INSURANCE TECHNOLOGY

Agentero Partners with Digital Insurance Carriers

Agentero | December 03, 2020

Agentero, a tech-enabled insurance aggregator, announced that it has integrated with five leading digital carriers and partners, including Openly, Clearcover, Cover, Haven Life Insurance Agency and Aon Edge to provide tech-enabled market access for independent insurance agents on its platform. Agentero's platform combines market access to digital carriers with data-driven technology that proactively identifies the needs of policyholders, matches them to the best products and streamlines the selling process for agents.

Founded in 2017, the company raised a $10 million seed round of funding led by Foundation Capital and Union Square Ventures in early 2020. Today it works with more than 500 independent agencies and is growing rapidly. Through its network of insurance carriers, Agentero provides access to homeowners, auto, flood, and life insurance, and is continually adding tech-forward carriers to help agents meet the needs of the modern consumer.

"Agents, which today sell more than 50% of P&C and life insurance in the US, are the present and future of insurance distribution, helping consumers select the right coverage for their risks. At the same time, most consumers are seeking a highly customized, digital buying experience. Our vision is to create a smarter, more intuitive insurance ecosystem that is built on strengthening agents' ability to compete in the digital market by giving them best-in-class data-driven technology combined with direct access to today's most innovative leading digital carriers," said Luis Pino, CEO of Agentero.

"Openly's value proposition to independent agents is a transparent and efficient platform that provides agents' customers with superior and comprehensive coverages," said Matt Wielbut, Openly CTO and co-founder. "Partnering with Agentero brings together two teams that are focusing on revolutionizing the insurance purchasing process by aligning cutting-edge technology and superior products.

About Agentero
With more than 500 insurance agencies, Agentero uses robust data and analytics enabling agents to proactively offer insurance choices to customers at the right time, every time, mitigating risks for consumers while growing relationships and revenue for agents. Founder and CEO Luis Pino was the first employee at insurtech CoverWallet, and has also worked for McKinsey & Co. The company is backed by Foundation Capital, Union Square Ventures in addition to other investors.

Spotlight

Business insurance can be a difficult subject to navigate. You may make assumptions about what you are and are not covered for, but when it comes to your livelihood; you can’t afford to be making mistakes that could cost you time, money or even business. We have taken a look at some of the things that people frequently get wrong about business insurance and busted the myths in the below infographic.

Spotlight

Business insurance can be a difficult subject to navigate. You may make assumptions about what you are and are not covered for, but when it comes to your livelihood; you can’t afford to be making mistakes that could cost you time, money or even business. We have taken a look at some of the things that people frequently get wrong about business insurance and busted the myths in the below infographic.

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INSURANCE TECHNOLOGY

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

GeoX | February 18, 2022

GeoX, a leader in supplying geospatial data to insurers, has today announced a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology. In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways they had not previously considered. By combining GeoX's ground-breaking technology with Sompo's significant expertise and established global distribution networks, this partnership will fuel digital transformation within the insurance industry while enhancing customer experience. GeoX has the know-how and technology to provide reliable, high-quality intelligence for residential and commercial properties across the USA. Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilizing this know-how. "In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex, We look forward to working closely with Sompo Japan, as this partnership will analyze risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before." -Izik Lavy, Co-Founder and CEO at GeoX. "Sompo Japan has been a global leader in the application of modelling and data to casualty insurance with a strong commitment to the specialty markets, At this time of significant change across the business landscape, we must develop innovative responses to emerging and evolving risks. We look forward to this partnership, as it will drive positive change within the sector promoting the development of advanced insurance underwriting using geospatial data." -Yinnon Dolev, head of Sompo Digital Lab Israel & Europe at Sompo Holdings. About GeoX GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements.

