Insurify is teaming with Toyota to help its car-buyers comparison shop for coverage, a first entry for the company into the embedded insurance space. Lexis Nexis Risk Solutions is launching a product it said is a next-generation telematics-based scoring model for the auto insurance industry. Corvus Insurance and Skyward Specialty Insurance Group are partnering to offer cyber coverage for cargo risks.
Digital insurance agent Insurify will link with Toyota to help its car-buyers comparison shop for coverage.
The partnership is through Toyota Insurance Management Solutions, an independent insurance agency that is part of the Japanese auto giant.
Toyota customers, some dealerships and employees can now access Insurify’s car insurance quotes comparison and purchase experience for new and used vehicle. Usage started in Texas, and a national rollout will follow.
Insurify said this collaboration marks its first step into embedded insurance, and the company plans further growth into the space.
LexisNexis Risk Solutions launched a new Drive Metrics scoring model, something it is billing as a next-generation telematics-based scoring model for the auto insurance industry.
The company, a provider of data, advanced analytics and technology for the insurance industry, said the new scoring model will be available through LexisNexis Telematics OnDemand. Also, it noted the product is designed to flow seamlessly into insurers’ existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability.
LexisNexis said that Telematics OnDemand will be the first LexisNexis Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model, which leverages analytics applied to driving behavior data. The resulting scores can help carriers deliver a more accurate risk assessment of driving behavior data, both at point of quote and renewal. It also helps carriers with no prior experience with telematics to quickly leverage a large volume of driving behavior data.
Corvus Insurance and Skyward Specialty Insurance Group are partnering to offer cyber coverage for cargo risks.
Corvus provides commercial insurance products relying on AI-driven risk data. Skyward is a specialty property/casualty market.
Specifically, their partnership will expand Corvus’ Smart Cargo + Cyber offering, a data-driven ocean cargo policy with a cargo cyber liability endorsement designed to cover risks that occur when a cyber-attack halts or diverts goods in transit. The product will now reach new industries and it will be able to analyze larger risks with Skyward Specialty’s underwriting, risk analytics and technology.
As well, Corvus and Skyward Specialty will also work to pursue new areas of coverage,
Sources: Insurify, Lexis Nexis and Corvus