Insurtech Product

Leaselock and Boost Insurance Leverages API-Driven Platform

About: LeaseLock Insurance Services rolled out an insurtech product for the rental housing market in collaboration with Boost Insurance. The new product is based on API-driven platform that serves as a security deposit alternative for property owners. Through the collaboration, the two partners aim to transform the real-estate industry by applying an insurtech solution.

Process: The product LeaseLock Zero Deposit, enable property managers to safeguard against losses typically funded by inefficient security deposits and surety bonds. It replaces the upfront security deposit with a monthly charge, which renters pay as part of their rent payment. For a monthly charge of US$19, the rental offers insurance coverage of over US$5,000 against rent and damage loss on every lease. Unlike a security deposit, property owners will not get their money back; however, they can save money by relocating it easily. Leveraging Boost’s API-driven platform, Leaselock provides insurance coverage tailored to the needs of multifamily property managers and owners. It helps to reduce move-in costs and faster approval during the leasing process thereby modernizing the lease transaction process and offering a better experience for both renters and property operators. The product is live across the US.

What Next's: With the increasing competition in the residential rental market, expensive upfront security deposits have become a major pain point for customers and often resulting in abandoned lease applications. However, the evolution of the real estate and insurance industries can be accelerated by technology. LeaseLock’s new insurtech product is one such solution that replaces the security deposit, surety bonds, cosigners, and guarantor services, making a modern transaction for rental housing faster, simpler, and more affordable.

Intellectucal Property Solution

Aon Commences an Insurtech Solution to Improve Intellectual Property Capabilities

About: Aon launched an insurtech solution to assist clients in addressing the challenges relating to prime areas of risk management such as intellectual property rights. The solution is based on its patent litigation analytics and predictive modelling techniques.
Nature of Disruption: Aon leverages patent litigation analytics, predictive modeling techniques, and innovative distribution strategies to safeguard patents, trade secrets, copyrights, and other valuable information. It utilizes its integrated IP rights capabilities as well as the acquisition of an IP based firm, 601 West, to instigate the insurtech solution. Aon supports clients in setting up a primary indemnity limit of up to US$100 million in capacity as per policy requirements. The solution allows clients to extend coverage options for third party infringement defense, by including certain damages, loss mitigation, and costs incurred for litigation.

What's Next: By using Aon’s new insurtech solution, clients can protect IP portfolios with reduced amount of downside risks. The solution incorporates a data driven risk assessment based approach to help clients in avoiding infringement suits being filed by competitors, thereby avoiding possible occurrence of losses. Clients can also attract and retain investors and can remain ahead of industry peers by using the new solution. 

Insurance Risk Solution

Insurtech Slice Lab Unveils New AI-Based Tool to Predict Insurance Risk

About: US insurtech start-up Slice Labs launched its new AI-based tool specifically designed for insurance firms in the US. In addition, it is powered by behavioral psychology to help insurers personalize, experiment, predict, create risk model and recommend products to its customers.

Process: Slice Mind leverages machine learning and behavioral psychology to provide insurers with actionable product recommendations and data-driven risk prediction solutions to help them grow and protect their business. Insurance companies seeking recommendations for on-demand insurance products can input their customer data into Slice Mind’s insight engine that transforms data insights into actionable information. With the insight engine, business users can forecast events, develop a test, drive future change based on historical insights, and promote actions and behaviors throughout their customer engagements. The tool has the ability to predict potential claims which enable insurers and its customers to gain protection against risk. Slice Mind is available to both Slice Insurance Cloud Services (ICS) users and non-Slice users.

What's Next: Although the customer data is readily available, the challenge is coordinating data across different channels to improve the relationship with customers which requires digital capabilities. Slice Lab combines the technology with data to solve the insurance industry’s most challenging problems by using data insights and predictive analytics tools. It claims that the new AI-based tool will help insurance companies focus on developing innovative products and make informed decisions

Source: Globaldata, Company Press Rooms

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