Markets/Coverages: Sapiens to Integrate OpenAI for Insurers; WTW’s New Product for Intangible Assets; 2 New Construction Programs at Procore

May 23, 2023
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Sapiens International Corporation, a global provider of software solutions for the insurance industry, announced an agreement to integrate Microsoft Azure OpenAI Service to harness the most advanced generative AI models and tools for the insurance industry.

Sapiens will integrate Microsoft Azure OpenAI and Azure Power Virtual Agents to provide generative AI solutions for insurance companies, allowing customers to easily navigate complex documents such as policies, terms and conditions, and more, using natural large language AI models.

Sapiens’ AI, cognitive services and process automation can empower insurers through the entire insurance value chain, to provide instant answers across multiple domains of customer interaction in a multitude of languages, enhancing the customer experience while reducing the high volume of calls live agents and relevant personnel typically receive. It can also assist in underwriters’ day-to-day activities and reduce time around claims processing and fraud detection.

“Generative AI’s potential as a revolutionary enabler for the insurance industry is enormous, and now is the time for insurance companies to discover how it can contribute to facilitating and growing their business.” said Alex Zukerman, chief strategy officer at Sapiens.

WTW Intros New Financial Product to Protect Intangible Assets

Identifying a gap in coverage, WTW announced the introduction of a new financial product targeting clients intending to protect and leverage their intangible assets by considering transfer of the associated risks.

To meet client demand, WTW is introducing Intangible Asset Protection (IAP), a first-of-its-kind product to fill a coverage gap in the market.

An intangible asset is one that is not physical in nature but one that can hold significant value, and which can be created, transferred, bought or sold. Typical examples of intangible assets include intellectual property rights such as patents, trademarks, and copyrights, in addition to databases, contracts, and licensing agreements. Non-public, proprietary information such as formulas, processes, R&D testing data, designs, algorithms, and computer programming code are also typically defined as intangible assets that carry exposures where a company might want to consider protecting and transferring the associated risks, which is where WTW’s new IAP product would apply.

WTW said this new IAP coverage closes a coverage gap in cyber, property, business interruption, and traditional intellectual property (IP) insurance. IAP is a tailored insurance offering that will initially cover non-public, proprietary, intangible assets from accidental or malicious insider actions resulting in disclosed, misappropriated, damaged, destroyed or lost IA.

Procore Announces Exclusive Insurance Programs for Construction Industry

Procore Risk Advisors, a brokerage dedicated to the construction industry, announced two insurance programs exclusive to Procore customers: Builders Risk and General Liability Wrap-up (GL), in partnership with top rated carriers.

With a focus on securing the best possible coverage and rates, Procore Risk Advisors’ brokerage team helps customers utilize risk data from across its platform to craft a comprehensive picture, a detailed risk profile – taken a step further with its exclusive programs for Builders Risk and GL Wrap-up offering:

  • Tailored Coverage and Pricing: A platform that enhances customers’ risk management, and offer better pricing with more coverage offerings based on investment in technology to mitigate risk.
  • Exceptional Experience: A streamlined application process combined with dedicated construction risk experts.
  • Trusted Insurance Partners: Programs are backed by top rated carriers. Builder’s Risk is exclusively backed by Allianz and Swiss Re.

Topics Carriers Willis Towers Watson Construction

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