AmWINS launches new commercial property flood product

Insurance Business America | May 03, 2019

AmWINS Group, in conjunction with its recent acquisition of The Flood Insurance Agency (TFIA), has launched a new commercial property flood product designed to eliminate out-of-pocket expenses not covered by traditional flood insurance. FloodFLEX is an endorsement that increases the loss payable under “Coverage A – Building Coverage” of a commercial flood policy from 10% to up to 100%, according to AmWINS. It allows the insured to select the percentage of additional coverage for a single additional premium payment. An insured with a FloodFLEX policy will receive two payments in case of covered flood damage to a building: one payment for the covered flood loss, and a second FloodFLEX payment equal to the selected percentage of the covered flood loss. “After the devastating hurricanes in the past two years and the extensive flooding that ensued, it became clear that there was a need for a new product that provided coverage for many of the unexpected expenses that insureds face in the aftermath of a flood,” said Evan Hecht, CEO of TFIA. “FloodFLEX payments may be used by an insured for any purpose, ranging from lost income and depreciation to evacuation expenses for assisted living facilities and extended loss of revenue resulting from community blight.” Coverage highlights include: First-dollar primary building/contents coverage available up to $10 million for properties located in A, X and V zones, including almost all coastal properties.

Spotlight

The average insured adult has 3.6 times his or her annual income in life insurance coverage or $166.800. That may seem like a lot but is it really enough to provide for all of your family's needs? MANY EXPERTS RECOMMEND AT LEAST. When you consider all the things you need life insurance for (e.g.. funeral expenses. pay off debts, money for everyday living needs. college funding. etc.). you begin to realize that your true need for coverage is often 10 times your annual income.

Spotlight

The average insured adult has 3.6 times his or her annual income in life insurance coverage or $166.800. That may seem like a lot but is it really enough to provide for all of your family's needs? MANY EXPERTS RECOMMEND AT LEAST. When you consider all the things you need life insurance for (e.g.. funeral expenses. pay off debts, money for everyday living needs. college funding. etc.). you begin to realize that your true need for coverage is often 10 times your annual income.

Related News

CORE INSURANCE

Zywave Named in 2021 Now Tech Report as Large Established Digital Insurance Agency Platform

Zywave | January 05, 2022

Leading insurtech provider, Zywave, has been named as one of two large established vendors in the end-to-end solution functionality segment for digital insurance agency platform providers, according to Forrester's "Now Tech: Digital Insurance Agency Platforms, Q4 2021" report. The report overviewed 13 digital insurance agency platform providers based on market presence and functionality. Zywave is categorized as one of two large established vendors within the digital insurance agency platform space that were classified in the end-to-end solution functionality segment. "We are pleased to be named in this Forrester report, Over the past few years, Zywave has made significant investments in research and development, as well as in the acquisitions of new technologies. Today, we are proud of this recognition in the end-to-end provider functionality segment." -Eric Rentsch, Zywave senior vice president of product management. The Forrester report is a vital industry resource offering precise insights on the technology services that agencies can use to operate more efficiently. The report helps to assess the value digital insurance agency platforms can provide and further breaks them down by size and functionally, enabling businesses to make more informed decisions. A key benefit of Zywave's platform is the ability to scale to the needs of their customers, no matter their size and across personal lines, commercial lines and employee benefits. As an end-to-end solution, Zywave enables agencies and carriers to simplify digital transformation as a platform that offers marketing automation applications, integrated digital client experience software, employee mobile apps, insurance knowledge base toolkits, and distribution and compliance management offerings. About Zywave Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety.

