Slice Labs is debuting an automated claims settlement feature in its cloud services platform for carriers. Cowbell Cyber launched a new program designed to boost risk management services for its policyholders.

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Slice Labs has rolled out an automated claims settlement feature designed to digitize the customer claims process from end-to-end.

Slice is an InsurTech startup with a cloud services platform that helps carriers offer on-demand insurance to their customers. The company said its claims settlement feature improves the customer experience and boosts efficiency for customers by reducing the volume of manual claims handling and associated costs, increasing consistency and improving accuracy. Customers experience a digital first notice of loss (FNOL) journey that includes automated loss evaluation and settlement offer along with immediate digital payment all within one session, Slice said.

Technology behind the feature comes from areas including natural language processing (NLP), document and receipt scanning, multilingual audio and video transcription and machine learning models for loss classification and depreciation.

Slice’s Slice Mind team developed the technology while partnering with Duuo, a digital insurance distributor created by The Co-operators, a Canadian insurer. Plans for deployment include making this feature initially available in Duuo’s Rent-My-Stuff Insurance product, followed by their remaining on-demand insurance products.

The automated claims settlement feature is available to any Slice partner, the company said.

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Cowbell Cyber, which uses artificial intelligence to sell cyber cover for small to mid-sized businesses, launched a new program designed to boost risk management services for its policyholders.

Cowbell Connect is the program, which offers expertise and resources from a number of partners addressing cyber incidents. The company referred to the program as something that reinforces its “closed-loop” approach to cyber risk management through bundling of cyber coverage with risk assessment, quantification and mitigation, and also pre-and post-breach services. enable closed-loop risk management from identification, quantification, remediation and financial protection.”

Cowbell Connect partners range from data aggregators, cybersecurity vendors and service providers to digital aggregators and risk mitigation services.

Sources: Slice Labs, Cowbell Cyber

Topics Cyber Claims New Markets Risk Management