MassMutual’s Haven Life spinout partners with Unqork; Nationwide releases smart home survey results: Roundup

October 19, 2021 7:15 AM

DI-MassmutualHQ_08302017 — MassMutual headquarters in Springfield, Massachusetts.

The following news stories were curated and condensed by the Digital Insurance team.

MassMutual’s Haven Life spinout partners with Unqork

Haven Technologies, the platform spinout from MassMutual’s Haven Life, and Unqork, a no-code software platform, announced a partnership to help insurers in life, annuities and disability insurance to enable more digital interactions and integrate technology. The two companies will work together on shared clients. Haven Technologies will focus on its back-end solutions with its SaaS model. "Our no-code enterprise application platform already empowers insurers to deliver new digital insurance products, all while reducing cost, increasing speed and improving quality," said Farooq Sheikh, insurance go-to-market lead at Unqork, in a statement. "This partnership establishes a one-stop-shop for insurers' digital transformation needs, helping them create end-to-end systems that communicate and function in unison so carriers can finally deliver on a customer experience that meets their policyholders' expectations."

Nationwide releases smart home survey results

A new survey from Nationwide found that 66% of homeowners use at least one smart home device, however, many didn’t realize they could save money on insurance premiums because of the device. The Nationwide Agency Forward survey found the devices most popular for homeowners are video doorbells, home security cameras and smart thermostats but only a small portion uses smart sensors for water monitoring. Nationwide partnered with Notion on smart home monitoring technology in 2020. "The #1 cause of avoidable claims for Nationwide homeowners insurance policyholders is nonweather related water loss, with most of those claims coming from pipe, fixture, or water heater leaks," said Beth Riczko, president of personal lines at Nationwide, in a press release. "With the Insurance Information Institute reporting the average water damage and freezing event causes more than $11,000 in damage, homeowners should consider these types of sensors to provide an extra layer of protection."

Algorithm calculates number of good health years

Vitality, a platform founded by Discovery Group Limited, and RAND Europe have developed an algorithm that can help people understand how their lifestyle choices could impact the length and quality of their lives. The Vitality Healthy Futures calculator will be available for a limited time. "Incentivizing positive lifestyle changes in a world forever changed by the global pandemic can have a profound impact on the health of individuals and reduce the burden on health services," said Discovery/Global Vitality Chief Executive Adrian Gore, in a statement. "Our global network of leading insurers has a unique opportunity to monetize and incentivize better future health and given global trends, and I believe we have a responsibility to act. Over the last 30 years, scientific change has driven increases in lifespan. Improving healthspan globally will require a greater focus on behavior change – with benefits for individuals, the economy and society."

Hiro rebrands to Locket

Hiro, a prevention-first insurtech, is rebranding as Locket. The company’s rebrand will allow it to communicate more effectively and enable easier expansion, according to the press release. The company recently partnered with an ex-burglar to improve home safety for its members. Locket has been working on the rebrand with Ragged Edge, a London agency, since the summer. "This isn't just a rebrand of our company – we're looking to change people's perception of the entire insurance industry. Consumers don't trust insurers, but we're giving Locket members reasons to brag about us. Our approach empowers members to genuinely protect their prized possessions instead of just paying for a 'replacement' when bad things happen, because we understand that what's worth a lot to someone is usually priceless," said Krystian Zajac, co-founder and CEO of Locket, in a statement. "When people think about a locket, they think of memories, sentimentality and protection. This is exactly what we represent as a company, and our new brand truly reflects this."

Swiss Re works with Decentriq’s platform, Intel-powered tech

Swiss Re, a global reinsurance provider, is working with Decentriq’s platform powered by Intel Software Guard Extension to help keep sensitive datasets private and secure. The partnership lets Swiss Re use the technology with its cloud services to provide more protection to data being used. “As a data and technology-driven risk knowledge company, Swiss Re intends to make use of confidential computing technologies to better protect sensitive data and gain actionable insights. I’m optimistic this will continue to allow us to access and analyze data in new ways to help unlock new forms of value creation in risk protection today and in the future,” said Sebastian Eckhardt, expert business analyst, Swiss Re, in a press release.

P&C online technology directory launches

Jason Walker, founder of Insurance Playground, launched InsurancePlayground.com, an online directory to categorize, compare and connect insurance agents with technology companies. The directory includes a virtual assistant that can walk agents through the digital experience and can lead to hundreds of vendor profiles. "InsurancePlayground.com is a collaboration space for agents, technologists, service providers, networks, carriers, associations and those that advocate for agencies as the linchpin in the insurance value chain," said Jason Walker, in a statement.

Alliant launches diversity initiative

Alliant Insurance Services has launched an initiative focused on Black insurance professionals. Alliant, Southern University, A&M College and the Louisiana Department of Insurance will launch the Marino Casem Scholarship Fund, develop a degree program and offer an internship program. “In service of building a more diverse, more dynamic insurance industry, we are dedicated to providing crucial resources and opportunities for up-and-coming professionals of color,” Lilian Vanvieldt, executive vice president and chief diversity, equity & inclusion officer with Alliant, said in a statement. “This effort represents the future of our industry.”

Munich Re Ventures closes $500 million Munich Re Fund II

Munich Re Ventures, the venture capital arm of Munich Re Group, announced the closure of its $500 million Munich Re Fund II. The company will, in addition to the fund, invest in insurtechs and climatetechs, among others. "Doubling our venture capital activities is a result of the Munich Re Group having already seen outstanding financial results and strategic value from the portfolio to us and the insurance industry," said Thomas Blunck, member of the Board of Management, Munich Re, in a press release. "Munich Re Ventures is an essential lever for Munich Re's business and innovation strategy. With the new fund, MRV is set up to bring even more value to portfolio companies and co-investors with not only capital but increased access to Munich Re capabilities and our insurance partners."

CoverGo expands to U.S., Canada, Latin America

CoverGo, a no-code insurance technology company, is expanding to the U.S., Canada and Latin America. The company helps insurers digitize. CoverGo offers a no-code platform to insurance firms to streamline ecosystems. "Insurance companies realize now more than ever that custom IT development is slow and costly while off-the-shelf software packages can't satisfy the flexibility they require. This is why we see fast growing demand worldwide for a truly configurable no-code platform. The strategic partnership with DP88 and upcoming investment will help roll out CoverGo to insurance companies globally,” Tomas Holub, CEO of CoverGo, said in a statement.

Corvus announces suite designed for investment advisor market

Corvus Insurance, a commercial insurance provider, announced the launch of its Smart Investment Advisor Insurance, a suite of offerings designed for the investment advisor market. “We are revolutionizing the underwriting process for financial institutions by using data science to power and inform our risk analytics framework,” said Jonathan Sherling, VP, head of financial institutions at Corvus Insurance, in a statement. “Corvus is proud to pioneer the use of AI and data-driven technologies within the financial institutions market for this integral subset of the commercial insurance landscape.”