Tractable, an artificial intelligence company for accident and disaster recovery, announced an enhanced collaboration with Mitchell, an Enlyte company and technology and information provider for the property/casualty insurance and collision repair industries.
The collaboration makes straight-through processing in auto insurance claims available, backed by Tractable’s AI and Mitchell’s comprehensive digital platform. The integrated services are designed to enable U.S. and Canadian insurers and repairers to enact efficient and accurate outcomes, including auto claims, payments and claim settlement.
In auto insurance, straight-through processing refers to touchless claims that take place primarily without manual intervention. For example, when a policyholder reports an auto claim to their insurer, AI can assess the damage and make repair suggestions. The insurer and repairer can retain a human in the loop to sign off on estimates or to check more complex claims.
For policyholders, a web app can be used after an auto accident to submit photos of the damaged car and other data, and a repair quote is quickly displayed. This allows policyholders to take all of the steps required to restore their mobility directly when they report an accident to their insurer.
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Coalition announced the addition of Vantage to back its U.S. excess cyber program through its Vantage Risk Specialty Insurance Company.
Coalition is a provider of cyber insurance and security, combining insurance and cybersecurity tools to help businesses manage and mitigate cyber risk. Its Active Cyber and Active Executive Risk products combine insurance coverage with technology to help organizations assess, protect, and respond to digital risk.
Vantage Group Holdings Ltd. was established in late 2020 as a re/insurance partner. Vantage operating subsidiaries include Vantage Risk Ltd., Vantage Risk Assurance Company and Vantage Risk Specialty Insurance Company.
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Origami Risk, a risk, safety and insurance software-as-a-service technology firm, announced it is partnering with Canopius USA, a specialty reinsurer. The agreement provides Canopius USA with access to Origami’s multi-tenant platform for underwriting, billing and claims administration.
Origami’s single platform will support two of Canopius USA’s core propositions: its specialty domestic excess and surplus lines carrier and its Lloyd’s platform, which includes several products offered on an admitted basis via admitted carrier partners. The platform will support business written through both the delegated and open-market distribution channels.
Origami Risk offers a full suite of end-to-end, integrated SaaS services for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a digital engagement experience for all internal and external stakeholders.
Sources: Tractable, Coalition, Origami Risk