"Are you guys legit?" - One Josue Valle to one Lemonade. Four words every startup wants to hear.
The digital future of insurance is here. Dig in!
Discount code: DIGIN300, $300 Savings.
"We have worked closely with Zurich to tailor the solution to meet their needs in terms of rapid deployment and highly accurate and automated detection of fraudulent claims, while ensuring fewer false positives to enable genuine customers to be fast-tracked through the claims process" - Mark O’Neill, head of insurance for UK and Ireland at BAE Systems Applied Intelligence. The Gist: Zurich Ireland has teamed up with BAE Systems to implement its NetReveal system, which can uncover links and patterns in claims and policy data that could reveal potential fraud. On a similar note. Meet ThreatMetrix. The San Jose-based company can detect fraud patterns by analyzing different connections between devices, locations and personal intel. Bottom Line: in the name of accurate user risk models.
BIMA picks up $$$
Microinsurance player BIMA announced it has raised $16.8 million by Axiata Digital, the digital services arm of Axiata Group, one of Asia’s largest telecommunications groups. Because that’s what microinsurance players do. They collaborate with telecom companies in the name of ‘accessibility’. Recall 2017 insurance related investments below.
Fast Five on InsureStreet
The payments app specifically developed for marketplaces, crowdfunding platforms and collaborative consumption platforms, aka MangoPay, has announced a partnership with deposit insurance platform InsureStreet. Here's the gist on InsureStreet. (1) Founded by Tahir Farooqui. (2). London-based. (3) Mobile-First. (4) Its flagship product, called RentPassport, enables the creation of tenant risk and affordability profiles that eliminate the need for deposits. (5) Last, a tenant's ‘rental reputation’ is available for future use. And here's the 'why'.
Because the stats in UK and US aren't that different.
Here we go again
Zenefits has been ordered to pay $1.2 million for licensing violations in New York. Here’s a quick snapshot of Zenefits' settlements. Arizona ($15K), California ($7M), Delaware, Idaho, Illinois ($560K), Iowa ($26K), Minnesota, Missouri ($62K), New Jersey ($100K), New York ($1.2M), South Carolina, Tennessee, Texas ($550K), Virginia, and Washington ($100K). Bottom Line: tons of fines and tons of layoffs. See below.
CUNA Mutual joins the long list of insurers with innovation units. Its Madison-based innovation unit called SafetyNet is led by one Mark Greene. And it has the green light to experiment; and by 'experiment' think ‘fail’. "We measure our progress in things that we’ve tried and failed" - Mark Greene. One thing to note. SafetyNet already launched one product, where customers pay a premium between $5 to $30 a month to get a lump-sum payment between $1,500 to $9,000 in the event of job loss or disability. Bottom Line: tweaking their way to success.
Business Development & Partnership Leader.
San Francisco / Palo Alto area. Look Here.