CORE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | May 16, 2023
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, announced it has partnered with VIPR Solutions with a focus on the London market and the U.S. domestic P&C market to improve program business efficiencies and remove the need to produce traditional bordereaux. Integrating Insurity and VIPR platforms will enable real-time data exchange for insurers, reinsurers, and brokers – globally, allowing them to make faster, more informed decisions that lead to better underwriting outcomes.
VIPR Solutions, founded in 2009 and headquartered in London, UK, is an award-winning technology company providing global insurance solutions to the program business sector. VIPR has a large portfolio of clients, processing in excess of 400,000 bordereaux per year while servicing over 40% of Lloyd's managing general agents and non-Lloyd’s customers across 7 global markets. Driven by an expanding client portfolio of carriers, brokers, MGAs, and TPAs, its combined product offering improves the management of underwriting portfolios. With state-of-the-art data analytic capabilities, VIPR’s platforms are designed to drive operational efficiencies, and addresses the ever-growing compliance and regulatory burdens global insurance brands face day by day.
Insurity and VIPR are committed to working closely with program writers to remove unnecessary barriers and drive efficient bordereau processing. Program underwriting and operations teams can analyze real-time performance to make informed decisions using secure data methods while ensuring a common and consistent view of risk, premium, and claims data. This will help simplify the distribution chain, something that has long been an ambition of the London market and beyond.
"We are thrilled to partner with Insurity and provide their customers with faster, automated data management," said Paul Templar, Founder and Chief Executive Officer at VIPR. "This collaboration reinforces our commitment to offering innovative solutions that enable our clients to manage and streamline their operations more efficiently. By integrating Insurity platforms with VIPR's digital ecosystem, we are paving the way for faster and more efficient data exchange with the end goal of empowering insurers, reinsurers, MGAs and brokers with operational excellence."
"VIPR has a proven, tried-and-tested model and is well respected within the program business industry. This partnership revolutionizes the way insurers overcome their program business challenges," said Sylvester Mathis, Chief Insurance Officer at Insurity. "Insurers will be able to capture data at source and reduce manual tasks on an end-to-end platform while maintaining the highest levels of security."
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About VIPR Solutions
Founded in 2009, VIPR Solutions is a leading insurance technology company that supports automation of back-office processes, particularly for program business and delegated underwriting authorities. VIPR platforms streamline bordereaux management and processing and coverholder management, as well as regulatory compliance, and provide users with powerful data insights capabilities for strategic analysis.
VIPR (pronounced "VY-per") was the first company of its kind to be approved by Lloyd’s London Market for direct reporting. Today, over 40% of Lloyd's syndicates use a VIPR product, as well as some of the world's best-known carriers and intermediaries in Europe and North America. Among VIPR's clients are a leading Swiss insurer, a top 10 US carrier, and the Canadian operations of two major international insurers, along with several smaller and startup Managing General Agents and Brokers. For more information, visit www.viprsolutions.com
LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 24, 2023
Simply Business, LLC., a Boston-based digital insurance company focused on small businesses, today announced it will offer several of its commercial insurance solutions through AmSuisse, an insurance wholesaler with an extensive portfolio of products and speciality programs designed for independent agents.
"As we continue to expand our reach with independent agents, it's important to partner with trusted industry experts who share our vision of simplicity, choice and value," said Simply Business Group CEO David Summers. "This partnership with AmSuisse allows us to further our mission of providing small business owners with insurance solutions that fit their needs and helps us enable independent agents to efficiently serve their clients using our online platform."
Through the AmSuisse online quoting experience, independent agents will have access to a variety of Simply Business' insurance products designed for micro and small businesses.
"In today's tech-enabled environment, retail agents want a wide array of carrier and coverage options at their fingertips," said AmSuisse CEO Josh Hamann. "AmSuisse is extremely excited to partner with Simply Business to provide agents with access to a leading-edge digital small business insurance platform that is easy to navigate and designed to help them retain and grow their business."
About Simply Business
Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With thousands of customers, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value.
Established in 2013 and based in Katy, Texas, AmSuisse, Inc. has quickly risen to prominence as an insurance wholesaling leader. The company provides a broad range of insurance products, including many specialty programs for hard-to-place risks. Its founding goal is to provide its insurance agents and insurance broker partners with unrivaled service and selection. As a closed insurance wholesaler, it carefully selects the firms it works with, allowing it to deliver comprehensive insurance solutions, responsive service, and industry-leading support. AmSuisse believes in forging long-term business partnerships – a belief that has helped the company and its partners thrive in a competitive marketplace.
Lemonade, Metromile | August 01, 2022
Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the closing of the acquisition of car insurance provider Metromile. Metromile shareholders received 7.3 million LMND shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in harnessing precision data for auto insurance.
“We launched Lemonade Car a few months ago, and believe it’s the most delightful product on the market. We also believe auto insurance is challenging for newcomers and disadvantaged by a lack of data which is why we bought Metromile,” said Shai Wininger, Lemonade co-CEO and cofounder.
“We launched Lemonade Car a few months ago, and believe it’s the most delightful product on the market. We also believe auto insurance is challenging for newcomers and disadvantaged by a lack of data which is why we bought Metromile,” said Shai Wininger, Lemonade co-CEO and cofounder. “For ten years, Metromile’s intricate sensors monitored billions of miles of driving, while their AI cross-referenced this data with hundreds of thousands of claims, to accurately score each tap of the brake and turn of the wheel. We believe that adding these models into the Lemonade Car platform will make the most delightful car insurance also the most competitive, precise, and fair. That’s why we’re so excited to welcome Metromile into the Lemonade family.”
Most Metromile employees will transition to roles at Lemonade, and Metromile CEO, Dan Preston, has assumed the role of Senior Vice President of Strategic Initiatives.
“It’s hard to imagine a better home for Metromile than Lemonade. While Metromile was at the forefront of using big data and AI in car insurance, Lemonade forged a parallel path for several complementary lines of insurance. That makes for a powerful combination,” said Dan Preston, SVP Strategic Initiatives, Lemonade. “The upshot is that Metromile’s mission to connect the world to personalized insurance receives a big boost today. While the Metromile brand will sunset over time, its promise to consumers will be realized bigger, better, and sooner now that we’ve joined forces.”
The Metromile app and brand will continue in-market until all customers can be seamlessly transitioned to the Lemonade app and brand. Metromile common stock will cease trading on NASDAQ today.
Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and continues to expand globally.