Live Insurance News

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

February 16, 2022February 15, 2022 PR Article

GeoX, a leader in supplying geospatial data to insurers Announced today a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology. In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways…

Cybersecurity insurance popularity but some companies face denials

February 15, 2022February 14, 2022 H. Cutner

There are a number of common reasons that are causing insurers to deny coverage to a business. While it has become clear to the majority of companies that cybersecurity insurance can provide vital protection against financial hardships caused by cybercriminals. As a result, demand for coverage has skyrocketed in recent years. Unfortunately, many interested companies have found themselves denied coverage. Despite increasing interest in cybersecurity insurance, the simultaneous rise in threats have forced insurers to be more hesitant to provide coverage. There are several common reasons that a business might…

Tokio Marine Holdings and ICEYE to develop insurance products using satellites

February 14, 2022February 11, 2022 Marc

The new collaboration uses satellite data to develop new forms of coverage and service. Radar data provider Tokio Marine Holdings and NatCat solutions expert ICEYE have announced that they will be working together to use satellite data to develop new insurance products and services. The types of coverage and services will focus specifically on climate change and natural disasters. According to ICEYE, Tokio Marine has made a number of strategic investments into the NatCat solutions company as it works to create new insurance products and services geared toward natural catastrophes…

State Farm Insurance company dives into the metaverse

February 10, 2022February 9, 2022 Nordstrom

The insurer celebrates its 100th birthday this year but isn’t letting its age hold back its forward progress. State Farm Insurance company may be turning 100 years old this year, but it is also leaping forward with the latest technology by entering the metaverse. The insurer has announced that it is looking ahead to a future that includes the metaverse. The insurance company announced that it would be stepping into the metaverse as a part of its path ahead with technology. “At 100 years young, State Farm is harnessing the…

State Farm Insurance company chooses TikTok over TV for Super Bowl campaign

January 27, 2022January 26, 2022 Nordstrom

The insurer is taking aim at a fresh generation of consumers in its video challenge for the big game. State Farm first started airing ads during the Super Bowl last year, and the insurance company plans to do so again in 2022, though in a notably different way. Instead of focusing its ad dollars for an expensive TV spot, it wants to hang with viewers online. The insurance company has decided to take a different direction than the usual marketing splurge on huge celebs and exceptionally pricy commercial spots during…