MAPFRE is collaborating with a technology company to develop a new AI-based claims process for homeowners claims. Berkshire Hathaway Specialty Insurance said it has finalized proprietary Directors & Officers Liability and Professional Indemnity policy wordings for customers in the UAE and throughout the Middle East.
MAPFRE and Shift Technology are collaborating on AI-centered technology that would improve how the insurer’s customers handle homeowners claims.
Shift provides fraud detection and claims automation technology and services for insurers globally. Specifically, the company joined insur_space, MAPFRE’s startup engagement program, and will work with MAPFRE over the coming months to developer “a new kind of claims” experience, starting with water damage-related homeowners claims.
Shift’s claims automation product uses AI to instantly identify those claims that can be indemnified immediately, separating them from those that require further intervention on the part of insurance professionals, the company said. The technology reads the insured’s policy and analyzes documentation, images, and other forms of structured and unstructured data to make the right decision about the claim at every point in the process and delivers a rapid response based on objective criteria. Client response times can be measured in seconds instead of days.
Berkshire Hathaway Specialty Insurance said it has finalized proprietary Directors & Officers (D&O) Liability and Professional Indemnity (PI) policy wordings for customers in the UAE and throughout the Middle East.
The cover is designed to help address management and professional liability exposures, which have become particularly acute during the coronavirus pandemic.
BHSI’s D&O Liability insurance is designed to be a clear and simply worded form. It is built expressly for the complex and evolving risks facing directors, officers and their companies. It can also be easily customized to include features that customers want in their D&O policy for specific business needs and exposures.
BHSI’s PI insurance is also a simple form, the company said, and it is designed to provide broad civil liability coverage which can be tailored to suit individual needs.
BHSI can provide both D&O Liability and PI coverage to customers on a direct insurance basis in the Dubai International Financial Centre or on a reinsurance basis elsewhere in the Middle East. Coverage can be provided to both publicly listed and private companies, traditional professions as well as miscellaneous professions and financial institutions.
Sources: MAPFRE, BHSI