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Akur8 and Deloitte Canada Join Forces to Revolutionize Pricing and Reserving Strategies for Insurers
Akur8 has expanded its strategic partnership with Deloitte Canada, originally formed in 2021, to better support property and casualty (P&C) insurers. The collaboration integrates Akur8’s machine learning-driven pricing and reserving solutions into Deloitte’s actuarial services, enhancing pricing accuracy and streamlining reserving processes. Akur8, serving over 250 clients globally, including major insurers like AXA and Munich Re, aims to leverage this partnership to modernize insurers’ strategies. Leaders from both companies expressed enthusiasm about combining innovative technology with actuarial expertise to improve efficiency and compliance in the insurance sector.
Revolutionizing Life Insurance: SBLI Teams Up with Swiss Re for Cutting-Edge Underwriting Solutions
SBLI, the Savings Bank Mutual Life Insurance Company of Massachusetts, is set to transform life underwriting through a partnership with Swiss Re, launching the Underwriting Ease digital platform. This innovative tool aims to enhance risk assessment and decision-making by streamlining workflows and integrating with existing systems. Key features include efficient risk data summarization, accelerated decision-making, and improved risk management. Swiss Re’s platform optimizes manual underwriting by up to 50% and enhances accuracy. SBLI’s leadership expresses enthusiasm for the collaboration, emphasizing the platform’s ability to provide actionable insights and improve overall underwriting efficiency in a competitive market.
Kita Expands to Australia: Boosting Global Carbon Insurance Coverage
Kita, an InsurTech specializing in carbon insurance, has expanded operations into Australia to meet the rising demand for carbon market solutions in the Asia-Pacific region. This move builds on its existing coverage in markets like the UK, USA, and EU/EEA. By offering tailored insurance products, Kita aims to address risks in carbon credit transactions and enhance investor confidence. Managing Director James Kench emphasized Australia’s growing role in carbon markets and the company’s commitment to supporting environmental sustainability. This expansion positions Kita as a leader in providing innovative insurance solutions for carbon projects.
VIPR Partners with Top Lloyd’s Market Insurers for Multi-Year Contracts
VIPR Solutions has bolstered its presence in the UK Lloyd’s Market by securing multi-year contracts with three prominent insurance brands, allowing it to manage around £10 billion in delegated authority premiums. These agreements emphasize VIPR’s role in overseeing billions in Gross Written Premiums annually. The company’s suite of platforms, including VIPR Intrali and Data Cloud, facilitates automated bordereaux management and enhances reporting accuracy. Hosted on advanced cloud infrastructure, these tools enable insurers to make real-time, data-driven decisions. VIPR’s commitment to improving operational efficiency and leveraging advanced technology continues to drive success in the insurance sector.
Earnix Launches Filing Accelerator: Revolutionizing Insurance Rate Filings for Maximum Efficiency
Earnix has launched the Filing Accelerator, a tool designed to revolutionize the regulatory rate filing process for insurers in North America. This no-code interface streamlines the creation of necessary filing documentation, enabling faster and more accurate submissions to insurance departments. By integrating pricing models and filing documentation, it minimizes discrepancies and enhances traceability. Insurers using the Filing Accelerator have reportedly reduced filing error rates to below 0.5%, addressing costly inaccuracies that previously led to significant financial losses. Earnix’s Chief Product Officer highlighted its potential to improve efficiency and allow clients to focus on product innovation.
Streamlining Insurance Payments: Overcoming Fragmented Systems for Improved Liquidity
Insurers are facing major challenges in claims finance due to fragmented systems and poor collaboration between claims and finance teams, with only 1% of insurers finding their collaboration effective, according to Vitesse’s recent research. Key issues include internal complexity, cited by 79% of insurers, and liquidity access problems, particularly in the US, where 74% report difficulties. To modernize operations, a unified financial infrastructure is essential. Regional differences show US insurers prioritize governance more than their UK counterparts. Vitesse is addressing these issues with the launch of the Vitesse Trust Company, aimed at providing real-time control over claims funds.