Who’s using what in P&C insurance: July 3, 2023

Insurance technology news from Guardian Product Solutions, Insurity, Safety Insurance Group and more. (Credit: Sergey Nivens/Shutterstock)

Guardian Product Solutions selected the BriteCore‘s Platform to support its innovative legal expense insurance product, LawGuard. GPS faced challenges with their prior policy administration system, including limited digital capabilities and the prospect of increased professional service fees. After an extensive vendor evaluation and selection process, BriteCore emerged as the clear winner, meeting GPS’s requirements for an end-to-end modern core insurance platform with a customizable mobile app and rapid product configuration.

Safety Insurance Group selected One Inc’s ClaimsPay to modernize the consumer experience and provide instant claims payment functionality to its customers. This partnership underscores the industry’s emphasis on digital payment solutions and eliminating physical check reimbursements. One Inc currently enables more than 240 insurance carriers to process over $51 billion in payments annually.

Insurity partnered with GeoX to provide P&C insurance organizations with geospatial property data and first floor elevation data to more accurately classify and assess risk. Insurity customers can leverage GeoX’s proprietary artificial intelligence and patented technology to automate the extraction of 3D objects from aerial imagery to create more precise risk models. Through the partnership with GeoX, Insurity customers can access data about residential or commercial property to easily validate property characteristics without needing to go into the field.

K2 Insurance Services LLC partnered with Moody’s RMS, the global catastrophe risk modeling and solutions company. The new deal, which covers three of K2’s MGAs – K2 CAT, K2 Property D&F and Vikco Insurance Services LLC – includes the adoption of various Moody’s RMS risk models covering perils such as earthquakes, hurricanes, floods, severe convective storms and windstorms, across the globe. It will enable K2 to continue to confidently underwrite natural catastrophe risks as well as allow for further growth within their classes of business.

Moody’s Corporation and Microsoft partnered to deliver next-generation data, analytics, research, collaboration and risk solutions for financial services and global knowledge workers. Built on a combination of Moody’s robust data and analytical capabilities and the power and scale of Microsoft Azure OpenAI Service, the partnership creates innovative offerings that enhance insights into corporate intelligence and risk assessment, powered by Microsoft AI and anchored by Moody’s proprietary data, analytics and research.

Related: Who’s using what in P&C insurance: June 26, 2023