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Commentary: How AI and machine learning improve supply chain visibility, shipping insurance – FreightWaves

commentary: how ai and machine learning improve supply chain visibility, shipping insurance – freightwaves

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The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

In this installment of the AI in Supply Chain series (#AIinSupplyChain), we explore how artificial intelligence is being used to help beneficial cargo owners gain greater visibility into their supply chains in order to make it possible for their insurers to more accurately underwrite insurance policies. 

This article is most directly related to Commentary: Key supply chain innovation issues to consider in a world with VUCA and Commentary: Exogenous variables dominate a world with VUCA.

Supply chain visibility and shipping insurance

According to IBM, “Supply chain visibility is the ability of stakeholders throughout the supply chain to access real-time data related to the order process, inventory, delivery and potential supply chain disruptions.” Sometimes this definition is extended to include access to knowledge about the state of goods in transit. For example, in cold chain logistics, has an event occurred that has caused spoilage?

Historically, the insurance underwriting process has relied on static data that is updated only periodically. Such updates are based on deterministic assumptions about the associated uncertainties and risks for which insurance is being sought.

In …

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Next Insurance Attracts $250M in New Financing; Its $631M to Date Beats Lemonade

next insurance attracts $250m in new financing; its $631m to date beats lemonade

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Next Insurance secured another $250 million in financing designed to fuel continued national expansion of its digital small business insurance offerings.
CapitalG, Alphabet/Google’s independent growth fund, led the Series D round. But existing investor Munich Re Group also participated in the new capital raise, as did FinTLV, a global InsurTech venture capitalist.
As part of the new funding round, CapitalG Partner Sumiran Das will join the Next Insurance board of directors.
“We believe that there is an opportunity to use technology to transform the small business insurance experience in the U.S. and build a national insurance leader,” Das said in prepared remarks. “Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so.”
To date, Next Insurance has raised $631 million, including a $250 million financing round from Munich Re in October 2019.
Next Insurance has now raised more venture capital money than Lemonade did before it went public. That startup, which sells home, renters and pet insurance, raised just under $500 million before a July 2 IPO pulled in $308 million.
An IPO for Next in the coming months is likely, based on recent actions and financings by some of its peers. …

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Merimen® and Claim Genius® to Launch Artificial Intelligence Solution for Auto Claims

merimen® and claim genius® to launch artificial intelligence solution for auto claims

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SINGAPORE (PRWEB) September 23, 2020 Claim Genius™ (http://www.claimgenius.com) a leading AI InsureTech company, and Merimen Technologies (http://www.merimen.com), a market leader in providing SaaS platform for insurance ecosystems, today announced the signing of a strategic agreement for P&C Insurance services enterprises. As part of this agreement, Merimen will be bringing Claim Genius’s real time damage estimates for passenger vehicles into its TrueSight™ suite of analytics products, and introducing it to Merimen’s network of global and regional insurance carriers across 10 countries. This new product, TrueSight™ AI Imaging, will include an integrated workflow solution to drive better efficiencies, speed, accuracy and productivity improvements for the automobile insurance services sector. Once the service is implemented, clients will be able to get an instant estimate for repair of the damaged vehicle by utilizing the initial photographs or videos of the accident vehicles.”We are very excited to announce this partnership with Merimen”, said Raj Pofale, founder and CEO of Claim Genius. “The auto claims industry is in the midst of a global revolution, driven by advancements in digital and mobile technology, artificial intelligence, and machine learning. Claim Genius is leading the charge of this transformation through our advanced product capabilities …

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AXA XL launches custom-built insurance for new class of construction business — Highly Protected Projects

axa xl launches custom-built insurance for new class of construction business — highly protected projects

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NEW YORK, Sept. 23, 2020 /PRNewswire/ — AXA XL’s North America Construction insurance business is building tailored insurance programs and services for construction projects that qualify as a “Highly Protected Project” (HPP) because of their implementation of technologies designed to reduce project risk.
According to Gary Kaplan, president of AXA XL’s North America Construction insurance business, “In commercial property insurance, facilities that incorporate added risk and safety measures, such as sprinkler systems, are considered ‘Highly Protected Risk’ and can earn more favorable insurance rates and terms.  With greater adoption of technology on construction jobsites, we’re seeing the same opportunity to extend more competitive insurance coverage and capacity for projects that are taking action to reduce risks.”
Construction projects eligible to attain AXA XL’s HPP status and specialized insurance include Health Care, Commercial Office, Higher Education and Manufacturing/Processing construction projects valued at USD 200 million or more.  The project must show implementation of technology that can as an example:

Mitigate water damage: Sensors are available to quickly identify leaks and wastes in real time, send alerts and automatically shut off the source of identified leaks. 
Detect unhealthy or unsafe environmental conditions: Sensors are helping contractors monitor jobsite conditions and provide real time alerts …

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HSB Provides Tailored Cyber Insurance with Cyberwrite’s Cyber Risk Analytics Platform

hsb provides tailored cyber insurance with cyberwrite’s cyber risk analytics platform

