CONVERTING A BUILDING INTO FLATS? INSURANCE NEED TO KNOW

LANDLORD ADVICE | June 3, 2019 | 205 views

So, you are thinking about converting a building into flats? Then here are some of the things you need to know about insurance Renovation insuranceDespite a recent relaxation in the regulations, you are still likely to need planning permission for the building works you propose. It is when you are about to commission the builders that you need to consider the question of insurance.
Given the structural alterations that are going to be taking place, specialist renovation insurance is necessary to continue to protect against the risk of damage to the existing structure. If you already have any kind of insurance in place, this is almost certain to exclude damage incurred to the structure and fabric of the existing building during building works - whether you are creating an extension or simply renovating the current building.Renovation insurance may also protect any building supplies and materials, together with plant and equipment you may own, against loss or damage.

Spotlight

The Hanover Insurance Group

As a top property and casualty insurance company, The Hanover is searching for the most talented professionals at every level to join our company. The Hanover offers a collaborative environment where you’ll gain new experience and grow your career. The Hanover offers comprehensive benefits to help you stay healthy, build financial security, and balance work/home life. At The Hanover, you’ll enjoy what you do and have the support you need to succeed.

OTHER ARTICLES
CLAIMS

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 15, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

Read More
CORE INSURANCE, RISK MANAGEMENT

The role of AI in enhancing claims experience for Insurance customers

Article | September 22, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More
INSURANCE TECHNOLOGY

5 Deep Learning Use Cases for the Insurance Industry

Article | July 15, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More

DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

Read More

Spotlight

The Hanover Insurance Group

As a top property and casualty insurance company, The Hanover is searching for the most talented professionals at every level to join our company. The Hanover offers a collaborative environment where you’ll gain new experience and grow your career. The Hanover offers comprehensive benefits to help you stay healthy, build financial security, and balance work/home life. At The Hanover, you’ll enjoy what you do and have the support you need to succeed.

Related News

RISK MANAGEMENT, INSURANCE TECHNOLOGY

Beazley Launches Parametric Climate Risk Management Product with new Lloyd's Coverholder, Arbol

PRnewswire | May 29, 2023

Global climate risk solutions platform Arbol and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. Cutting-edge products are now available for a range of perils, including low and excess precipitation, low and excess wind speed, high and low temperature, and lack of solar irradiance. Arbol's proprietary pricing platform is powered by artificial intelligence and a dedicated climate data infrastructure to inform underwriting operations. Weather data indices are used to develop customised parametric products, using triggers specific to the peril and the insured. Guy Carpenter served as the sole placing broker and was responsible for securing the required capacity. Hong Guo, EVP and Chief Insurance Officer of Arbol said, "This milestone validates our commitment to delivering innovative risk management solutions. It opens new possibilities to serve our clients and the insurance industry as businesses seek to effectively manage emerging climate risks." Neil Kempston, Head of Incubation Underwriting at Beazley, added, "Beazley is committed to supporting the development of weather parametric products that ease the challenges the agricultural supply chain and renewable energy markets face as we move to net zero. By building a long-term partnership with Arbol we can deliver for our brokers and their clients." Arbol Insurance Services (an Arbol subsidiary) has also now been appointed as a Lloyd's coverholder, with a facility led by Beazley supported by Tokio Marine Kiln and Nephila. About Arbol Arbol is an innovative global fintech company that provides full-service solutions for businesses seeking to manage climate risk exposure. Arbol's parametric coverage pays out based on objective data triggers, rather than traditional subjective loss assessments. By leveraging advanced technologies like AI underwriting, big data, and blockchain-powered operational efficiencies, Arbol delivers much-needed scale and transparency to the climate risk insurance space. We aim to drive innovation and collaboration to support climate-friendly investment and help organizations manage climate-related risks. About Beazley Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd's syndicates and, in 2022, underwrote gross premiums worldwide of $5,268.7m. All Lloyd's syndicates are rated A by A.M. Best. Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch. Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.

