CORE INSURANCE,INSURANCE TECHNOLOGY
One80 Intermediaries | November 24, 2022
One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired instaCOVER, an independent insurance agency and technology platform specializing in point of sale insurance coverage for commercial equipment, healthcare, rental equipment and other markets. Terms of the deal were not disclosed.
instaCOVER’s customizable insurance programs include financed equipment insurance, titled vehicle protection, rental waivers and non-financed / owned equipment insurance, as well as medical equipment and digital radiography insurance, digital radiography warranties, and digital radiography service contracts. Coverage is provided at the point of sale or lease and rates are established for the duration of enrollment regardless of claims activity.
Additionally, instaCOVER offers a web-based platform designed to simplify the process associated with obtaining an insurance quote and binding a policy. The bespoke technology provides the flexibility to create and customized insurance solutions for brokers and clients.
“I have been very impressed with the innovative platform and insurance solutions created by the instaCOVER team, I look forward to expanding into the leasing industry and further supporting instaCOVER at the crossroads of technology and commercial insurance,” he continued.
-Matthew F. Power, President, One80 Intermediaries
Since our inception, the instaCOVER team has thrived on finding ways to make insurance effortless. With that we feel that joining the One80 platform will enable us to continue to develop customized solutions for funders, brokers, manufacturers, dealers, distributors, and rental houses, We are thrilled to join One80,said Colleen Shelby, Managing Director, One80 Intermediaries.
About One80 Intermediaries
One80 Intermediaries is a privately held firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages. One80 specializes in key industry verticals such as medical stop loss, cannabis captives, alternative risk, warranty coverage and lender-based insurance. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to all major insurance markets in the US, Canada and UK. One80 has offices in more than 40 locations in the US and Canada.
INCENTER Insurance Solutions | November 18, 2022
INCENTER Insurance Solutions, a member of the INCENTER family of companies, today announced the opening of an office in Plano, Texas, which will serve the entire state. The new office opens its doors with five staff members born and raised in Texas. In the coming months, the company will add up to 20 more employees.
As a national firm that's licensed to write business in all 50 states, INCENTER Insurance Solutions' new Texas location signifies its commitment to having experts on the ground who understand the unique needs of key markets. Its insurance services include personal (home, automobile/motorcycle, RV and umbrella) and commercial (business, property, vehicle and inland marine) policies.
"I am so excited about our new state headquarters because I know that Texans love doing business with other Texans, We are glad to help our neighbors protect their families and companies, with special attention to the challenges and opportunities for people in our region."
-David Washmon, Lead Account Executive, INCENTER Insurance Solutions
Some of the recent dynamics specific to Texas include damage from floods in Houston and Dallas, hurricanes in the Gulf Shores area, and windstorms, tornadoes and hailstorms across other areas. Furthermore, since Texas houses more than 248,416 farms and ranches the company is able to address the liabilities associated with these assets.
While INCENTER Insurance Solutions delivers on its local market knowledge, the company's national reach also benefits the state. For example, if a client has a second property in Florida, INCENTER Insurance Solutions is licensed to provide homeowners insurance there.
About INCENTER Insurance Solutions
INCENTER Insurance Solutions provides insurance services and solutions that help clients obtain coverage while advancing their personal or business goals. The firm's flexibility and partnerships with dozens of carriers enable them to custom-design solutions with creative precision.
CoverGo and Noria Capital | November 21, 2022
CoverGo, the leading global no-code insurance SaaS platform for P&C, health, and life, is expanding to the Middle East after a US$15 million Series A funding, with a Middle East insurance fund Noria Capital joining as one of the strategic investors.
CoverGo has been adopted by a growing number of P&C, health and life insurance companies and emerging insurtech companies across the globe to build and launch all types of insurance products within days, develop omni-channel distribution and digitize policy admin and claims. CoverGo's clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group Insurance and many others.
CoverGo has recently set up its presence in the Dubai International Financial Centre (DIFC) and became part of DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia region.
CoverGo's expansion in the Middle East is led by newly appointed Regional Director George Majdalani. George is a senior executive with over 17 years in digital insurance transformation and health insurance innovation.
"CoverGo's next-generation no-code platform provides insurance companies with an unbeatable speed to market and cost savings while driving efficiencies across the whole value chain. CoverGo is uniquely positioned to become the insurance platform market leader, in particular for health insurance in the Middle East, and help companies accelerate their digital transformation without heavy IT development, We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market."
-Rakan Abunayyan, General Partner of Noria Capital
Middle East insurance companies are realizing now more than ever that custom IT development is too slow and costly while rigid legacy systems can't satisfy changing customer needs and product requirements. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform, The strategic investment from Noria Capital will further accelerate CoverGo's growth in the Middle East and provide relationships with key partners and insurance companies in the region,said Tomas Holub, Founder & CEO of CoverGo.
CoverGo's no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders who are looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems, said George Majdalani, Regional Director, MENA.
About Noria Capital
Noria is a venture capital fund that works with Insurtech startups during their growth and scaleup phases. The fund's mission is to bring innovation to the insurance industry in the Middle East & Africa.
CoverGo is the leading global no-code insurance platform for P&C, health, and life, enabling insurance companies to transform digitally in the most flexible, scalable and cost-effective way.