Aon launches broker copilot; Munich Re partners on AI: Insurance news

The following summaries are written by the Digital Insurance editorial staff.

Digital Insurance reviews a high volume of news leads every week for this and other stories. Please send press releases and other information to kaitlyn.mattson@arizent.com.

Aon launches copilot

Aon launched Broker Copilot, which was developed in-house and co-designed by brokers.

Clyde Bernstein, head of placement technology and trading analytics for Aon, said in a statement: "Aon Broker Copilot equips our brokers with the tools to lead with insight powered by client priorities and real-time data. For the first time, we're capturing and structuring data across all submissions—quoted or not taken up—so we can provide brokers and clients with live intelligence of pricing, carrier appetite and market sentiment. It's a smarter, faster way to make better decisions."

Munich Re partners with Instnt

Munich Re is partnering with Instnt to expand fraud loss insurance. Instnt has developed an AI-led verification and insurance-backed solution to reduce identity fraud losses.

 Michael von Gablenz, head of Insure AI at Munich Re and HSB, said in a statement: "Instnt combines AI-based fraud detection technology with financial risk transfer, in case the AI fails to recognize fraud events. This combination of AI and fraud insurance can provide protection for companies against a wide range of fraud events. My team utilizes experience and expertise from our aiSure AI insurance solution and acts as reinsurer behind Instnt's Fraud Loss Insurance."

AXA XL teams up with Knowbe4

AXA XL is working with KnowBe4, a cybersecurity platform, to provide cyber insurance clients educational resources. As part of the partnership AXA XL clients will receive phishing security tests and are eligible for discounted pricing on other products.

Tim Smit, AXA XL's global head of cyber risk strategies and partnership programs, said in a statement: "We recognize that employees are often the first line of defense against cyber threats. By partnering with KnowBe4, we are taking a proactive step to ensure our clients have access to the best training and resources available. This initiative underscores our commitment to not only protecting our clients but also empowering their teams to safeguard their organizations."

MetLife partners with Sprout.ai

MetLife is partnering with Sprout.ai to improve the claims experience. The partnership will combine Sprout.ai's technology to automate claims decisions alongside MetLife's employees to improve accuracy, speed and customer experience, according to the press release.

Venkata Natarajan, MetLife U.S. CIO, said in a statement: "Our partnership with Sprout.ai is another example of how MetLife is innovating with high tech solutions to address real customer needs."

Trucordia refinances and gets Carlyle backing

Insurance brokerage Trucordia completed its comprehensive debt refinancing, concurrent with a $1.3 billion investment from Carlyle, according to a press release.

The refinancing includes a $1.94 billion first lien term loan B, as well as a $548 million second lien term loan B with Blue Owl Capital. In conjunction with the loans, Trucordia will have a $400 million revolving credit facility to support future investments. The proceeds from the refinancing replace the company's existing unitranche debt, improving the company's cost of capital and long-term financial flexibility.

JPMorgan Chase served as financial advisor and administrative agent for the revolving credit facility.

Cherokee Insurance picks Origami Risk SaaS

Transportation insurer Cherokee Insurance Company, which serves companies in the U.S. and Canada, has chosen Origami Risk's SaaS platform for policy administration, billing and claims.

"Origami's versatile, state-of-the-art solution will enable us to transform the core processes supporting all our business lines," said Brennan Lee, Executive Vice President, Cherokee Insurance, in a press release. "In addition to gaining speed, efficiency and enhanced decision-making, we expect our adoption of Origami's scalable platform will enable us to deliver elevated service to our policyholders, agents and business partners." 

"We're pleased that Cherokee Insurance has selected our full suite of solutions, which facilitates more robust integration that will enable their teams to quickly achieve wider efficiencies across all their core processes," said Mike Kaplan, Chief Client Officer, Origami Risk. "Origami's innovative solutions have been developed to help carriers and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance."  

Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control, claims administration, reporting and analytics. It also offers a full-service ISO and NCCI bureau content management solution and a comprehensive digital engagement experience for all internal and external stakeholders.  

Tokio Marine backs Adaptive parametric insurtech

Tokio Marine HCC has partnered with Adaptive Insurance, an AI and data company specializing in climate risk parametric insurance capabilities.

Adaptive has rolled out GridProtect, a short-term power outage insurance product, in 18 U.S. states, a market comprised of 2.4 million small and medium sized enterprises and 53% of all commercial businesses in the U.S. 

"Partnering with a global specialty insurance provider of Tokio Marine HCC's caliber, whose name and financial strength are among the best in the industry, not only validates the strength of our team, our product, and the underserved niche we're serving, but also gives us the confidence to scale quickly while staying true to our customer-first approach," stated Mike Gulla, CEO and co-founder of Adaptive Insurance, in a press release.

Tokio Marine HCC also recently appointed Elizabeth Gear in a newly created role of president and CEO of North America P&C. Geary joins the company from Liberty Mutual where she was most recently president of insurance solutions.

Susan Rivera, CEO of TMHCC, said in a statement: "Appointing Liz to the new role of President & CEO of our North America P&C business units is a statement of intent for our business. Her talent and track record of underwriting acumen, product strategy, and leadership are exceptional. As TMHCC continues to expand and evolve, driven by our commitment to enhancing our offerings to reflect the needs of insureds in a rapidly changing risk environment, we will need to attract the leading talent in the market who share our specialized focus and approach. Liz is an example of this approach in action, and I look forward to working with her to successfully harness the opportunities present in this expansive sector of the insurance market."

Nationwide launches telematics property discount

Nationwide has just launched the Telematics Property Discount, a first-of-its-kind program that rewards safe drivers in the usage-based insurance program with savings on homeowners insurance. Building on the success of usage-based auto insurance, the new initiative connects driving behavior to home policy discounts—offering an average 5% savings to qualifying customers. The program is currently available in 12 states and expanding.

Neptune Floods partners with Palomar

Private flood insurance provider Neptune Flood announced a partnership as the exclusive managing general agent for flood insurance for specialty insurer Palomar Holdings. Palomar will gain access to Neptune Flood's AI-enabled technology powered by data analysis and machine learning.

"Neptune is excited to add Palomar to our panel of top-tier carriers," said Trevor Burgess, chairman and CEO of Neptune Flood in a press release statement. "We look forward to welcoming Palomar's flood customers to the Neptune platform and to increasing access to flood insurance nationwide."

"Neptune's technology and underwriting capabilities make them an ideal partner as we continue to grow in the flood insurance space," said Jon Christianson, president of Palomar. "Together, we are expanding flood insurance availability with a streamlined and scalable solution that delivers strong value to our policyholders and partners."

Coalition Re launches cyber risk insights platform Helios

Coalition Re introduced the new Helios platform, a tool designed to enable cedants of Coalition Re to view and manage real-time cyber risk exposures and loss trends in their portfolios. The Helios platform leverages Coalition's internet-wide data collection capabilities, modeling and advanced analytics for decision-making.

"Real-time data insights are crucial to managing a portfolio of cyber risks," said Shawn Ram, Coalition's chief revenue officer in the press release. "With Coalition Re's interactive Helios platform, we are setting the standard for data collection and information processing as the cyber market matures. The new Helios platform enables cedants to gain visibility into their own systemic risk, aggregation, and catastrophe load, as well as gather meaningful context around why these risks matter and what to do about them."