Chubb partners with Cytora: CNO Financial expands Cognizant partnership: Insurtech news

March 5, 2024 6:04 AM

Fish eye view of commercial buildings in the central business district of Tokyo, Japan

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Chubb partners with Cytora

Chubb is partnering with Cytora, an insurtech, to automate claim document processing.

Amir Farid, Chubb North America transformation officer said in a statement: "The collaboration is focused on enabling Chubb claims documents to be automatically digitized, eliminating the need for manual intervention. Cytora's platform enables Chubb teams to create, compose and deploy AI-native claims document flows in a scalable approach across multiple markets and lines of business."

CNO expands partnership with Cognizant

CNO Financial Group will continue partnering with Cognizant for end-to-end technology services and Gen AI. Cognizant will implement cloud and digital technologies to improve customer experiences.

Mike Mead, CIO at CNO Financial Group, said in a statement: "At CNO, we're committed to partnerships that help us enhance our technology experience, improve our service delivery and efficiency, and build integrated capabilities to continuously improve how we support our customers, associates and agents. By continuing to partner with Cognizant, CNO will continue to leverage tools that can further boost productivity and build on our capabilities around automation, artificial intelligence, technology transformation and process optimization."

Odie Pet Insurance partners with Tigerless Insurance

Odie Pet Insurance and Tigerless Insurance are partnering to expand pet insurance to international communities living in the U.S. Tigerless will add pet insurance to existing lines by leveraging Odie's insurance-as-a-solution platform.

Weiyi Zheng, CEO of Tigerless Insurance, said in a statement: "We pride ourselves on creating custom-made, high-quality insurance plans for those traveling to the U.S., and by leveraging Odie's technology, we can now offer customized pet insurance plans while continuing to offer financial relief to our consumers."

Blink Parametric to provide cyber solution with Buckler Mexico

Blink Parametric, a parametric-as-a-service insurtech, entered an agreement with Buckler México, which specializes in early cyber risk detection and protection services. Through the collaboration, Blink Parametric will integrate the Blink Cyber solution into Ethics Data Analytics' Cyber Security portfolio, extending Blink's offerings to the Latin American region.

The solution functions as a proactive data protection tool and will detect potential data breaches or compromised information.

Sid Mouncey, CEO at Blink Parametric said in a news release, "This is an excellent opportunity for us to work with our old friends at Buckler México as they continue to grow their business across the LATAM region. It's impossible to put a price on peace of mind, but in terms of personal data, everything online has a price. That's why we work in partnership with leading global data source and dark web monitoring technology to support the broadest monitoring across the dark web for Cyber client data exposure. Our solution is scalable, borderless and easy to use so it fits comfortably into an existing cyber product or insurance suite and we look forward to its effective and high-performance delivery for our new expert partners and their client base."

Mylo selected by 1-800Accountant as digital insurance partner

1-800Accountant, a virtual accounting firm for small businesses, has selected insurtech Mylo to provide a guided digital business insurance shopping experience to a network of over 200,000 businesses in real estate, e-commerce and other industries. Through Mylo's insurance intelligence platform, 1-800Accountant customers will have a single, streamlined place for their accounting and insurance service needs.

"We're excited to partner with 1-800Accountant because we can do what we're passionate about - amplifying insurance solutions to protect what matters for business owners," said Mylo CEO David Embry in a news release statement. "We're proud to bring our guided insurance shopping experience to their network and deliver an efficient and value-added experience to their customers."

Bolt expands device protection offering to WorldTrips customers

Bolt, a distribution platform for P&C insurance, is offering protection for connected devices like smartphones, tablets and laptops, to WorldTrips customers. WorldTrips, which provides travel insurance plans and assistance services to global travelers, will give its customers access to Bolt's fully digital, online claims process that can be used anywhere in the world.

"Our work with WorldTrips speaks to the importance of staying connected with friends and family while traveling, especially for students and those who are traveling for business," said Clayton Bodnarek, EVP of alternative distribution at Bolt, in a press release. "Together, WorldTrips and Bolt developed a solution that is affordable and easily accessible to every type of traveler, providing peace of mind that you will be protected and connected even when you're away from home."

Traveling customers will have access to Bolt's global repair network, which allows them to keep in touch with others while traveling and provides access to features like digital wallets, emergency contacts, cameras and location sharing.

"At WorldTrips, we are constantly considering pain points that impact travelers and finding ways to address them with simple and affordable solutions," said Mark Carney, president and CEO of WorldTrips. "We see bolt as an ideal partner because of their unique device protection product that is easily accessible at any time and anywhere in the world. With people storing so much critical information on their devices these days, it is paramount to ensure those devices are protected when people travel."