Read More

CORE INSURANCE

AGIA joins the DOXA Insurance Holdings family of companies

DOXA INSURANCE | October 07, 2021

AGIA, Inc. and its sister company Worldwide Rescue and Security, Inc. (collectively AGIA) are pleased to announce their respective acquisitions by DOXA Insurance Holdings, LLC (DOXA). AGIA will continue operations under the leadership of CEO Chris Burke and team and will retain the AGIA and Worldwide Rescue and Security names. AGIA is one of the industry's few remaining affinity focused program managers of its size, scale, and brand value. For more than 65 years, the company has maintained a national reputation for delivering creative and effective affinity products, marketing excellence, and providing a superior level of service to its marquee client roster, which includes some of the largest and most iconic associations, affinity groups, and organizations in the country. Our senior leadership, board of directors, and ownership considered a variety of strategic plans to power AGIA's continued growth and ultimately decided that it was time to make AGIA a part of something bigger, with more growth opportunities and an investment appetite that would also include funding targeted acquisitions,Taken together, DOXA's mission, vision, and corporate cultures were a perfect fit for us. - Chris Burke, President and CEO of AGIA. DOXA is a privately held company whose mission is to build a diversified underwriting and distribution platform that delivers value for clients, customers, carriers, and investors via thoughtful acquisitions and organic growth. AGIA represents for DOXA an entry point of scale, highly specialized expertise, and intellectual capital in the affinity space; it will become the platform upon which DOXA will build its business and growth in the affinity and program management sector. I'm excited to welcome AGIA to the DOXA family of companies, We share a vision to become the choice builder and provider of highly specialized niche programs and products; and we look forward to helping AGIA achieve the next-level growth they so strongly desire. - Matt Sackett, DOXA's CEO. Dowling Hales, LLC advised AGIA, Inc.; the terms of the transaction were not disclosed. ABOUT DOXA INSURANCE: DOXA INSURANCE HOLDINGS is a Midwest-domiciled holding company that acquires specialty niche-focused insurance distribution companies such as Managing General Agencies, Wholesale Brokers, and Program Administrators. DOXA focuses on assisting proprietors through a strategic, reengineered approach to succession planning and organizational sustainability. DOXA's founders are experienced insurance executives with credentials in the niche and specialty insurance market. ABOUT AGIA: For more than 65 years, AGIA has served as the insurance and member benefits marketing and administration partner to some of the largest and most iconic associations and organizations in the country. Working closely with discipline, science, and creativity, we craft affinity benefit programs that help members protect what they value most.

Read More

INSURANCE TECHNOLOGY

OWIT Global Releases Advanced Version of Bordereaux Management Solution

OWIT Global | December 02, 2020

OWIT Global, a provider of insurance-specific microservices solutions for the global insurance industry, declares a serious arrival of their Bordereaux Management Solution. The new delivery grows insurance-specific business rules, furthers usefulness to help approaching and active data takes care of, and contains extra pre-characterized execution dashboards. The Bordereaux Management Solution fathoms the insurance business' need to automate bordereaux preparing for MGAs, Carriers, and Brokers. “We continue to advance our solution with input from our existing customers. For the carrier, we support complex data sets from multiple formats, such as excel spreadsheets with multiple cross-referenced tabs and delimited/fixed-length file formats. For our MGAs, we support extraction and mapping of the data from multiple databases to various carrier contract formats,” said Wendy Aarons-Corman, Chief Executive Officer of OWIT Global. “Our solution also has an analytics service built-in, providing our customers with operational dashboards to evaluate the data running through the solution.” The OWIT Global Bordereaux Management Solution is a no-code, configurable climate, giving the intensity of onboarding and overseeing bordereaux data streams to the business client. Data is burned-through, scrubbed, and changed into an ideal yield record. Rules and outsider calls to approve data is likewise upheld. “Our customers are experiencing an immediate ROI. The time to configure and test has a dramatic reduction compared to the traditional model,” Aarons-Corman continued. “We encourage the industry to take some time to investigate our solution. There is a huge advantage in leveraging an insurance-specific solution that is continually advancing with input from other insurers. It is a great opportunity to get a feature-rich solution at a reasonable cost.” About OWIT GLOBAL OWIT is a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and integrate with existing customer environments to maximize their investments. The OWIT portfolio is comprised of discrete, value-add insurance-based microservices for Bordereaux, Rules, Rating, Portal Configuration, A&H, and Specialty Point of Sale and Document Generation with future capability to tailor a full suite of Policy Administration System (PAS) microservices. The company's offerings can be deployed standalone or integrated with an insurer’s existing environment. OWIT's architecture is also designed to support emerging technologies and functionality, such as blockchain and IoT.

Read More