Hippo Insurance Group’s First Connect and Blink announced a collaboration to make personal cyber insurance protection available to independent agents that participate in First Connect’s InsurTech marketplace platform.
First Connect, a digital platform designed to provide independent agents with access to InsurTech carriers, will offer a cyber protection insurance product underwritten by Blink by Chubb. Blink’s Cyber Protection, backed by Chubb, a publicly traded property/casualty insurance company, provides standalone coverage that insures customers against cyber risks such as cyberbullying, online extortion and identity theft and covers electronic data restoration and replacement costs.
First Connect Insurance Services LLC, a subsidiary of Hippo Insurance Group, was designed to provide independent agencies with access to national InsurTech carriers with zero access fees. Blink by Chubb offers personal insurance products distributed through employee benefits, direct-to-consumer, insurance carriers, digital brokers and affinity partners, including First Connect.
The Blink and First Connect collaboration provides agents with modern cyber coverage designed to help consumers safeguard their digital footprints from bad actors capable of inflicting emotional or financial damage.
Blink helps customers recover from identity theft or cyber extortion by covering the cost of hiring professional services and money or digital currency paid as ransom. With Blink, cyber specialists can respond to identity theft and cyber extortion claims within 24 hours. The policy provides coverage for everyone in a household, including dependents up to age 24, and can be extended to up to five additional households to protect customers’ shared digital world.
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Praedicat, a liability emerging risk analytics company, announced that it has contracted with Sentry Insurance to assist the mutual insurer in better understanding and managing its casualty exposure.
Praedicat’s predictive analytics help the company focus on its long-tail casualty exposures within general liability. The team also will explore its applicability to workers compensation, particularly for risks that create GL/WC clash.
Sentry is using the full range of Praedicat’s tools, including at the point of underwriting. It will use Praedicat’s analytics to support its aggregation management, portfolio strategy, and the development of underwriting guidance. This service can help identify and quantify potential risks that were previously not anticipated if relying only on historical claims information for pricing and underwriting, according to a Praedicat press release.
Sentry has licensed Praedicat’s products, which include emerging risk insights, more than 100,000 individual company profiles, the litigation tracker to manage risks in active litigation, and the use of Praedicat’s probabilistic loss model and realistic disaster scenarios for general liability.
Praedicat was established in 2012, is based in Los Angeles, Calif., and has offices in New York and London. Sentry Insurance is a U.S.-based mutual insurance group. Sentry and its subsidiaries sell property/casualty insurance, life insurance, annuities and retirement programs for business and individuals throughout the country. It is headquartered in Stevens Point, Wis.
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FRISS, an artificial intelligence powered fraud, risk and compliance service provider for property/casualty insurers and Guidewire PartnerConnect Solution partner, and Guidewire announced the FRISS Accelerator for Underwriting Risk Assessment for Guidewire PolicyCenter. The new accelerator has completed the Ready for Guidewire validation process and is available for download by Guidewire customers in the Guidewire Marketplace.
The FRISS Accelerator for Underwriting Risk Assessment facilitates real-time underwriting decision-making during the policy life cycle. The Accelerator will automatically and consistently screen policies and prospects according to the insurer’s risk appetite to help them establish a straight-through process while safeguarding a healthy portfolio. Via FRISS’s Underwriting service, insurers can standardize decision-making, automate underwriting rules and improve their process within PolicyCenter.
The Accelerator will be available for personal auto, commercial auto, workers compensation, general liability (personal and commercial), homeowners and inland marine.
Guidewire combines digital, core, analytics, and artificial intelligence to deliver its platform as a cloud service. FRISS is focused on automated fraud, risk, and compliance solutions for property/casualty insurance companies worldwide.
Sources: Praedicat, FRISS, Hippo