Insurtech Weekly Review: May 27

“Although insurers continue to raise the price of technology, the improvements are offset by frustration among customers who go online to shop for a better price – and can’t find one,” said Robert Lajiak, director of insurance intelligence at JD Power. in prepared notes. “We are also seeing a clear trend where more than half of digital insurance buyers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction. “

The findings are included in a survey of digital insurance experience at JD Power 2022 in the United States, published on May 24, which found that overall customer satisfaction with insurers’ digital offerings declined in 2022, even with large investments in mobile applications and customer-oriented websites.

Among the main findings: the overall satisfaction of customers from the digital shopping of the P / C insurer fell to 499 out of 1000, which is a decrease of 16 points compared to last year. Customer satisfaction with the digital service experience reached 705, 1 point less than 2021. The reason for the decline: customers are frustrated by rising rates and their inability to find new policies with cheaper premiums.

Approximately 54% of insurance buyers did not use any online shopping tools during their quotation processes, the study also found.

Arturo

Arturo, a focused AI startup for real estate data analysis, has contacted ICEYE, a SAR data provider, to help insurers predict flood damage before, during and after a flood.

ICEYE has what it considers to be the largest SAR satellite constellation in the world. It combines data from space sensors with other sources of information on earth to create an accurate framework for how bad flooding is around the world.

The idea is that combining ICEYE’s capabilities with the analysis of Arturo’s AI-powered property will help insurers understand the extent of flood-related property damage in near real time. Combined, the technology will help insurers assess and sort flood damage, assess current risk and assess claims payments in different portfolios.

The partnership will also help insurers mobilize effectively to support policyholders.

“This co-operation allows insurers to see at the property level what kind of flood damage a home will have and to get the policyholder the financial help they need to fix the house quickly,” the chief strategic officer said in a statement. Arturo Neil Pearson.

IVANCE / Thermics

IVANS is partnering with insurtech Tarmika in a relationship that will expand the company’s access to operators and MGA for its technology for agencies.

IVANS connects thousands of independent insurance agencies and hundreds of MGA and insurance partners and insured with the latest technology in order to improve the experience for all involved.

Tarmika is an insurance technology that streamlines the citation process for independent agents. It is designed to help insurers expand their distribution channels, add new business and provide customers with improved benefits by securely disclosing their data and services. Its partnership with IVANS will be through the company’s IVANS distribution platform.

Hippo First Connect’s insurtech market platform will begin offering cyber insurance signed by Blink, a suite of Chubb-based consumer insurance products.

First Connect Insurance Services is a subsidiary of Hippo, designed to provide independent agencies with access to national insurance carriers free of charge. Blink of Chubb offers personal insurance products distributed through employee benefits directly to consumers, insurance carriers, digital brokers and affinity partners, including First Connect.

The partnership will allow independent agencies participating in the First Connect platform to have access to Chubb / Blink’s cyber insurance protection for their clients.

“Blink is pleased to offer First Connect agents easy personal cyber insurance without jargon to protect the digital lives of its customers,” said Laura Bennett, senior vice president of eConsumer for Chubb in North America.

Partners for important stages

Milestone Partners created Drive Assurance Holdings, a specialized holding company for car insurance. In a similar move, he acquired GoAuto and its related Adaptive Information Technologies (AIT).

GoAuto debuted in 2009. It is a technology-focused personal car insurance platform that provides low-limit policies through its general and subsidiary management subsidiaries and insurance carriers. The company is the third largest personal car insurer in Louisiana with growing operations in Texas, Nevada and Ohio.

The company distributes policies directly to consumers online and through 70 closed windows. In addition, it uses the patented technology for data analysis and data acquisition of AIT.

Milestone Partners is a privately held investment company that partners with management to invest in leverage and recapitalization of mid-market businesses.

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