Read More

LIFE INSURANCE, INSURANCE TECHNOLOGY

Sproutt Introduces Generative AI Capabilities to Take its SmartLife Agent Platform to The Next Level

PRnewswire | May 26, 2023

Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, has announced the development of a groundbreaking AI engine, currently available only to limited groups, to boost its SmartLife platform. The platform's capabilities will be supercharged by generative AI technology, empowering agents and agencies with more predictive product fulfillment and "first in the industry" client engagement capabilities based on Large Language Models (LLM) technology. The introduction of AI will revolutionize the way agents interact with clients and marks a significant milestone for Sproutt, further demonstrating its commitment to providing cutting-edge technology solutions within the life insurance ecosystem. Sproutt's SmartLife platform is leveraging the power of generative AI to create unique and personalized client communications based on multiple data sources and previous interactions with clients. By evaluating this data, the platform will generate relevant and timely content that agents can utilize to enhance customer engagement and sales. Events such as a client's policy anniversary, renewal date, birthday, and even local sports team news can be factored in to trigger precise communications. SmartLife's user-friendly interface enables agents to easily navigate and access the information they need to be successful. The platform will also be boosted by AI driven product recommendations, employing multiple data sources to deliver tailored product solutions for each client. Predictive modeling capabilities will enable agents to anticipate future client needs, further elevating their potential. Leveraging AI for product fulfillment will overhaul the insurance sales process, increase STP rates, and effectively transform agents into experts. "The goal is to arm agents with the best tools and technologies to help them build strong client relationships and supercharge their sales efforts," said Craig Shigeno, CEO of Shigeno Consulting. "By employing generative AI, agents will have instant access to personalized content that resonates with their clients, generating more effective outreach and saving valuable time." "As we continue to expand our offerings, we see the SmartLife platform as a game-changer for the life insurance industry," said Yoav Shaham, CEO of Sproutt. "With the integration of AI, agents will have the ability to sell more effectively and communicate more efficiently with their clients, ultimately leading to greater customer satisfaction and increased sales." About Sproutt Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.

Read More

CORE INSURANCE, RISK MANAGEMENT

Rubicon Benefits Joins World Insurance Associates LLC

Globenewswire | May 23, 2023

World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced today that it acquired the business of Rubicon Benefits LLC (“Rubicon Benefits”) of Melville, NY on April 1, 2023. Terms of the transaction were not disclosed. Rubicon Benefits was founded in 2000. Today they provide employee benefits to businesses in the New York metropolitan area, as well as across the country. “Rubicon Benefits strives to become a strategic partner with employers, leveraging successful strategies in plan design so our clients can attract and retain top talent, and save money without reducing benefits,” says Adam Rosenfeld, President, Rubicon Benefits. “We look forward to continuing this approach as part of World.” “It’s great to welcome Rubicon Benefits to the World family,” says Rich Eknoian, CEO and Co-Founder of World. “They successfully work with their clients to create innovative employee benefits solutions, and I know they will be a great addition to our Employee Benefits team.” “We are delighted to welcome Rubicon Benefits to our World Employee Benefits Practice. Their expertise in developing tailored benefit solutions for clients will be instrumental in our continued growth and success,” says Jennifer Barton, Head of Employee Benefits. Giordano, Halleran & Ciesla provided legal counsel to World, and Fortrust Diligence advised them on the transaction. Lauletta Birnbaum, LLC provided legal counsel to Rubicon Benefits, and Rosen Advisory advised them on the transaction. No other advisors, diligence or legal counsel were disclosed. About World Insurance Associates LLC World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and is a Top-50 ranked personal lines agency by Insurance Journal. For more information, please visit www.worldinsurance.com.

Read More

RISK MANAGEMENT, INSURANCE TECHNOLOGY

Beazley Launches Parametric Climate Risk Management Product with new Lloyd's Coverholder, Arbol

PRnewswire | May 29, 2023

Global climate risk solutions platform Arbol and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. Cutting-edge products are now available for a range of perils, including low and excess precipitation, low and excess wind speed, high and low temperature, and lack of solar irradiance. Arbol's proprietary pricing platform is powered by artificial intelligence and a dedicated climate data infrastructure to inform underwriting operations. Weather data indices are used to develop customised parametric products, using triggers specific to the peril and the insured. Guy Carpenter served as the sole placing broker and was responsible for securing the required capacity. Hong Guo, EVP and Chief Insurance Officer of Arbol said, "This milestone validates our commitment to delivering innovative risk management solutions. It opens new possibilities to serve our clients and the insurance industry as businesses seek to effectively manage emerging climate risks." Neil Kempston, Head of Incubation Underwriting at Beazley, added, "Beazley is committed to supporting the development of weather parametric products that ease the challenges the agricultural supply chain and renewable energy markets face as we move to net zero. By building a long-term partnership with Arbol we can deliver for our brokers and their clients." Arbol Insurance Services (an Arbol subsidiary) has also now been appointed as a Lloyd's coverholder, with a facility led by Beazley supported by Tokio Marine Kiln and Nephila. About Arbol Arbol is an innovative global fintech company that provides full-service solutions for businesses seeking to manage climate risk exposure. Arbol's parametric coverage pays out based on objective data triggers, rather than traditional subjective loss assessments. By leveraging advanced technologies like AI underwriting, big data, and blockchain-powered operational efficiencies, Arbol delivers much-needed scale and transparency to the climate risk insurance space. We aim to drive innovation and collaboration to support climate-friendly investment and help organizations manage climate-related risks. About Beazley Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd's syndicates and, in 2022, underwrote gross premiums worldwide of $5,268.7m. All Lloyd's syndicates are rated A by A.M. Best. Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch. Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.

