Coverager’s Week in Review: Jan 2-7, 2024
Written by ChatGPT based on Coverager Data
Tesla Affairs: Tesla’s Q4 2023 report shows a 38% increase in deliveries, totaling 1.81 million cars, led by the Model 3/Y with over 1.77 million produced. Elon Musk emphasizes targeting a broader EV market. Additionally, the first accident involving a Cybertruck happened on December 28, 2023, involving a collision with a Toyota Corolla. This incident, not involving autopilot, highlights safety considerations for the Cybertruck.
Amazon Affairs: Justin Garrison’s experience at AWS highlights: Layoffs affecting 1.7% of Amazon employees. Alleged ‘quiet firing’ through stringent office-return policies and demotions. Amazon’s shift towards larger, centralized teams. Delay in focusing on Generative AI until it influenced business deals.
OpenAI Affairs: The New York Times is suing OpenAI and Microsoft for using its content in AI training. The suit alleges disproportionate use of the Times’ content without specifying damages, seeking responsibility for extensive damages. OpenAI suggests collaboration with content creators, reflecting a trend of publishers negotiating with AI companies. This lawsuit may reshape legal standards for AI’s use of copyrighted materials.
- Inszone has acquired Butler Insurance Services, expanding into the Idaho market.
- Inszone has acquired Alliance Business & Commercial Insurance Services, further expanding its offerings in commercial, personal, and benefits insurance.
- UK’s Howden Broking Group has acquired Arctic Insurance AS, expanding its operations in Norway.
- Majesco, specializing in cloud insurance software, has acquired Decision Research Corporation (DRC), enhancing their offerings with DRC’s enterprise rating, reinsurance solution, and core services for the P&C insurance market. This acquisition adds over 20 P&C customers to Majesco’s portfolio.
- ReSource Pro has acquired Texas-based Helix Agency Services, expanding its services with managed technology solutions for insurance agencies and brokers in the P&C sector.
- Fixle (by American Family) is partnering with Evolv Inspection Solutions to integrate its technology into Evolv’s real estate inspection and claims services. Fixle’s tech allows inspectors to collect detailed data on home appliances and systems, providing information like specifications, manuals, recalls, and energy efficiency. This data is shared in a Fixle Home Report and via the Fixle app, helping homeowners manage their home systems’ maintenance and repairs efficiently.
- Citizens is upgrading to Guidewire InsuranceSuite on Guidewire Cloud for its core operations, transitioning from self-managed installations of ClaimCenter, PolicyCenter, and BillingCenter, which they’ve used since 2011.
- Lockton has adopted Artificial’s Contract Builder, a digital tool for generating and processing MRCv3 insurance contracts.
Car maker Zeekr offers car insurance for both private and fleet customers in the Netherlands. Coverage is powered by Qover and underwritten by Helvetia.
WTW will introduce Lime Health’s ‘Whole of Workforce’ health coverage to its clients. Lime offers online doctor services, diagnostic and cancer benefits.
- Blue Federal Credit Union directs its members seeking insurance to a jointly branded TruStage website, offering various insurance products, not all of which are underwritten by TruStage companies.
- Ledgebrook is collaborating with hybrid carrier Obsidian to launch a miscellaneous professional liability program, catering to a wide range of professional liability needs, including allied healthcare, for mid-market businesses and facilities.
- UK’s Hyperexponential, a provider of mathematical modeling software for the commercial insurance sector, closed a $35 million round.
- Gallatin Point Capital is buying a majority stake in TRUE, initially established by American Family for storm-hit areas, with a $1.25 billion investment. This aims to grow TRUE’s footprint in Florida and the US, with American Family maintaining a minority stake and ongoing client support.