Hourly.io | November 14, 2022
Hourly.io, a fast-growing workers' comp and payroll startup, announced today that it is expanding its reach through its collaboration with Cincinnati-based Great American Insurance Group.
In this expanded collaboration, Hourly will serve as a Managing General Agent (MGA), leveraging its underwriting expertise and unique workers' compensation and payroll technology with Great American's well-established reputation. Established in 2018, Hourly offers a full-service platform that connects workers' comp, time tracking, and payroll in real-time for small and medium-sized business owners with hourly workers, an innovation that ensures premiums are calculated accurately using real-time data analytics. Hourly is the only company in the industry to bridge the gap between workers' comp, payroll, and time and attendance.
"Collaborating with Great American Insurance Group was the clear choice when deciding how we will expand and develop new business in our next phase of growth, Great American is the perfect match for Hourly's next stage of evolution. We're excited to align with them and help small businesses gain better insights into their exact labor costs and provide them with better tools to manage those costs, including workers' comp premiums."
-Hourly Co-founder and CEO Tom Sagi
As a longstanding player in the insurance industry, Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The company provides insurance products and services aimed primarily at the property and casualty insurance markets and focuses on specialty commercial products for businesses. The relationship will bring together Hourly's leading-edge technology and Great American's established credibility to better meet the needs of more clients.
We're excited to build on our collaboration with Hourly, Both Hourly and Great American Insurance Group share the same commitment to helping these businesses protect their employees. We are impressed with the cutting-edge technology Hourly will bring to Great American and the team's first-rate underwriting abilities,said Richard Suter, Divisional President, Great American Alternative Markets.
In October 2022, Hourly announced that it expanded its $27M Series A to $32M. The Series A was led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures, MS&AD, and Sienna VC.
Teh Chen, Hourly's Chief Revenue Officer said, The workers' comp industry is ripe for innovation and disruption—and I'm excited to leverage technology to simplify workers' comp for employers, help prevent injuries for employees, and outperform the market. Our expanded collaboration with Great American are big steps in making insurance more accessible and affordable for businesses across the country.
Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering workers' comp insurance and full-service payroll for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny.
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 Alliance Insurance Company, Great American Assurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC., 301 E. Fourth St., Cincinnati, OH 45202.
APRIL | November 28, 2022
With a turnover of €544 million in 2021, double-digit growth dynamics for 2022 and a nearly 20-point rise in its NPS, the APRIL Group has completed its transformation, achieving its objectives more than a year in advance. Building on this upward trajectory and its position as the French leader in wholesale insurance, the group has decided to take its ambitions to the next level and secure the means to become a key player at an international level.
To support this new stage of growth, the APRIL Group will now be supported by KKR, which, as a majority shareholder, will bring its global expertise in insurance and financial services.
The transaction will be subject to the usual legal and regulatory approvals.
"The APRIL Group was created 35 years ago by a visionary entrepreneur. After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale. This next chapter will be enabled by the management team, our 2,300 employees, and KKR, for the benefit of our partners and policyholders,"
- Eric Maumy, President & CEO of APRIL Group
Over the past 3 years, the APRIL Group has reinvented itself:
Organic growth of +8% in 2021 thanks to substantial work on products in France and worldwide across all its markets - loan insurance, health / personal protection, casualty niche insurance, international medical insurance - and entering a new market, property insurance, through the acquisition of Magnacarta;
Improvement in customer experience, as recognised by 24-point NPS;
Returned to its position as an industry leader, with all actors mobilised around the liberalisation of the loan insurance market;
Strengthened digital and technological capabilities, with the creation of the dedicated APRIL X hub and the acquisition of ELOA and Comparadise;
800 employees recruited in 3 years;
International expansion, with offices opened in Germany and Dubai.
APRIL is the leading wholesale broker in France, with a network of 15,000 partner brokers. The group's 2,300 staff members aim to offer their customers and partners – individuals, professionals and companies – an outstanding experience, combining the best of human relationships and technology, for health and personal protection for individuals, professionals and VSEs; loan insurance; international health insurance; property and casualty niche insurance; and asset management. By 2023, APRIL aspires to become an agile, omnichannel, digital operator, a champion of customer experience and a leader in its markets, while committing to the social responsibility goals in its Oxygen programme. The APRIL Group operates in 17 countries and recorded turnover of €544m in 2021.
PRUDENTIAL INDIVIDUAL LIFE INSURANCE | November 15, 2022
Prudential Financial, Inc., has launched Prudential FlexGuard® Life, an innovative Indexed Variable Universal Life product that offers a flexible combination of protection, growth, and access to meet consumers’ changing life insurance needs.
Inspired by the groundbreaking success of Prudential’s signature FlexGuard Indexed Variable Annuity products, which have reached over $10 billion in total sales, FlexGuard Life is a next-generation solution designed to help meet today’s evolving consumer needs.
“As our customers’ needs continue to evolve, we’re working to provide them with new ways to achieve financial security, including offerings that help to diversify their cash values and realize more benefits from their policies, FlexGuard Life performs exactly in that way, prioritizing protection, growth and access.”
-Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential
FlexGuard Life offers buffered index strategies with potential for strong cash value accumulation, while also providing levels of downside protection during periods of market volatility. It includes death benefit protection with guaranteed duration options, multiple ways to grow cash values and the ability to accelerate death benefits in the event of a chronic or terminal illness if an additional rider has been added.
The solution is customizable and can be adjusted based on changing needs, giving consumers the opportunity to take control over their future. It affords them access to cash values when needed, providing the unique opportunity to leave a legacy while also expanding access to living benefits.
ABOUT PRUDENTIAL INDIVIDUAL LIFE INSURANCE
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.