RISK MANAGEMENT, INSURANCE TECHNOLOGY
Businesswire | May 09, 2023
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today launched a version of its Executive Risks Insurance products designed for not-for-profit organizations. Coalition’s Executive Risks insurance for not-for-profits combines automated underwriting data collection and real-time analysis with a streamlined application process compared to the industry standard for Executive Risks applications.
“Not-for-profits need to focus on their day-to-day operations to fulfill their mission. They may not have the time or resources to address management liability issues,” said Patrick Mitchell, Coalition’s Executive Risks Lead. “Coalition’s robust suite of risk management solutions adds complementary services, including a hotline for pre-claim issues, training for employees and boards of directors, handbook builders, and more. We help not-for-profit organizations where they need it most, enabling them to dedicate their limited time and resources to areas of more significant impact.”
Not-for-profit organizations often face unique management liability claims, including those related to the misuse of funds, compensation issues, excess benefit transactions, and potential antitrust law violations, including the Sherman Antitrust Act.
Starting today, these organizations and their leaders can access A+ rated coverage for all of Coalition’s existing Executive Risks product lines—Directors & Officers (D&O) Insurance, Employment Practices Liability (EPL) Insurance, Fiduciary Liability Insurance, and Crime Insurance via our carrier. For brokers, Coalition’s quoting experience for not-for-profit organizations is highly convenient, allowing brokers to bundle all of Coalition’s Executive Risks insurance products and generate a bindable quote in minutes.
“We adapted our Executive Risks experience specifically for not-for-profits to ensure the smoothest path to help minimize and resolve management liability incidents that could seriously damage their organization,” continued Mitchell. “Not-for-profit leaders can have peace of mind knowing they have helped safeguard their organizations.”
About Coalition
Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.
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CORE INSURANCE, RISK MANAGEMENT
PRnewswire | April 13, 2023
Vouch, the insurance of tech, today announced its first embedded insurance API partnership with StartupOS, the platform that helps founders grow their startups with essential tools, expert guidance, and a community of mentors, investors, and partners. StartupOS users can now get quotes for General Liability and Business Property insurance coverages from Vouch directly from the StartupOS platform. Additionally, the platform will host free risk management training modules from Vouch that are designed specifically for early-stage founders. The partnership underscores both companies' commitment to serving early-stage founders and to helping them protect their companies from the beginning.
"Two-thirds of founders get business insurance at company formation, but zero percent of first-time founders do. When it comes to insurance, there's both an awareness and a trust gap that leaves many early-stage startups under-covered and vulnerable," said Travis Hedge, Co-founder and CRO, Vouch. "With embedded insurance from Vouch, companies on the StartupOS platform can work directly within the platform they already use to get educated on the coverages that are essential to their business, get quotes, and work with Vouch to seamlessly complete the process of purchasing insurance."
Vouch's API allows partners like StartupOS to take advantage of Vouch's core underwriting functionality through an integration that is easy to implement and maintain. The API allows partners to offer materially better experiences to their users so that buying insurance feels like a native part of their platform.
"We're thrilled to partner with Vouch to provide business insurance training and insurance products directly through our platform," said Jeff Wagner, Chief Platform Officer at StartupOS. "Through our collaboration and API integration, we are ensuring that our startups have access to the best insurance products tailored to their needs. This partnership is a significant step forward in our commitment to providing startup founders with the most innovative and comprehensive solutions to support their growth. We are excited about the value this will bring to our founders and look forward to a successful partnership with Vouch."
About Vouch
Vouch is a US-based provider of business insurance to thousands of high-growth companies that has raised $160 million from top-tier Silicon Valley institutions and investors including Ribbit Capital, Redpoint Ventures, Y Combinator, and Index Ventures. Since its inception in 2018, the company has empowered clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
As 'The Insurance of Tech', Vouch believes it's their responsibility to deliver effective and affordable insurance solutions to innovators in emerging categories. These entrepreneurs are making huge bets on the future, and it's Vouch's job to insure away the risks that are incidental to their vision. Today that means launching protection for Web3. Tomorrow, it could be Climate, or Space. Wherever the next generation of founders goes, Vouch will be there to protect them.
About StartupOS
StartupOS is a platform that elevates startups with essential tools, expert guidance, and a supportive community of mentors, investors, and partners to help founders grow their startup. The platform aims to increase the overall number, confidence, and probability of long-term success for all founders, regardless of their background.
StartupOS offers a series of learn-by-doing activities to equip founders with all the resources and knowledge they need to build their startup from the ground up, making it the perfect platform for validating ideas, building an MVP, achieving product market fit, and pitching to investors. Paired with a vast community of mentors and investors, StartupOS provides access to invaluable startup knowledge and resources that are essential to every founder's journey. The platform also offers access to an extensive Partner Ecosystem loaded with top-tier solutions and services to streamline and simplify a founder's back-office operational needs.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Globenewswire | May 22, 2023
Applied Systems® today announced that VP Custom Insurance Solutions has selected Applied Digital Agency to digitally transform their business and customer service models. The agency will leverage Applied Digital Agency to connect the digital roundtrip of insurance and automate day to day operations to increase staff productivity and enable their ambitious growth agenda beyond California.
“As a woman-owned business in a male-dominated field, we’re excited to make a name for ourselves with our forward-thinking approach,” said Ashlynne Vega, Co-Owner, VP Custom Insurance Solutions. “The insurance industry continues to become more tech-focused, so agencies need to keep up or risk getting left behind. Partnering with Applied will elevate our agency and help us stay ahead of the curve.”
Applied’s Digital Agency solution consists of a foundational management system, online customer self-service and mobile technology, commercial lines application digitization and automation, and insurer connectivity, all hosted in the cloud. The fully integrated solution enables agencies to create higher-value business transactions and deliver superior customer experiences throughout the entire insurance lifecycle. By leveraging integrated applications that enable agencies to manage their entire business and eliminate duplicative work typically caused by multiple, disparate systems, digital agencies operate more efficiently, improve customer service, and accelerate growth and profitability across all lines of business.
“Growth-minded agencies are smartly turning to technology more and more to modernize their sales and marketing efforts while automating low value tasks,” said Anupam Gupta, Chief Product Officer, Applied Systems. “Applied’s Digital Agency software will enable VP Custom Insurance Solutions to simply their staff’s daily tasks and make the customer lifecycle – from prospecting to quote, bind, service, and renewals – more modern at each touchpoint.”
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
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