CORE INSURANCE, INSURANCE TECHNOLOGY
Bamboo Insurance | February 07, 2023
Recently, Bamboo Insurance, a diversified insurer committed to providing a customer-driven experience, announced homeowner's insurance availability in Arizona.
The insurance coverage will now provide Arizonans with improved underwriting structures, user-friendly technology, and unparalleled service, in addition to rational and inexpensive home coverage options.
Soon, Arizona homeowners and agents will be able to use the new way Bamboo does insurance, which emphasizes ease of use, open communication, and support for policyholders. In contrast to other businesses, Bamboo does not reduce customer support spending in order to increase profits; this is due to the company's focus on satisfying its clientele. Customers in Arizona can now take advantage of Bamboo's excellent services, such as its knowledgeable team of insurance advocates and reliable 24/7 claims assistance.
John Chu, Bamboo Founder and CEO, stated, "The launch of our Arizona product represents an exciting milestone in our expansion outside of California."
"By leveraging our proprietary underwriting models and easy to use technology platform, we're able to offer customizable coverage, for the right price, to the Arizona market," John Chu added.
(Source – Cision PR Newswire)
For 2018 and beyond, the company has carved out a special place for itself in the market by meeting the needs of disrupted industries by providing homeowners insurance at reasonable rates. It's getting harder to acquire reliable insurance in states like Arizona that are vulnerable to harsh weather. It is proud to provide Arizonans with a novel, low-cost insurance choice by utilizing cutting-edge data science and in-house underwriting tools.
Jonathan Vitale, Bamboo Co-Founder and Vice President of Sales stated, "When we started Bamboo, the vision was to push the insurance industry forward by providing quality products and coverage to our insureds."
"We paired that with a big emphasis on leveraging technology to deliver to our agents an industry-leading quoting platform that is focused on speed, ease of use, and simplicity. We're thrilled to be able to bring that experience to Arizona," he concluded.
(Source – Cision PR Newswire)
About Bamboo Insurance
An insurance company focused on expansion, Bamboo Insurance's objective is to simplify and modernize the client's insurance experience while maintaining a relentless commitment to customer advocacy. The company is streamlining the insurance process with the help of data and technology to improve transparency for its business partners and policyholders.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Socotra | February 23, 2023
Socotra, an insurance solutions provider, has recently announced a vast market expansion in Europe, having the primary drive in the United Kingdom, France and DACH. This expansion is supported by API-driven cloud-first technology, accelerating demand generation and insurers’ speed-to-market at a low expanse.
It has achieved strong growth in 2022 with about 75% customer growth, approximately 71% revenue increase and over 117% YoY increase in policies on SaaS managed platform. Its clients, like MS Amlin and AXA, are increasing significantly, and API-driven cloud-first technologies are required. These technologies would enhance product launches and flexibility and decrease IT expenditures.
Its solution, Socotra Connected Core, offers insurers the authority and flexibility to launch any insurance product through any chosen distribution channel. Moreover, these products can efficiently be distributed to even local places around the world, adhering to the rules and the currency of that place with the details of date and address formats. Its other solution, Socotra App MarketPlace, provides instant access to the software and insurance data providers with a click-to-run experience for all its customers without additional cost.
Founder and CEO of Socotra, Dan Woods, said, “Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere.” He added, “We are greatly increasing our investments in Europe and hiring top talent on the ground. Our major push into the UK and European Union continues our commitment to helping insurers thrive around the world. Our first customer in Europe was in 2017, and since then we’ve made steady progress throughout Europe. We are seeing increasing demand for technologies like Socotra that are fast, flexible, cost-effective, and mature.”
(Source – Business Wire)
About Socotra
Headquartered in San Francisco, California, Socotra, a software development company, has provided solutions for the insurance sector since 2014. Working with global insurers, it has modified their technology for innovative products and business growth. It gives insurers an advanced enterprise-grade core system for the rapid development and distribution of insurance products, enhancing their customer services. It accelerates operational speed and flexibility and provides more control to the insurer over their businesses. Its complete insurance solutions improve product development, customer experiences and cost-effectiveness for global insurers and insurtech MGAs.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Falvey | February 28, 2023
On February 27, 2023, Falvey Insurance Group (Falvey) launched inland marine coverage to its existing product offering. With the natural extension, it has on board an experienced team to establish this inland marine product in the insurance market.
The list of the experienced team members and their respective designations in the company is as follows:
Ed Helfers – Principal, Inland Marine
Lisa Uzzo – Principal, Inland Marine
Joanne Stewart – Cicero – Vice President, Claims, Inland Marine
Maureen Connelly – Associate Vice President, Inland Marine
Thomas Helfers – Associate Vice President, Inland Marine
Bob Sundberg – Manger Underwriting Operations, Inland Marine
Its premium product provides excellent coverage with additional value-added services at no extra charge. With its experience in the insurance market, it has developed relationships with its customers and brokerage partners. It has always addressed the urgent needs of the clients and offered solutions that are beyond their expectations. With one broker agreement, clients have access to complete Falvey Insurance Group's products with the universal claim and loss control experience. In addition, clients experience similar quality service from any of its underwriting teams.
Chief Underwriting Officer of Falvey, Mike McKenna said, "We are excited to have Ed, Lisa, Maureen, Thomas, Joanne, and Bob join Falvey to lead our newest product offerings in the Inland Marine marketplace. This group is uniquely qualified with substantial experience across underwriting, policy administration as well as claims enabling a fast-to-market launch." He added, "We are excited for the opportunity to join Falvey and build a product from the ground up especially with an organization that has an aligned passion for success and strong work culture. As Falvey is already growing in marine and transportation markets; expanding into Inland Marine and related property products will assist in continuing the expansion in the specialty space."
(Source – Cision PR Newswire)
About Falvey
Headquartered in North Kingstown, Rhode Island, Falvey, an insurance services provider, has connected insurance brokers, clients and agents worldwide since 1995. It provides services for insurance claims, underwriting, loss prevention, cargo insurance, pollution insurance, shipper insurance, stock throughput, transportation, and logistic liability. In addition, its wholesale division offers supplement products like a product recall, motor truck cargo, and builder's risk. It specializes in solutions for freight, supply chain, logistics and transportation. Its underwritings include three significant segments; general cargo, life sciences, and technology. In addition, it offers full-value, all-risk domestic and international shipping insurance through an API integration with the client's existing shipping software.
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