News
Duck Creek Welcomes CCC’s Industry-Leading Claims Solutions
Duck Creek Technologies (NASDAQ: DCT), an intelligent solutions provider defining the future of property and casualty (P&C) insurance, today welcomes CCC Intelligent Solutions (CCC), a leading SaaS platform powering the P&C insurance economy, as the newest strategic member in its partner program.
Through the integration, Duck Creek core system users will be able to seamlessly access solutions from CCC’s industry-leading claims management suite, offering joint customers additional automation and new efficiencies in claims resolution for staff and policyholders.
“Our insurance customers are looking to automation to drive greater efficiency and better experiences for their staff and end consumers,” said Manju Bansal, Vice President, Ecosystems and Alliances for CCC. “Working with Duck Creek is a natural extension of our network strategy, which is centered on enabling technology partners to integrate with the CCC platform and offer solutions that add value to our customers’ business. This integration will not only save insurers time accessing the tools they need and use every day, but it will also help drive process improvements across their existing workflows.”
The Duck Creek and CCC integration provides mutual customers with seamless access to their CCC Claim Folders and capabilities that support the early stages of claim resolution, including predictive method of inspection, which helps turn complex vehicle damage data into actionable insights at first notice of loss. To support policyholders, insurers can also search for staff, locate and schedule appointments with nearby repair shops, and dispatch appraisal assignments. Insurers can navigate directly into CCC's platform from Duck Creek Claims through Single Sign-On (SSO) connectivity.
![How the Digital Revolution is Transforming the Insurance Business](https://dxj7eshgz03ln.cloudfront.net/production/link/image/832138/twenty_by_nine_extra_large_ed750ea8-8aa5-4776-8d22-ad0e7553ad46.jpg)
How the Digital Revolution is Transforming the Insurance Business
The digital revolution is in full swing, and the insurance industry is no exception. Insurance companies are under pressure to modernize their operations and adopt new technologies to remain competitive. Digital transformation is bringing new opportunities for growth and efficiency, as well as challenges.
In this blog post, we’ll take a look at how the digital revolution is impacting the insurance industry and what insurers need to do to stay ahead of the curve.
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Analytics & AI: five things to consider before investing
Reuters Insight polled 478 senior insurance executives over the last two years. Our research reveals that analytics & AI was a significant area for investment, with 53% of respondents indicating that their organizations have made investments in this technology. Here are our respondents’ perspectives.
Reuters Insight
An Interview with Henry Kowal, director, outbound product management, insurance solutions, Arity, an Allstate subsidiary company
Ideally, underwriting is based on precise data about risk, gathered over years or even decades, but what happens when the world isn’t ideal? It certainly hasn’t been, as all sorts of anomalies have arisen: COVID, the Russian invasion of Ukraine, supply chain disruptions, inflation and more. To get a better handle on how insurers can underwrite risk in such an uncertain world, ITL talked this month with Henry Kowal, director, outbound product management, insurance solutions, at Arity, an Allstate subsidiary company that tackles underwriting uncertainty with data, data and more data about driving behavior gathered via telematics.
The insurance industry talent and technology tug-of-war
The insurance industry, known as one of the oldest and most traditional industries for a younger generation of workers, is under pressure to transform. Following “the great resignation,” insurance companies are faced with even greater talent challenges than what they were experiencing before the COVID-19 pandemic.
You see, this manifested in the tug-of-war brewing between bosses and employees around in-office work. In a post-pandemic environment, across insurance and many other industries, we continue to see workers walk away from traditional in-person jobs in hopes of securing work-from-home positions that lean toward a more flexible work environment.
John Stammen, CEO, Convr
Top 10 Cyber Incidents 2022
2022 has been a year of global inflation, massive hikes in energy costs, and war. So, it should come as no surprise that the cost of a data breach has reached an all-time high.
Based on our internal estimation, Isaac Guasch, our in-house Cyber Security Leader has, this year once again, compiled a list of the worst and most impacting cyber incidents of the year in terms of financial impact and reputational damage.
These attacks highlight the malicious intent of not just common criminals, but also world leaders, and show how just one attack can affect millions of consumers (with a special mention of one of the current biggest fashion-retailers).
This year, as a special “Bonus Track”, he also highlights the potential risks and benefits of a relatively emerging technology that is now available to any user – Artificial Intelligence.
January Reinsurance Renewals Were Most Challenging in 2 Decades: MMC’s Doyle
The most challenging January reinsurance renewals in nearly two decades saw global property catastrophe rate increases of 25% to 60% with loss-affected clients facing even higher prices, according to John Doyle, president and chief executive officer of Marsh McLennan Cos.
