Amynta Group MGA unit to offer parametric hail insurance for auto dealers

Amynta Group | February 11, 2020

Amynta Group has announced that PDP Group – Amynta’s managing general agency specializing in offering insurance and title administration services to auto dealerships – will be offering a parametric hail insurance program. PDP Group has partnered with Hailsure Underwriting Managers to offer the new insurance program to auto dealers. A release said that Richard Duer, managing member of Hailsure, helped to develop the first parametric hail program in 2019 for auto dealers in Colorado. Starting this year, the parametric program will partner with five leading global insurance carriers, expanding its coverage capacity to all hail prone states. A release said that PDP Group will serve as the exclusive broker in the distribution of the program.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

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Idelic Introduces Idelic Insurance Agency for Fleets

Idelic | January 19, 2023

Idelic Inc. recently announced the launch of Idelic Insurance Agency, LLC, a technology-driven managing general agent (MGA) aimed at providing commercial fleets with tailored insurance coverage. The insurance pricing will reflect the fleets’ risk improvement by using the Idelic Program, a comprehensive approach to improving driver safety and reducing crashes. Idelic Insurance Agency also aims to provide a modern approach to improving insurance outcomes by allowing fleets to use technology and processes to reduce losses. The insurance agency will price renewals based on the fleets’ successful adoption and results. The Idelic Program consists of two major components: Safety Suite® and Driver Safety Playbook. Safety Suite® is the best driver performance management platform in the trucking industry. It collects driver risk data and uses machine learning algorithms to identify high-risk drivers. Meanwhile, the Driver Safety Playbook is an excellent guide to engaging drivers, providing coaching and step-by-step professional development plans made by working with insurers and trucking's safest fleets. On average, fleets utilizing Idelic Program can witness a 20% decrease in preventable crashes in the first year. "Commercial auto fleet insurance is inherently complex with a multitude of nuances from fleet to fleet. The process of evaluating risks has traditionally relied on underwriter experience and judgment, but insurers are increasingly looking for a more data-driven way to evaluate risks. Idelic Insurance Agency will do just that," stated Michael Gramm, Senior Vice President of Insurance at Idelic Insurance Agency. "By working closely with fleets that choose to use the Idelic Program, we can better leverage critical driver behavior data to quote policies that reflect their reduced crash risk," he added. (Source – Business Wire) The Idelic Program and Idelic Insurance Agency are timely solutions to help fleets combat rising insurance rates and reduce losses significantly. However, fleet insurance costs and availability are once again among the Top 10 motor carrier executive concerns listed by American Transportation Research Institute (ATRI). About Idelic Inc. Pittsburgh-based Idelic is a software provider dedicated to delivering the best insurance outcomes for fleets. The Idelic Program combines process and technology in a tool designed for and proven successful among fleets and insurers alike. Additionally, the program uses predictive analytics to identify risky drivers and professional development plans to help change behavior patterns and provide insurers with evidence of long-term improvements in crash reduction to negotiate lower rates. The company's experienced technical and industry experts understand the trucking and insurance industries' needs and provide tailored solutions to clients' real problems.

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CORE INSURANCE, RISK MANAGEMENT

Insurify to Acquire Compare.com, Bolstering Consumer Insurance Options

Insurify | March 13, 2023

Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023. This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand. Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company. Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market." (Source – Business Wire) Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity. About Insurify Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.

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CCC Intelligent Solutions Joins Duck Creek’s Strategic Partner Program

CCC Intelligent Solutions and Duck Creek Technologies | February 03, 2023

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