This week, USAA reported progress with its crash detection technology designed to expedite the claims process. Cyber MGA insurtech At-Bay made an acquisition. The insurtech platform Kamillio forged a new partnership. BrokerTech Ventures marked an anniversary. Previsico, a UK-based insurtech, launched its live flood forecasting alert service in the US. Driver Technologies and Stable Insurance linked up to offer a dash cam discount to rideshare drivers.
USAA recently become one of the first auto insurance carriers to start using crash detection technology in a move designed to simplify and expedite the claims process. The added technology is already showing promise.
USAA integrated the technology into its SafePilot telematics app. It has generated more than 36,000 notifications since its November 2021 launch, the company said.
The technology uses smart phone sensors within the app to spot a possible collision, after which it prompts the insured to verify if an accident has occurred. Once an accident is verified, the app then offers helpful information such as safety guidance for the accident scene, the option to file a claim via a streamlined process or the ability to dial 911 directly from the app.
“By using telematics and crash detection technology, we can provide a more seamless member experience and faster resolution to claims,” Luke Harris, USAA’s vice president of innovation, said in prepared remarks.
California-based cyber MGA At-Bay acquired Relay, an insurtech focused on modernizing commercial insurance placements.
Neither side disclosed financial terms.
Relay, based in Toronto, will continue as an independent entity under its own management team. Launched in 2019, Relay offers a broker-friendly digital placement marketplace for multiple specialty commercial lines, with a focus on cyber. CEO and co-founder Greg Boutin said his company “immediately felt a strong connection” with the At-Bay team and sees the acquirer as “spearheading the successful development of a true multicarrier platform.”
The Relay acquisition is intended to complement At-Bay’s ongoing distribution strategy to empower brokers and partners with cutting-edge technology. This includes a dedicated broker platform and API technology for partnering.
The insurtech platform Kamillio is partnering with small business insurance intermediary Builders & Trademen’s Insurance Services (BTIS) in a move that will expand its presence from Canada into the US market.
BTIS will use Kamillio’s agency management system along with its own technology, something that BTIS co-president Paul Hohlbein said in prepared remarks will “revolutionize the industry by transacting end-to-end business in a single experience, as opposed to multiple inefficient systems.”
Kamillio’s platform is designed to streamline and automate traditionally manual back-office processes, reduce operating expenses and help agencies engineer more sales and service.
BTIS is a nationwide insurance intermediary that offers a wide range of commercial lines, and also develops and implements cutting edge technology to help boost customer service and experience.
BrokerTech Ventures is marking its 3rd anniversary.
The operation is the first broker-led convening platform and accelerator program focused on bringing innovation to the insurance broker industry. It launched in 2019 at InsureTech Connect in Las Vegas, an annual insurance technology conference that is the largest of its kind in the world.
“When we launched BrokerTech Ventures, we knew there was a need in the insurance industry, specifically dedicated to the broker side of the equation, Dan Keough, Holmes Murphy chairman and CEO, and BTV co-CEO, said in prepared remarks. “Until BTV was formed, there wasn’t an effort to bring together brokers, innovators, investors and the industry to find, vet and bring to market products and solutions specific to clients’ needs.”
Previsico, a UK-based insurtech, launched its live flood forecasting alert service in the US.
The launch is in partnership with Nexus Alpha USA and is designed to help mitigate surface water flood losses for insurers and their customers in the US.
Previsico debuted in 2019 as a spinout from Loughborough University in the UK with a focus on preventing avoidable flood impacts around the word. The company’s actionable flood warnings support brokers and insurers including Liberty Mutual and Zurich, as well as their clients. Underwriters working with Lloyd’s argue that Previsico’s warnings can eliminate 70% or more of commercial loss for businesses with a flood plan and resilience measures.
Driver Technologies and Stable Insurance are linking up to offer a dash cam discount to rideshare drivers.
Driver Technologies is an AI-based mobility technology company that delivers a safer driving experience. Stable Insurance is an insurtech MGA focused on rideshare drivers and fleets.
Stable is offering its insurance for rideshare drivers at up to 20% lower premium if drivers agree to use a dash cam. Rideshare drivers also lower their collision deductible from $1,000 to zero if the driver was using a dash cam at the time of an “off app” accident. As part of the partnership, Stable will offer the premium version of the Driver Technologies’ Driver: Dash Cam and Safety app to its insured drivers.
The DriverPremium offering will also let drivers access their DriverCloud to view their telematics data and videos in order to get automated coaching and share videos for claims purposes. If rideshare drivers don’t have compatible devices, Driver and Stable will outfit them with either brand new iPhone SEs or iPads with the Driver app and accessories like a dash cam mount.
