Munich Re Automation Solutions collaborates with Lincoln Financial Group
Who's involved: Munich Re Automation Solutions, a subsidiary of Germany’s Munich Re group, and US-based Lincoln Financial Group.
What's happening: Munich Re Automation Solutions has launched its pre-assessment processing tool, ALLFINANZ SPECTRA, in collaboration with Lincoln Financial Group.
Significance of development: The Dublin insurtech said the collaboration represents a wider shift in the life insurance industry, catering to customers who expect an ‘on-the-spot’ quotes. Lincoln Financial Group is the first life insurer to implement ALLFINANZ SPECTRA.
Scor and Verisk target automated life insurance underwriting
Who's involved: French reinsurer Scor and data analytics provider Verisk.
What's happening: Verisk plans to launch a new analytics platform for automating the underwriting of life insurance in collaboration with Scor.
Significance of development: The platform uses artificial intelligence to help life insurers interpret electronic health records (EHR) for real-time underwriting decisions.
The new platform will pull records from EHR providers and apply machine learning and natural language processing algorithms to analyse relevant data. It will return a score based on Verisk’s underwriting model. That score can then be modified by insurers.
Lemonade launches $20m foundation to drive social impact through tech
Who's involved: Lemonade, a US-headquartered property and casualty insurtech, has launched non-profit organisation, the Lemonade Foundation.
What's happening: Lemonade has donated shares valued at over $20m as a founding endowment to The Lemonade Foundation.
Significance of development: Lemonade said the foundation will be dedicated to harnessing artificial intelligence data, and software to build ‘socially impactful’ products and programmes.
Relm launches insurance for cryptocurrency
Who's involved: Bermuda-domiciled specialty insurer Relm, owned by Deltec International Group.
What's happening: Relm has officially launched its operations with a focus on digital asset cryptocurrency, enterprises, cannabis and hemp-related businesses. Relm said it also plans to offer insurance solutions to new sectors such as autonomous vehicles and artificial intelligence.
Significance of development: Relm said it is focusing on emerging risks due to the challenges of obtaining affordable cover and good business support in this area. The insurer added it has a “strong new business pipeline” for its first four products.