Latest news with #LifeInsuranceInternational
Yahoo
10-07-2025
- Business
- Yahoo
There are big opportunities in renewable energy insurance
UK brokers believe renewable energy insurance is the new or emerging insurance product with the second most growth potential. Meanwhile, recent data suggests that renewables account for almost 90% of all new energy generation in the US. According to GlobalData's 2025 UK Commercial Insurance Broker Survey, only cyber insurance (53.6%) was ahead of renewable energy insurance (8.8%) in terms of what UK brokers believe will be the new or emerging product with the most growth potential. As the world increasingly shifts toward sustainable energy sources, demand for specialised insurance products tailored to the unique risks of renewable energy projects—such as operational risks, regulatory changes, and environmental liabilities—is set to rise. Meanwhile, as per data from the US's Federal Energy Regulatory Commission, renewables accounted for almost 90% of all new energy generation in the US during the first nine months of 2024—the majority of which is solar. Globally, including in the UK, renewable energy contributions to electricity grids are increasingly important. From an insurance perspective, this rapid expansion of renewable energy presents significant opportunities for the industry. As the integration of renewables into existing energy systems becomes more critical, there will be an increasing need for specialised insurance products that address the unique risks associated with renewable energy projects. These risks can include operational disruptions, regulatory changes, environmental liabilities, and the complexities of new technologies. Insurers that develop tailored coverage options for renewable energy projects can position themselves as leaders in this emerging market. By understanding the specific challenges faced by solar farms, wind energy producers, and other renewable initiatives, insurance providers can create innovative solutions that not only protect these investments but also encourage further growth in the sector. The significant growth of renewable energy generation not only underscores the urgency of transitioning to sustainable energy sources but also highlights the potential for new business opportunities and insurance solutions that cater to this evolving market. As the global energy landscape continues to shift, stakeholders across the board, including insurers, must adapt to leverage the benefits of this renewable revolution. "There are big opportunities in renewable energy insurance" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
Insurtech company Sure ushers new era in insurance technology
Insurtech company Sure has launched model context protocol (MCP), a new capability that permits AI agents to independently manage insurance policy tasks such as quoting, binding and servicing. MCP integrates AI with insurance operations, granting AI agents direct access to core functions through standardised protocols. The implementation allows AI tools including assistants, chatbots and autonomous agents to connect with the company's insurance infrastructure. These AI agents are now equipped to autonomously perform a range of tasks: generating insurance quotes, executing binding decisions, processing policy amendments, initiating claims and managing customer service interactions without human intervention. It enables instant policy quoting, where AI can provide real-time insurance quotes, and autonomous binding, permitting AI to finalise policy binding within established guidelines. The technology also supports policy management, allowing AI to handle the full policy life cycle, and integrated claims processing, where AI can manage the initiation and updates of claims. The company said that early feedback from beta partners has shown a 95% reduction in the time taken from quote to binding and an 80% decrease in customer service response times, with high customer satisfaction as AI delivers timely and precise insurance solutions continuously. The MCP capability is immediately available to enterprise clients and developer partners across all insurance lines and markets that Sure supports. The company has plans to expand MCP's functionalities to more insurance products and services by 2025. Sure CEO Wayne Slavin said MCP represents the missing link between AI capability and insurance infrastructure. Slavin said: "By integrating MCP capabilities into insurance infrastructure, we are not just improving existing processes – we are fundamentally reimagining how insurance can be delivered. AI agents can now handle the entire insurance life cycle autonomously, from initial quote through binding and ongoing service, creating unprecedented efficiency and accessibility for both consumers and insurance providers globally." "Insurtech company Sure ushers new era in insurance technology " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
05-06-2025
- Business
- Yahoo
Indico Data unveils AI-driven Agentic Decisioning Platform for insurers
Insurtech company Indico Data has launched a new Agentic Decisioning Platform designed specifically for the insurance sector. This suite of AI agents and agentic solutions is designed to augment underwriting and claims decisioning in commercial insurance, the company said. The platform includes Agent Studio, Agent Builder and Agent Workflow Canvas, and has been developed specifically for commercial insurers. The platform will allow carriers to replicate human decision-making in complex workflows including triage, analysis and validation of submissions, the company claims. Indico noted that the platform has led to a more than 80% reduction in manual processing time, a four-times increase in submission handling capacity, and 85% faster turnaround in underwriting and claims processing among insurers that have adopted the technology. The Agentic Decisioning Platform comprises specialised Extraction & Classification, Summarisation, Validation, Data Enrichment and Web Research agents. These agents are intended to handle insurance tasks such as data retrieval, document summarisation, accuracy checks, contextual data integration and web-based information gathering. Agent Builder allows insurers to create customised agents for tasks such as field extraction, classification, validation and summarisation using pre-built templates. The Agentic Workflow Canvas enables users to assemble these agents into complete decision-making workflows, with support for conditional logic, parallel execution and data routing. Current applications include underwriting submission triage, summarisation of multi-year loss run data, ingestion of broker communications, delegated authority bordereaux processing and early-stage claims triage. The Agentic Decisioning Platform is available as part of Indico's Decision Automation Platform. Indico Data CEO Tom Wilde said: 'This is the moment the industry shifts from automation to autonomy. Agentic Decisioning isn't just about efficiency – it is about enabling the insurance enterprise to operate with real-time intelligence, at scale, across every submission. We built this for AI impact, not AI experimentation. 