CORE INSURANCE, INSURANCE TECHNOLOGY
Companjon and bunq | February 10, 2023
Companjon, an insurance company, has recently announced its partnership with bunq, a finance company, bringing an end-to-end embedded insurance solutions to bunq users in European markets and providing automatic compensation for financial losses.
This partnership will enable Companjon to offer an extended warranty and purchase protection, covering financial loss for goods purchased by bunq Easy Green users. bunq's Easy Green plan allows users to reduce their carbon footprint and plant a tree for every 100 euros spent on any bank card. In addition, when they purchase goods using the bunq Metal Card, they will get Companjon insurance coverage for security and an enhanced user experience.
CEO of Companjon, Matthias Naumann, said, "We're excited to partner with a de facto innovator the likes of bunq and to enhance their users' banking experience." He added, "Companjon's embedded insurance solutions complement bunq's product portfolio and strong market position, and we're looking forward to working together to bring value and peace of mind for end-customers."
(Source – Globe Newswire)
Founder and CEO of bunq, Ali Niknam, said, "In everything we do, we strive to make our users' lives easy. By offering our Easy Green users added security when using their bunq card, we make sure they can focus on whatever's important to them instead of money admin."
(Source – Globe Newswire)
About Companjon
Headquartered in County Dublin, Companjon, an insurance and technology solutions provider in Ireland, provides end-to-end embedded insurance with total digital mediums, bringing automated insurance solutions to its partners' online purchases and bookings. Since 2020, it has created a positive insurance user experience for business growth, additional revenue, and customer loyalty. It specializes in add-on solutions, business-to-business transactions, finance and technology, and insurance. In addition, it interacts with customers throughout their journey through end-to-end digitization, dynamic offerings and pricing, automated claims, instant payouts, and push and pull notifications.
About bunq
bunq, a finance company, has been creating fintech innovations to make banking and money management easy and transparent since 2012. For businesses, it creates a business bank account without paperwork and in-person requirements, revolutionizing the traditional banking industry with the international team from about 43 nations. With the acquisition of Belgian fintech TriCount, it gained 5.4 million new users in 2022, making it the second-largest neo-bank in the European Union. Users can save, spend, budget, and invest money from their phones using its mobile banking application.
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RISK MANAGEMENT, COMPLIANCE
Fortegra | March 03, 2023
On March 2, 2023, The Fortegra Group, Inc., a worldwide specialty insurer and Tiptree Inc., announced a partnership with Adlaur LLC, a newly-formed firm helmed by former Spinnaker Insurance Company executives - Adam Tyburski and Laurence Bunin.
The partnership will let Fortegra use its A- (Excellent) AM Best Financial Strength Rating to offer innovative capacity solutions to leading MGAs and PAs in niche and under-contracted areas across the United States.
Mark Rattner, Executive Vice President and Chief Underwriting Officer at Fortegra, expressed, "We are excited to support Adlaur and its trailblazing approach to program business." He added, "With this independent underwriter bringing company programs that have already been vetted, our strategic relationship will enable Fortegra to continue its growth by efficiently meeting the capacity needs of our MGA partners."
(Source – Cision PR Newswire)
Adlaur's distinctive methodology combines proactive sourcing, rigorous production partner oversight, and reporting, along with complicated reinsurance structuring and economic modeling expertise. The company was established so that property, liability, and specialty lines, all for small businesses, could be evaluated. Primarily through reinsurance broker markets, the industry will be sought out and written on an admitted, excess, and surplus line basis, with an initial emphasis on excess and surplus line programs.
Adlaur can consider per-risk gross limits of up to $2.5 million or net limits of $1 million after reinsurance. Its initial focus will be on lower-limits commercial, specialized personal and specialty lines, and strategic reinsurance for the program business.
About Fortegra
Fortegra and its subsidiaries have provided risk management solutions for over 40 years, helping people and businesses prosper in unpredictable times. Being a global specialty insurer, the company offers a variety of accepted and surplus insurance and warranty products. The company writes admitted as well as non-admitted insurance and insurance-related products worldwide.
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AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY
Cover Whale | March 02, 2023
On March 1, 2023, Devron, a pioneer in artificial intelligence and machine learning for distributed and private data, announced its cooperation with Cover Whale Insurance Solutions, Inc., a top commercial trucking insurer and a rapidly expanding insurtech.
Using Devron's federated data science platform, Cover Whale will build and train AI models that can quickly add new and different data sources to estimate risk better, offer to coach drivers, and align premiums.
The Driver Safety Program offered by Cover Whale uses data science and AI to analyze risk and develop strategies to reduce it, making roads safer. The platform provided by Devron simplifies the process by enabling access to additional datasets and doing away with the requirement, cost, and privacy risk associated with relocating data. This federated method enables Cover Whale to design, train, and run more effective models to identify unsafe driving behaviors or circumstances more efficiently.
In the past, for businesses to extract, duplicate, and move large amounts of data to get insights, they were required to develop complicated infrastructures. Devron gets around this requirement, so Cover Whale can build and train machine learning models on datasets where they are already stored. These datasets may include, for example, claims information, various vehicle telematics, external data related to highways, weather conditions, and other such information to acquire a more informed perspective on risk.
Cover Whale has commissioned Devron to speed up ongoing data science projects, lay the groundwork for the future development of its operations, and enable faster access to various data sources, formats, and types while producing richer insights with less effort.
About Cover Whale
Cover Whale is an insurtech founded by industry veterans and tech entrepreneurs that provides cutting-edge policies for commercial vehicles through AI, sophisticated underwriting, and extensive data integration. Coverage, telematics, dash cams, and real-time driver teaching are part of its innovative Driver Safety Program, which aims to reduce claims, improve road safety, and save lives in the United States. The company also provides over 5,000 agencies with the quickest and most user-friendly online quote system.
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