Duck Creek Technologies, a global technology services provider for the property/casualty insurance industry, entered a strategic partnership with Hi Marley, a communications platform for carriers and policyholders.
The Duck Creek-Hi Marley partnership aims to modernize the claims experience by enhancing communication and information sharing between adjusters and policyholders using text messaging (SMS).
It also seeks to enhance carriers’ customer experience across current and future aspects of Duck Creek’s OnDemand software-as-a-service deployments. Initial integration of the Hi Marley Insurance Cloud will focus on Duck Creek Claims, the claims management service that helps insurers through the claims lifecycle.
The companies will initially provide integrations within the U.S. market, with potential to expand in other regions globally.
InShare, a provider of insurance services for the sharing economy, final mile delivery and logistics, entered a partnership with Snapsheet, a provider of virtual appraisals and cloud-native claims management.
InShare selected Snapsheet’s platform to deliver a digital claims experience designed to meet the needs of InShare’s digitally-driven customers.
Snapsheet works with more than 100 clients, including many insurance carriers, third-party administrators, and InsurTech and sharing economy entities.
Parametrix Insurance, a provider of parametric cloud downtime insurance, and Leavitt Group, a privately-held insurance brokerage in the U.S., announced that ComTech-Leavitt Insurance Services, a member of Leavitt Group and Parametrix, have partnered to help businesses using the cloud to reduce their exposure to cloud downtime.
International Data Corporation (IDC) forecasted in a September report that total worldwide spending on cloud services will surpass $1.3 trillion by 2025, sustaining a compound annual growth rate (CAGR) of 16.9 percent.
“ComTech-Leavitt’s status as a trusted advisor to businesses means they are well positioned to help educate companies on the potential tangible and intangible losses that can result from cloud outages,” said Yonatan Hatzor, co-founder and CEO of Parametrix Insurance, in a company press release. “Cloud downtime can inflict untold expense on companies that are unprepared. Downtime insurance offers a key way for businesses to recoup cloud downtime losses and fix the harm caused to their brand reputation by cloud outages.”
Parametrix’s cloud downtime coverage allows businesses to mitigate the risk of running their business on third-party clouds. Similar to other parametric insurance products, businesses pre-agree on the amount of coverage needed and receive payment of their policy within 15 business days when cloud outages occur. There is no need to negotiate losses or file claims for damages. With Parametrix’s cloud insurance, businesses are free to use payouts to cover any type of loss when downtime happens.
Parametrix Insurance policies cover financial losses for businesses when outages of the cloud or e-commerce platforms occur. The Parametrix platform automates risk assessment, provides instant quotes and delivers payments within days. It is backed by Hannover Re and certain underwriters at Lloyd’s of London.
Sources: Duck Creek Technologies, InShare, Parametrix Insurance