Insurtech weekly news roundup: April 29

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Insurtech weekly news roundup: April 29

This week, Xceedance is expanding its support of the global insurtech market. Stanford University is working with a global insurer on computable insurance contracts. Insurtech start-up ennabl is partnering with data classification specialist Relativity6. Coalition added a new reinsurance partner. Sapiens and Mindtree have linked up to drive insurance industry digital transformation. Duck Creek Technologies appointed a new key executive. Vertafore released results from an industry survey.

Xceedance

Xceedance is boosting its support of the global insurtech market by allying with the Israeli Insurtech Accelerator (IIA).

Xceedance provides strategic insurance consulting and technology globally. IIA is based at Insurtech Israel, a group that leads and promotes insurtech activity in Israel.

By making the arrangement, Xceedance is positioned as a potential investor and partner for new start-ups within IIA. Additionally, IIA-affiliated firms can work with Xceedance. The deal also allows insurtech firms to turn to Xceedance for advice and mentoring from successful entrepreneurs, marketing and sales guidance, introductions to key industry players, industry guidance and access to tech and core systems teams who can aid with product development and other work.

Xceedance also sponsors global insurtech groups such as the India Insurtech Association and is a corporate member of InsTech London. It has collaborated on industry research with the Italian Insurtech Association, among other arrangements.

Stanford University/AXA

Two key parts of Stanford University are working with AXA to develop and improve the use of computable insurance contracts, the Stanford Law School website recently disclosed.

AXA, the global insurance firm based in France, is working with Stanford’s CodeX Insurance Initiative, which is jointly operated by Stanford Law School and the Computer Science Department within Stanford Engineering.

CodeX is focused on bringing computable contracts technology to the insurance industry with the idea of making insurance services more affordable and transparent.

CodeX will work with AXA and other insurers over time, using artificial intelligence to research and test automated computing options. The goal is to codify contract terms in computable form, the Stanford website noted.

ennabl/Relativity6

Insurtech start-up ennabl is partnering with data classification specialist Relativity6.

The linkup brings together ennabl’s technology designed to help reduce data platform clutter and the Relativity6 commercial underwriting industry classification tool.

As part of their arrangement, insurance brokers will be able to use Relativity6’s search and classification tech to spot accurate customer industry classifications from within ennabl.

Founders of enabl launched their company based on the idea that insurance brokers spend too much time and money in disjointed systems entering and correcting data. The start-up is focused on reducing data platform clutter so insurers can focus more on critical tasks rather than data entry, CEO Kabir Syed has said.

Additionally, the companies’ partnership helps expand the reach of ennabl’s platform by broadening its services and providing access to data.

Coalition/Vantage

Coalition, a cyber insurance MGA insurtech and security company, added specialty reinsurer Vantage Group Holdings to back its US excess cyber program.

The arrangement will work through the Vantage Risk Specialty Insurance Company.

Coalition’s Active Cyber and Active Executive Risk products combine insurance coverage with technology to help organizations assess, protect and respond to digital risk.

Vantage, established in 2020, is an insurance and reinsurance partner focused on tech-driven efficiency and analytics to help address risks.

Sapiens/Mindtree

Sapiens is partnering with Mindtree to help drive digital transformation in the insurance industry.

Sapiens provides software globally for the insurance industry, and Mindtree is a global technology consulting and services company with a focus on insurance.

Plans call for initially focusing on North America, with eventual expansion of the companies’ partnership into Europe and Asia.

How it will work: Sapiens’ cloud-native core roster of insurance applications combined with Mindtree’s insurance domain knowledge and delivery capabilities will initially support insurance system implementations. The goal is to increase the scale, speed to market and customer satisfaction for carriers as they go digital.

Duck Creek Technologies

Duck Creek Technologies appointed Benjamin Dulieu as its chief information security officer.

In his new role, he’ll handle overall information and cybersecurity strategy. In addition, he’ll manage the company’s corporate cybersecurity and protection programs, including its OnDemand offerings.

Previously, Dulieu was at Brown Brothers Harriman & Co., where he most recently served as senior vice president. While there, he helped build out and formalize the firm’s cybersecurity program and served as head of enterprise risk management for cyber and technology.

Vertafore

Insurance professionals have identified automation and client digital engagement tools as big ways that can help their agencies grow, according to a new Vertafore survey.

The survey found that insurance professionals want more time in the day to work with their clients, and they identified both tech tools as key modernization trends that could help them do so.

The survey, part of Vertafore’s annual insurance workforce report, also found that 75% of respondents viewed insurtech as positively impacting their agency over the past two years. At the same time, more than half said their agency needed to improve how it stays current with tech advances.

The full report is “The Insurance Agency Workforce: Evolving into the next normal.”

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