The Difference Between “Vacant” & “Unoccupied” Property Insurance

There are many different reasons why you might need to leave a property empty for a period of time. There are also a few different terms that you might use to describe a property as empty. The words “vacant” and “unoccupied” being two of them. However, when it comes to property insurance, the definition should be clear, as they actually mean different things.

Spotlight

Squaremouth Inc

Squaremouth is an online company that compares travel insurance products from every major provider in the United States. Travelers are able to quote, compare and purchase travel insurance plans using Squaremouth’s comparison engine and over 70,000 customer reviews. All policies purchased through Squaremouth also come with a Zero Complaint Guarantee.

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Insurance Technology

Cloud Insurance Solutions Are Imperative for Insurers

Article | August 9, 2022

Insurance customers look for result-driven insurance services and products. To meet those demands and grow revenue, insurers need to move beyond conventional methods and envision their insurance business' customer interaction as aiding in the management of product and service deliveries. This necessitates a cloud-based strategy for future-ready operations. This is where the concept of cloud insurance comes into play. Insurers are receiving signals that the moment has come to invest heavily in the cloud ecosystem. But how? Read about it in the following points. The revenue landscape is shifting Investing in cloud infrastructure allows insurers to gain a competitive advantage in new revenue streams. In addition, it depicts a protected sphere where all the insurance business operations are risk-free, free of cyber risks and intrusions. Digital distribution appeals to customers and capital Customer-centric innovations, such as product distribution or cloud-enabled services, draw investors' attention. This results in increased revenue production. Why is There a Need for Cloud Insurance Solutions for Businesses? Insurance businesses face numerous obstacles in a continually shifting market position each day. As a result, insurance companies must primarily respond to the demanding and rising needs of customers. Cloud technology provides accurate solutions for the same. Let's look at the need for cloud solutions amid the trending approach. Customers expect personalized products, services, and experiences to support chosen communication channels like social media, a website, or a portal. Consequently, insurers need to improve their “speed to market” approach, which is possible through cloud technology and provide competitive products and services. Furthermore, sales growth remains under constant pressure. As a result, cost reduction is another eye-catching feature for insurance companies. By streamlining procedures and operations under one roof, decentralized, and digitalized, cloud insurance best suits to decrease costs and expenditure. Not to forget, globalization demands insurance businesses be more flexible and agile to win new markets and obtain new prospects. Cloud insurance infrastructure solutions are critical today and, in the future, to achieving all of these objectives. The Insurer’s Viewpoint is Critical for Success According to the report, leaders are more likely to use Cloud SaaSs, big data, AI and machine learning, and the Internet of Things (IoT). However, given the findings of the aforementioned study, it is clear that moving to the cloud is merely a baby step on a long journey of technological advancement. Cloud computing has emerged as a critical tool for digitization, and the significant challenges posed by the COVID-19 issue have highlighted the benefits of cloud computing." Peter Heidkamp, Head of Technology at KPMG. The Internet of Services and SaaS as a service is particularly appealing to insurance businesses when it comes to cloud insurance (SaaS). In addition, SaaS licensing options allow customers to obtain software to reduce internet and operational costs. The real use cases or benefits of the cloud are: Business scalability and flexibility Increased customer satisfaction Optimizing business processes Cost reduction Encourages business backups Cloud Insurance: A Wake-up Call for Opportunities Cloud technology and its solutions enable insurers to leverage cloud capabilities and resources to stay abreast with market developments. The technology meticulously encourages customized products and services on time, develops corporate networks, and implements new business processes with high revenue. However, adopting cloud solutions is not always an easy decision for insurers, but those that overcome security worries can reap the benefits of cloud insurance. Therefore, utilizing cloud solutions is a continuous journey that necessitates constant innovation and adaptability.

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Core Insurance, Risk Management

