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Geico has deployed CCC's Smart Red Flag fraud detection technology. The offering reviews claims using AI for possible fraud including multiple filings for the same damage, duplicate VINs, odometer disparities, or garaging errors, the company says. Geico is also using the Cross Carrier Analysis component, which includes a network of 300 other carriers. "Working with CCC to integrate CCC Smart Red Flag with Cross Carrier Analysis into our claims workflow, which already runs on CCC's digital and AI technology, will create better visibility into suspicious activity, improve assessment accuracy, and reduce fraudulent payouts. The technology paves the way for better policyholder experiences and straight-through claims processing. With strong participation from insurers, we can work to eliminate fraud in auto claims altogether," said Troy Penry, vice president of claims at GEICO.
Lemonade has launched Contents insurance in the UK for renters across the country, in partnership with Aviva. The coverage includes individual personal items of up to £2,000 each with total coverage up to £100,000. Add-ons available include theft and loss-related incidents, accidental damage to mobile devices and legal protection. "We're excited to be appointed as the long-term partner for Lemonade in the UK. We share a common outlook for how digital, AI and data can transform customer experiences, and the role insurers can play in building stronger communities," said Adam Winslow, CEO of Aviva UK & Ireland General Insurance.
Majesco, long-time provider of insurance core systems, has acquired Global IQX, which provides enrollment automation and underwriting capabilities. Global IQX had 16 customers inn the life, annuity and health insurance segments at the time of the buy, the companies said. Terms were not disclosed. "Global IQX market leading solutions combined with our core and absence solutions will provide the L&AH insurance market with some of the most robust, innovative solutions," says Adam Elster, Majesco CEO, in a statement.
Accenture has acquired Blackcomb Consultants, which is a Guidewire partner. This will continue the companies' systems integration abilities for new Guidewire customers. "This acquisition strengthens our ability to help insurance carriers use technologies like artificial intelligence and analytics to improve productivity and provide hyper personalized offerings to their customers," said John Koepke, Accenture's technology lead for tnsurance in North America, in a statement.
Lyft and Mobilitas Insurance, which is part of CSAA, are expanding their rideshare coverage by five states, to a total of 23. Mobilitas also provides coverage for Lyft's delivery business in 43 states, and coverage for its Flexdrive program in 19. "As our business continues to grow and evolve, we are committed to implementing cutting-edge risk management solutions that address our mobility needs," said Curtis Scott, vice president of Customer Platform at Lyft.
Insurtech Claims Fraud detection Gig economy M&A