JAB Holding | June 22, 2022
On June 20, JAB Holding Company and Fairfax Holdings Limited announced a strategic partnership. JAB’s pet insurance business has agreed to acquire all of Fairfax’s interests in the Crum & Forster Pet Insurance Group™ (“C&F Pet”) and Pethealth Inc., including all of their worldwide operations. Fairfax will also make a $200 million investment in JCP V, JAB’s latest consumer fund.
“Fairfax is very happy to partner with Olivier Goudet and JAB Holding Company,” said Prem Watsa, the Founder, Chairman and CEO of Fairfax. ”JAB has had an outstanding track record over the past 10 years and we expect this to continue. While we have sold our pet insurance business to JAB, we will invest $200 million in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success.”
“We are extremely excited to partner with Prem and his organization on this transformational transaction, and to welcome them as a partner in our fund,” said Olivier Goudet, Managing Partner and CEO of JAB. “Prem has an incredible multi-decade track record of building great businesses and compounding returns, and we look forward to accelerating the growth of their pet insurance business as part of our focused pure-play pet insurance platform.”
“Today’s transaction is a major milestone for us in our mission to become a global leader in pet insurance and the pet health ecosystem,” said Dirk Beeckman, CEO of JAB’s pet insurance portfolio. “It also significantly advances our mission of providing the leading health and wellbeing ecosystem for pets through the offering of affordable, comprehensive pet products and brands throughout a pet’s lifecycle. C&F Pet‘s long history of disciplined omni-channel underwriting fits perfectly with our culture, and we look forward to working with the team.”
“We are extremely proud of what we have built and accomplished together in the animal welfare community and the pet insurance ecosystem,” said Gary McGeddy, President of Crum & Forster A&H. “We are confident that JAB will continue to invest and focus on pets and pet parents while growing their global presence and we are excited about the future and our partnership.”
The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including various regulatory approvals.
Damco Solutions, omni:us | December 07, 2020
Damco Solutions Inc., leading innovation solutions and digital services company, has announced the partnership with omni:us, an Artificial Intelligence as a Service (AIaaS) provider to fast-track insurers adoption of data-driven cognitive claims management.
Backed with more than two decades of IT experience, profound insurance domain information, and industry-demonstrated ability in arising advancements, Damco Solutions would leverage omni:us remarkable capabilities to help insurance businesses accelerate their pace of digital transformation. This partnership would uphold insurers to rapidly convey AI into their claim's lifecycle streamlining the interactions among insurers and safeguarded parties.
The combination of Damco's Insurance industry experience, innovation capability with omni:us ability in AI would give exceptionally differentiated digitization services assisting insurers with reevaluating the claims venture with high impact automation.
Below is a snapshot of omni:us capabilities:
Digital FNOL: Real-time claims management that converts information into actionable claims data by minimizing touchpoints with intelligent claim automation
Claims Indexation: AI cognitive process that streamlines document extraction and classification to read, interpret, and understand data by eliminating the manual workflow
Completeness Check: AI-powered claims handling process with AI-powered decisions and recommendations, providing insights for regulatory compliance and reducing manual claims touchpoints
Coverage Check: Intelligent claims automation improving productivity in the claims process by eliminating time-intensive tasks, identifying noncovered claims, detecting fraud, claims leakage, etc.
"We look forward to collaborating with omni:us to help insurance companies with AI-based cognitive claims management solution and digital technologies to simplify claims lifecycle," said Mohit Gupta, Founder & Chief Executive Officer, Damco Solutions Inc. "Together, we would be able to help a broader range of insurers industrialize innovation in claims management. With the addition of omni:us, we see tremendous opportunity to enlarge our approach and help more businesses supercharge their future-readiness."
"omni:us and Damco share a common aspiration: to drive insurance businesses towards a more efficient and customer-oriented experience", said Sofie Quidenus-Wahlforss, Founder & Chief Executive Officer, omni:us. "We at omni:us are excited to team up with such a veteran player in the field as Damco. Both sides will benefit from the other's strengths and specializations and be further empowered to realize our ultimate goal of bringing about wide digital transformation to the insurance sector."
Damco Solutions is the trusted technology partner of businesses worldwide enabling them to leverage IT as a strategic asset. Empowered by technology expertise, immaculate execution capabilities, and unwavering focus on the customer needs; Damco has nurtured businesses to connect with their customers, clients and employees in an entirely new way. Damco and omni:us partnership aim to deliver data-driven AI-based solutions for streamlining the claims ecosystem, driving efficiency, collaboration, and bringing the digital future to global insurance businesses.
omni:us is an Artificial Intelligence as a Service (AIaaS) provider for cognitive claims management. Built on a fully data-driven approach, omni:us transforms the way insurers interact with their insured parties. It provides all the necessary tools and information to make fast, transparent and empathetic claims decisions, whilst improving operational efficiency and reducing loss adjustment expenses.
Cowbell Cyber | February 23, 2022
Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to medium enterprises (SMEs), announced it has partnered with Smart Choice – one of the nation's leading insurance agency networks – to distribute its standalone cyber coverage and risk monitoring services. Now, Smart Choice's network of 9,000 agency partners across 45 states have access to Cowbell Prime 100, Cowbell's flagship standalone and admitted cyber insurance product.
Smart Choice selected Cowbell Cyber because of the company's robust standalone cyber portfolio which brings the following advantages to Smart Choice agents and policyholders:
Speed: Cowbell Prime enables Smart Choice agents to prepare multiple, customized quotes in a few clicks.
No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound with quote, bind and issue capabilities done within minutes.
Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average.
The wealth of risk management resources for policyholders including: continuous risk assessment and monitoring, cybersecurity awareness training program for employees, access to Cowbell's risk engineering advice and more.
"We're excited to be partnering with Smart Choice to deliver customized cyber coverage and easy-to-use risk management tools to their large and ever-growing agency network, Partnering with Smart Choice also allows us to better distribute cyber insurance, making sure all small to medium-sized businesses have access to relevant cyber coverages."
-Dan Law, Vice President of National Accounts at Cowbell Cyber.
"Cowbell Cyber's insurance programs are a perfect fit with what agents and policyholders are asking for: speed, ease of use, clarity and relevance, Additionally, we know that Cowbell Cyber equips our policyholders with best-in-class risk management tools and resources to keep our policyholders' cyber resilience up-to-speed with the changing cyberthreat landscape."
-Oliver Travieso, VP of Commercial Lines at Smart Choice.
About Smart Choice
The Smart Choice® Agents Program is a wholly owned program of Worldwide Insurance Network, Inc. (WIN), headquartered in High Point, North Carolina. They currently serve over 9,000 agency partners in 45 states. For more information, visit www.smartchoiceagents.com.
About Cowbell Cyber
Cowbell Cyber offers standalone, individualized, and easy-to-understand cyber insurance for small and mid-size enterprises. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont.