CORE INSURANCE, INSURANCE TECHNOLOGY
Inszone | January 30, 2023
Austin Insurance was recently acquired by Inszone Insurance Services, a rapidly expanding nationwide provider of benefits, personal, and commercial lines insurance.
Founded by Cole Austin in 2005, Austin Insurance has been providing excellent insurance services to the Grand Prairie (Texas) area for over a decade. Through the years, Austin Insurance has been able to offer a variety of insurance products to the residents of Grand Prairie and contribute to the city's continued economic expansion and new job opportunities.
Inszone Insurance's Dallas office will now handle the day-to-day business previously run by Austin Insurance. As a result, customers may expect the same high quality of service from Inszone Insurance as they have in the past.
Chris Walters, CEO of Inszone Insurance Services, remarked, "Austin Insurance has built a strong reputation across Grand Prairie as a trusted partner for residents to protect their assets." He further added, "This acquisition is another important step in our growth in the Lone Star State as we continue to identify and invest in agencies that will help provide and offer increased services and options to our customer base."
(Source – Business Wire)
Nevertheless, in the coming days, Inszone Insurance is likely to reveal several acquisitions in addition to opening additional facilities.
About Inszone Insurance Services
Inszone is a full-service insurance brokerage founded in 2002 with headquarters in Sacramento (California). It offers various insurance products, including property, casualty, and employee benefits. Supported by a strong and experienced management team, it has grown both independently and by buying other companies. The organization currently has 37 sites across the states of California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Texas, and Illinois and hopes to continue expanding across the country.
Combined Insurance | November 21, 2022
Combined Insurance Company of America, a Chubb company and a leading North American provider of supplemental insurance sold to employees at the worksite and directly to individuals, announced today that it has opened a new regional office in Columbia, South Carolina.
"While the trend in many industries is to move away from in-person work, Combined believes it's important to offer our team members choice, flexibility, and a collaborative environment, Columbia is a wonderful place to do business. It offers a labor market talent-rich in insurance industry expertise, and the Southeast is a prime region for voluntary business sales growth."
-Rich Williams, President of Combined Insurance
Open, Flexible Space
Combined's new regional office is located in 13,000 square feet on the 23rd floor of the Capitol Center, South Carolina's tallest building and more commonly called the Truist Building. The open floor plan provides an outstanding setting in which to host broker and customer meetings.
Nearly 30 team members in the Columbia area, who previously worked remotely, will call the office home, including a cross-departmental mix of executives, sales and field support leadership, as well as members of the claims, compensation, finance, legal, licensing, marketing and operations teams. The office also provides additional space to accommodate additional staff as needed in the future.
We have created a space where our teammates – not only from the Midlands but across the national Combined footprint – can gather to collaborate and work on behalf of our customers and policyholders, The area's abundant talent across job roles and the benefits industry makes it the perfect place for Combined to grow,said Eileen Castolene, Senior Vice President and Chief Operations Officer for Combined.
Voluntary Benefits Sector
Combined offers life, accident, cancer, critical illness and disability insurance, as well as hospital indemnity protection. These products, when offered through the worksite, allow employers to offer employees additional financial peace of mind during these times of rising healthcare costs and economic turbulence.
In today's tight labor market, a competitive benefits package can assist employers in recruiting and retaining talent. In fact, more than three-quarters of employees say voluntary benefits positively affect their decision to work for, or stay with, an employer (Corestream, 2021).
Today's announcement comes at an important time for Combined, as it celebrates its 100th anniversary in business. The company was founded Nov. 13, 1922 in Chicago.
As we mark our 100th birthday this week, and celebrate our distinctive history, we're proud to start our second century by expanding our office footprint and investing in Columbia, This new office enhances our ability to provide insurance solutions of value and help individuals and families in times of need,Williams said.
About Combined Insurance
Combined Insurance Company of America is a Chubb company and a leading provider of supplemental accident, health, disability, and life insurance products in the U.S.* and Canada. Headquartered in Chicago with a tradition of 100 years of success, we are committed to making the world of supplemental insurance easy to understand. The company has an A+ rating by the Better Business Bureau and an A + (Superior) financial strength rating by A.M. Best. We are ranked by VIQTORY as the number one Military Friendly® Employer in 2022 (over $1 billion revenue category), marking Combined's eleventh consecutive year on the Top 10 list.
RISK MANAGEMENT,INSURANCE TECHNOLOGY
Vouch | December 27, 2022
Vouch, known as the 'Insurance of Tech,' recently launched the first insurance solution for Web3 companies. Under this, it will cover Web3 companies with insurance policies, including smart contract vulnerabilities, DAOs, crypto, and more.
"The global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030."
- Grand View Research
In the past year and a half, about 3,000 startups have raised almost $40 billion. Many of these are run by founders who are building strong companies that solve real problems for real users. Till now, Web3 companies had to settle for insurance that didn't meet their needs or make do with what they already had, which eventually slowed their growth.
Vouch has become the most trusted partner by getting $160 million from the best companies in Silicon Valley. Its newest market includes Web3 companies, while Ansible Labs, Bitwave, Stardust, and Utopia Labs are some of its launch clients.
Traditional policies tend to leave crypto out, but Vouch's Web3 Protection Policy covers that. In addition, the policy includes four coverages that can be expanded to cover key Web3 risks based on the needs of the client:
Directors & Officers (D&O) insurance helps protect the company and the personal assets of its founders, officers, and board members from claims of wrongdoing, such as misrepresentation or breach of fiduciary duty, as well as the costs of responding to or defending against the claims.
Errors and Omissions (E&O) insurance protects the company when a customer claims that the company's services caused them to lose money.
Cyber: It helps pay for data breaches caused by mistakes, hacking, and social engineering. It also protects against privacy violations, security failures, and system failures.
Crime: Helps protect the company from employee theft, forgery, and fraud, as well as some digital assets.
Vouch has built a strong partner network to meet the needs of its Web3 customers in addition to its coverage. In the partner network, Fireblocks is responsible for direct custody technology, Silicon Valley Bank for banking, Upside for token management, and Tactic for accounting.
Vouch Insurance is a new type of insurance platform for startups that is trusted by the startup industry's biggest names, including Y Combinator and Silicon Valley Bank. Everything has been designed for startups by experienced founders, from onboarding to claims. The company, which has offices in San Francisco and Chicago and whose fully digital coverage can be activated in minutes, assists clients in managing, mitigating, and avoiding risks.