CMT, State Farm and Davis

CMT releases updated DriveWell platform

Cambridge Mobile Telematics, the Massachusetts-based company that pioneered telematics in usage-based auto insurance, has launched an updated product that notifies insurers of accidents within seconds.

CMT said DriveWell Crash & Claims allows insurers to assist customers with emergency assistance and evacuation services immediately following a crash. This reduces costs by allowing carriers to use network repair shops.

Progressive Insurance is already using telematics to speed up the claims process for customers enrolled in its Snapshot program, CMT said in a press release.

“The paradigm shift with DriveWell Crash & Claims is that we can now detect crashes and get critical information about them in seconds,” said Cornelius Young, vice president of CMT products. “In the past, this information took many hours or even days to reach the insurance companies.”

DriveWell Crash & Claims can also detect total losses, injuries, and fraudulent claims, the company says.

CMT stated that more than 2.1 million drivers have been using the DriveWell platform since its release in 2016. According to the company, it has been adopted by 18 organizations around the world.

State Farm buys stake in ADT

State Farm and smart home provider ADT announced that State Farm will invest $1.2 billion in ADT, giving the nation’s largest insurer a 15% stake in ADT.

“This partnership gives State Farm the opportunity to provide smart home technology that moves us from our ‘repair and replace’ model to a ‘predict and prevent’ mindset,” Chief Operating Officer Paul Smith said in a statement.

State Farm has also committed to investing up to $300 million in an Opportunity Fund to support product, technology, and marketing innovations that focus on differentiating and improving the customer experience for homeowners.

“These innovations will help us take the next step into the future of home insurance and add value to our customers,” Smith said.

According to the ADT statement, Google has separately agreed to provide an additional $150 million, subject to milestones being reached, to expand the opportunities created by this type of innovation.

After the equity investment and tender offer are closed, State Farm will own approximately 15 percent of ADT, while Google will still own 6 percent of the shares.

Davis acquires Johns Eastern

Davies, a London-based claims administration company, has acquired Johns Eastern, a third-party administrator and independent accounting firm headquartered in Sarasota, Florida.

Johns Eastern President and CEO Don Lederer will continue to lead the business and will assume additional responsibilities as CEO of Davies TPA in the US, the company said in a press release. He will report to Matt Button, CEO of Davies US.

Davies has been steadily expanding its presence in the US market over the past two years. The company said it also more than quadrupled its annual investment technology, supporting the development of a digital claims experience, including a fully automated solution for low-value real estate claims and electronic first loss notification technology to help insurers cope with the increased frequency and the severity of the claims. catastrophic weather events.

The company employs 6,000 people and has offices in Bermuda, Canada, India, Ireland, Spain, Switzerland, the UK and the US.