Artificial Intelligence (AI) and Blockchain, two remarkable technological frontiers, have taken center stage in revolutionizing various sectors. The insurance industry is not exempt from their transformative potential. This article explores how the combined power of AI and blockchain is reshaping the insurance landscape, from policy issuance to claims management, ushering in a new era of innovation and trust. The Role
In an effort to revolutionize litigation management and drive better legal outcomes, CLARA Analytics and ClaimDeck have joined forces in a strategic partnership. The collaboration aims to assist carriers in effectively managing their litigation rates and mitigating rising litigation costs. By leveraging their respective insurance claims solutions, both CLARA and ClaimDeck harness the power of claims data to optimize litigated
HawkSoft, a leading provider of insurance agency management systems, has recently announced its exciting partnership with Fize Technology as its newest API Partner. This collaboration aims to revolutionize how independent agencies access essential insurance information by integrating Fize’s two-way API system with HawkSoft’s advanced Insurance Platform, which is set to go live today. Description of the Integration System The partnership
Newfront, a leading insurance technology company, recently announced that it has achieved Service Organization Control Type 2 (SOC 2, Type 2) compliance certification. This prestigious certification marks a significant milestone in Newfront’s ongoing commitment to ensuring the security and confidentiality of company and client data. Let’s delve deeper into the significance of SOC 2, Type 2 certification and how Newfront’s
Socotra, a leading provider of modern, cloud-based technology for insurers worldwide, is thrilled to announce the appointment of Sonny Patel as their new Chief Product and Technology Officer. Patel brings with him a wealth of experience and expertise in product development and technological innovation, having previously worked at Fortune 500 companies such as Dell, Microsoft, and Amazon. In his new
Clearcover, a leading insurtech company, has recently unveiled its innovative embedded insurance solution called “Choice.” This groundbreaking platform enables brands in various industries, particularly in financial services, to offer their customers seamless access to price and policy comparisons from multiple insurance carriers. With the goal of providing convenient and affordable car insurance coverage, Clearcover’s “Choice” is set to revolutionize the
In a rapidly changing insurance industry landscape, Velocity Risk Underwriters successfully implemented Guidewire InsuranceNow to meet market demands, facilitate business growth, and deliver enhanced value to its producers, brokers, and customers. This strategic move has allowed the company to adapt quickly to shifting market needs, streamline operations, and drive profitability. The implementation, specifically targeting small commercial lines of business, has
Wright National Flood Insurance Services (“Wright Flood”) has unveiled its latest product, FocusFlood, as an extension of its highly regarded ResiFlood program. This proprietary private flood product is available exclusively through Wright Flood agents, marking a significant step forward in the flood insurtech market. FocusFlood aims to provide accurate and affordable primary flood coverage for residential property owners, leveraging advanced
The U.S. general insurance industry is poised for significant growth over the next five years, according to a forecast by GlobalData. With an estimated compound annual growth rate (CAGR) of 8.5%, the industry is expected to expand from $2.18 trillion in 2023 to $3.03 trillion in 2027 in terms of gross written premiums (GWP). This article explores the factors driving
In today’s digital age, data has become the lifeblood of the insurance and reinsurance industry. The ability to access and analyze real-time data has revolutionized decision-making processes and has set the best insurers and reinsurers apart from their competitors. This article explores the vital role that data plays in driving success and innovation within the insurance and reinsurance landscape. We’ll
In today’s fast-paced digital landscape, insurance companies are constantly looking for ways to stay competitive and meet the evolving needs of their customers. One solution that is gaining significant traction is the adoption of industry cloud platforms. These platforms offer a wide range of benefits that can revolutionize the way insurance companies operate, providing them with a scalable and flexible
The insurtech sector in the UK has rapidly emerged as a global leader, as highlighted by a recent study conducted by McKinsey. The study revealed that London, specifically, has positioned itself as the epicenter of insurtech innovation, boasting the same number of insurtech unicorns as the rest of Europe combined. This article delves into the factors contributing to London’s success
