View this article online: https://www.claimsjournal.com/news/national/2019/07/23/292120.htm
Greenlight Re Innovations, a division of Greenlight Re, a specialist property and casualty reinsurer headquartered in the Cayman Islands, announced that it has invested in Cove Ltd, managing general agent based in New Zealand.
Launched in September 2018, Cove enables consumers to purchase insurance products online through a user-friendly interface that operates on mobile and desktop platforms, Greenlight said in a press release. The technology makes purchasing insurance simple and affordable, the company said.
“We believe Cove’s technology-driven business model has the potential to transform New Zealand’s insurance market,” stated Greenlight Re Chief Executive Officer Simon Burton. “Consumers are demanding a fully online experience, and Cove has delivered it for motor and mobile phone insurance.”
According to an article in GeekWorld, Cove Ltd. is the first company to use chatbots to sell insurance in New Zealand. The company is a Lloyd’s of London coverholder.
Cove represents the ninth investment made by Greenlight Re Innovations, which was launched in March 2018. Earlier this month, the carrier announced an investment in Battleface, a company that provides insurance to people who travel to remote, unstable or dangerous locations. In May, the reinsurer announced an investment in FairClaims, an online dispute-resolution service.
Aon has expanded its partnership with Clara Analytics, a Silicon Valley-based insurtech provider, to use artificial intelligence to help avoid litigation in workers’ compensation claims.
Aon said in a press release that attorney involvement on a workers’ compensation claim increases total claim costs, often more than 400 percent; claims take 195 percent longer to resolve, and injured employees miss an average of 284 percent more days of work.
“Litigation is the most significant cost driver in the casualty claims area and we are thrilled to collaborate with Clara to solve this major cost burden,” said Kevin Combes, director, Chicago-based Aon Global Risk Consulting. “The upgraded solution will significantly reduce workers’ compensation claim costs, increase efficiency and deliver innovative solutions that help reduce U.S. companies’ total cost of risk.”
Clara’s technology uses artificial intelligence to help detect claims that are at risk of becoming litigated before issues arise, identify an attorney, if needed, and resolve claims efficiently.
Aon said it has integrated Clara’s technology with Aon’s Litigation Analysis, Mitigation and Benchmarking of Defense Attorneys (LAMBDA) solution. The product helps risk managers understand their underlying legal costs and – by placing the focus on performance rather than hourly rates or billing practices – determine the relative efficiency of the defense firms they engage.
GloveBox announced that it has teamed up with Safeco Insurance to roll out a smart phone app that allows policyholders to access insurance documents.
The agreement propels the app into the second phase of development, Denver-based GloveBox said in a press release. The companies will exchange proprietary information to give policyholders an “enhanced and functional insurance experience,” the company said.
Safeco is a unit of Liberty Mutual Group.
“The ability to work with such a highly touted carrier on this next stage of our evolution will ensure that we are maximizing the ease and clarity for the consumer,” stated Chief Executive Officer Ryan Mathisen.
The second phase of development with Safeco will include a portal for features such as a claims concierge and bill pay. Policyholders will be able to connect to Safeco, access their insurance documents, and pay their bill. The app also expedites the claims process, the company said.
With Safeco serving as a benchmark, GloveBox said it is engaged in conversations with other major carriers to deploy its technology.
“This is all in hopes of maximizing the potential of such a uniquely aggregated technology that has never been seen before,” said Mathisen. “Giving agency partners a truly beneficial resource that is applicable to today’s demands of running an agency while providing policyholders with what is commonly referred to as a ‘no brainer’ for everyday interaction with their insurance.”
Broadspire, a Miami-based unit of Crawford Co., announced that it has selected HomeCare Connect as its preferred partner for prosthetics and custom orthotics.
The partnership will provide highly specialized care management services for injured workers who have undergone amputations, Broadspire said.
Early intervention, expert clinical guidance and empathetic communication drive the prosthetics and custom orthotics program, which:
HomeCare Connect, headquartered in the Orlando, Florida area, operates a network with 17,000 medical providers for home health, durable medical equipment and home modification along with prosthetics and orthotics, the company said.