New AI-powered cyber underwriting firm launches

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Envelop Risk, a new global specialty cyber insurance analytics and underwriting firm, has been launched in London. The firm also operates offices in Boston, Washington DC, and Bermuda. Envelop Risk provides cyber underwriting to re/insurers, partnering with cyber security firms to deliver custom cyber insurance products for their customers. Using its proprietary artificial intelligence-based simulation model the company claims to provide "more-accurate policy and portfolio pricing with increased access to capital markets, while reducing overall risk exposure". Envelop applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cyber security.


Planck Re Announces $12M Series A to Empower Commercial Insurers With AI Driven Insights

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Planck Re announces their first funding round of $12M to empower commercial insurers by generating insights that streamline the commercial underwriting process – enabling insurers to instantly and accurately underwrite any policy. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads. Founded in 2016, Planck Re is pioneering the commercial insurance data industry, providing an Artificial Intelligence (AI) driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck Re streamlines the commercial underwriting process by aggregating small and medium businesses' digital footprint to help insurers acquire a comprehensive understanding of customer risk. The end result is a frictionless underwriting process with greater insurance carrier visibility into risk factors, leading to improved conversion, retention and reduced loss ratios.


AI makes gains in group insurance Investment Magazine

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As a sector, insurance has not been good at the kind of deep data analytics we now see from machine learning. This is especially apparent in group insurance, which has traditionally lagged the investment provided to retail or individual insurance. Give or take a few key terms, we are still, in effect, asking clients all the same questions we were more than two decades ago. With the arrival in recent years of new technology, an odd contradiction has developed in insurance. Leaders in the industry know they must move to embrace artificial intelligence but they have been hesitant to commit to – and invest in – such systems.


Hippo Insurance, Safelite Autoglass, Eddy Home share success in AI Pioneer Awards

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LONDON, UK: Following the awards ceremony, heldat the Insurance AI and Analytics USA Summit, Chicago, the three winners of the Insurance Nexus AI Pioneers Awards have been announced. The awards were held to showcase and celebrate those companies and individuals who have made the most impact in insurance AI innovation over the past year, with entrants nominated, and voted for, by the industry. The volume of responses was outstanding, with 3,000 votes cast across the three categories. There were three categories of awards: Underwriting Application of the year (recognizes the most exceptional business case on underwriting over the past 12 months), Customer Experience Application (recognizes the most exceptional business case on customer experience over the past 12 months) and Claims Application (recognizes the most exceptional business case on claims over the past 12 months). 'We were thrilled with how the industry engaged with us on the AI Pioneers awards.


Envelop Risk Appoints Hannover Re's Chatterjee as Chief Underwriting Officer

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Envelop Risk, a London-based cyber insurance analytics and underwriting firm, announced it has appointed Aritra (Ari) Chatterjee as chief underwriting officer. Chatterjee was formerly the lead cyber underwriter with Hannover Re (Bermuda), a line of business he helped to establish. Envelop Risk this week announced that it was expanding its business beyond its cyber insurance analytics specialty by launching a cyber managing general agent (MGA). In his underwriting, Chatterjee applied a unique underwriting methodology called "PTBA – Resilience Matrix," which quantifies the risk landscape by mapping data assets to threat trends, said Envelop Risk, adding that this and other approaches enabled Chatterjee "to consistently outperform the market." At his previous position as an actuarial underwriter with Hannover Re, Chatterjee underwrote cyber re/Insurance, a line of business he helped develop and grow profitably.