Sompo International plans to use Air Worldwide’s casualty analytics platform to improve its underwriting process for many commercial liability lines. Verisk is rolling out an InsurTech product designed to provide point-of-sale loss runs with detailed claim histories of risks insurers want to underwrite. Aon plc is partnering with an InsurTech to improve insurers’ customer engagement through an intelligent SMS texting platform.
Sompo International will use AIR Worldwide’s casualty analytics platform Arium to better understand and quantify its liability and loss potential across multiple commercial liability lines of business.
As part of this collaboration, Sompo International plans to rely on Arium for multi-line liability risk analysis, and AIR is also offering portfolio data coding services to Sompo International that include unique corporate identifiers and geocodes.
Additionally, AIR is providing dedicated training and support so Sompo International can more effectively identify casualty scenarios to model and, by leveraging historical data and AIR’s expert judgment, parameterize and perturb those scenarios.
AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
Verisk is rolling out A-PLUS Commercial, an InsurTech product designed to provide point-of-sale loss runs with detailed claim histories of risks that insurers are looking to underwrite.
A-PLUS Commercial automates the process of obtaining loss runs and gives participating carriers access to information on all commercial lines. That includes property, auto, general liability, professional liability, businessowners, farm-owners, workers compensation, and ocean marine. Insurers can only use A-PLUS Commercial for lines of business to which they contribute data.
A-PLUS Commercial is fueled by data from ISO ClaimSearch, a claims evaluation tool that Verisk said is relied on by more than 90 percent of insurers and features more than 1.3 billion claim histories. By participating in A-PLUS Commercial, carriers can access this claims information and incorporate it into their underwriting processes.
Aon plc is partnering with InsurTech Hi Marley to improve insurers’ customer engagement through an intelligent SMS texting platform.
Specifically, Aon will using Hi Marley’s seamless conversation platform to shift from antiquated calls to more efficient messaging via text, connecting the various stakeholders in the insurance process.
In a crowded market of chatbots that simulate human conversation, industry veterans created Hi Marley to be differentiated by its insurance focus. Before, a lack of insurance specificity limited the conversation but now – using Artificial Intelligence – the conversation can be more predictive and help solve more customer queries, Aon said.
The platform has already helped insurers deliver 20 percent faster claim resolution and avoid more than four calls per claim, Aon noted. While boosting customer engagement, the insurer benefits from increased efficiencies from Hi Marley’s technology that is easily integrated into existing systems. It also frees up time for skilled insurance professionals to focus on more complex issues.
Sources: Sompo International, Verisk and Aon.