'The Indico platform is the foundation for those ready to lead – not just survive – the next decade of insurance.' In April, Indico Data launched its Ready for Guidewire validated accelerator for ClaimCenter on Guidewire Cloud, available via the Guidewire Marketplace. "Indico Data unveils AI-driven Agentic Decisioning Platform for insurers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
03-06-2025
- Business
- Yahoo
e2Value rolls out risk assessment tool for home insurers
e2Value has introduced a new risk assessment tool to improve underwriting accuracy in the home insurance market. The new tool, Structure Insurance Score (SIS), has been developed over seven years in collaboration with WTW and is now fully owned by e2Value. It offers a granular approach to home insurance pricing, providing small to mid-sized insurance carriers with advanced analytics previously available mainly to larger insurers, the company claims. SIS evaluates the structural characteristics of individual properties, analysing more than 100 data points per home. This allows it to assess how a property might respond to perils such as fire, water, weather, theft and liability, identifying nuanced risk factors often missed by traditional methods. Unlike conventional approaches that rely on basic property features like the number of bathrooms, storeys or roof age, SIS delves deeper. It uses e2Value's AI-powered technology, drawing on a dataset of millions of residential policies including premiums, structural data and loss history. The tool incorporates cost modelling across various peril categories and integrates geospatial analytics to refine risk assessments down to ZIP code levels. This ensures pricing reflects local conditions rather than broad geographic averages or distant market cost multipliers. e2Value stated that SIS' data strategy has been refined through decades of monitoring losses from major events like hurricanes and fires. SIS is designed to offer a competitive advantage, particularly for smaller insurers without in-house analytics teams, the company noted. It enables better segmentation, helping carriers identify high-risk properties that could affect loss ratios while recognising homes eligible for premium discounts. Offered on a subscription basis, SIS makes advanced risk analytics accessible to carriers of all sizes. It allows them to make informed underwriting and pricing decisions with insights once exclusive to larger insurers with proprietary tools. The tool leverages AI and extensive datasets to tackle long-standing challenges in property risk modelling. e2Value CEO and co-founder Todd Rissel said: 'We believe this is a watershed moment for us as well as the insurance industry at large. With the launch of SIS, this helps our clients advance beyond more traditional underwriting methods that rely on more generalised data points. "SIS is a precision instrument that can redefine how risk is understood and priced in the market. It can do what make-and-model scoring did for auto insurance.' "e2Value rolls out risk assessment tool for home insurers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
e2Value rolls out risk assessment tool for home insurers
e2Value has introduced a new risk assessment tool to improve underwriting accuracy in the home insurance market. The new tool, Structure Insurance Score (SIS), has been developed over seven years in collaboration with WTW and is now fully owned by e2Value. It offers a granular approach to home insurance pricing, providing small to mid-sized insurance carriers with advanced analytics previously available mainly to larger insurers, the company claims. SIS evaluates the structural characteristics of individual properties, analysing more than 100 data points per home. This allows it to assess how a property might respond to perils such as fire, water, weather, theft and liability, identifying nuanced risk factors often missed by traditional methods. Unlike conventional approaches that rely on basic property features like the number of bathrooms, storeys or roof age, SIS delves deeper. It uses e2Value's AI-powered technology, drawing on a dataset of millions of residential policies including premiums, structural data and loss history. The tool incorporates cost modelling across various peril categories and integrates geospatial analytics to refine risk assessments down to ZIP code levels. This ensures pricing reflects local conditions rather than broad geographic averages or distant market cost multipliers. e2Value stated that SIS' data strategy has been refined through decades of monitoring losses from major events like hurricanes and fires. SIS is designed to offer a competitive advantage, particularly for smaller insurers without in-house analytics teams, the company noted. It enables better segmentation, helping carriers identify high-risk properties that could affect loss ratios while recognising homes eligible for premium discounts. Offered on a subscription basis, SIS makes advanced risk analytics accessible to carriers of all sizes. It allows them to make informed underwriting and pricing decisions with insights once exclusive to larger insurers with proprietary tools. The tool leverages AI and extensive datasets to tackle long-standing challenges in property risk modelling. e2Value CEO and co-founder Todd Rissel said: 'We believe this is a watershed moment for us as well as the insurance industry at large. With the launch of SIS, this helps our clients advance beyond more traditional underwriting methods that rely on more generalised data points. "SIS is a precision instrument that can redefine how risk is understood and priced in the market. It can do what make-and-model scoring did for auto insurance.' "e2Value rolls out risk assessment tool for home insurers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
