Guidewire Launches Program to Connect Its Insurance
Guidewire Software has launched a new program designed to connect its insurance industry customers to up-and-coming InsurTechs. Dubbed, Insurtech Vanguards, the program will highlight innovative InsurTechs that bring novel approaches to the industry. The program is designed to promote partnerships, and also offer guidance to its P/C customers
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3 Ways InsurTech Software Convergence Can Boost Customer
3 Ways InsurTech Software Convergence Can Boost Customer Service and Business Growth. There’s been a huge surge in software development aimed at improving efficiency across the insurance value chain. In fact, InsurTech is now a half-billion-dollar industry, expected to top $1.1 billion in the next five years, according to the firm Research
Software Solution Development Tools—Sounds Good, But…
Software Solution Development Tools—Sounds Good, But…. Over the past decade, tooling has become an attractive option for both insurers and software vendors as a way to create customized solutions. However, like any overused buzzword, “tooling” has many meanings, covering a broad range of solutions to a broad set of problems.
MGU SageSure: A Tech Company Dressed Up in an Insurance
The CEO of SageSure, Terrence McLean, describes the evolution of a startup technology firm, launched to license specialized software to insurers writing property risks in underserved coastal areas in the aftermath of hurricanes Katrina, Rita and Wilma, into an MGU that leverages the technology and relationships with multiple carriers to offer
New InsurTech Financings: Software, SaaS Platform and
Recent InsurTech funding announcements include a French company developing enterprise software products and services for credit and surety insurers; a Nevada-based SaaS-based digital insurance platform; and a UK-headquartered company centered around bicycle insurance. *** French InsurTech Tinubu Square raised nearly $16.3 million in new venture funding designed to fuel …
P/C Software Company Duck Creek Technologies Makes an
January 4, 2017. Article. 0 Comments. Duck Creek Technologies, a tech outfit that provides cloud services and software for the property/casualty industry, has made an acquisition in a bid to broaden its product offerings. The Boston, Mass.-based firm said it acquired North Carolina’s Yodil LLC, a firm focused on insurance data management
Insurance Distribution Is Evolving Into a Core System
John Sarich, VUE Software John Sarich is an industry analyst and VP of Strategy at VUE Software. He is a senior solutions architect, strategic consultant and business advisor with over 25 years of insurance industry experience. Sarich can be reached at [email protected] Software.com.
Google Invests in Applied Systems, a Maker of Cloud-Based
Google’s investment arm has purchased a minority stake in Applied Systems, an Illinois-based global provider of insurance technology and cloud-based software for independent agencies. Google has pursued involvement in the property/casualty insurance industry before, most prominently in 2015-2016 through a failed experiment selling auto
Guidewire Paying $275M for P/C Data Science Software Firm
Guidewire Software Inc. will fork over $275 million to acquire Cyence, a software startup that uses data science and risk analytics to help P/C insurers address emerging risks including cyber, reputation and new forms of business interruption. Plans call for closing the M&A deal in Guidewire’s fiscal second quarter.
Totally Changed Industry Landscape Only Three Years Away
Pranav Pasricha is the CEO of Intellect SEEC (www.intellectseec.com), a provider of insurance software with an extensive portfolio covering distribution, underwriting and claims. He has transformed from being a traditional executive to a disrupter pioneering the deployment of big data, AI and IoT in the insurance industry.
InsurTechs to Watch (The Distribution Channel): Insurance
Founded 36 years ago, before InsurTech was a popular term, Insurance Technologies Corporation (ITC) “primarily sold computers to insurance agents with some rating software” back in 1983, according to the company’s website. “After a couple years, we switched our focus from hardware to software.”.
New Partnerships Target Claims Experience, Climate
Duck Creek Technologies provides software and related platform technology to the P/C and General insurance industry. Their technology combination, relying on Duck Creek’s platform, is designed to give insurers the ability to detect and score subrogation opportunities, as well as streamline the subrogation referral and investigation processes
Why Open Source, Blockchain-Powered Infrastructure Matters
Out of frustration, software developers volunteered their time to create an open source version of the operating system. The result was Linux, software made available to everyone, reducing cost and complexity for companies. The release of Linux launched the open source movement.
Accenture Starts Selling AI Automation Software Platform
Robotic process automation — in which software is used to handle repetitive data entry and other routine tasks — is a fast-growing area for enterprise software. UiPath, one of the main companies providing RPA software, has received about $450 million in venture capital funding to date and was valued at $3 billion in its latest fundraising
U.S. Cybersecurity Firm Breached; Internal Hacking Tools
The company itself has partnered in recent weeks with different software makers to share defensive measures. There is no evidence yet that FireEye’s hacking tools have been used or that client data was exfiltrated. But the investigation, which includes help from the Federal Bureau of Investigation and Microsoft Corp, is in its early phases.
Coalition, a Cyber Insurer and Cybersecurity Firm, Makes
We provide a number of risk management apps, including automated threat intelligence alerts, security benchmarking, DDoS mitigation, anti-ransomware software and more. These services are offered to all policyholders, and this is a tremendous value that brokers can provide their clients.
