USAA partners with EIS; Arbol, RiskStream Collaborative launch dRe: Roundup news

June 21, 2023 6:30 AM

Office workers sit inside an illuminated office building in the City of London, U.K., on Nov. 22, 2018.

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USAA announced its partnership with Express Imaging Services, Inc. (EIS) to implement all EIS services, including eHealth Link to improve the retrieval process of member eHealth data and automate its underwriting process. With access to EIS' suite of services, which include document scanning and machine learning capabilities, USAA can boost operational efficiency and accuracy. USAA will also utilize EIS Direct, S.A.R.A and EIS underwriting solutions for a more efficient underwriting process. These solutions allow USAA to extract medical codes that aim to improve its rules engine and underwriting process times. "USAA is excited to expand its relationship with EIS and leverage their suite of services. EIS's expertise and innovative solutions will allow us to extract and analyze critical health information, streamlining the underwriting process for our members," said Benjamin Davidson, chief life underwriter at USAA, in a news release. "EIS's innovative solutions, including eHealth Link, will allow us to quickly and efficiently access critical health information, improving our decision-making process."

Coalition launched its new Coalition Exploit Scoring System (ESS), which uses AI and large language modeling to help mitigate potential cyber threats. "In cybersecurity, timing is everything. Thousands of new vulnerabilities are published monthly, and it's nearly impossible for IT and security teams to quickly understand and address them all. Defenders need a more efficient way to sift through the noise and prioritize which vulnerabilities to remediate," said Tiago Henriques, Coalition's head of security research, in a statement. "With Coalition ESS, they have an early source of truth to evaluate which risks to prioritize mitigating before an incident occurs.Coalition ESS uses real time monitoring to respond to changes and determine which vulnerabilities to patch first, using dynamic probability calculations to provide two scores; the Exploit Availability Probability, assessing the probability of an exploit code becoming public, and the Exploit Usage Probability, or the probability of cyber attackers using an exploit.

Arbol and the Institutes RiskStream Collaborative, a blockchain consortium, launched dRe, an on-chain data collection tool for reinsurance. The dashboard is a smart contract-based system that enables parametric loss calculations. "Transitioning this parametric (re)insurance application to production on the RiskStream Canopy platform represents a pivotal demonstration of blockchain's potential in the insurance industry," said Patrick Schmid, Ph.D., president of The Institutes RiskStream Collaborative, in a statement. "We foresee this as the first of many applications we bring to production for the benefit of RiskStream members, the industry, and the public we serve."

Kin Insurance, direct-to-consumer home insurer, announced that it has expanded into Alabama, which joins South Carolina and Mississippi as the first states to offer coverage through the Kin Interinsurance Nexus Exchange. "We're re-engineering insurance so that it's cost-effective and superior through every step of the customer journey, including purchasing, servicing, and claims," said Sean Harper, CEO of Kin, in a press release. "Driving this effort is our proprietary technology which we use to accurately price and assess risk, and then combine with personalized, high-touch assistance to customize policies that suit customers' needs."

Baldwin Risk Partners (BRP) has launched "Centers of Excellence" (COEs) for private equity and venture capital firms, staffed with teams to advise these firms on insurance, due diligence and cyber risk assessment. BRP's COEs are intended to be broad insurance programs for PE and VC firms, and their clients. "Our new Private Equity and Venture Capital Centers of Excellence continue to expand our specialized solutions and capabilities to meet the unique needs of current and prospective clients," said Dan Galbraith, BRP Group's chief operating officer. Four BRP senior partners and senior vice presidents will lead the COEs: Travis Holt, Pam Mason, John Warren and Lidore DeRose.