Liberty Mutual moves, Mercury Insurance digital claims: Roundup
June 17, 2022 7:18 AM
Liberty Mutual announced two promotions this week in addition to its new CIO . Damon Hart and Melaney Foley will both serve as Executive Vice President, with Hart serving as Chief Legal Officer and Foley as the company’s Chief Administrative Officer. Foley, a 25-year veteran of the company, will maintain her current responsibilities in addition to overseeing the company's corporate administration departments and community and philanthropic investments.
Hart is actively involved in the company's Employee Resource Groups. He also is a co-founder of The New Commonwealth Racial Equity and Social Justice Fund, described as "a coalition of Black and Brown executives in Massachusetts working to address and eliminate systemic racism and racial inequity."
Hart is actively involved in the company's Employee Resource Groups. He also is a co-founder of The New Commonwealth Racial Equity and Social Justice Fund, described as "a coalition of Black and Brown executives in Massachusetts working to address and eliminate systemic racism and racial inequity."
InShare and Skyward Specialty Insurance Group have launched an occupational hazard insurance product for gig workers in trucking, rideshare, and delivery. Independent contractors will now be able to receive insurance through the transportation and logistics companies they work for. In an InShare release, VP Gary Lovelace says that the usage-based insurance model is meant to attract independent workers because it does not require them to pay annual premiums or an upfront deposit. "We have an expert team of gig insiders across all facets of insurance that are working closely with brokers who specialize in the on-demand economy," said Lovelace. "We’re making the buying experience straightforward, flexible and frictionless for brokers and customers."
Los Angeles-based property and casualty insurance company Mercury insurance announced the release of a new web-based application that will allow users to file digital claims. The application will allow drivers to submit a claim through the use of innovative features like recognizable prompts, maps, and emoji-driven questions about the circumstances involving an accident, according to a company release. The app aims to streamline the claims process by utilizing easy an easy-to-navigate interface where users will be asked to answer a series of easily understood questions without being asked for repetitive information. Drivers can also locate the scene of an accident by dropping a pin on a map highlighting their location. The app even allows users to disclose other metrics such as the weather at the time of the incident and photos taken from their smartphones. “This new application provides a faster, easier way for customers to file an insurance claim," said Brian Hudson, Senior Divisional Manager, Claims Transformation. "The software is user-friendly, allowing drivers to describe what led up to the incident and where it took place through a series of images and maps. Policyholders are usually filing claims after a stressful experience. We want to provide them with the digital technology and personal expertise to help ensure their claims are filed quickly and accurately." Mercury Insurance did not reply to a request for comment by publication deadline.
Insurtech Software startup Zywave, along with venture capital backers Clearlake Capital Group LP and Aurora Capital, has acquired Strategic Insurance Software, a Columbus-based provider of web-based agency management systems (AMS) and customer relationship management (CRM) solutions for P&C insurance agencies. CEO Jason Liu believes "Zywave's primary goal is to enable profitable, organic growth for our customers." According to a press release, the acquisition of Strategic Insurance Software will serve to foster this growth by enabling Zywave to provide customers access to a complete portfolio of management systems for every line of business.
Corvus Insurance has named Paul Gaspar Chief Data Officer. Gaspar will helm the company’s data infrastructure and innovation by bolstering Corvus's core data streams and identifying new sources of information. Gaspar brings invaluable expertise to the role, having served over 25 years overseeing analytics insights, and planning at companies such as Wells Fargo and AIG. “As Corvus focuses on building the most robust data- and technology-based InsurTech offerings, Paul is a welcome addition to our growing team,” said Phil Edmunson, Founder and CEO of Corvus Insurance, in a statement. “Paul’s advanced analytics experience will be crucial as Corvus continues to lead with data — using novel insights to help curb systemic risk — and further our mission to make the world a safer place.”
IPipeline, a life insurance software company, announced that it has partnered with insurtech startup Ethos to deliver a “speed score” to its insurance quote engine. In the past, insurtechs within the iPipeline ecosystem could rank lower in lists that prioritize premiums in search results. Ipipeline’s partnership with Ethos tries to rectify this problem by displaying a "speed score" that measures the time it takes agents to complete their digital application, as well as the time it takes the carrier to make an underwriting decision. "Each agent determines what matters most to their client. Sometimes that's speed—and sometimes it's price," said Bill Atlee, Founder and Chief Innovation Officer of iPipeline, in a statement. "Our quote engines with the added 'speed score' search will help Ethos stand out in an industry that is used to a 30-to-45-day underwriting process. Agents can now view Ethos's products alongside traditional carriers with the ability to consider more than just price. We're excited to bring the Ethos products to the many agents in the iPipeline ecosystem, and we look forward to our ongoing partnership."