The Latest Launches From AIG and Guidewire
The arrangement calls for Clearwater to provide AIG a cloud-based, highly scalable software platform that offers daily reconciled investment portfolio data, accounting entries and reporting tools. It will support AIG’s $250-billion-plus fixed income securities, equity investments and residential mortgage business.
The Growing Wave of Cloud in Insurance
In fact, SaaS has become the default licensing model for many software vendors. While SaaS solutions are typically deployed on the cloud, that is not always the case. In a recent Aite-Novarica study on insurers’ cloud usage, 90 percent of carriers reported using cloud computing. But most insurers’ infrastructures are still primarily hosted
Guidewire Software Teams With Global Startup Platform Plug
Guidewire Software said it joined up with global startup platform Plug and Play to help promote technology innovation in P/C insurance. Specifically, Guidewire will work with certain Plug and Play startups, offering mentoring, domain and technical expertise, and the potential opportunity to be showcased in Guidewire Marketplace as value-add extensions to its Insurance Platform.
Insurers Will Drastically Boost Spending on Robotic
Robotic process automation, or RPA, is software designed to help reduce operational costs by automating basic repetitive tasks. Juniper said that insurers will likely spend $184 million on the technology in 2019, but that number should surge to $634 million by …
Cyber Criminals Now Targeting Other Service Providers
Cyber Criminals Now Targeting Other Service Providers After Recent Kaseya Attack. A ransomware attack in July that paralyzed as many as 1,500 organizations by compromising tech-management software from a company called Kaseya has set off a race among criminals looking for similar vulnerabilities, cyber security experts said.
Berlin’s Simplesurance Has Sights Set on U.S. With Cross
The cross-selling software of Simplesurance is integrated into more than 2,000 e-commerce platforms in 30 European countries. Partners are renowned national e-commerce shops as well as global players, like two of the biggest smartphone manufacturers, Huawei and OnePlus, as …
Oracle, SAP Business Software Increasingly Targeted by
At least 10,000 servers are running incorrectly configured software that could subject them to direct attack using known SAP or Oracle exploits, the report’s authors warned. More than 4,000 known bugs in SAP and 5,000 in Oracle software pose security threats, especially in older systems that operators may consider uneconomical to fix, they
Insurance Software M&A: Sapiens to Grab StoneRiver for
StoneRiver sells software and services to insurance carriers, agents and broker-dealers, with a focus on front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines. Sapiens sells software products to the insurance industry, though it is diversifying into the financial services sector.
Lemonade Debuting an Open Source Insurance Policy All Can
GitHub is a platform for open source technology, essentially allowing anyone to view software. They can to comment on it or adopt it, a Lemonade spokesperson explained to Carrier Management via email. GNU is an operating system and broad collection of computer software, made of free software licensed via the GNU general public license.
The Latest Cyber Launches From Sompo International, Verisk
Guidewire Software Inc. has extended its partnership with a company involving its cyber risk management data model. Sompo International Holdings Ltd has partnered with SecurIT360, a full-service security consulting firm, and The Crypsis Group, a cyber risk management firm, to offer all eligible cyber policyholders in the U.S. complimentary
Unqork, a No-Code InsurTech Software Startup, Raises Major
Unqork, a No-Code InsurTech Software Startup, Raises Major Financing Round. Unqork has raised $51 million in new financing, money it plans to use to fuel additional growth and expansion for its no-code application platform that helps large businesses rapidly build complex custom software and applications. The funding is an add-on to a larger
Sapiens Boosts North American Market Share With Adaptik
Sapiens International Corp. has agreed to snatch up Adaptik, a rival insurance software company focused on policy administration and billing. The move is expected to help the Israeli company boost its North American insurance market share and its competitive prowess.
Insurance Software Maker Vertafore Sold to Roper in $5.4B Deal
Insurance Software Maker Vertafore Sold to Roper in $5.4B Deal. Florida-based Roper Technologies has agreed to acquire insurance software maker Vertafore in an all-cash transaction valued at approximately $5.35 billion. Roper said the Vertafore management team led by CEO Amy Zupon will continue to lead the business from its Denver, Colorado
Pushing and Pulling Lloyd’s Into the 21st Century
Pushing and Pulling Lloyd’s Into the 21st Century. Twenty-five years ago, the Lloyd’s of London marketplace was teetering on the brink of insolvency, reeling from billions of dollars of asbestos and pollution liabilities. Many of the best brains in the market worked day and night to find a solution that would pay these old-year claims.
Enterprise Software Startup Gradient AI Raises $6M from
The Gradient software-as-a-service (SaaS) platform touts a proprietary dataset comprised of tens of millions of claims, which is complemented with several economic, health, and litigation datasets. This robust aggregation of data provides out-of-the-box claims and underwriting precision for new clients, and it is continuously refined with
A Look at What InsurTech Investors Should Embrace and
“If we think about the period between 2014-2017 as being customer experience focused (e.g., apps and taking products online), [and] of 2017-2020 as being insurance infrastructure focused (e.g., building software for insurers), my sense is that the end of 2020 and the next couple of years will be oriented around new insurance products
Pathpoint, a Digital E&S Wholesale Broker, Makes Its Debut
“Our software and digitally-accessible insurance products are improving E&S distribution for everyone in the value chain – retail agents, carriers and insureds. Wholesale brokers are at the center of the current distribution model, and we have assumed that role and built software into every step of the procurement process,” Touran said.
