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ITA Pro Weekly, June 04,2021

Bill Sinn | June 04, 2021

Take the AI quiz, wefox trots out $650 mil, Blink’s cyber protection

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Hot off the presses!

Business’s use of artificial intelligence raises a plethora of ethical questions that may not be all that easy to answer. A new blog post by Celent’s Marty Ellingsworth presents us with an AI “Ethics Exam” that serves up some serious food for thought around AI and smart phone data, facial recognition, hidden bias, and more.

“It’s not just what people do to people with data, but the scary obviousness of what machines could do (or not do) to people with data. The scale of impact of platforms is in the billions of people. One autocratic leader can impact only the people below them, but a machine can network ceaselessly.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

wefox, the Berlin-based digital insurance company, has raised a record U.S. $650 million for its Series C funding, resulting in a post-money valuation of U.S. $3 billion. This round represents the largest Series C to date for an insurtech globally.

“This investment strengthens our growth strategy and moves us closer to realizing our vision -- to prevent 30% of risks from happening -- in order to offer the most advanced service to our customers.”
 

Blink by Chubb and Waffle are teaming up to provide the new Blink Cyber Protection product. Available through the Waffle website and app, the product covers expenses related to a cyber event such as identity theft, fraudulent wire transfer, cyber bullying, or extortion from ransomware.

“Protecting your digital life is the next frontier of personal insurance. And there is simply no one better than Blink by Chubb to take on this challenge,” said Quentin Coolen, Co-founder & CEO of Waffle. “Working with Blink’s extraordinary team has been an incredible experience for us at Waffle and we can’t wait to show the world what we can achieve together.”


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The goal of the Insurance Technology Association is to provide members with opportunities to collaborate, educate, network, share, and use knowledge related to insurance technology. The ITA serves the insurance technology community as a resource and is dedicated to serving this specialized sector of the industry. Publications and educational programs created by the ITA are geared to professionals interested in or charged with evaluating, implementing, and marketing insurance-specific technology systems or services.

The latest issue of ITA Pro magazine is now available! Just CLICK HERE  

 

In this issue’s cover story, “we look at the “non-negotiables” that insurers are demanding from core insurance systems, and how providers are keeping up.


In "Stick vs. Carrot,” we test drive the new Carrot telematics platform, which enables U.S. and Canadian insurers to rapidly scale next-gen UBI programs to offer drivers gift cards in exchange for sharing data.  


Also in this issue, enjoy a profile of Maple Technologies on their 20th anniversary, an interview with ITA board member Larry Fortin of Millers Mutual Insurance Co., and regular columns and departments including Digital Drip and Launchpad.

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