Euclid launches MGU to revolutionise the mortgage reinsurance market

Euclid Program Managers, a leading provider in the insurance and reinsurance sectors, has announced the launch of a Managing General Underwriter (MGU) underwriting mortgage credit risk on behalf of insurers and reinsurers.

Euclid launches MGU to revolutionise the mortgage reinsurance market

June 11, 2024

Euclid Program Managers, a leading provider in the insurance and reinsurance sectors, has announced the launch of a Managing General Underwriter (MGU) underwriting mortgage credit risk on behalf of insurers and reinsurers.

Insurance software provider ISI secures investment from NexPhase Capital

June 10, 2024

NexPhase Capital, a private equity firm known for its thematic and operational focus, has announced an investment in Insurance Systems Inc., ISI, a provider of enterprise software solutions to the property and casualty insurance industry.

Continuity, a pioneer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, has announced a €10m Series A funding round.

French InsurTech Continuity raises €10m to boost AI-driven risk assessment

June 7, 2024

Continuity, a pioneer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, has announced a €10m Series A funding round.

Allianz unveils new home insurance options to enhance UK coverage

June 7, 2024

Allianz, a world-leading insurance brand, has launched a new three-tier home insurance product aimed at providing more choice for UK homeowners.

Steadily, a leading provider of property insurance for landlords, has partnered with Tractic.io to enhance and streamline landlord insurance for real estate investors.

Steadily and Tractic.io partner to streamline landlord insurance for real estate investors

June 7, 2024

Steadily, a leading provider of property insurance for landlords, has partnered with Tractic.io to enhance and streamline landlord insurance for real estate investors.

Artificial intelligence (AI) and geospatial imagery are revolutionising the insurance industry, enhancing everything from underwriting and risk assessment to claiming processes. By integrating AI with high-resolution geospatial data, insurers can gain unprecedented insights into the specific risks associated with a given location. Location plays a critical role in insurance, influencing the likelihood of natural disasters, crime rates, and other factors that impact policy pricing and claims. Leveraging AI allows insurers to analyse vast amounts of data quickly and accurately, identifying patterns and predicting risks with greater precision than ever before. This innovative approach not only improves the accuracy of risk predictions but also streamlines the underwriting process, making it more efficient and effective. As insurers continue to adopt AI and geospatial technology, they can offer more tailored policies, better manage risk, and enhance overall customer satisfaction. A key component of this technological shift is geocoding, which involves converting addresses into geographic coordinates. This enables insurers to pinpoint the exact location of an insured property, facilitating more precise risk assessments. Geocoding enhances the accuracy of data, allowing for more detailed analysis and better-informed underwriting decisions. As part of the esteemed Professional InsurTech Certificate, Jon Lipinski – Co-Founder & President at Ecopia AI - explained how geocoding is becoming the new standard for insurers - and could in fact highlight thousands of under/overpriced properties. Lipinski explained, "To give a bit of background about geocoding: if you ever enter an Uber and the pin is down the street or on the wrong building, that's a geocoding problem. Whenever anyone is insuring your property, they want to understand where it is and what the associated risks of that area are. So getting the location of the building and understanding that for decision-making purposes is, of course, very important.Going back about 20 years, the industry was very focused on street-level geocoding, which doesn't accurately represent the location of the building. In recent years, there's been a big push towards building-based geocoding. "Take this case: you enter an address and want to know if it's in a flood zone or out of the flood zone. The parcel centroid might indicate that it's out of the flood zone and actually safe. But if you know the location of the actual buildings, you'll see that these buildings are well within the flood zone. They would not pass that test and should not be insured or should be priced at a much higher rate. So these properties will be underpriced. "There's also the opposite scenario where you enter an address and get a coordinate in the center of the parcel that's within the flood zone, while the actual buildings are outside the flood zone and are safe, leading to overpricing these scenarios. "We ran this analysis across the entire United States, and this heat map shows where the inaccuracies reside. We found that over a million properties across the United States were underpriced for flood insurance alone, and that doesn't even consider other perils like fire, hail, or hurricanes. "We realised that for just this one peril, there's approximately $43 billion of unrealised risk across the United States as a direct result of inaccurate geocoding. Additionally, there are another 600,000 properties that were overpriced. This highlights how a seemingly small geocoding point can extrapolate into a very large problem if not handled carefully." To listen to the whole presentation, enrol in the Professional InsurTech Certificate. About the Professional InsurTech Certificate: The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector. Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies. You can enrol here.

Leveraging AI and geospatial imagery for insurance risk prediction

June 5, 2024

Artificial intelligence (AI) and geospatial imagery are revolutionising the insurance industry, enhancing everything from underwriting and risk assessment to claiming processes. By integrating AI with high-resolution geospatial data, insurers can gain unprecedented insights into the specific risks associated with a given location.

Duck Creek Technologies, the intelligent solutions provider shaping the future of property and casualty (P&C) and general insurance, is set to strengthen its APAC (Asia-Pacific) presence through a new leadership appointment.

Duck Creek Technologies strengthens APAC presence with leadership appointment

June 4, 2024

Duck Creek Technologies, the intelligent solutions provider shaping the future of property and casualty (P&C) and general insurance, is set to strengthen its APAC (Asia-Pacific) presence through a new leadership appointment.

Marsh McLennan Agency, a subsidiary of Marsh, has announced the acquisition of Perkins Insurance Agencies, an independent agency based in Abilene, Texas.

Marsh McLennan Agency acquires Perkins Insurance Agencies to expand West Texas services

June 3, 2024

Marsh McLennan Agency, a subsidiary of Marsh, has announced the acquisition of Perkins Insurance Agencies, an independent agency based in Abilene, Texas.

Bindable, the InsurTech leader for alternative distribution solutions, has announced a new partnership with HoneyQuote, a home insurance comparison tool that is changing the way homeowners shop for insurance in Florida.

Bindable partners with HoneyQuote to enhance Florida home insurance options

May 31, 2024

Bindable, the InsurTech leader for alternative distribution solutions, has announced a new partnership with HoneyQuote, a home insurance comparison tool that is changing the way homeowners shop for insurance in Florida.

INZMO, a leading Berlin InsurTech, has launched an AI-powered legal chatbot aimed at helping tenants and landlords in Germany’s strained rental market get easy access to tailored legal information and support.

Berlin InsurTech INZMO launches AI-powered legal chatbot amid German rental market strain

May 22, 2024

INZMO, a leading Berlin InsurTech, has launched an AI-powered legal chatbot aimed at helping tenants and landlords in Germany’s strained rental market get easy access to tailored legal information and support.