AXA XL has selected Xtract for commercial auto claims. The insurtech's technology captures first notice of loss digitally, combining available real-time crash data with vehicle details and parts costs. The first line of business to roll out the platform is the Environmental Insurance business, comprising clients like waste companies and hazardous materials haulers. "If vehicles are equipped with telematics devices, we'll be able to see a real-time reconstruction of the incident immediately after it has occurred to help us begin our claims management process almost instantly," says Kimberly MacDonald, Head of Environmental Claims for AXA XL. "Greater use of telematics that provides objective, scientific information quickly has the potential to dramatically change the claims process."
Bestow, a life insurance insurtech, has created an API for third parties to integrate into their sites that allows no-medical-exam quotes for its term life insurance products. The first client is financial organization app Tomorrow, which will make Bestow products available to its legal will and trust users. "Given how much Tomorrow knows about its customers, their families, and their finances, the average person completes a life insurance purchase in under 5 minutes, all thanks to Bestow's investment in our partnership," says Dave Hanley, Founder and CEO of Tomorrow.
CoverHound, online distribution insurtech, has been acquired by Brown & Brown, an insurance broker. The buy includes Coverhound subsidiary CyberPolicy. They will continue to operate as seperate brands under Brown & Brown. “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience," says Steve Boyd, SVP technology, innovation, and digital strategy for Brown & Brown. "By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.”