readiness."

"omni:us and Damco share a common aspiration: to drive insurance businesses towards a more efficient and customer-oriented experience", said Sofie Quidenus-Wahlforss, Founder & Chief Executive Officer, omni:us.  "We at omni:us are excited to team up with such a veteran player in the field as Damco. Both sides will benefit from the other's strengths and specializations and be further empowered to realize our ultimate goal of bringing about wide digital transformation to the insurance sector."

About Damco
Damco Solutions is the trusted technology partner of businesses worldwide enabling them to leverage IT as a strategic asset. Empowered by technology expertise, immaculate execution capabilities, and unwavering focus on the customer needs; Damco has nurtured businesses to connect with their customers, clients and employees in an entirely new way. Damco and omni:us partnership aim to deliver data-driven AI-based solutions for streamlining the claims ecosystem, driving efficiency, collaboration, and bringing the digital future to global insurance businesses.

About omni:us
omni:us is an Artificial Intelligence as a Service (AIaaS) provider for cognitive claims management. Built on a fully data-driven approach, omni:us transforms the way insurers interact with their insured parties. It provides all the necessary tools and information to make fast, transparent and empathetic claims decisions, whilst improving operational efficiency and reducing loss adjustment expenses.

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The Evolution of Cyber Insurance in 2021 Through the Lens of expert.ai's Artificial Intelligence

expert.ai | December 28, 2021

Expert.ai (EXAI:IM), the premier artificial intelligence (AI) platform for language understanding, today released a new Expert IQ Report, "How Cyber Insurance Has Evolved in 2021." The report provides insurers with insight into unprecedented change and risk being driven by the pandemic, causing costs to soar and confusion to spread across the marketplace. In the first half of 2021 alone, threat research shows global cyber-attacks climbed 29%, ransomware incidents jumped 93% and demands rose an astounding 518%. Report findings are produced using expert.ai's advanced natural language understanding (NLU) capabilities. The technology takes a unique approach to AI by combining symbolic human-like comprehension and machine learning (ML) to create practical applications that deliver real business impact and measurable benefits. With deep understanding of any kind of document (presentations, contracts, emails, claims, reports, posts, social media messages, etc.) it helps organizations turn unstructured language details into structured data at speed and scale. This augments discovery capabilities and streamlines the automation of complex, knowledge-centric processes. The Expert IQ Report is a regular series that provides deep content analysis from massive amounts of language data on a given subject. For "How Cyber Insurance Has Evolved in 2021," expert.ai analyzed a sample of approximately 1,130 articles, published in a range of insurance industry outlets between January 2021 and November 2021. Focused on insurance news, opinions and analysis, the analysis identified the cyber-related issues discussed most online, capturing the main topics, trends and sentiment expressed about them. A few of the cyber insurance findings in the report include: Products and impact: Cybersecurity and cyber risks were common themes with data clearly showing both a need for more suitable insurance products and the potential impact on existing contracts. Insurers struggle with risk: A strong correlation between cyber threats and COVID-19 appears to show that underwriters are struggling to evaluate their exposure to pandemic-generated vulnerabilities. Resilience and relevance: Cyber risks have been testing the ability of organizations to prepare for, respond to and recover from attacks. As a result, resiliency emerged as the main topic across 67% of cyber-related articles in the sample analyzed, proving the insurance sector is still relevant to global improvements in cyber resilience. "What makes policy review and comparison especially complex for cyber is that threats are evolving and growing. Contracts may exceed 100 pages – it's not easy to streamline the review process to avoid unintended risk exposure while ensuring coverage certainty, With NLU, we augment underwriters by making policy reviews faster, more consistent and accurate. We help them overcome new challenges - like those posed by 'silent cyber' - by improving the reading, identification and extractions of critical information around explicit and implicit coverages." -Pamela Negosanti, head of sector strategy for financial services and insurance at expert.ai. "The right AI approach can provide enterprises competitive advantage by automatically generating fast, accurate market understanding from existing business documents. You can identify emerging risks and trends, gain a detailed picture of sentiment, design more effective and profitable products, seize new opportunities and more. It's insight today for decision-making that'll shape your future and provide strategic advantage." -Keith C. Lincoln, expert.ai CMO About expert.ai Expert.ai (EXAI: IM) is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to natural language combines symbolic human-like comprehension and machine learning to extract useful knowledge and insight from unstructured data to improve decision making. With a full range of on-premises, private and public cloud offerings, expert.ai enhances business operations, accelerates and scales natural language data science capabilities while simplifying AI adoption across a vast range of industries, including insurance, banking & finance, publishing & media, defense & intelligence, life science & pharma, and oil, gas & energy. Expert.ai has cemented itself at the forefront of natural language solutions and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, The Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett and EBSCO.