Read More

LIFE INSURANCE, INSURANCE TECHNOLOGY

Sproutt Introduces Generative AI Capabilities to Take its SmartLife Agent Platform to The Next Level

PRnewswire | May 26, 2023

Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, has announced the development of a groundbreaking AI engine, currently available only to limited groups, to boost its SmartLife platform. The platform's capabilities will be supercharged by generative AI technology, empowering agents and agencies with more predictive product fulfillment and "first in the industry" client engagement capabilities based on Large Language Models (LLM) technology. The introduction of AI will revolutionize the way agents interact with clients and marks a significant milestone for Sproutt, further demonstrating its commitment to providing cutting-edge technology solutions within the life insurance ecosystem. Sproutt's SmartLife platform is leveraging the power of generative AI to create unique and personalized client communications based on multiple data sources and previous interactions with clients. By evaluating this data, the platform will generate relevant and timely content that agents can utilize to enhance customer engagement and sales. Events such as a client's policy anniversary, renewal date, birthday, and even local sports team news can be factored in to trigger precise communications. SmartLife's user-friendly interface enables agents to easily navigate and access the information they need to be successful. The platform will also be boosted by AI driven product recommendations, employing multiple data sources to deliver tailored product solutions for each client. Predictive modeling capabilities will enable agents to anticipate future client needs, further elevating their potential. Leveraging AI for product fulfillment will overhaul the insurance sales process, increase STP rates, and effectively transform agents into experts. "The goal is to arm agents with the best tools and technologies to help them build strong client relationships and supercharge their sales efforts," said Craig Shigeno, CEO of Shigeno Consulting. "By employing generative AI, agents will have instant access to personalized content that resonates with their clients, generating more effective outreach and saving valuable time." "As we continue to expand our offerings, we see the SmartLife platform as a game-changer for the life insurance industry," said Yoav Shaham, CEO of Sproutt. "With the integration of AI, agents will have the ability to sell more effectively and communicate more efficiently with their clients, ultimately leading to greater customer satisfaction and increased sales." About Sproutt Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.

Read More

CORE INSURANCE, RISK MANAGEMENT

Rubicon Benefits Joins World Insurance Associates LLC

Globenewswire | May 23, 2023

World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced today that it acquired the business of Rubicon Benefits LLC (“Rubicon Benefits”) of Melville, NY on April 1, 2023. Terms of the transaction were not disclosed. Rubicon Benefits was founded in 2000. Today they provide employee benefits to businesses in the New York metropolitan area, as well as across the country. “Rubicon Benefits strives to become a strategic partner with employers, leveraging successful strategies in plan design so our clients can attract and retain top talent, and save money without reducing benefits,” says Adam Rosenfeld, President, Rubicon Benefits. “We look forward to continuing this approach as part of World.” “It’s great to welcome Rubicon Benefits to the World family,” says Rich Eknoian, CEO and Co-Founder of World. “They successfully work with their clients to create innovative employee benefits solutions, and I know they will be a great addition to our Employee Benefits team.” “We are delighted to welcome Rubicon Benefits to our World Employee Benefits Practice. Their expertise in developing tailored benefit solutions for clients will be instrumental in our continued growth and success,” says Jennifer Barton, Head of Employee Benefits. Giordano, Halleran & Ciesla provided legal counsel to World, and Fortrust Diligence advised them on the transaction. Lauletta Birnbaum, LLC provided legal counsel to Rubicon Benefits, and Rosen Advisory advised them on the transaction. No other advisors, diligence or legal counsel were disclosed. About World Insurance Associates LLC World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and is a Top-50 ranked personal lines agency by Insurance Journal. For more information, please visit www.worldinsurance.com.

Read More

Events