Insurers Are Preparing to Accelerate Growth in 2022

Article | August 4, 2022

Despite ongoing concerns about COVID-19 variants, most insurers anticipate a faster economic recovery and increased investments in digital technology in 2022. One-third of those polled expect revenues to be "significantly higher" next year. The global demand for insurance is expected to rise further. Insurers face a variety of challenges, including economic hurdles such as the possibility of sustained inflation; sustainability concerns such as climate risk, diversity, and financial inclusion; and rapidly changing consumer product and purchase preferences. Attracting (and Retaining) Talent Will Be Critical in a Hybrid Work Environment Future of work considerations have also grown in importance as carriers strive to develop flexible return-to-office strategies while also struggling to retain and recruit high-level talent in a highly competitive job market, particularly for those with advanced technology and data analytics skills. Insurers Must Find a Way to Balance Technological Adoption with the Preservation of the Human Touch Insurers are becoming more reliant on emerging technologies and data sources to increase efficiency, improve cybersecurity, and expand capabilities across the organization. Most, however, should focus on improving the customer experience by streamlining processes with automation and providing customized service where needed and preferred. Opportunities to Increase Stakeholder Trust Have Arisen as a Result of the Pandemic On a more fundamental level, many carriers should consider taking steps to increase stakeholder trust in order to increase retention and profitability. This could be accomplished in part by increasing transparency in how insurers collect and use personal data. They can also become more proactive in seeking comprehensive solutions to large-scale societal issues, such as reducing the financial impact of future pandemics and closing coverage gaps for natural disasters.

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Insurance Technology

4 Aspects of Cyber Insurance that SMBs Must Know

Article | July 15, 2022

The pandemic pressed many businesses to go remote. While this enabled employees and their organizations to continue doing business in the face of global uncertainty, the fragility of cybersecurity infrastructure became more apparent than ever. From remote work to a more powerful online presence, cybersecurity threats are a significant challenge for many organizations. With data security, exposure to these threats meant cyber insurance needed to be amped up. In the race to fortify cybersecurity, small businesses, which have limited resources to train their IT staff, have much catching up to do. As a matter of fact, practically all small businesses maintain sensitive data on their staff, clients, or suppliers, making them open to hacking attempts, malware attacks, digitalfraud, and other online threats. A cyberattack can force a firm to cease operations, incur significant losses, and unanticipated costs, and harm their brand. This is why cyber insurance is so critical. Here are four things SMBs must understand about cyber insurance and what it covers. In Case of Data Breaches Data breaches are one of the most common types of cyberattacks on small firms. Cyber insurance coversthe cost of locating the origin of a data breachand assessing whether the information lost poses any legal obligations. It also includes the price of meeting those obligations, including sending notifications to affected clients, setting up a call center, and providing credit monitoring, as well as the price of hiring legal counsel and paying any fines or penalties. In Case of Malware Attacks Ransomware and malware attacks allow criminals to break into an organization’s back-end data. They use it to steal customer information or simply encrypt it which allows them to demand random from the business to reclaim access. Cyber insurance can pay for all of the expenses involved in restoring the system, including recovering data, ransomware removal, vulnerability patching, and, if required, paying the ransom itself. A ransomware attack is the most disruptive,and it may be covered if there is economic loss for the company. In Case of Phishing and Cyber Fraud By gaining access to a company's computer system, social engineering letscriminals trick employees intosettlingfictitious bills or diverting cash to their accounts. Businesses may be able to recoup lost funds with the use of cyberinsurance. Third-Party Coverage Third-party insurance can shield firms from cyber-related legal troubles, such as government responseor class-action lawsuits brought on by, for instance, unintentional malware spreador the inability to curbunauthorized access to companysystems. It covers all legal expenses, such as settlements and lawyer fees. What’s the Bottom Line? Cyber insurance cannot be an alternative to a robust cyber security infrastructure. And small businesses cannot afford to keep vulnerabilities in their systems. Many cyber advice solution providers offer advisory and risk assessment services that may be just what small and medium-sized businesses (SMBs) need to start improving the security of their systems.

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10 Most Impactful AI-based Insurance Innovations of 2019

Article | April 13, 2020

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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Spotlight

Squaremouth Inc

Squaremouth is an online company that compares travel insurance products from every major provider in the United States. Travelers are able to quote, compare and purchase travel insurance plans using Squaremouth’s comparison engine and over 70,000 customer reviews. All policies purchased through Squaremouth also come with a Zero Complaint Guarantee.