“The property cat reinsurance market was stressed with pricing and attachment points increasing significantly, reflecting several years of higher-than-expected cat losses, macroeconomic factors, and supply and demand imbalances,” he said during an analysts’ call to discuss fourth quarter and full-year earnings.
InsurTech/M&A/Finance💰/Collaboration
![Betterview Announces Partnership with True Flood Risk](https://dxj7eshgz03ln.cloudfront.net/production/link/image/831980/twenty_by_nine_extra_large_04e29112-91ee-4305-bcda-9fefbd465886.png)
Betterview Announces Partnership with True Flood Risk
Betterview, the insurtech company leading insurers rely on to identify and manage real property risk, today announced a new partnership with True Flood Risk, the mission-driven company dedicated to helping property owners and communities understand and plan for flood risk.
True Flood Risk was founded by Shelly Klose in 2017, inspired by her experience with Hurricane Sandy in New Jersey in 2012. Klose was curious why some houses in her neighborhood experienced significant flood damage during the storm while others remained relatively unscathed. This curiosity led her to develop a patented technology for estimating first floor height (FFH) of properties, a key indicator for flood risk. This solution formed the foundation for what has quickly become a leading global AI-driven risk management platform, pioneering the next generation of geolocation intelligence for flood risk.
Vertical Insure Raises New Capital to Help Vertical Software Platforms Drive Revenue Through Embedded Insurance
Greenlight Re Innovations joins Rally Ventures and Dundee VC in $6M Seed Round
Vertical Insure, the embedded insurance platform for platforms, today announced it raised $2M in additional financing, bringing its total seed funding raised since inception to $6M. Greenlight Re Innovations led the additional financing, with participation from Groove Capital, Daren Cotter and other strategic angel investors.
Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base. Companies can leverage Vertical Insure to bundle the range of products their customers need — resulting in added value and new revenue without any extra overhead or IT bandwidth.
Vertical Insure operates in an emerging wave of business known as SaaS+. In addition to their core software product, SaaS+ platforms employ embedded products as a secondary revenue model. Vertical Insure is the “plus” that SaaS platforms can integrate and monetize to become SaaS+ platforms.
![Coalition launches new insurance carrier business](https://dxj7eshgz03ln.cloudfront.net/production/link/image/831962/twenty_by_nine_extra_large_52ce3bbd-acf0-42cf-8387-c349ff8c0964.jpg)
Coalition launches new insurance carrier business
Active cyber insurance provider Coalition has announced that it has launched its own full-stack insurance carrier called Coalition Insurance Company (CIC).
With an A- rating from AM Best, CIC is backed by Coalition’s Active Insurance platform. The carrier will allow brokers to secure cyber protection for a broader range of clients while providing coverage that meets specific client needs, the company explained. Policies issued by CIC will include robust cyber protection for both small and midsize businesses that lack the tools and resources to mitigate cyber risks.
“The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected,” said Coalition co-founder and CEO Joshua Motta. “Cyber risk exists for any business—regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to small businesses who need it most.”
![SambaSafety Integrates Telematics for the Most Comprehensive View of Risk in the Industry](https://dxj7eshgz03ln.cloudfront.net/production/link/image/832140/twenty_by_nine_extra_large_21b47264-abd3-4eba-b00c-6575958a7c4d.jpg)
SambaSafety Integrates Telematics for the Most Comprehensive View of Risk in the Industry
SambaSafety, the market leader in mobility and workforce risk management solutions, launched new capabilities that allow for device-agnostic telematics integrations, combining powerful data from multiple vendors and in-vehicle systems in one location for the industry's most holistic risk profile.
Coterie Insurance partners with Appalachian Underwriters for automated underwriting
Coterie Insurance, a small business insurance solution for agents and brokers, has partnered with Appalachian Underwriters, Inc (AUI), for automated underwriting.
Appalachian is a wholesale insurance outlet serving the United States.
The partnership, according to Coterie, will enable access to Coterie’s innovative tech-based small business insurance solutions by AUI agents and brokers.
Canada
Meteorologist explains why future NatCat claims won't get any better
As the climate warms, even predictable weather patterns — like El Niño and La Niña, which are affected by rising sea temperatures — are changing alongside the climate, a weather expert warns.
And that could mean more frequent and severe storms facing Canada’s property and casualty insurance industry.
Meteorologists are discovering emerging long-term weather patterns as a result of climate change, said Chris St Clair, former weather presenter and journalist at the Weather Network. And devastating “once-in-ten-year” weather events are increasing in frequency.
That’s cause for concern to the P&C insurance industry, which has seen the third-highest insured losses in Canada at $3.1 billion and fifth globally, at $132 billion in 2022.
El Niño and La Niña cycles drove 2022 global natural disaster losses, Munich Re reports. El Niño and La Niña are climate patterns in the Pacific Ocean that affect the weather globally.