The insurer anticipates a variety of efficiency benefits, rapid product deployment, and the freedom of its underwriters to focus on more high-value tasks.
Micheals will lead the underwriting strategy and execution across the company’s portfolio of specialty risk solutions in the U.S.
The Chainsure and WealthChain solutions are designed to help insurers and financial services firms combine blockchain technology with enterprise capabilities to impact multiple areas of their value chains.
The new solution, based on the vendor’s Arias product family, addresses actuarial departments’ challenges, including process inefficiencies, data management, workflow, reporting, and compliance.
The value propositions for insurers include simplification, agility, and access to better data and analytics; for the platform provider: revenue and the ability to build new kinds of service offering by itself and with platform partners.
Despite being slow to change and often hindered by legacy IT and regulation, insurers must catch up to other industries to build resilience into their systems and become data-driven businesses.
While few consumers seek out ADAS and connected car features, the overwhelming majority of car buyers appreciated their benefits, especially those related to safety.
Honda’s participation gives insurers the ability to use driver scores derived from onboard data with their UBI programs in 43 states.
Despite all the new driver assistance and accident avoidance technologies appearing in newer vehicles, the last two years have seen the largest increase in auto accidents in more than 50 years.
ValueMomentum offerings selected by Frederick Mutual include BizDynamics Digital Solution and iFoundry Rating Engine, which automates ISO Electronic Rating Content.