Ford extends commercial auto; RGA partners with Digital Owl: Insurtech news

January 16, 2024 6:26 AM

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Ford Pro Insure extends its commercial auto insurance

Ford Pro Insure is rolling out commercial auto insurance in Indiana and Wisconsin. The coverage is underwritten by Ford subsidiary, The American Road Insurance Company and is available through Pie Insurance, a managing general agent that covers commercial vehicles. Coverage is now available for business owners across five states. "There are nearly 1 million small businesses in Indiana and Wisconsin that make up more than 99% of total businesses in each of their states. The right commercial auto insurance can help them run efficient and productive fleets. Enter Ford Pro Insure," said Craig Carrington, executive vice president of Ford Pro FinSimple, in a statement. "As we expand, Ford Pro Insure adds one more link in the end-to-end support delivered through Ford Pro's suite of products and services."

RGA partnering with Digital Owl on underwriting

RGA is partnering with Digital Owl, an insurtech that uses artificial intelligence to interpret medical records into a Digital Underwriting Abstract. RGA also made an investment into Digital Owl. Dave Rengachary, SVP, head of underwriting, U.S. individual life, RGA, said in a statement: "Enabled by DigitalOwl technology, we are developing a digital solution for carriers that will automate the processing of numerous sources of structured and unstructured data and synthesize them into a comprehensive underwriting decision in an all-digital format. Furthermore, we will integrate DigitalOwl as a core component of our internal underwriting operations."

NormanMax Syndicate 3939 to launch

Norman Max Insurance Holdings, the U.S. based parametric reinsurance group has received "approval in principle," from Lloyd's to launch NormanMax Syndicate 3939 in partnership with Apollo Syndicate Management. The plan is to start underwriting in April. Bradley Meier, CEO of NormanMax said in a statement: "We are thrilled at the opportunity to assist clients globally with parametric (re)insurance solutions and bring this business into Lloyd's. It is my belief that we are only at the beginning of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey. The ability to provide worldwide access to parametric insurance solutions that utilize both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products."

AEB now standard on all light vehicles

Twenty automakers fulfilled a pledge to equip all light vehicles produced for the U.S. market with automatic emergency breaking (AEB). More than three-quarters of automakers have equipped 95% of all light vehicles, automatic or manual, with AEB. "We urge the automakers with heavier vehicles to make AEB standard right away," said William Wallace, associate director of safety policy for Consumer Reports, said in a press release. "Whether you buy a small sedan or a large pickup, everyone should have the protection that AEB provides on the road."

The Insurance Institute for Highway Safety expects the voluntary commitment to prevent 42,000 crashes and 20,000 injuries by 2025, based on IIHS research that found front crash prevention systems with both forward collision warning and automatic emergency braking cut rear-end crashes by half.

Aspen launched cyber risk management services

Aspen is collaborating with Surefire Cyber to launch a cyber risk management suite. The partnership includes the creation of Aspen Cyber Risk Services to help customers assess and prepare for cyber incidents. "As threats in cybersecurity continue to increase, ACRS will empower customers to detect risks at an early stage and provide them with the tools needed to respond swiftly and decisively," explains Bobby Bianconi, Aspen Insurance global head of cyber, in a statement. "We are delighted to partner with Surefire Cyber's first-class team of experts to deliver this powerful offering globally to our insureds as the cyberthreat landscape continues evolving rapidly."

hyperexponential raises $75M to expand its pricing platform

hyperexponential, a pricing decision intelligence software, has announced the completion of its $73m Series B funding round with support from Battery Ventures, a technology-focused investment firm, and a16z, a Silicon Valley investor, as well as Highland Europe, an existing Series A investor, which increased its holding in the company.

The hyperexponential platform provides insurers with the opportunity to leverage large datasets and employ machine learning approaches to price risk and make data-driven pricing decisions. The company also anticipates expanding into the U.S. and opening an office in New York.