Allstate inked a new deal with a company that gives it the ability to use highly predictive online data for claims processing. Pool Re is expanding cover for cyber-related terrorist incidents. Starr Companies has a new agreement that will help boost its light general aviation business.
Allstate is pairing with Carpe Data in a deal that gives the insurer an ability to apply highly predictive online data to claims processing in order to fight potential fraud.
Carpe Data is a California-based company that sells what it refers to as “next-generation predictive scoring and data products” to property/casualty and life insurance companies. These products use sources including the social web, online content and other advanced/alternative data, according to the company.
Allstate said the use of Carpe Data’s fully automated data and predictive scoring products help insurance carriers “leverage valuable online information as a tool for risk assessment and decision-making across their book of business.”
Pool Re, the UK’s terrorism reinsurance pool, plans to expand coverage for cyber-related terrorist incidents.
Pool Re said it will extend its cover to include material damage and direct business interruption caused by acts of terrorism using a cyber trigger. The new cover will be available in April 2018.
The cover, which will exclude intangible assets, will be offered as standard to all policyholders that purchase terrorism insurance from Pool Re members.
This initiative is the culmination of more than two years of work, Pool Re said in a statement.
Pool Re explained the coverage extension is based upon a research study commissioned from the Centre for Risk Studies at University of Cambridge Judge Business School.
Starr Cos. said that SMARTT MGA will act as agents for Starr International (Europe) Ltd. to provide automated quotes and policy documentation for light general aviation business.
Jim Herbert, Starr’s chief underwriting officer, Aviation, said in prepared remarks that the deal formalizes what has already become “a close and fruitful relationship.”
Herbert added that the deal will put into play its StarrLink International platform—technology designed to bring significant efficiencies to the way aviation business is placed.
SMARTT MGA is part of SMARTT Group, an insurance and reinsurance intermediary incorporated in Poland and authorized by the Polish Financial Supervision Authority.
Sources: Allstate, Pool Re, Starr Cos.