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Hilb Group Acquires Tennessee-based Churchill Agency

Hilb Group | January 05, 2022

The Hilb Group announced today that it has acquired the membership interest in The Churchill Agency, LLC from The Churchill Agency Ventures, LLC based in Brentwood, Tennessee. The transaction became effective December 1, 2021. About Hilb Group: The Hilb Group is a leading property and casualty and employee benefits insurance brokerage and advisory firm headquartered in Richmond, Virginia. Hilb Group is a portfolio company of The Carlyle Group, a global investment firm. Hilb Group seeks to grow through strategic acquisitions and by leveraging its resources and expertise to drive organic growth in its acquired agencies. The company has completed more than 125 acquisitions and now has over 100 offices in 22 states. Hilb Group is rated as one of the Fastest Growing Brokers by Business Insurance, a Top P/C Agency by Insurance Journal, and one of America's Fastest Growing Private Companies in the Inc. 5000.

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Brightway Insurance is the only insurance agency franchisor named to a listing of the smartest-growing franchises in the country by Franchise Times

Brightway Insurance | January 25, 2022

Brightway Insurance, a national insurance agency franchisor, is the only insurance franchisor and one of only 40 brands Franchise Times recognized on its eighth annual Fast and Serious list of the smartest-growing franchises in the U.S. Brightway ranks No. 23 on the list. The list is derived using a proprietary 10-point formula that includes financial results over the past three years. Click here to review Brightway's profile on Franchise Times' website. "The financial results that put us on this list are the result of the investments we make in empowering our franchisees to reach their potential. They chose Brightway because of the set of tools they can leverage to help people in their communities while building their own business for themselves and their families," - Mark Cantin, Brightway's President and CEO. Brightway's customer service, back-office support and wide variety of carrier partners enable Brightway Agents to ensure their customers are properly covered and cared for while they build their businesses. In traditional agencies, countless hours are spent servicing existing customers' needs. Brightway handles that work on behalf of its agents, empowering them to focus on new policy sales while building a residual income stream that pays every time policies renew. This results in unlimited earning potential in a recession- and pandemic-proof industry. Regardless of background, Brightway's team of experts can help anyone be successful in insurance. In fact, half of Brightway's largest Agencies are owned by people with no insurance background; their average agency book size is $18.3 million. About Brightway Insurance Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest Personal Lines agencies in the U.S. Brightway's focus is on building unparalleled tools that empower its franchisees to help people in their communities understand and value insurance while reaching their potential in business. Brightway got its start in 2008 and has since grown to 1,200 people in 316 offices across 29 states serving customers in all 50 states.

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Safe Harbor Pollution Insurance Partners with Rhode Island Environmental Non-Profit

Save The Bay | January 27, 2022

Advocacy of clean waterways is top priority for Safe Harbor Pollution Insurance, which is why a partnership with Save The Bay is a natural fit. Safe Harbor offers the largest spill response network in the vessel pollution industry, which allows for the opportune response in the crucial first moments of marine oil spills. Additionally, most of its staff are based in North Kingstown, RI – where the office overlooks Narragansett Bay – the very body of water Save The Bay actively works to clean and protect every day. Much of Save The Bay's mission-based work seeks to address the ongoing threats to Narragansett Bay including: "polluted runoff, excessive nutrients, accumulating toxins, overfishing, declining biodiversity, warming sea temperatures, and coastal inundation—all of which represent urgent perils that demand our attention." Safe Harbor and the extended Falvey Insurance Group staff plan to support Save The Bay through local beach cleanups, volunteer hours dedicated to removing garbage and debris from the Bay's coastline. Safe Harbor is also proud to support Save The Bay by hosting and serving as the presenting sponsor of "Fore the Bay" – a charity golf tournament planned for Monday, July 25, 2022. The tournament will be hosted at Wanumetonomy Golf & Country Club in Middletown, RI, which overlooks the same body of water the event will support – Narragansett Bay. All proceeds will be donated to Save The Bay. Golf registration and sponsorship opportunities are available at safeharborpollutioninsurance.com/save-the-bay. This partnership is a continuation of Falvey Insurance Group's, parent company of Safe Harbor Pollution Insurance, effort to directly align its 2021 philanthropy with causes related to its business operations. About Safe Harbor Pollution Insurance At Safe Harbor, we are more than paper, we are a partner. With roughly 50 cumulative years of experience, Safe Harbor offers the strongest and longest track record of continuous applied expertise in the vessel pollution industry. Safe Harbor supports clients with the industry's leading infrastructure and institutional knowledge available in the market today. Offering the broadest coverage, largest spill response network and most transparent claims process in the industry, Safe Harbor is more than paper, we are a partner and vessel pollution expert you can trust. Learn more about Safe Harbor at: safeharborpollutioninsurance.com About Falvey Insurance Group Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI by the company's founder: Mike Falvey. After 25 years, the company has evolved into Falvey Insurance Group, comprised of four divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services. "The Specialized Insurance Experts" underwrite on behalf of Lloyd's of London, C.V. Starr, Nationwide, Beazley Insurance Company, Hiscox, Ascot Group and State National. The flexibility, World-Class customer service, claims processing excellence, and comprehensive knowledge and expertise that Falvey companies are known for is unparalleled in the insurance industry. Falvey was also named Insurance Insider's MGA of the Year in 2020. About Save The Bay Founded in 1970, the Rhode Island-based nonprofit Save The Bay seeks to protect and improve Narragansett Bay and its 1,705-square-mile watershed. The organization works to achieve its vision of a fully swimmable, fishable Narragansett Bay, accessible to all, through its advocacy, education, and habitat restoration and adaptation work.

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