Claims Business: Insight Risk, ClaimBender and Latitude Subrogation

A New York City-based managing general agent is bundling builders risk insurance policies with sensors to detect leaks and prevent water damage, a significant source of claims.

Insight Risk said when a contractor buys coverage, it installs water-, temperature- and humidity-monitoring sensors in strategic locations. The service is available within the 48 contiguous states for “fire-resistive” construction projects with values between $25 to $125 million, the company said in a press release.

Munich Re Speciality Group underwrites the risk. Policies are sold by Marsh McLennan Agency, American Global and Holmes Murphy.

The MGA was founded by Chad Hollingsworth, co-founder of Triax Technologies; and John Dempsey, former global practice leader of Aon’s claims team.

“Water damage drives nearly 50% of all Builder’s Risk claims payments,” said Hollingsworth, who is president of Insight Risk, in a press release. “Yet even with all the industry’s previous loss control work, there still is no reduction in losses. The Insight Risk approach solves the single largest problem hindering the widescale adoption of a technology-based solution – how to pay for the appropriate solution.”

Insurance claims software provider Insurity has formed partnership with ClaimBender to reduce workers’ compensation costs using data analytics.

ClaimBender, based in Fernandina Beach, Florida, says that it reduces claims frequency by using a “digital safety engagement system” and keeps the majority of workplace injuries as “first aid” events through the use of a virtual occupational physician service.

Insurity, based in Hartford, Connecticut, said it will integrate ClaimBender with its Workers’ Comp Suite product to manage workplace injury response and safety culture.

“This is a novel and natural fit that will be a major evolutionary step in changing the traditional workers’ comp model,” Mark A. Smith, chief executive officer of ClaimBender, said in a press release.

Latitude Subrogation Services has acquired InspectionConnection, an appraisal company based in Columbus, Ohio that specializes in heavy equipment and farm machinery.

LSS founder Brad Schram said in a press release the “collective appraisal expertise of the InspectionConnection team will blend nicely with our existing subrogation and recovery services.”

LSS, based in Bloomfield Hills, Michigan, said the acquisition will expand its geographic reach and its ability to handle speciality claims and unique auto estimates. What’s more, the addition of Inspection Connection allows LSS to offer audits of repair estimates, tow and storage bills, rental information and advance charges to insure accuracy.

Inspection Connection bills itself as a speciality appraisal service company. LSS offers subrogation and salvage administration services to auto, property and workers’ compensation insurers, self-insured organizations and third-party administrators.