Business News: KittyHawk, MunichRe/eDriving, ISO

Kittyhawk Secures Funding From Travelers

Kittyhawk, an enterprise drone operations software firm, announced a strategic investment from The Travelers Companies, Inc. The investment will help the company bring unified drone operations to new markets.

Kittyhawk has supported the growth of Travelers’ drone operation by streamlining the data, hardware and software into one single system of record.

No longer do companies have to contend with a wide and ever-changing array of apps, license agreements, support procedures and data security concerns of having multiple vendors. Designed for drone operations that perform business-critical tasks, the firm makes it easier for companies to manage, track and fly drones safely and effectively.

eDriving and Munich Re Team Up to Help Reduce Commercial Fleet Risk

eDriving and Munich Reinsurance America, Inc. (Munich Re) have teamed up to offer companies with commercial fleets a driver risk reduction program. eDriving warranties organizations will reduce the number of collisions by at least 20 percent in the first program year or the program fees will be refunded. The risk reduction program includes eDriving’s Mentor program and Munich Re’s Smart Mobility program.

The new smartphone-based telematics program, Mentor by eDriving, leverages the company’s patented approach that combines a client’s collision, motor vehicle report (MVR), and telematics data with behavioral science and advanced, interactive micro-training all in one system to help identify and remediate risky drivers and behaviors. Mentor’s approach delivers via smartphone a solution that:

• Captures harsh acceleration, braking, cornering, speeding and cellphone distractions;
• Performs proprietary predictive analytics fueling the FICO Safe Driving Score, after every trip and over time;
• Coaches drivers to safer driving through vivid personal insights, an in-app coaching playlist of short, engaging micro training (courses) tailored to each driver’s progress; and
• Provides weekly dashboards and scorecards to drivers and managers to monitor driver progress, focusing their attention and targeted interventions on the riskiest drivers in any given week or month.

Included in this Mentor warranty package is Munich Re’s LossDetect (patent pending), an automated text-mining tool that analyzes automotive claims data and recommends potential solutions to further assist in reducing auto collisions.

ISO Launches New Personal Property Solution for Millennial Customers

ISO, a Verisk business, launched a new personal inland marine solution to help insurers meet the personal property coverage needs of millennials and other consumers who may not stay in one place for long.

The new Your Belongings solution enables insurers to offer coverage on personal possessions for policyholders while anywhere in the world. The coverage is designed for growing segments of the population, from millennials to empty nesters, who are living more mobile lifestyles and don’t feel they need traditional homeowners or renters insurance.

The product follows ISO’s introduction of a personal property endorsement for personal auto policies, which meets drivers’ needs to cover their possessions when they may not have homeowner or renters insurance coverage. Your Belongings contains long-standing policy language and flexible coverage limits for many perils a policyholder may face, and it’s backed by ISO’s experience and reliability in designing programs. ISO has filed the new coverage in the majority of states and will continue through the remainder of 2018.

For more information about the Your Belongings coverage and ISO solutions for millennials, visit verisk.com/millennials.