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Weekly News Roundup, December 8

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In this week's news will talk about Insurtechs Unite to launch Insurtech Coalition, John Hancock CEO on saving lives with behavioral science and much more...

Insurtechs Unite to Launch InsurTech Coalition

Members from several insurtechs, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a trade organization working to shape the future of insurance.

The letter states that the Coalition’s formation comes at a time when the insurance industry is experiencing change with new ideas challenging old business models as telematics and data science are altering the industry’s understanding of risk. New technologies and artificial intelligence are also changing the way customers buy insurance, according to a Coalition press release.

Chubb enhances cyber solutions through new partnership

Chubb has partnered with cybersecurity company NetSPI to provide advanced attack surface management and penetration testing solutions.

Through this partnership, policyholders in Canada and the US gain access to NetSPI’s array of proactive solutions, including Breach and Attack Simulation (BAS), Attack Surface Management (ASM), and its penetration testing services.

NetSPI’s solutions are flexible and can cater to businesses of any size across various sectors, according to a news release from Chubb.

Alleged insurance fraud mastermind arrested after four years on the run

The alleged mastermind behind a multi-million-dollar insurance fraud scheme has been arrested by US Marshals after four years on the run.

William Maze, 62, is facing a series of charges that correspond to over $6 million in payouts from insurers. According to court documents, he led a crime ring that staged car accidents, falls, and other incidents in order to file fraudulent claims.

A federal grand jury in Washington indicted Maze in 2018. He has been evading authorities since July 2019, when he violated his pretrial release condition.

John Hancock CEO on saving lives with behavioral science

Brooks Tingle, John Hancock CEO, joined Insurance Business from Insuretech Connect in Las Vegas to discuss how the life insurer is looking to behavioral science and drawing on gamification techniques used by casinos to help policyholders lead healthier lives.

For Brooks Tingle, John Hancock CEO, there might be no better venue to discuss the life insurer’s near nine-year voyage into gamification, and how behavioral science developed to keep people glued to casinos is now being used to help individuals lead healthier lives and cement a win not just for the life insurance ‘house’, but also the players of the game.

Solar industry urged to address hailstorm threats with practical solutions – Gcube

A new report by GCube Insurance, an underwriter for the renewable energy sector, addresses the growing challenge of hailstorms for the solar industry.

The report, titled “Hail No! Defending Solar from nature’s cold assault,” draws on data collected over the past five years, indicating a significant impact of hail on solar projects.

The report reveals that hail-related claims now average approximately $58.4 million per claim, constituting 54.21% of the total costs incurred from solar loss claims. This trend is contributing to a discrepancy between the insurance needs for solar projects and the coverage available in the market, leading to potential project delays and cancellations.