CLARA Analytics, a provider of artificial intelligence (AI) technology in the commercial insurance industry, released its latest Litigation for Commercial Auto that aims to empower insurers to evaluate litigation risk, identify the best attorneys for each claim, resolve claims quickly and control escalating costs.
Powered with artificial intelligence technology, the platform aims to give insurers a path to control increasing costs by optimizing claims management and avoiding litigation. CLARA uses natural language processing to perform contextual analysis, incorporating structured, semi-structured and unstructured data into its AI analysis.
This comes as the commercial auto sector is facing a perfect storm of factors that have combined to negatively impact losses in the industry, the company said in a press release. According to the Zurich Insurance report on commercial auto, fatalities per vehicle miles traveled (VMT) increased by 23 percent in 2020.
Zurich also reported that 57 percent of experienced commercial operators are more than 45 years old, and 23 percent are more than 55. Additionally, The National Highway Traffic Safety Administration (NHTSA) reported that the percentage of fatally injured drivers who tested positive for drugs increased from 25 percent in 2007 to 42 percent in 2016, and The Insurance Institute for Highway Safety (IIHS) recently published data indicating that nearly 9 percent of crash fatalities are the result of distracted driving.
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NEXT Insurance, a digital InsurTech focused on small business insurance, is expanding its insurance coverage to businesses in the auto services and repair industry.
The company is offering its fully-digital general liability, workers compensation, commercial auto and commercial property lines to six new classes of business: auto repair shop, auto body shop, car wash, oil change station, tire shop and auto parts store.
NEXT leverages new technology like machine learning to deliver fully digital, tailored and affordable products that serve small businesses. This expansion comes after the company tripled its gross written premium in 2021, reaching a $650 million run rate, and secured a $250 million funding round at a $4 billion valuation.
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Beazley announced that its global digital trading division, Beazley Digital, is up and running. The new hub brings together underwriting, claims, technology and operational experts into one cross-functional team to deliver seamless digital access and services to a range of high-volume, lower-premium products for its global broking partners.
“With technology playing an increasingly important role in facilitating insurance placement and portfolio management, we can now offer access to the digital distribution channels our broking partners want to use: portals, APIs, market hubs and email,” commented Ian Fantozzi, CEO of Beazley Digital.
“We are not looking to simply ‘digitize’ legacy systems and continue traditional line-led underwriting; instead we have organized the team so that we can offer one Beazley point of contact to access multiple lines and digital services via a selection of digital channels,” he added.
Beazley Digital said its core objectives are:
Sources: CLARA Analytics, NEXT Insurance, Beazley