Industry News

Novidea expands in the London Market with new headquarters to drive growth

Novidea expands in the London Market with new headquarters to drive growth

Novidea, a leading InsurTech firm known for its cloud-based, data-driven insurance enterprise management platform, has bolstered its presence in the London Market by relocating to a larger office space in the heart of the City of London.
Akur8 and CAS advance actuarial science with groundbreaking lasso credibility monograph

Akur8 and CAS advance actuarial science with groundbreaking lasso credibility monograph

The Casualty Actuarial Society (CAS) has recently published an insightful new monograph entitled "Penalized Regression and Lasso Credibility."
Previsico expands AI flood forecasting to Ireland, enhancing insurer resilience to climate change

Previsico expands AI flood forecasting to Ireland, enhancing insurer resilience to climate change

Previsico has unveiled its innovative live flood forecasting service in the Republic of Ireland.
Root Inc refinances $200m term loan facility with BlackRock to boost financial flexibility

Root Inc refinances $200m term loan facility with BlackRock to boost financial flexibility

Root, the Columbus, Ohio-based parent company of Root Insurance Company, has announced a successful refinancing of its term loan facility. The capital was supplied by...

Applied Underwriters takes on the space insurance market with new leadership

Applied Underwriters Aerospace, a division of Applied Underwriters, is making a strategic move to expand its footprint in the space insurance market.Applied Underwriters Aerospace, a division of Applied Underwriters, is making a strategic move to expand its footprint in the space insurance market.
Nasdaq

Nasdaq’s AI integration streamlines risk management for banks and insurers

Nasdaq has unveiled an machine learning methodology designed to revolutionize risk calculations and predictive analytics in the financial industry.

Kalepa’s AI copilot set to propel Bishop Street underwriters into future of InsurTech

Bishop Street Underwriters, owned by RedBird Capital Partners, collaborates with InsurTech pioneer Kalepa to leverage innovative AI technologies for enhancing underwriting decisions.
Responding to governance events, like audits, investigations and e-discovery, in the era of unified communications and collaboration (UCC) is hard. IT stakeholders, such as those responsible for compliance archive storage and architecture, responding to search requests from compliance and legal, are overwhelmed by the volume and complexity of today’s modern communications and by the constraints of heritage archiving investments. Unfortunately for those involved, both on the IT and compliance/legal side, search and discovery might consist of a “best guess” effort making it challenging to identify risk or wrongdoing, form a judgment on the merits of a case and at its worse, suffer fines, sanctions, negative verdicts and damage to the organization’s brand and reputation. The volume of communications for today’s organizations come in the form of textual communications like email, chat, SMS, documents, voice communications and even visual communications like whiteboards or video. In a large organization, with thousands of employees working across multiple communications platforms, content growth can be exponential. UCC content is also complex. Textual content like chat and email can be embedded with emojis, reactions, images, memes, file attachments and more. All of this needs to be searched and analyzed for potential risk and signals of intent during a digital conversation as rogue users can look to obfuscate their communications behind these tools. Users today often context switch between multiple applications during a conversation. What starts out as a virtual meeting can segue to SMS, a phone call, an email or other forms of communication. In addition, chat conversations can be persistent and take place over days, weeks, months, even years, making it very difficult to encapsulate conversation patterns, relationships, intent and more. Finally, adding to the complexity level, UCC platforms are increasingly meshed, meaning they provide the ability to switch to a different modality (voice, video, etc.) or even a different platform for doing so. How can compliance IT teams keep up? Legacy approaches to managing regulated data - such as email and voice archives - are struggling to adapt to today’s modern communication requirements. These archive systems can serve as containers for regulated information to be safeguarded and locked away, but with enormous and numerous trade offs. These include redundant costs, loss of productivity, and increasing complexity, as they grapple to meet the constant evolution of changing UCC platforms and their continual improvements and feature additions. Responding to governance events can also mean that compliance IT stakeholders must pivot between these archive silos, conducting multiple search attempts and results and manually assembling a case or data investigation set. In addition, legacy systems lack the capability to capture and retain communications with full context across all UCC modalities, making it very difficult for compliance, legal and risk teams to piece together a digital conversation that as mentioned, can encompass text, voice and visual communications. Keyword search, the historical and primary means of navigating archived email conversations, is inadequate as a standalone capability in the face of today’s volume and complexity challenges, making it challenging to respond to external and internal requests for information. All of this is compounded by constrained time frames, such as when dictated by a judge’s or regulatory body’s order. UnifiedComms_Laptop In response to this, Theta Lake has developed Unified Search, Discovery and Replay. With it, organizations can: Efficiently aggregate all of the necessary data, across different modalities, meshed environments and timelines providing a complete “big picture” Deliver a unified view of a user across their various digital identities, to eliminate gaps during investigations Identify conversation patterns and outliers/suspicious patterns in communications to enable further drill down Review associated documents and access patterns and histories associated with communications investigations Theta Lake Unified Search, Discovery and Replay uses a variety of technologies, including Generative AI, visualizations, dashboards and digital identity mapping along with rapid and accurate keyword search to help organizations produce the necessary records and search results, without over collecting data to help compliance, legal and risk management teams respond quickly to governance events.

Pouch Insurance unleashes multilingual AI tool

Pouch Insurance, leveraging the capabilities of the INSTANDA no-code insurance platform, has introduced a pioneering AI assistant named 'Goodie'.
Fuse Fleet launches Australia's first fleet ESG reporting tool with AI

Fuse Fleet launches Australia’s first fleet ESG reporting tool with AI

Fuse Fleet, a pioneering Australian insurance provider, has introduced the nation's first ESG reporting tool tailored for fleets, leveraging advanced AI technology from data analytics firm Greater Than.
The strategic advantage of unified loss control and policy admin systems

The strategic advantage of unified loss control and policy admin systems

In the competitive world of insurance, the profitability of underwriting is closely linked to informed decision-making that efficiently mitigates risks and optimizes loss ratios. Traditional barriers, primarily the compartmentalisation of data, often hinder this objective.
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How insurers can turn wellness data into better engagement

How insurers can turn wellness data into better engagement

Health insurers are increasingly investing in wellness programmes to improve member engagement and preventive care, but many continue to struggle with delivering personalised experiences,...
Insurers move beyond AI pilots as governance takes control

Insurers move beyond AI pilots as governance takes control

The insurance sector is moving from AI experimentation towards more structured adoption, with governance, accountability and decision intelligence emerging as key priorities at MGAA...
TPG-backed Third Wave broadens regional brokerage reach

TPG-backed Third Wave broadens regional brokerage reach

Third Wave Insurance, the retail insurance brokerage platform backed by global alternative asset manager TPG, has agreed to acquire five insurance and advisory firms...
Why Cover Genius snapped up Berlin's Friendsurance

Why Cover Genius snapped up Berlin’s Friendsurance

Cover Genius, the embedded protection infrastructure firm, has bought Berlin-based InsurTech Friendsurance, deepening its footprint in European bancassurance and reinforcing its reach across Germany,...
Mapfre takes 38.9% stake in InsurTech Tuio

Mapfre takes 38.9% stake in InsurTech Tuio

Mapfre, the insurance group, has agreed to take a holding in Tuio, a specialist digital insurance distributor built on advanced technology and a mature...
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