IoT from Carrot and Luxboro; EY and FINEOS: Insurtech partnerships

May 31, 2022 12:00 PM

Morning commuters make their way across London bridge in London, U.K., on Monday, April 11, 2022. The labor market data for February will probably give the Bank of England the ammunition it needs to justify another rate hike in May. Photographer: Chris J. Ratcliffe/Bloomberg — Morning commuters make their way across London bridge in London, U.K., on April 11, 2022.

Digital insurance carrier Carrot General Insurance Corp., and Luxboro announced their joint venture as Lucky Box Solutions Inc. The venture will provide advanced IoT technology systems, offer fulfillment of Carrot’s telematics devices to detect risks and enable real-time communication with customers and expand its application of IoT across other insurance endeavors.

EY announced that Ernst & Young Business Consultants and FINEOS, a global provider of life, accident and health insurers, formed an alliance to aid companies in digital transformation of technologies and services through consultation and on-site execution. As many insurance carriers currently use manual steps to solve inefficiencies, the alliance will offer technology solutions to help carriers looking to integrate more digital solutions and remodel their service models. It will also help the EY team to deploy services already working on the FINEOS Platform. The two teams will offer artificial intelligence, machine learning and data analytics through FINEOS Engage, FINEOS Insight and EY Nexus. The alliance has extended its service to the U.S. and, in the future, plans to further expand globally.

Polly, a Saas technology provider for the mortgage capital markets field, has integrated with six primary mortgage insurance providers: Arch MI, Enact, Essent, MGIC, National MI and Radian. Through Polly’s Product and Pricing Engine, each of the six MI providers’ quoting information will be embedded to create a more efficient quoting process for all involved parties; to save time, the loan officer, mortgage lender and borrower will be able to compare MI offerings across all the providers and receive a list of possible rates, premiums and other information from each company.

Roostify, a mortgage technology provider, has partnered with Covered Insurance Marketplace, a leading insurtech and embedded insurance platform, to create a more streamlined process for purchasing homeowners’ insurance. Borrowers are able to shop, compare quotes from over 30 insurers and finalize and purchase a policy all within Roostify’s platform – the process, which can take around 15 minutes, will save users an average of three days in funding their loans. Customers can also connect with advisors from Covered Insurance through Roostify’s platform to receive education and support.

Socotra announced its acquisition of Avolanta, where its joint technology will become the Socotra Unified Portal. Avolanta, a software startup, will aid insurers in overcoming outdated processes, such as paper applications, through its streamlined, unified portal. The portal digitizes applications and enables agents, brokers and policyholders to seamlessly connect.

Proptech company, Arturo, has teamed up with an industry-leader of SAR data, ICEYE, to enable insurers to estimate and evaluate damages in the aftermath of a flood. ICEYE’s SAR satellite constellation and spaceborne sensors provide data through auxiliary information to create an accurate representation of flood damage. Paired with Arturo’s artificial intelligence and analytic capabilities, insurance companies are able to gauge the extent of flood-related property damages, assess the potential of continuing risks and project claims.