Insurance Technology: Chubb Enhances Cyber; Sompo Teams with Praedicat; Willis, CodeEast Eye Product; FMl Adds Home Help

Chubb Enhances Cyber Risk Service Offerings

Chubb has expanded its cyber risk service offerings to further support all commercial clients in reducing exposures and mitigating potential losses.

Russ Cohen, vice president, Cyber & Technology Practice Leader, Chubb Global Risk Advisors, noted that as a top cyber insurer Chubb has access to a rich set of data that it is continuously analyzing, along with public trend and policy data, that provide insights into the vulnerabilities that policyholders face. “Our enhanced cyber service offerings help bridge the gap between cyber insurance and cyber security expertise to help our clients stay protected in a rapidly shifting environment,” Cohen said.

Adding to the existing suite of cyber services for incident response and loss mitigation, new services include:

• Cyber Vulnerability Alert System that sends customized email alerts highlighting the most critical and recent vulnerabilities associated with software programs clients use. When appropriate, specific urgent alerts are sent out to clients potentially impacted by unfolding cyber incidents.
• Multifactor Authentication (MFA) Assessment and Implementation services that allow clients to select, design, review, and test their MFA programs.
• Patch Management services that help policyholders deploy updates to address known vulnerabilities in software.
• Perimeter Email Security services that facilitate email filtering and sandboxing to keep malicious emails out of their inboxes.
• Cyber Services Orientation service that allows policyholders to sign up for a virtual session with Chubb’s team of Cyber Risk Advisors to review the clients’ cyber services and answer their questions about cyber risk.

Source: Chubb

Sompo Turns to Praedicat for Portfolio Management

Sompo International Holdings Ltd. has turned to risk analytics company Praedicat to achieve more proactive management of its global casualty portfolio. The Bermuda-based P/C specialty insurer and reinsurer will use Praedicat’s emerging risk framework, probabilistic liability catastrophe model and a new litigation tracking capability to further support the proactive management for its underwriting business.

Chris Gallagher, CEO of Sompo International Commercial P&C, said that the partnership will boost the use of third party analytics to manage risk well beyond its Excess Casualty team to its International and Reinsurance platforms.

Source: Sompo International

Willis and CodeEast Plan Insurer, MGA Product

Willis Towers Watson and software provider CodeEast are creating a digital product for insurance companies and managing general agents. The product combines Willis Towers Watson’s Radar Live with CodeEast’s ONEview Digital Insurance Platform and is designed to provide real-time risk assessment and state-of-the-art insurance product distribution technology.

CodeEast’s ONEview automates complex processes involved in the sale, administration and distribution of insurance products. The combination with Radar Live, Willis Towers Watson’s price delivery and decision engine platform, allows ONEview to call Radar Live for real-time pricing requests from models developed in the wider Radar pricing suite. At the push of a button, insurers can inject simple to complex rating algorithms via Radar Live into ONEview, to deliver in real time and with accuracy rates that meet the competitive and evolving needs of the market.

Source: Willis Towers Watson

FMI Adds FMI HomeAssist Using vipHomeLink

Franklin Mutual Insurance Co. has selected vipHomeLink to offer all of its homeowner policyholders a digital home management and claim prevention program called FMI HomeAssist.

Under the partnership, FMI will begin providing FMI HomeAssist through its network of more than 350 independent agency partners and on a complimentary basis to FMI’s 70,000+ homeowner policyholders. The mobile app enables homeowners to securely store all of their home information in one safe place and receive tailored home maintenance reminders, expert tips, and recommendations regarding home safety, value, energy efficiency and more.

Jonathan Zabek, FMI’s chief data scientist and chief marketing officer, said that approximately one-third of all homeowner claims are preventable. “We are pleased to now offer a technology-based solution to empower our policyholders to better protect themselves and what is often their most valuable asset – their home,” Zabek said.

Source: FMI

Topics Cyber InsurTech Tech Chubb