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INSURANCE TECHNOLOGY

FCCI Insurance Group and Michigan Partner to Offer Commercial Insurance Products

FCCI Insurance | March 11, 2022

FCCI Insurance Group announces its partnership with the Michigan Manufacturers Association (MMA) to offer the members of MMA commercial products and services. The designated and eligible MMA members will access local, designated insurance services, risk control options, and other expertise functionalities. In addition to it, FCCI also promises to offer manufacturers' educational seminars, FCCI Employers EdgeSM, online risk management resources, and online resources providing HR management and employment law information. FCCI's Manufacturers Premier Program thus will feature a group dividend plan based on the combined loss experience of participating MMA members. The Michigan Manufacturers Association is the state's leading advocate. It focuses on securing a prosperous future for Michigan manufacturers through multiple capabilities such as meaningful education provision, effective advocacy, and strategic business services. MMA was established in 1902. it represents the interests and needs of more than 1,700 member companies. The companies range from small manufacturers to the world's most well-known corporations. We're thrilled to announce this partnership with FCCI. The Michigan Manufacturers Association strives to provide only the best business programs for our members. We’re proud to add FCCI to our growing high-value member benefits and partnerships list. John J. Walsh, MMA president & CEO. FCCI has been offering commercial property and casualty insurance since 1959. It has also provided insurance coverages and services to many businesses worldwide. FCCI is evaluated at $2.5 billion in total assets and can be trusted by every client and company. FCCI has always supported association programs that recognize the valuable associations for their members and the contributions of skilled workers in the manufacturing industry. FCCI also provides a broad scope of insurance coverages to more than 3,000 manufacturers. Doing this enables manufacturing companies to understand the needs and unique exposures significantly. We appreciate the confidence that MMA has placed in FCCI. In collaborating with FCCI as its commercial insurance partner, MMA has ensured its members are entrusted to a carrier to meet their needs. We pledge to uphold that trust and look forward to bringing our coverages and service to MMA members. Greg Kramer, senior vice president for FCCI's Midwest Region.

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INSURANCE TECHNOLOGY

Verisk Analytics Lauded by Frost & Sullivan for Pioneering Telematics Data Exchange for Usage-Based Insurance in North America

Frost & Sullivan | August 17, 2021

Based on its recent analysis of the North American telematics data exchange market, Frost & Sullivan recognizes Verisk Analytics with the 2021 North American Company of the Year Award for pioneering connected telematics data exchange technology. With the largest data repository of connected vehicle driving data in North America, the Verisk Data Exchange provides significant value to consumers, insurers, and original equipment manufacturers. Consumers benefit from personalized premiums, insurers gain unprecedented access to telematics data from connected vehicles and operational efficiencies for their usage-based insurance (UBI) programs, and OEMs are able to deliver enhanced connected services that enrich the overall ownership experience for their drivers. "Verisk has successfully built a platform that supports major stakeholders, such as insurers and OEMs, while planning for the future of connectivity," said Niranjan Manohar, Consulting Director, Mobility. "By providing instant access to telematics data from connected vehicles, its platform allows insurers to assess risks accurately. The resulting operational efficiencies enable them to not only streamline underwriting processes but identify and retain safer drivers and increase customer touchpoints." With driver cosent, Verisk's platform collects data from more than 8 million telematics-equipped vehicles through relationships with four major OEMs: Ford, GM, Honda, and Hyundai. Through Verisk's risk analytics capabilities and reach to insurers, these OEM alliance partners can deliver high-value connected services that enhance the ownership experience, helping drivers improve and making it easier to unlock behavior-based discounts. Even though other telematics service providers draw data from millions of vehicles, few companies can boast the network effect that Verisk achieves through its Verisk Data Exchange. In addition to connected vehicles, the platform also supports other sources of telematics data: third-party telematics solution providers (TSPs), aftermarket hardware solutions, and smartphones. This source-agnostic approach allows the Verisk Data Exchange to support both personal and commercial lines of auto insurance. The data exchange model changes the dynamics between insurers and customers by enabling continuous and ongoing interactions. As connected vehicles become standard, insurers will find it easier to onboard new customers to usage-based insurance (UBI) policies because embedded telematics requires no additional monitoring. Verisk's popular DrivingDNA® solutions deliver advanced telematics risk scores and normalized telematics data to insurers at point of quote, allowing them to calculate safe driving discounts upfront. Furthermore, insurers can use this data to assess portfolio risk more accurately, create driver scoring models, and improve customer engagement tools, benefitting policy holders. "In a space that has seen many new entrants emerge, Verisk remains a trusted name with years of experience. Besides four of North America's largest OEMs signing into the network, Verisk serves five of the top 10 insurers as well as numerous other mid-market, regional, and insurtech customers," noted Niranjan Manohar. "As the network of connected vehicles continues to expand, the Verisk Data Exchange is poised to scale and adapt to the needs of insurance partners, OEMs, and drivers." Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration. Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.

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