CogniSure Launches Loss Run Analytics Tool
CogniSure announced the launch of a product that uses artificial intelligence to extract loss run data from insurance carrier reports that come in a variety of formats.
The company, with a U.S. headquarters in Warrenville, Illinois, said the patent-pending system can extract data from “unstructured document formats,” such as PDF documents, and converts them into “actionable insights.” The data is converted into a single-page loss report.
The platform can be used to reduce the cost of business and help customers prevent losses, according to Chief Executive Officer Sai Raman.
CogniSure said its system has learned the loss run formats used by the the top 25 property and casualty insurers and will be trained in the top 100 carrier loss run platforms by the end of the year. The system is currently being “piloted” by commercial insurance carriers, brokers, managing general agents and lenders, the company said.
Raman wrote a viewpoint column about the problem of extracting data from commercial insurer loss runs that the Claims Journal posted on Aug. 31.
Spruce Teams With Munich Re For Title Insurance
Spruce, a data analytics provider for the real estate industry, announced that it has teamed up with Munich Re to launch a “cost-effective” title insurance product built on an automated process.
Spruce, based in New York City, said in a press release that the product will “help solve a historically stagnant aspect of the title insurance and mortgage industries: price.”
“Our automated underwriting paired with the backing and security of Munich Re allows us to offer lower pricing for title insurance and a best-in-class experience for lenders, real estate companies, and consumers,” stated Spruce Chief Executive Officer Patrick Burns. “As a result, we can further reduce the friction in real estate and mortgage transactions for all involved, bringing us closer to a one-click check-out for real estate transactions.”
Title insurance policies will be underwritten by American Digital Title Insurance Co., which is owned by Digital Partners, a Munich Re subsidiary. The partnership with Munich Re also builds on Spruce’s existing relationship with Munich Re Ventures, which is an investor in the technology company.
Spruce said it works with mortgage lenders, real estate investors, and technology companies nationwide to fulfill real estate transactions in all 50 states and the District of Columbia. Since launching in 2016, Spruce has enabled more than $3.5 billion of transaction volume.
Agero Contracts with Lyft
Agero has contracted with Lyft to provide insurers that wish to offer alternative transportation to policyholders though the company’s digital accident claims management platform.
The new option complements existing rental car provisions on many policies to improve flexibility for insurers, while also boosting customer satisfaction, the Medford, Mass.-based tech company said in a press release. The alternative transportation can be offered at the scene of an accident, or at any point during the repair process, the company said.
“Ride dispatch with Lyft gives insurers a transportation alternative to the daily rate of a rental car and the inconvenience and COVID-related safety concerns associated with riding with the tow truck driver in the passenger seat, improving both cost control and policyholder experience,” stated Steve Medeiros, vice president of client services for Agero.
As part of the new service, insurers can extend to policyholders a Lyft ride from the accident location to the repair shop or other desired locations. Agero agents will arrange for the rides. Insurers can control program limits, such as ride cost or distance, and use it to supplement or replace rental car provisions, as desired.
Agero said it will continue to dispatch any towing, or connect the driver to emergency 911 services, as necessary, such as in the case of automatic crash notification where the driver does not respond.
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