AAIS cannabis business owner insurance program gets state approval

Insurance Business America | April 23, 2019

The American Association of Insurance Services (AAIS) has announced that its cannabis business owners’ policy, CannaBOP, has been approved by the Colorado Department of Insurance. AAIS first introduced CannaBOP last year in California. The insurance program offers a package policy that combines both property and liability coverage for qualifying cannabis dispensaries, storage facilities, distributors, processors, manufacturers, as well as private cannabis testing facilities and laboratories. A release said that the CannaBOP program comes fully supported with rules and loss costs. To create the program, AAIS partnered with actuarial consulting group Merlinos & Associates to analyze market exposures and develop rating guidelines specific to the cannabis industry. AAIS chose to launch CannaBOP in Colorado following its success in California, recognizing the former state as “the most experienced recreational market in the US.” AAIS inland marine and commercial lines vice-president Robert Guevara said in a statement that providing coverage in growth markets such as cannabis is “a source of tremendous opportunity for insurers,” adding that the CannaBOP program will allow the association’s members to respond to the insurance needs of customers in Colorado with an admitted policy.

Spotlight

Agility, Innovation and Speed to Market.  These characteristics are critical for insurers to respond to the converging array of trends that are disrupting and changing insurance.  Hear from Denise Garth, SVP at Majesco, on these trends and how they are empowering the insurance renaissance.

Spotlight

Agility, Innovation and Speed to Market.  These characteristics are critical for insurers to respond to the converging array of trends that are disrupting and changing insurance.  Hear from Denise Garth, SVP at Majesco, on these trends and how they are empowering the insurance renaissance.

Related News

HSB Cyber Suite Adds New Insurance Coverage and Services to Protect Small Businesses

Business Wire | October 23, 2020

HSB Cyber Suite has your business covered, adding new insurance protection and risk management services, including website security scans and computer system upgrades to help prevent future cybercrimes, HSB announced today. HSB Cyber Suite provides a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, cyber extortion, and misdirected payment and computer fraud. It’s available through insurance carriers that partner with HSB to add the coverage to their commercial policies. Any business with an internet connection is vulnerable to a cyber-attack,” said James Hajjar, assistant vice president for HSB, part of Munich Re. “And while cybersecurity is complex, we don’t think getting the right insurance coverage or support needs to be. HSB Cyber Suite not only helps a small business respond and recover from a cyber-attack, but it gives them valuable resources they can use to predict and prevent cyber incidents.

Read More

CLAIMS

Alacrity Solutions Acquires Fourseventy Claim Management

Alacrity Solutions, Fourseventy Claim | February 02, 2021

Alacrity Solutions Group, LLC ("Alacrity Solutions"), a perceived innovator in providing insurance claims management services in North America, today reported the securing of Fourseventy Claim Management ("Fourseventy Claims"). Monetary terms of the exchange were not uncovered. Established in 2011, Fourseventy Claims set up itself as a claims management pioneer with a sharp spotlight on advancement and innovation enablement. With a cross country organization of field and work area agents talented in providing services across the private and business property, setback and risk markets. Fourseventy Claims likewise offers a full-administration Third-Party Administration Program, providing start to finish claims dealing with solutions to a significant number of the main insurance carriers in North America. “Fourseventy Claims has established a solid reputation in delivering exceptional service to their clients. Their leadership team possesses years of industry experience, which serves as a key driver in the strong and long-lasting relationships they have been able to develop and continue to grow over the years. We are really excited to partner with Matt Fatheree, Rob Beller and the Fourseventy Claims team,” said Jim Pearl, CEO of Alacrity Solutions. “This acquisition further positions Alacrity Solutions as one of the leading claims management providers and expands our scale and expertise in North America.” Matt Fatheree, founder and CEO of Fourseventy, stated, “We are excited to become a part of the Alacrity Solutions enterprise. Their full-service offerings, commitment to superior service and strong reputation across the industry are just a few of the traits that align strongly with Fourseventy Claims. Additionally, we share a common approach to our principles and how we conduct business in placing a priority on people, partnership and an overall passion for this business. We look forward to continuing our track record of success and growth as part of the Alacrity Solutions enterprise moving forward.” The exchange with Fourseventy Claims is Alacrity's 10th procurement since 2015. Alacrity has an engaged methodology of cooperating with and obtaining remarkable new stage and vital extra organizations to more readily serve the insurance claims industry as a solitary source specialist co-op. About Alacrity Solutions Alacrity Solutions, based in Fishers, Indiana, is one of the largest independent providers of insurance claims management services in North America. Alacrity provides property, auto, casualty claims adjustment services, and staffing solutions, as well as a nationwide managed repair network to national and regional insurance companies, MGAs, TPAs, self-insured corporations, and clients in the federal/state government sector. Kohlberg & Company acquired a majority stake in Alacrity in 2019. About Fourseventy Claims Fourseventy Claim Management is an independent insurance adjusting firm that provides services in all fifty states with over eight hundred adjusters, servicing losses in the residential and commercial property markets. While exhibiting core values of innovation and versatility, Fourseventy passionately explores what the future might entail for the insurance claims industry. Fourseventy takes great strides in working with insurtech companies to build a more efficient and consumer-friendly experience for its clients. Managed by an executive team with over 200 years of industry experience, Fourseventy collaborates with its customers to take the best approach surrounding what is possible for process and outcome improvement.

Read More

INSURANCE TECHNOLOGY

Cowbell Cyber and Mylo Partner to Enable Distribution of Cyber Insurance for Small Businesses

Cowbell Cyber | November 05, 2020

Cowbell Cyber, the business' first AI-fueled cyber protection supplier for little to moderate sized organizations (SMBs), today reported it has joined forces with Mylo the computerized representative dispatched by the world's biggest autonomous merchant, Lockton to empower expanded dissemination of Cowbell's independent cyber protection to the private company market, a region generally underserved by cyber protection. Organizations of all sizes are getting more dependent on a computerized climate given the present far off setting, frequently leaving them presented to expanded cybersecurity weaknesses including information breaks, ransomware assaults, cyber wrongdoing, and then some. Along these lines, the interest in cyber inclusion has radically expanded as organizations acknowledge cyber protection is currently a need, not an extravagance. Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell's standalone, admitted cyber insurance programs addresses the challenges faced by small businesses when considering insurance including: • Clarity of the policy terms: business owners can now immediately understand the protection they will receive • Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder • Admitted program: Ensures that everything has been thoroughly vetted by state level agencies • Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy "We are excited to partner with Mylo to deliver on the promise of customized cyber coverage and easy-to-use risk management tools for their expanding client base," said Dan Law, Head of National Accounts at Cowbell Cyber. "Partnering with Mylo will allow us to better distribute cyber insurance to the currently underserved markets, ultimately helping customers with their cyber resilience." "As an advocate for small business owners, we care about helping them prepare for a cyberattack that could threaten everything they've worked so hard to build," said Mylo COO, Belen Tokarski. "Mylo and Cowbell Cyber are a great fit because we both focus on using technology to give businesses the protection they need to anticipate and recover from serious risks." The partnership brings significant efficiencies to Mylo's agents including: • Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks • 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 • No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound About Cowbell Cyber Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. 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 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage. About Mylo Mylo is a digital one-stop-shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world's largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or on the phone with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing a proven boost in customer engagement.

Read More