In this Technology Spotlight edition of Insurance News Analysis we delve into a couple of interesting niche topics that are primed for a new technology approach. Firstly, the upcoming switch to Blueprint Two has sparked a little bit of debate over Bordereaux management. We discuss whether these legacy processes that rely a lot on excel need to be reinvented or whether what’s really needed are modernized underwriting platforms.
Secondly, third party litigation funding (TPLF), whereby investors often unknown and undisclosed in court, will fund a prolonged lawsuit in hopes of taking a share of the claimants payout, has caused some controversy lately. There’s a lot of legal and ethical questions around this right now, but we concentrate on the technology that could come into play as carriers seek to find a speedy and fair resolution for their customers.
Lastly and just in time for Earth Day, there’s news from the insurance tech ecosystem that Zesty AI are now providing P&C carriers more granular property risk data, analyzing factors like vegetation density and construction materials and weather patterns. We discuss how carriers can use these new data sources and models to help with prevention and mitigation of risk.
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