Software Bug, Not Cyber Attack, Takes Down Airlines, Banks
A software bug at a major network provider briefly knocked dozens of financial institutions, airlines and other companies across the globe offline during peak business hours in Asia. Akamai, which runs one of the internet’s main content-delivery systems, said the outage Thursday was not caused by a cyberattack, but rather a software bug on a … Continued
InsurTechs to Watch (The Distribution Channel): Indio
Michael Furlong, CEO and Co-Founder, Indio Technologies: Indio Technologies Inc. is a management software platform for property/casualty insurance brokers.The platform streamlines the application and renewal process for brokers and their clients by digitizing thousands of carrier applications into a TurboTax like experience.
Novarica: ‘Agile’ Methodology Is Transforming Insurance
Novarica: ‘Agile’ Methodology Is Transforming Insurance Industry IT Development. In the last seven years, the use of agile methodology across the insurance industry has gone from zero to 90 percent. The agile model, a newer software development approach, involves more collaboration throughout the project, flexibility in requirements
Guidewire Closes $160M Deal for Tech Company ISCS
The company’s software is designed to help P/C insurers with their core operations, data and analytics, and digital management, with more than 260 customers globally who have used its products. With the acquisition of ISCS complete, Guidewire also announced the launch of Guidewire InsuranceNow, a cloud-based product designed to support
Apple’s Battery Controversy Draws U.S. Senator’s Attention
The letter also asked if similar software was used in earlier iPhone models. Thune wants Apple’s answers by Jan. 23. An Apple spokesman did not respond to a request for comment early Wednesday. Apple addressed the concerns about the quality and durability of its products at a time when it is charging $999 for its newest flagship model, the
Why M&A Is Booming in the P/C Insurance Space
Why M&A Is Booming in the P/C Insurance Space. Now that the dust is settling after an unpredictable and historically challenging period, insurers are going on the offensive by pursuing innovation, building out core capabilities and aggressively taking market share. This is driving a frenzy of M&A in the property/casualty insurance space.
Government Can and Should Help Reduce Cybersecurity Risks
Krebs said the federal government already took a step toward spurring better cyber security behavior earlier this year, when it issued an executive order requiring better security outcomes for software and other digital products. “It’s that power of the purse that is really going to transform security expectations in software,” Krebs said.
A Repeatable Model for Using IoT to Transform Commercial
A Repeatable Model for Using IoT to Transform Commercial Insurance. Traditional insurance products focus on risk transfer. Insurers compete based on their ability to use historical loss information, data gathered during the submission process and other data from third-party data aggregators to predict the likelihood of future claims and price
InsurTech Deals at $4B So Far in 2019, Blowing Past 2018
The text of the report begins with some commentary on the use of the term “unicorn” to describe startups in the software or technology industry that are valued in excess of $1 billion. “If some market reports are to be believed, there could be dozens of InsurTechs making unicorn status in the next 12 months,” the report states.
Target to Resolve Data-Breach Probes With $18.5M Settlement
Target is also required to maintain and support software and keep appropriate encryption policies regarding cardholder and personal data and segment that information from the rest of its computer network, according to the accord. Target said it’s pleased to bring the issue to a resolution.
Tesla Owner Sues Carmaker, Alleging Use of Defective
A Tesla Inc owner has filed a lawsuit against the electric vehicle maker, claiming the company limited the battery range of older vehicles via a software update to avoid a costly recall to fix what plaintiffs allege are defective batteries.
Liberty Mutual Focuses on Developing Next-Gen WC Claims
Duck Creek is a technology company that provides cloud services and software for the property/casualty insurance industry. Beyond Liberty Mutual, its customers include Chubb, which in 2018 licensed Duck Creek software for use in all of its global business units. Source: Liberty Mutual Insurance
Two Major Actuarial Societies – CAS and SOA – Will Explore
Two Major Actuarial Societies – CAS and SOA – Will Explore a Merger. The Casualty Actuarial Society and the Society of Actuaries plan to explore a merger. Presidents of both societies announced that the CAS and SOA boards had agreed to pursue combining, with the idea of creating an organization with greater scale and resources to shape
Executives On The Move at Aspen Insurance Holdings
Guidewire Software, Inc. has a new leader, hired away from a product development role at Salesforce. *** Aspen Insurance Holdings Limited appointed Jonathan Ritz as its new president. In this newly created role, Ritz will report to Mark Cloutier, Executive …
AIG CEO Duperreault: Progress Made, Improvement Needed in
“Fortunately, we have evolved a bit,” Watson said. “It is pretty different and has changed just in the last few years. We’re not only trying to recruit underwriters and claims adjusters, but we are also hiring a lot of data scientists, actuaries and software engineers.”