Here we take stock of the top stories coming out of the Insurance Technology sector this past week – 16.08.19.
1. Sompo teams up with cloud-based InsurTech Slice Labs in a move designed to bring on-demand insurance to the Asia Pacific region
Sompo Holdings Asia (SOMPO) is a top Japanese insurer, regionally headquartered in Singapore and part of Sompo Holdings. The Slice Insurance Cloud Services (ICS) platform was set up in 2018 with an aim of delivering products via a low cost monthly subscription with no complex contracts or implementation costs. Both companies plan to roll-out various “on-demand” products across Asia throughout their proof-of-value partnership. Additionally, Slice Labs will be opening an office in Singapore to support this and other initiatives in the region.
“The future of satisfying insurance customers in any country and product segment hinges upon the cooperation of insurers and insurtechs,” said Tim Attia, Chief Executive Officer of Slice.
2. InsurTech Trov Partners with Lloyds Banking Group
Lloyds Banking Group is to use a white-labeled platform from San Fransicos’s Trov to roll out a suite of insurance products for digitally-native consumers. The launch of the platform follows a pivot by Trov from a direct-to-consumer offering to a white label provider to incumbents.
Scott Walchek, founder and CEO, Trov, comments: “We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand.”
3. Brolly founder Phoebe Hugh wants to revolutionise insurance with AI and flexible prices
Brolly launched in 2016. Its personal insurance app has an AI policy management tool that handily scans your emails and brings together all your different policies into one place, such as phone, travel, car and home.
“It really helped people to see how much they were paying, how much their prices are changing, and whether they had double cover, and helped them feel empowered to have conversations with their insurer,” says Hugh.
The start-up is now launching its very own insurance policy, Brolly Contents, following the learnings gleaned from the Brolly app, and interviews with thousands of customers. Focusing specifically on contents insurance, Brolly’s chatbot uses computer vision to identify the items you want to insure, from photos you upload to the app. It then generates a quote in 60 seconds. The price falls every month, designed to reward good behaviour from customers. The product is backed by Hiscox, and the rolling monthly subscription can be cancelled anytime just like Netflix.
4. Insurtech Semsee completes trial of insurance platform
New York-based Semsee has created a SaaS platform using robotic process automation, API connectivity and deep insurance expertise. More than 24 insurance agencies used Semsee during the three-month pilot programme to quote Business Owners Policies (BOP). Using this platform, agents can gain access to more than 25% of the BOP market, including half of the top 10 carriers, across all business types across the US. Leveraging its database of over 4,000 carrier questions, Semsee produces a single smart form based on the insured’s operations and location.
Semsee CEO and co-founder Philip Charles-Pierre said: “On the heels of our successful pilot, we are now accelerating the onboarding of the hundreds of agencies on our waitlist. Moreover, we are excited to add the many carriers in our pipeline, as well as new lines of business, such as Workers Compensation and Commercial Auto, to our platform, thereby advancing our goal of generating billions of dollars of value for the small commercial insurance industry.”
5. Greenlight Re Innovations has completed a strategic investment into property insurance claims fulfilment platform Handdii Pty
Handii, based in Australia, aims to improve the claims process by connecting insurance companies with contractors and ensure all involved parties receive real-time updates. The platform will identify the right trade to handle the repairs and facilitate communications, once it is completed the customer can rate the trade and their quality.
Greenlight Re CEO Simon Burton said: “Handdii has created a technology platform that bridges the gap between the construction and insurance industries, eliminating the pain points that arise under the traditional model. With experience in both industries, Handdii has identified a solution to a niche problem. We look forward to working with the Handdii team and supporting the platform as it grows.”
Contact Mike Richardson on LinkedIn or email miker@ditto.tv to submit your InsurTech news for next weeks roundup.
