The applications and potential of AI in insurance are infinite, with opportunities to completely revolutionize an outdated industry full of antiquated processes. Insurers are optimistic about incorporating AI and machine learning (ML), but the evolution has only begun. One of the key applications of AI for insurers is intelligent monitoring. Continuously monitoring KPIs and concurrently checking for changes in the data and performance of the various models prevents errors by alerting the business of any changes it detects in real time. While this use case is unanimously agreed upon as a positive application of the technology, only a small portion of…

In this installment of our series on the Israeli Insurtech delegation attending the upcoming ITC Vegas convention in October 2024, we are thrilled to introduce our readers to the innovative companies reshaping the insurance landscape, continuing  with OpenLegacy, and delve into the depth of their journeys, challenges, and cutting-edge technologies through in-depth interviews Company Overview – Can you briefly describe your company and its mission? And what inspired you to start this company? OpenLegacy: OpenLegacy is a cloud-first and AI-based legacy systems integration and modernization platform provider. Our mission is to simplify and accelerate the cloud journey for enterprises with…

Strategic acquisition to significantly expand and accelerate the delivery of AI capabilities across Applied’s global product portfolio Applied Systems (“Applied”) today announced that it has acquired Planck, the leading Artificial Intelligence (AI) company for the insurance industry. This strategic acquisition will significantly expand Applied’s AI capabilities, accelerating its vision for the next generation of the digital roundtrip of insurance and creating more value at every stage of the insurance lifecycle for the benefit of agencies, carriers and their clients. “We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has…

Sensi.AI, an artificial intelligence company prevalent in the non-medical home care space, has raised $31 million in Series B funding. The company works with the likes of BrightStar Care, Home Instead, Visiting Angels, Griswold and Always Best Care, according to its website. It leverages audio technology to detect abnormal events in a senior’s home. In 2022, the company raised $14 million in Series A funding. The most recent funding round was led by Zeev Ventures and Insight Partners. Existing investors Entrée Capital, Flint Capital, Jibe Ventures and Secret Chord Ventures also participated in the round. “When our customers say that…

Highmark is collaborating with Laguna Health, a conversational artificial intelligence company, to ease the administrative burden on care managers, the companies announced on Wednesday. Pittsburgh, Pennsylvania-based Highmark is an independent licensee of the Blue Cross Blue Shield Association. It has about 7 million members across Pennsylvania, Delaware, New York, and West Virginia. The company offers plans for Medicare, businesses, individuals and families. Laguna Health has a suite of AI-powered products that help care managers identify patients’ risk barriers. Through the engagement, Highmark’s care managers will be piloting Laguna’s conversational AI technology. When Highmark’s care managers speak with patients, Laguna’s technology will transcribe the conversation, give an…

Earnix, the leading global provider of AI-based SaaS solutions for financial services, announced today that it has achieved a Silver Medal from EcoVadis, the world’s most trusted provider of business sustainability ratings. As a Silver Medal recipient, Earnix is among the top 15% of companies rated globally. EcoVadis is the global standard for business sustainability ratings. The EcoVadis assessment evaluates 21 sustainability criteria across four core themes: Environment, Labor & Human Rights, Ethics and Sustainable Procurement. More than 125,000 companies globally have been rated by EcoVadis. “We are honored to receive this recognition, which validates our dedication to responsible business practices…

Breeze, a leading digital cargo insurance platform, has announced its integration with WebCargo by Freightos. The partnership enables freight forwarders to instantly purchase insurance for shipments via Breeze directly through the WebCargo platform. Leveraging Breeze’s advanced technology, freight forwarders can now significantly reduce policy costs and booking times. According to reports, WebCargo, this integration streamlines the insurance process, offering a more efficient solution for managing cargo insurance. Leveraging Breeze’s advanced technology, freight forwarders can now significantly reduce policy costs and booking times, thereby enhancing their efficiency. Initially, Breeze’s integrated insurance offering on WebCargo will be available to forwarders in the…

Cytactic, the platform pioneering cyber crisis readiness and management, announced today a $16 million seed funding round led by Evolution Equity Partners, a renowned cybersecurity venture capital fund. Businesses are scrambling to fortify their defenses against cyber threats, recognizing the widespread impact and complexity of such crises. However, studies show that most companies are not resilient in case of a cyber crisis. A new approach is crucial—one that integrates cyber crisis preparation, response management, and recovery into a unified, user-friendly platform accessible to all relevant roles and market sectors. This is where Cytactic comes in. Cytactic, a market-leading SaaS platform is an innovation-forward,…

Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, has secured a $50 million cover for a US retailer, with the assistance of Aon, Howden and with a range of re/insurers backing the deal. Parametrix is a managing general agent (MGA) and Lloyd’s coverholder that specialises in providing cyber risk cover against cloud downtime, with its products structured on a parametric basis. Previously, Parametrix was behind the first cloud outage catastrophe bond, a $13.75 million Cumulus Re (Series 2024-1) transaction that was privately placed using reinsurance firm Hannover Re’s Bermuda transformer Kaith Re Ltd. While this $50 million deal…

Click-Ins, the global leader in AI-driven vehicle inspections, is pleased to announce a partnership with DZI Insurance, KBC Group’s Bulgarian insurance franchise. This collaboration leverages Click-Ins’ advanced AI vehicle inspection technology to streamline DZI’s insurance claims processing, enhancing efficiency and customer satisfaction. Click-Ins’ AI-powered platform provides detailed, precise assessments of vehicle damage, enabling DZI to process claims faster and more accurately. Click-Ins speeds up the evaluation process and enhances the accuracy of damage assessments, ensuring fair and rapid settlements for customers. “We’re proud to partner with DZI and bring our AI-driven vehicle inspection capabilities to their insurance operations,” said Eugene Greenberg,…