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NEW YORK, Sept. 23, 2020 /PRNewswire/ — Cyberwrite, a leading cyber risk analytics firm, and HSB announced today that HSB is renewing its subscription to Cyberwrite’s cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the US.
Amid the dramatic increase in remote workforces and rise in cyberattacks since the start of the COVID-19 pandemic, cyber insurance, which protects businesses against the financial damages of cyber risks, is expected to reach $8 billion in annual premiums by the end of 2020. And the vast majority of cyberattacks happen to SMBs. A Ponemon Institute survey found that 76 percent of SMBs have experienced a data breach in the past 12 months suffering significant financial damages. Purchasing a cyber insurance policy is vital in protecting businesses against the financial impact of these incidents. Still, there is a massive data and analytics gap preventing companies from purchasing the right policy for their needs.
Cyberwrite mitigates this gap by providing the capability to quantify, benchmark, and mitigate the financial cyber risk posed to businesses across industries. The cyber risk analytics platform is based on proprietary AI and machine learning algorithms developed by the company as well as state of the art threat intelligence and attack …

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How USAA is improving claims with UBI

how usaa is improving claims with ubi

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Like many insurers, USAA sees usage-based auto insurance, powered by telematics technology, as a major component of insurance’s digital future. In 2019, the company, which provides insurance and other financial services to U.S. military members and their families, launched its UBI program, SafePilot. Currently live in four states — Texas, Ohio, Arizona and Virginia — the offering was developed along with TrueMotion to and uses customers’ mobile phones as the data-collection device, eschewing any third-party technology like dongles. SafePilot accounts for about half of new policies being written in the four states where it’s live, the company says. Now, as expansion of the program continues, USAA has begun refining its Telematics Enabled Auto Claims process. Chief claims officer Sean Burgess says that tightly integrating telematics data with the claims process serves two goals: Removing administrative tasks from adjusters’ workflows, and getting closer to a fully touchless claims experience.“It can be a ‘wow’ member experience, you’re looking out for them when things may happen to them,” says Burgess.Working with TrueMotion, USAA has developed a portal for adjusters that allows them to view the data, time and location of an accident. These allow adjusters to get right …

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How Agents Can Benefit From The Insurance Industry’s Paradigm Shift

how agents can benefit from the insurance industry’s paradigm shift

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By Vinod KachrooThe insurance industry is in the midst of a paradigm shift. The rise in digitization is bringing a host of technologies that are disrupting the industry, while bringing new efficiencies and expanding business opportunities to everyone in the insurance value chain. It’s also changing the way we do business.The availability of highly reliable and diverse data sets around people, their lifestyles and behaviors have an enormous impact on everything from product design and sales approach to how customers like to be served. Data enables a whole new level of personalization and helps the carriers create an Amazon-like experience for their consumers throughout their life insurance product journey. Data also helps individuals obtain better solutions to their life needs and more affordable life insurance. It also gives agents and advisors a hearty boost to their business.Insurers are forming ecosystems, partnering with businesses on projects that achieve greater value together than each could capture individually. For example, John Hancock partnered with Verily and Onduo to provide consumers with type 1 and type 2 diabetes an experience that includes personalized education, diabetes management prompts, incentives, rewards and premium savings.The digital economy, rapidly-evolving technologies, the changing data paradigm and the …

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Insurance: Data analytics can make insurance firms smarter

insurance: data analytics can make insurance firms smarter

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Technology revolutions of the last few decades and falling cost of technology create new opportunities for insurers to harness the data.By Saurabh TiwariAs the value chain continues to become more digitally connected, insurers have the prerogative of better understanding customer segments and partners, and adapt to consumer needs in near real-time. In the near term, most of the digital insurance consumers will likely be young, educated and with higher levels of income.Related NewsTo meet customer needs, most insurers have already started to collect a wealth of data. However, they have been slow in monetising this asset. To understand and meet consumer needs, there is an immediate need to create new business lines or models to capture the value of data and analytics. As more and more insurance consumers shift online to interact, compare products and prices, and make purchases, the volume of available data is increasing exponentially.Data-enabled processesOver time, Big Data and refined models will work for allowing risk pricing at an increasingly granular level. There is nothing to deny the fact that the insurance industry is a major component of the economy. It enables individuals and companies to take more risk, which further empowers innovation and …

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Minneapolis-based health insurance company raises another $500M, bringing total to $1.5B

minneapolis-based health insurance company raises another $500m, bringing total to $1.5b

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Minneapolis-based Bright Health has raised $500 million in another round of venture capital fundraising that will help expand its geographic reach and add additional services, it said on Tuesday.

The consumer-focused health care and technology company picked up new investors in the latest round and has now raised more than $1.5 billion from venture capital firms since 2016.

The insurer had 60,000 customers at the end of September 2019. It said in January that it would grow to at least 200,000 members this year.

New York-based investment firms Tiger Global Management, Blackstone and Baltimore, Md-based T. Rowe Price are new participants in Bright Health’s latest fundraising. Prior investors NEA, Bessemer Venture Partners and Greenspring Associates also participated in the latest round.

“NEA has backed Bright Health from the very beginning, and we are privileged to continue helping the team transform how health care is delivered and paid for in this country,” said Mohamad Makhzoumi, general partner and head of health care Investing at NEA, in a news release.

Its been a busy year for Bright Health with a big acquisition and expansion plans to new markets.

“At Bright Health we are leveraging our person-centric, intelligent technology platform to build a diversified and digitally integrated health care …

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