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Insurance Technology

AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

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Insurance Technology

Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

PR Newswire | January 29, 2024

Today at the T3 Technology Conference, Ladder, the insurtech offering digital, flexible life insurance in minutes announced an integration with Envestnet | MoneyGuide, a leading financial planning software company serving over 107,000 financial advisors. This will empower more financial advisors with the capabilities to provide clients with term life insurance issued by reputable insurers. With this partnership, financial advisors utilizing Envestnet I MoneyGuide Elite's Advanced Lifetime Protection tool will be able to offer their clients digital, convenient, and affordable term life insurance. Financial advisors will be able to estimate clients' coverage needs, generate a quote, and send clients a link to apply—all from within the Envestnet | MoneyGuide platform. MoneyGuide's Advanced Lifetime Protection tool is designed to illustrate how a clients' protection needs can change over time. This tool may help advisors identify an opportunity to improve a client's probability of successfully achieving the goals in their client's financial plan. "Life insurance is a critical piece of a comprehensive financial plan," says Mike Izakov, Head of Financial Institution Partnerships at Ladder. "We believe MoneyGuide has the most robust planning tool in the industry, and we're excited to make it even easier for advisors to get clients the coverage their plans call for." With Ladder's industry-leading digital capabilities and proprietary flexible coverage (i.e. "laddering"), advisors using Envestnet | MoneyGuide will be able to utilize a visualization showcasing how a strategically laddered Ladder policy may save clients up to 40%* over a 30-year term compared to traditional term coverage. "Envestnet's generational research shows that a surprising 50% of Baby Boomers are not formally organizing their long-term finances," said Rose Palazzo, Group President of Envestnet Financial Planning. "Through our partnership with Ladder, our advisors are better equipped to help their clients take action on organizing their financial plans, including the important step of seeking to secure their financial futures through life insurance coverage. Ladder provides our advisors with digital access to term life insurance products, with an integration built right into our protection planning solution." Ladder offers term life insurance for coverage between $100,000 and $8 million, for terms ranging from 10 to 30 years. There are no medical exams required for coverage up to $3 million, just questions about an applicant's health are asked. The pricing is fully underwritten and backed by reputable carriers. Ladder offers a variety of partnership and compensation models to meet the needs of fee-based and insurance-licensed financial advisors. About Ladder Ladder is the first full-stack, digital life insurance company offering flexible online term coverage in minutes that can save policyholders up to 40%* by adjusting their coverage as their life changes. Ladder uses real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA, and offers coverage up to $8M with no hidden fees. ABOUT ENVESTNET Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life. With more than $5.4 trillion in platform assets—more than 107,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

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Core Insurance

Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

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Insurance Technology

AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

Read More

Insurance Technology

Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

PR Newswire | January 29, 2024

Today at the T3 Technology Conference, Ladder, the insurtech offering digital, flexible life insurance in minutes announced an integration with Envestnet | MoneyGuide, a leading financial planning software company serving over 107,000 financial advisors. This will empower more financial advisors with the capabilities to provide clients with term life insurance issued by reputable insurers. With this partnership, financial advisors utilizing Envestnet I MoneyGuide Elite's Advanced Lifetime Protection tool will be able to offer their clients digital, convenient, and affordable term life insurance. Financial advisors will be able to estimate clients' coverage needs, generate a quote, and send clients a link to apply—all from within the Envestnet | MoneyGuide platform. MoneyGuide's Advanced Lifetime Protection tool is designed to illustrate how a clients' protection needs can change over time. This tool may help advisors identify an opportunity to improve a client's probability of successfully achieving the goals in their client's financial plan. "Life insurance is a critical piece of a comprehensive financial plan," says Mike Izakov, Head of Financial Institution Partnerships at Ladder. "We believe MoneyGuide has the most robust planning tool in the industry, and we're excited to make it even easier for advisors to get clients the coverage their plans call for." With Ladder's industry-leading digital capabilities and proprietary flexible coverage (i.e. "laddering"), advisors using Envestnet | MoneyGuide will be able to utilize a visualization showcasing how a strategically laddered Ladder policy may save clients up to 40%* over a 30-year term compared to traditional term coverage. "Envestnet's generational research shows that a surprising 50% of Baby Boomers are not formally organizing their long-term finances," said Rose Palazzo, Group President of Envestnet Financial Planning. "Through our partnership with Ladder, our advisors are better equipped to help their clients take action on organizing their financial plans, including the important step of seeking to secure their financial futures through life insurance coverage. Ladder provides our advisors with digital access to term life insurance products, with an integration built right into our protection planning solution." Ladder offers term life insurance for coverage between $100,000 and $8 million, for terms ranging from 10 to 30 years. There are no medical exams required for coverage up to $3 million, just questions about an applicant's health are asked. The pricing is fully underwritten and backed by reputable carriers. Ladder offers a variety of partnership and compensation models to meet the needs of fee-based and insurance-licensed financial advisors. About Ladder Ladder is the first full-stack, digital life insurance company offering flexible online term coverage in minutes that can save policyholders up to 40%* by adjusting their coverage as their life changes. Ladder uses real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA, and offers coverage up to $8M with no hidden fees. ABOUT ENVESTNET Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life. With more than $5.4 trillion in platform assets—more than 107,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

Read More

Core Insurance

Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

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