Chubb, a global leader in property and casualty insurance, has recently appointed Tim Benson as its new executive vice president and multinational insurance leader, effective October 30. Benson will be tasked with overseeing the strategy, product development, and business operations of Chubb’s multinational insurance segment. His responsibilities further extend to managing underwriting operations, profit and loss performance, and coordinating North
Aurora Insurance, a London-based digital insurance platform, has announced the successful acquisition of seed funding from QBE Ventures to advance its digital commercial insurance solutions. Aurora employs innovative technologies such as algorithmic trading and artificial intelligence (AI) to optimize workflows, enhance risk assessment capabilities, and boost operational efficiency. By seamlessly integrating into existing ecosystems, the platform empowers insurers and brokers
In a noteworthy development within the insurance sector, Pivix Specialty Insurance Services has partnered with Canopius US Insurance to enhance the accessibility and efficiency of commercial property insurance for wholesale brokers, with a strong focus on those managing smaller commercial accounts. This collaboration aims to streamline insurance solutions, addressing the growing demand in the market and providing much-needed support to
Prudential Hong Kong, in partnership with the Reinsurance Group of America (RGA), has launched MedScreen+, a groundbreaking digital underwriting tool designed to modernize the underwriting process through the use of advanced optical character recognition (OCR) and artificial intelligence (AI) technologies. This revolutionary tool can swiftly analyze over 160 types of medical tests, including blood tests, ultrasounds, and X-rays, which significantly
Blockchain technology, well-known for its applications in cryptocurrency, is now making significant inroads into various sectors, with insurance being a key area of focus. The transparency and immutable nature of blockchain make it a compelling option for transforming traditional insurance practices and ensuring more efficiency and reliability across the industry. This article explores how blockchain is set to revolutionize the
Broker Insights, a Dundee-based insurtech firm, has made a strategic move to expand its operations to the US following thorough research and development. The company’s flagship platform, Vision, has been instrumental in helping insurance brokers efficiently manage and understand their client base while fostering connections with insurers. After analyzing nearly $1 billion in gross written premiums (GWP) in the US
Embroker, a forward-thinking digital insurance company, has partnered with Everspan, a renowned underwriting firm, to reshape the commercial insurance landscape through advanced digitization. By integrating Everspan’s underwriting expertise into Embroker’s state-of-the-art ONE platform, this collaboration has led to the creation of specialized industry programs targeted at sectors like real estate, consulting, and finance. This strategic alliance has multiple benefits, enabling
The collaboration of Prudential and Reinsurance Group of America, Incorporated (RGA) marks a significant milestone in the evolution of the insurance industry with the introduction of MedScreen+, a state-of-the-art digital underwriting tool. Leveraging the powerful capabilities of optical character recognition (OCR) and artificial intelligence (AI), MedScreen+ aims to expedite the traditionally prolonged and cumbersome task of medical report assessment. This
In a move that signifies the growing impact of AI on the insurance industry, Bishop Street Underwriters, owned by RedBird Capital Partners, has partnered with InsurTech leader Kalepa to implement advanced AI technologies. This partnership focuses on improving underwriting accuracy, risk assessment, and portfolio strategy. Bishop Street’s Managing General Agents (MGAs) will utilize Kalepa’s AI Copilot to make more informed
AXA, a global leader in insurance and asset management, and Amazon Web Services (AWS) have announced a groundbreaking collaboration to develop the AXA Digital Commercial Platform (DCP). This sophisticated platform aims to enhance risk management by integrating industry, business, and environmental data with cutting-edge geospatial analytics and artificial intelligence technologies. The AXA DCP will help clients worldwide monitor assets and
The insurance industry often conjures images of traditional risk assessment and underwriting, but Westfield Insurance’s 1848 Ventures is challenging that narrative through the innovative use of artificial intelligence (AI) and machine learning. Launched in January 2018, 1848 Ventures operates beyond the conventional insurance sector, aiming to provide AI-powered B2B SaaS solutions tailored for small and medium-sized businesses (SMBs). Under the
Artificial Intelligence (AI) is making waves in the Banking, Financial Services, and Insurance (BFSI) sector, revolutionizing how firms operate, serve customers, and secure their platforms. By leveraging technologies like machine learning (ML), natural language processing (NLP), and deep learning, AI is driving significant transformations in customer experience, operational efficiency, product personalization, and security. AI-Driven Customer Experience Data Analysis and Personalization
