Business News: Vlocity, Weather Analytics, Chubb

May 16, 2018

Vlocity Launches Automated Claims Features, Offers Carriers Omnichannel Claims Functionality

Vlocity, Inc., a cloud software company, announced the launch of automated claims features in their apps. The launch includes end-to-end management of property and casualty (P&C) insurance claims for policyholders, agents and claims handlers, and enables dynamic, digital claims interactions from any device. New features include peril-driven adjudication and an adjuster workbench that enhance a carrier’s ability to run their entire business on Salesforce.

Carriers can download pre-configured claims processes from Vlocity’s Insurance Process Library and leverage a modern, optimized user experience. Carriers, if they prefer, can create a completely new experience from scratch in a code-free environment using Vlocity’s intuitive design interface. Connections to AI services allow artificial intelligence to be injected throughout the process to enhance the user experience with a chatbot or to conduct fraud checks. Key components of the new solution include:

  • A guided “First Notice of Loss” experience using pre-filled data where available, including real-time coverage verification and peril-specific question sets.
  • Claims data management and view of in-process claims and history.
  • Auto-adjudication based on peril and product rules.
  • An adjuster workbench including data, images and documents.
  • Transaction initiation for reserves management and payments.

Weather Analytics Acquires & Merges with Athenium Inc.

Weather Analytics LLC, a provider of risk information for insurance carriers, announced it has acquired and merged with Athenium Inc. Weather Analytics also announced it is investing more than $25 million to build new decision-support software for insurers, enabled by artificial intelligence and computer-vision capabilities.

Bill Pardue, who co-founded Weather Analytics LLC and now is chairman & chief executive officer of the merged companies, said both the Athenium acquisition and the $25 million additional investment will expand greatly insurers’ current cost-effective choices for advanced decision support. The new funding will back creation and applications of probabilistic models to assist insurers.

Athenium software currently helps carriers assess performance of both claims and underwriting, noted Joe Kislo, CEO & president of Athenium Inc.

Employees at the combined company now total more than 100 people, and recruiting is accelerating for more scientists and technologists. They will continue to work at company offices in Washington, D.C., Waltham, Mass., and Dover, N.H.

Weather Analytics LLC was founded in 2012 and is a portfolio company of In-Q-Tel, the private venture firm serving the U.S. Central Intelligence Agency and the broader intelligence community.

Athenium was founded in 1997 with the goal of developing best-in-class tools that would lead organizations to better problem-solving and more efficient operations.

Sherman & Company LLC served as financial advisor to Athenium on this transaction.

Chubb Adds Dental Malpractice Coverage, Underwritten by The Doctors Company

Chubb and The Doctors Company are now offering dental malpractice insurance to dental professionals through Chubb’s Small Commercial Marketplace. Specifically designed for general dentists, endodontists, oral and maxillofacial surgeons, orthodontists, periodontists, prosthodontists and other dental specialists, the Doctors Company policy provides dental malpractice coverage that also insures against cyberattacks and data breaches, HIPAA violations, and Dental Board and Medicare/Medicaid reviews, and covers dental hygienists and assistants at no additional charge.

Combined with dental malpractice coverage, Chubb’s small business solution offers dental professionals a complete suite of state-of-the art products, including Chubb Business Owner’s Policy (BOP) which contains more than 100 property and liability features and benefits beyond industry standard policies, workers’ compensation, Cyber Enterprise Risk Management, umbrella, and management and professional liability protection.

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