Celerity Professional Liability Underwriters (Celerity Pro) switches to Lloyd’s of London

Celerity Pro recently announced a change of carriers and switched to Lloyd's of London to partner with the company for cyber risk, miscellaneous professional liability, and directors and officers liability insurance.

"We are delighted with our new Lloyd's of London/London Markets partnerships," said Carl Pursiano, president and founder of Celerity Pro in a statement. "Not only can our underwriters offer cyber, professional liability and directors and officers liability insurance to more brokers across the United States, but our account appetite has been expanded to encompass larger companies and a wider variety of eligible classes."

CIC Services launches new product for mid-sized banks

CIC Services, a captive insurance manager, has launched BankInsure, a new type of insurance product created exclusively for small and mid-sized banks, focusing on the unique challenges these entities encounter.

The product is specifically designed to address risks these banks encounter related to cybersecurity threats, regulatory changes, and economic fluctuations, as well as health insurance premium increases, directors and officers liability, disability coverage for key employees and more.

"We launched BankInsure to provide small to mid-sized banks with a smarter, more comprehensive approach to risk management," said Christopher Gallo, managing director of CIC Services in a statement. "Traditional options often fall short, leaving these institutions exposed."

Neptune Flood launches excessive flood insurance product

Private flood insurance provider Neptune Flood has launched an excess flood insurance product for residential, commercial and condominium properties. The excess policy provides coverage above the maximum limit available through the National Flood Insurance Program (NFIP), enabling customers to keep their NFIP policy and purchase additional coverage to help them reach their market rate. It provides coverage for temporary living expenses, basement contents, unattached structures, pool repair and replacement cost on contents, which aren't covered by the NFIP. Business owners can add business interruption and building replacement cost with their policies.

HawkSoft and b atomic! complete API integration

Insurtechs HawkSoft and b atomic! launched API integration for mutual customers at the start of 2024, they announced. They began a partnership in 2022, and the integration puts b atomic! on the HawkSoft API Partner program, with HawkSoft's platform and b atomic!'s Neon platform now integrated.

JR Bell, owner of Bell Insurance Solutions in Illinois, a customer of both insurtechs, described the benefits his company has seen. "I can tell you that using neon with HawkSoft has completely changed the way my team tackles our day and my staff love it," he said. "The insights from neon have made me, as the agency owner, rethink a lot of my processes for the better."

Echo Reinsurance adds use of ACORD data exchange to Guy Carpenter business

Echo Reinsurance Limited implemented ACORD Solution Group's ADEPT real-time data exchange platform to automate its digital data exchanges with Guy Carpenter, a global risk and reinsurance specialist. Using ADEPT for global reinsurance and large commercial lets Echo Re send and receive standardized accounting and claims messages with Guy Carpenter, which makes stakeholder interactions and other functions more efficient.

"After the first successful implementation of B2B messages via ADEPT at the beginning of 2023, we are proud that we could further grow the number of transactions that are processed automatically with the implementation of the carriers Guy Carpenter UK in November 2023, as well as Guy Carpenter South Africa in February 2024," said Nicole Kos, Team Lead Technical Accounting & Claims, Echo Re.

Echo Re has previously used ADEPT and ACORD Transcriber to interact with brokers, including connection to Aon's Reinsurance Solutions in Asia-Pacific.

Atlantic Global Risk adopts Novidea cloud insurance enterprise platform

Specialty insurance broker Atlantic Global Risk has begun using the cloud-based Novidea insurance enterprise platform to address data quality and operational efficiency.

"Disconnected applications not designed with insurance in mind and inefficient, repetitive processes based on inconsistent data kept our experts from adding more value and giving data-based guidance to our clients," said David Haigh, founding partner at Atlantic Global Risk. "With Novidea, we finally have the technology we've been looking for to build upon, scale, and maintain one central repository for all critical information workflows."

Georgia farm insurer chooses Akur8 pricing model solution

Georgia Farm Bureau Mutual Insurance Company has chosen Akur8, an insurance pricing solution that uses machine learning, to build its pricing models.

"Our team really values the speed of model creation and iteration, transparency and ease of reporting that Akur8's Core Platform solution provides," said Steven Reslie, actuary and manager of rate development at Georgia Farm Bureau. "Being able to review the indicated vs. predicted and then make a selection is something in the current pricing process that Akur8 helps make a lot more efficient. We also love that if a member of our team ever runs into a roadblock, Akur8's live support is always there to help us resolve any issues that arise."

Akur8's solution serves P&C insurers with accelerated model building, transparent generalized linear model (GLM) outputs, and data-driven underwriting. "This partnership exemplifies the importance and attractiveness of Akur8's solution for regional insurance providers within the mutual insurance market in the U.S.," said Samuel Falmagne, CEO at Akur8.