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InsTech News: Payment and parametric opportunities

This week, details on who is joining us on stage at our next event, more on our forthcoming parametric report and Open Insurance discusses embedded insurance and European expansion.

InsTech in London – Making Payments Pay: Making the Most of Payments Technologies – 24 May, 5.30pm, CodeNode

How to pay and get paid has traditionally been a tactical decision for insurers, relying on available solutions or what works with existing technology. Join us at CodeNode in London to hear more about the latest digital payment capabilities and emerging opportunities. Confirmed speakers include MastercardStripe, Arma Karma, Cuvva, Imburse, Cover Genius and ICE InsureTech.

Parametric Insurance in 2022: the 150+ companies to watch

How has parametric insurance grown over the past 12 months? Our next report, Parametric Insurance in 2022: the 150+ companies to watch, will provide a deep dive into the tech providers, insurers and MGAs offering data, models and distribution capabilities. Free to InsTech members from Tuesday 14 June. If you are not a member, sign up below to get your 50% discount code for pre-registration.

Member Spotlight: Open Insurance

InsTech’s Tara Allsopp interviewed Open Insurance Co-founder and joint CEO, Jason Wilby, in our latest Member Spotlight article. It includes how embedded insurance can help to re-engage insurance customers and Open’s plans for expansion into Europe.

UK SMEs to be offered Previsico flood alerts

Property insurance policies from Acies SME UK MGA are to include SMS text and email flood alerts from Previsico, giving policyholders time to initiate flood resilience measures. The alerts include information on the potential location, time and depth of a flooding event. For more on Previsico’s solutions, read our interview with Co-founder and COO, Dr Avi Baruch.

ICEYE partners with Neptune Flood

ICEYE is to provide insurer Neptune Flood with high-resolution flood hazard data in the immediate aftermath of flood events. The two companies will also explore future initiatives including triggers for parametric insurance products offered through Neptune’s Jumpstart brand.

CAPE Analytics launches AI platform for US real estate market

The new CAPE AIRE platform combines computer vision, aerial imagery and additional data sources to extract information about property conditions and the surroundings. Insights from the platform are available via auto-generated reports or API.

Tractable to support Aviva on faster motor claims

Aviva is to begin using Tractable’s AI technology to improve the efficiency and accuracy of motor repairs and claims. The tool can calculate repair costs within minutes by assessing photos of the damage and will be rolled out across Aviva’s UK repair network.

URS to integrate CyberCube models

Ultimate Risk Solutions (URS), a provider of actuarial capital modelling to the insurance and reinsurance sectors, is to integrate CyberCube’s Portfolio Manager into its own financial analysis software. Based on cyber risk scenarios, CyberCube models will be used to provide URS clients with a view of their exposures.

The Biggest Fraud Challenges for Insurance Companies

FRISS has published a new e-book on the biggest fraud challenges insurers need to solve across policy lifecycles. It includes guidance on improving efficiency through automated solutions, data sharing and building a company culture to combat fraud.

Howden launches xTrade Cargo

The digital trading platform dedicated to transacting open market cargo insurance opened for business this week with 20 participating carriers.

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