Business News: Lemonade, FM Global, Wolters Kluwer, TD Risk Management

Lemonade Expands into Illinois

Lemonade, the insurance company powered by artificial intelligence and behavioral economics, announced it has been licensed as a full-stack insurance carrier by the State of Illinois. Renters in the state can now buy a Lemonade policy in seconds using the Lemonade app or by visiting lemonade.com. Homeowners policies will be available in the state soon.

The company announced in November 2016 that it had filed for licenses in 47 states, aiming to reach 97 percent of the US population in 2017.

With Lemonade, buying insurance is done through an app with no paperwork and the company takes a flat fee, giving back unclaimed money to causes policyholders care about.

FM Global Introduces Global Flood Map

With flooding on the rise around the world, FM Global introduced a new way for companies to help manage this increasing and potentially costly risk to their businesses.

The interactive Global Flood Map presents business executives with a new, strategic planning tool and risk managers with a way to address natural hazard exposure around the planet. A version of the new map is available for use by businesses and the public at no cost.

The Global Flood Map provides a worldwide view of high- and moderate-hazard flood zones across the globe, even in areas where previously available information was unreliable, inconsistent or nonexistent.

Users can now quickly determine whether their business locations reside in a flood zone simply by typing in physical addresses. The map identifies:

High hazards – If a location is in a 100-year flood zone, meaning it has a 1-percent chance per year of experiencing a flood, it will be highlighted in pink.

Moderate hazards – If a location is in a 500-year flood zone, meaning it has a 0.2-percent chance per year of experiencing flood, it will be highlighted in yellow.

The map presents results in two zoomable view options – road and aerial (includes buildings).

Wolters Kluwer Launches New Legal Bill Analyzer

Wolters Kluwer’s ELM Solutions, a global technology-based solutions provider for legal management, launched LegalVIEW BillAnalyzer to help corporate legal departments and insurance claims organizations of all sizes more efficiently manage incoming legal invoices and improve cost management. The new service manages the entire invoicing review process through a combination of advanced technology, machine learning and expertise to ensure outside firm compliance with billing guidelines, while offering clients an average cost savings of 6 to 9 percent in legal fees.

LegalVIEW BillAnalyzer provides:

• Consistency and accuracy across all invoices plus continuous improvement through the use of supervised machine learning and natural language processing. It codifies hundreds of pages of legal service agreements and analyzes millions of lines of invoices, looking for hidden patterns to flag potential violations. With machine learning, self-learning models are built and regularly improved and enhanced using a combination of input from ELM Solutions’ proprietary LegalVIEW database, the client’s billing history and guidelines and input from a team of expert bill reviewers.
• Detailed, expert driven invoice review for billing guideline compliance and reduced complexity. Experienced, highly trained legal professionals based in the U.S. perform reviews of invoices down to the line-item to pinpoint adjustments and compliance issues, and if necessary, rectify disputes via the appeals process.
• Cost management, as invoices are benchmarked against the LegalVIEW database of over $82 billion in legal spend, providing visibility to rate and resource planning opportunities. LegalVIEW BillAnalyzer utilizes this database to provide analytics, dashboards and insights.
• Integration with the industry’s best-in-class e-billing platforms including TyMetrix 360°, Passport and Passport Pro. Legal bill review is also available to legal departments utilizing other e-billing platforms.
• Outside counsel relationship management. Our attorneys will work directly with outside counsel to manage the negotiation and billing appeals process. Our team will onboard, educate and advise the outside counsel of best practices to ensure compliance.

TDC Risk Management Announces Partnership with Highline Insurance

TDC Risk Management, a Maumee, Ohio-based risk management firm announced its partnership with Highline Insurance, a California-based insurance company.

Highline Insurance is an independent property and casualty insurance agency based in Carlsbad, Calif., led by Ryan Barker.

TDC Risk Management focuses on providing personal risk management solutions for successful business owners, their businesses, high profile executives as well as athletes and entertainers requiring complex risk management solutions and strategies.