What:
Munich Re is enhancing the acceptance of artificial intelligence (AI) with its CertAI validation service, paving the way for the responsible use of AI applications.
Why:
The increasing implementation of AI in business is giving rise to many new risk areas and client requirements that need to be identified, analyzed, understood and evaluated. And Munich Re considers trustworthy AI to be a strategic growth area.
How:
- CertAI independently and objectively validates the trustworthiness of AI in new product solutions and demonstrates its quality to clients, investors, and supervisory authorities
- In other words, CertAI validates fully fledged AI systems or AI solutions already in productive use.
- It analyses these solutions on the basis of six factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection.
- CertX, a Swiss certification company, and Fraunhofer Institute for Intelligent Analysis and Information Systems collaborated with Munich Re on this endeavor.
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What:
HSB has teamed up with HELIXintel to offer a one-stop online maintenance platform for businesses to service critical building equipment from air conditioning and refrigeration to lighting and heating systems.
Why:
The HELIXintel digital platform helps customers manage their maintenance records and automates the process of sourcing and scheduling service from authorized providers for heating and cooling equipment, roofing, lighting systems, and other key assets.
How:
- The HELIXintel network connects building operators with manufacturers and suppliers nationwide to give clients the best price and quality for parts and services.
- Customers get connected with service providers, can take advantage of rebates and credits without doing the legwork, and may reduce supply chain delays with direct access to manufacturers for ordering equipment and parts.
- The platform also pairs customers with the best maintenance plans for their equipment and delivers bids from contractors.
- Once clients log on to a secure website or app using any digital device, they can catalog, track, and maintain unlimited equipment, supplies, and inventory, across multiple locations.
- The HELIXintel equipment maintenance solution is available through HSB in the commercial insurance market.
- And it will be available to HSB’s equipment breakdown insurance policyholders and customers of Sensor Solutions by HSB.
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What:
Zurich Australia has launched its small business (SME) insurance offering to the New Zealand market.
Why:
The launch of Zurich’s SME offering is focused on tackling high levels of underinsurance in a market where 95% of New Zealand businesses are SMEs, and 25% of these have no insurance at all – equating to around 125,000 small businesses.
How:
- Available through select brokers, the SME insurance uses Zurich’s Z.stream technology, a platform that enables brokers to quote and bind new business, process renewals, and have 24/7 access to mid-term-policy adjustments and endorsements with near real-time access to claims data and reports.
- The product is offered through insurance brokers only and will soon be rolled out to Steadfast, NZ brokers, and Insurance Advisernet before launching to the rest of the market.
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What:
FWD Vietnam Life Insurance Company has partnered with Traveloka to make insurance more accessible, simple, and affordable to customers.
Why:
This partnership aims to simplify and digitalize customer experience while maximizing the use of technology to provide convenient access to customers seeking comprehensive protection.
How:
- This partnership is part of a long-term strategic ecosystem partnership between FWD Group and Traveloka across Asia.
- In the first phase of the partnership in Vietnam, Traveloka will offer FWD Cancer Care, a 100% online insurance product covering cancer diagnoses at any stage with premiums starting from 99 thousand Dong per year.
- To access FWD Cancer Care, customers can go to Traveloka’s homepage, find ‘Insurance’, select ‘Cancer Insurance’, choose an insurance plan, complete the details, make payment, and complete the registration.
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What:
CloudCover has launched Cybersecurity Network Data Insurance (CNDI), the first cyber insurance offering to give organizations the ability to insure data in motion.
Why:
CNDI allows companies to place a value on their intangible assets, i.e., their data – just as they would on other assets. And it comes at a time of rising cyber-attacks, high premiums, and ineffective coverage.
How:
- CNDI enables organizations to insure data in motion with both first- and third-party liability coverage.
- The foundation of the CNDI coverage is CloudCover’s CyberSafety CC/B1 Platform.
- The CC/B1 provides an organization complete visibility into their network security systems, using machine learning to inspect, analyze, and understand the IT events happening within their network and stopping those threats in real-time.
- As it understands and learns a network’s data patterns, the CC/B1 uses that data to underwrite and set premiums – creating a continuous cycle of risk learning, stopping, and scoring.
- The risk to a company’s data and network is measured and insured via deep packet inspection – as the more incremental you can get with data, the more efficiently you can protect it.
- CNDI coverage is currently available to organizations that use the CC/B1, or to fronting carriers who wish to partner to offer the cyber insurance to existing clients.
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What:
AXA Hong Kong and Macau (AXA) announced the launch of “SmartProtect Plus” as the first in Hong Kong accident insurance plan providing collective protection for a family across generations with a single policy.
Why:
To ease the burden of customers who have a big family, once the premium for one child is paid, all the children within the same household will be entitled to equal care under shared coverage for free under “SmartProtect Plus”. Insureds also get customized protection under the shared coverage that caters to the distinct needs of all family members, with a premium as low as HKD2.4 per day.
How:
The 3 notable features of “SmartProtect Plus” are as follows:
- Shared coverage for family members to receive tailored protection with flexible financing
- “SmartProtect Plus” offers a shared coverage option that allows a family of up to 10 members across 3 generations to share one limit by all insured persons, with claims paid as they arise until the limit is reached.
- The maximum coverage for accidental death and permanent disablement is up to HKD2 million.
- Customers who opted for shared coverage can enjoy a premium reduction compared to that of traditional individual coverage.
- On the other hand, individual coverage is available to those who prefer personalized protection with a standalone limit for each person insured.
- Covering all children by paying the premium for 1 child with extra care for the juniors and the seniors
- Under the shared coverage plan, once the policyholder pays the premium for one child, all children of the family under the same single policy will be covered for free.
