U.S. Insurance Sector Advances with New SRCC Model and AI-Driven Analytics
Verisk has introduced a new catastrophe model aimed at quantifying potential financial losses due to strikes, riots, and civil commotion (SRCC) in the U.S., addressing increased insurance claims from recent events. This model helps insurers assess political risk hazards, with projections indicating that rare SRCC events could result in losses significantly surpassing those from the 2020 protests, especially affecting metropolitan commercial and municipal properties. Meanwhile, Clearwater Analytics has expanded its enterprise risk analytics capabilities through its acquisition of Beacon Platform Inc., enhancing its support for complex portfolio management across public and private markets. This move aims to streamline investment lifecycle operations for institutional investors.
Nassau Financial Group has expanded its Nassau Reimagine program to provide greater support and capital to early and mid-stage startups in insurtech, fintech, and retiretech, continuing its efforts to foster innovation within the insurance sector. Applied Underwriters announced that its subsidiary, United Risk, will operate independently, maintaining strategic partnerships with Applied affiliates to leverage resources in cybersecurity, AI, and IT development. In risk management technology, Riskonnect has partnered with geospatial intelligence firm MAPTYCS to equip corporate and insurance risk professionals with enhanced property risk data and NatCat event alerting capabilities.
Earnix has acquired Zelros, a generative AI provider, to integrate advanced AI technologies into risk assessment, personalization, and claims processing, aiming to improve insurer and member experiences. Willis Towers Watson launched Radar Vision, an AI-driven performance monitoring tool designed to enhance underwriting profitability, identify growth opportunities, and optimize operational costs for insurers. Radar Vision works alongside WTW’s existing Radar analytics solution, offering automated insights into predictive model performance.
Overall, these developments indicate a strong industry focus on leveraging advanced analytics, AI, and technology platforms to improve risk modeling, operational efficiency, and innovation within the U.S. insurance market. Such tools and collaborations enable insurers to better manage emerging risks, streamline investment decisions, and support startup ecosystems fostering technological advancements.