WORKERS COMPENSATION,INSURANCE TECHNOLOGY
Axis Launches | January 04, 2023
AXIS Capital Holdings Limited has announced the implementation of a Specialty Package Policy for manufacturers through its Environmental business unit. The SPPm policy protects manufacturers against a wide range of general and environmental liability risks in a single insurance package.
Manufacturing, distribution, warehousing, and processing businesses, as well as waste storage, treatment, and disposal facilities, are all covered by SPPm. The new policy is accessible to US-based manufacturing and distribution enterprises with up to $2 billion in revenue.
According to AXIS, this new environmental product is just one element of its larger initiative to bring more advanced capabilities and fresh ideas to the niche market. As a result of the complexity of the risks they confront, manufacturers and wholesalers require insurance policies of an equally high level of sophistication.
SPPm offers ISO-based CGL, product and product pollution liability, non-owned site pollution liability, transportation pollution, premises pollution liability, employee benefits administration, emergency response expense coverage, and product withdrawal expense.
As general liability and environmental risks become more linked, AXIS says it's no longer prudent to examine them separately. With SPPm, the company can provide its partners with an integrated solution to managing complicated risk and coverage in a simple, smooth, and cost-effective way.
About AXIS Capital
AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance through its operating subsidiaries. As of September 30, 2022, the company held shareholder equity of $4.3 billion with locations in Bermuda, the United States, Europe, Singapore, and Canada. The ratings of 'A+' ('Strong') and 'A' ('Excellent') that have been given to the company's operating subsidiaries by Standard & Poor's and A.M. Best, respectively, reflect the company's excellent financial standing.
CORE INSURANCE,AUTOMOBILE INSURANCE
LuckyTruck and Great American Insurance Group | December 02, 2022
LuckyTruck, the tech-enabled retail agent focused exclusively on trucking, announced today it has collaborated with Great American Insurance Group (GAIG) to launch a fully digital Motor Truck Cargo (MTC) product.
Over the last decade, the commercial insurance industry, especially trucking insurance, has been slow to adopt digital products. Historically, getting motor truck cargo coverage took a trucker between one to three days. Together, LuckyTruck and Great American Insurance Group will enable truckers to obtain a quote, purchase, and bind a policy in 10 minutes or less.
"We are pleased to be working with Great American, Their financial strength, competitive coverages, and focus on providing a great customer experience through innovation aligns with what we do at LuckyTruck."
-Julie Zimmer, CEO of LuckyTruck
Great American's MTC product is fully digital, eliminating 100+ question applications, back-and-forth phone calls, multiple emails, and manual payment processing. Powered by Ascend's modern payment platform, LuckyTruck allows customers purchasing the GAIG MTC product to pay-in-full or enroll in premium financing instantaneously. After payment, the policy is bound in a matter of microseconds. Instead of sitting on the side of the road waiting days for coverage, truckers can hit the open road in just a few minutes with the coverage they need.
Truckers are often on the road during their insurance agent's typical business hours, and in the fast-paced world of trucking every minute counts, We saw an opportunity to connect with our insureds differently, in a way that better meets their needs. Our digital (MTC) product is smart, fast, easy-to-use, and accessible around the clock via the LuckyTruck platform,said Travis Murphy, Assistant Vice President of Business Development, Great American Property & Inland Marine.
LuckyTruck is looking forward to building its relationship with Great American and advancing their shared goal of creating a digital-first approach in the trucking industry.
Launched in 2019, LuckyTruck is a modern insurance platform for commercial trucking. It is the first all-in-one retail platform exclusively focused on the trucking insurance market.
About Great American Insurance Group
Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC.
CORE INSURANCE,RISK MANAGEMENT
Betterview and FMT Insurance | December 16, 2022
FMT Insurance (FMT), today announced they have selected insurtech company Betterview’s Property Intelligence & Risk Management Platform to gain a more complete, actionable view of real property risk.
For over 100 years, FMT has provided strong coverage at a fair price for farmers and homeowners in Tennessee. However, like many companies today, they often struggle to acquire a clear, continuous view of real property conditions. So, in order to improve underwriting efficiency and augment their claims process with historical imagery, they sought out the right insurtech partner.
“The combination of high-quality imagery and workflow management tools offered by Betterview was exactly what we were looking for, They give us a better view of risk at every stage of the policy lifecycle, from new business, to renewals, to claims. In addition, their platform gives us the consistent oversight that we need, saving us money on inspections and helping us mitigate fraudulent claims.”
-Lora Clark, underwriting manager at FMT
Betterview believes its product will help FMT cut costs and optimize inefficient processes. Insurance companies today need to make use of new technologies, including artificial intelligence and machine learning, in order to remain profitable in the face of evolving risk, We are confident that the tools on our platform can help FMT to write better risks and to improve efficiency in the underwriting and inspections processes,says Betterview co-founder and chief operating officer Dave Tobias.
About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent.
About FMT Insurance: FMT Insurance is a statewide property-casualty insurance company domiciled in Tennessee. FMT exists to provide good coverage at a fair price. We are devoted to maintaining a financially sound company that delivers honest and fair service to our policyholders, partners, and community.