- Children’s age is extended to 23 years old for unmarried full-time students.
- A double allowance for daily hospital cash and home nursing is also provided for both children as well as the elderly.
- A maximum of HKD40,000 reimbursement is available for the elderly who suffer a broken bone.
- Lifetime protection from infants to the elderly with 24/7 coverage worldwide
- “SmartProtect Plus” allows first enrolment age as young as 6 months old and up to 80 years old.
- To guarantee lifetime protection for the insured, there is no age limit for policy renewal.
- With the rise of global citizenship, “SmartProtect Plus” provides 24-hour global emergency assistance services and a global hospital admission deposit guarantee of up to HKD40,000 for the expenses incurred from accidents outside Hong Kong, as immediate relief to the financial constraints or tensions.
- To alleviate the impact on the livelihood of the whole family if the breadwinner suffers from serious injury, “SmartProtect Plus” also offers “Income or Payment Protection” for the policyholders to receive timely financial assistance if their main source of income is affected.
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What:
Verifying homeowners insurance throughout the mortgage lending process will now be a fast and seamless process thanks to the solution created by Nationwide and Assurant.
Why:
The integration of Nationwide’s Insurance Verification Digital Product into Assurant’s patent pending HOIVerifySM solution will enable the two companies to verify insurance coverage and limits efficiently.
How:
- Nationwide’s Insurance Verification Digital Product, developed in 2021, is a collection of APIs that allow a verified user to first confirm whether a customer holds a Nationwide homeowners, condo, or renters policy, then enables insurance details to be verified instantly.
- Digitizing insurance verification during the mortgage loan or renewal process reduces the need for manual processes and improves the speed of verification.
- Additionally, it enables property managers to make sure their tenants are adequately protected.
- Homeowners with Nationwide insurance policies will now have their policy details confirmed securely, conveniently, and automatically.
- This integration with Assurant’s HOIVerifySM will not only speed up the process of tracking homeowners insurance but also extend more sustainable processes.
- Assurant estimates that HOIVerifySM’s technology can eliminate 27 million sheets of paper, and save 2,250 trees, 70 million gallons of water, and 459 million watts of energy annually, based on 2021 figures.
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What:
Aon and PayPal announced an initiative to help millions of PayPal’s small business customers in the U.S. access insurance simply and quickly.
Why:
This new initiative is designed to address some of the most persistent challenges small businesses face with their insurance decisions — time, effort, choice, and cost.
How:
- The digital insurance program will enable PayPal’s small business customers in the U.S. to shop for, purchase, and manage insurance coverage through Aon’s CoverWallet solution on the PayPal Commerce Platform, online and in minutes.
- Customers can also obtain personalized advice and guidance from Aon’s licensed insurance advisors.
- By working with Aon, PayPal will be able to provide its small business customers with streamlined access to small business insurance via Aon’s CoverWallet solution on the PayPal Commerce Platform.
- Small business owners in the U.S. are confronted with the challenge of selecting the most appropriate insurance for their business, and they may not have the time to research, shop for and purchase insurance.
- As a result, many of these businesses are underinsured, meaning they do not have the proper insurance coverage to fully protect their business.
- PayPal’s small business customers in the U.S. will benefit from real-time visibility into the typical coverage and average costs for their insurance needs, a breadth of online quotes and coverage options from top carriers, and the convenience of purchasing insurance with their PayPal accounts via Aon’s CoverWallet solution.
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What:
Lower.com added HomePass Valuation to ease the stress of selling a home.
Why:
Homeowners can use this tool to worry less about selling their current house and focus their attention on finding their next home. It’s nerve-racking to look for a new home and not know exactly what equity you’ll have to tap into, but HomePass Valuation solves that problem.
How:
- The tool, part of the HomePass Move First program, gives homeowners an instant offer on their homes and allows them to skip the showings and sell their houses for top dollar.
- Homeowners will also be able to offer cash for their next home through the program.
- After accessing the valuation tool, they’ll have an instant equity amount and be pre-approved for a mortgage, so they know what they can afford to buy.
- Once they find a home, they’ll be able to make an all-cash non-contingent offer and win the deal while financing with Lower.com behind the scenes.
- Once they move, their old home will be prepped and listed for sale.
- HomePass is available in select markets with plans to expand throughout 2022.
- First-time homebuyers can also take advantage of the cash offer portion of HomePass.
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What:
E-wallet DANA announced that it is expanding its offerings by providing its users insurance protection against health risk from gaming, in cooperation with insurtech Igloo.
Why:
Together with Igloo, DANA introduces Gamer’s Protection, for avid video gamers in Indonesia who worry about health risks associated with gaming. The initiative aims to strengthen Igloo’s presence in providing affordable and accessible insurance for the masses by working with partners from diverse verticals in Indonesia.
How:
- The offering comes shortly after the launch of Electronic Gadget Insurance, launched by DANA and Igloo in October 2021.
- Underwritten by Jagadiri (PT Central Asia Financial), plans start from as low as Rp1,000 and with the benefit to a maximum of Rp1,000,000 for cardiac arrest or carpal tunnel syndrome diseases.
- Users can purchase the protection for themselves or their children in the DANA app with these steps: Tap DANA Siaga on the All Services menu, then choose Proteksi Kesehatan Gamers and tap the Buy Now button.
- Once done, they have to select the plan that suits their lifestyle, fill in their data, and tap Pay on the payment page.
- This new protection is also in line with DANA’s commitment to continuously update and improve the user experience of digital transactions through the DANA app.
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