Compliance
PR Newswire | September 21, 2023
NEXT Insurance, a leading digital small business insurer, today announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. NEXT's Coverage Builder represents a fundamental leap in allowing agents the ability to micro-tailor small business quotes for their clients, all while maintaining NEXT's superior instant bind capabilities. Coverage Builder is fast, easy to use, and tailored exclusively to agents pre-purchase, equipping them with the tools they need to select the appropriate limits and fully control the coverage they're quoting.
With Coverage Builder, agents can select their base policy limits, add or remove coverage or update limits post-purchase, all while benefiting from the convenience of instant underwriting and price updates. This saves agents valuable time and money, allowing them to make changes automatically without the need to pick up the phone and connect directly with an underwriter. NEXT's Coverage Builder offering furthers the company's commitment to its agents by providing a user-friendly and accessible digital quoting experience, 100% online. Coverage Builder is also available to all NEXT customers post-purchase, allowing small business owners to tailor their policies with immediate price updates and seamless policy management.
"NEXT's Coverage Builder feature is 100% hassle-free," said Cody L Slocum Lammers, Commercial Lines Agent & Broker at Affordable Insurance Solutions. "This new feature sets NEXT Insurance to a new level, above its competitors, as this allows agents the flexibility to customize policies to fit the needs of each individual small business. It's user-friendly and simple to understand- this is truly a game changer for NEXT Insurance agents!"
"Agents are the go-to insurance experts and know exactly the unique types of coverage small business owners need - that's why we're offering them the opportunity to customize policies for their clients instead of standardized coverage packages," said Jack Ramsey, Vice President of Agent Business at NEXT Insurance. "Now, with NEXT's Coverage Builder, we are empowering agents to instantly quote and easily customize and bind policies that will best serve their customers. As a result, small business owners will gain the peace of mind that they're only paying for the coverage they need to protect their business and livelihood."
NEXT's Coverage Builder offering comes on the heels of the company's launch of commercial umbrella/excess liability coverage to support small businesses in their entrepreneurial journey. The digital small business insurer also recently announced its integration with Ivans Download™ for General Liability and Workers' Compensation policies and its strategic hire of Jack Ramsey as the company's Vice President of Agent Business. These developments are further evidence of NEXT's commitment to agents and dedication to providing them with a smoother, more intuitive insurance purchasing process for small business clients.
If you're interested in working with an insurance agent through NEXT Insurance, visit our website to find an expert to help you get the right coverage at the best price.
About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital, affordable and tailored coverage. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.
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Risk Management, Intellectual Property
PRnewswire | July 24, 2023
Specialty Program Group LLC, (SPG), one of the most successful and fastest-growing specialty platforms, announced that it has acquired the assets of Agency Two Insurance Marketing Group, LLC (d/b/a AgencyONE), a nationally renowned Brokerage General Agency (BGA) specializing in empowering financial advisors to deliver responsible wealth and risk management solutions through insurance – Life, Annuities, Disability, and Long Term Care.
AgencyONE has established itself as a trusted partner to a select group of independent insurance advisors and wealth managers nationwide who focus on planning and implementing financial strategies using insurance-based solutions designed to help secure their clients' families and businesses. By offering full-service, highly personalized back-office support, AgencyONE enables advisors to prioritize the client experience while delivering tailored solutions for financial security and wealth transition.
By acquiring AgencyONE's operations, SPG builds upon its acquisition of the assets of Brokers' Service Marketing Group II LLC, now operating as a division of SPG (BSMG) and expands its life and annuity distribution network.The AgencyONE team, lead by principals Dennis C. Bartos, Gonzalo M. Garcia and Cathy Neifeld will join SPG.
"We're thrilled to join forces with AgencyONE - as we continue to build out a national BGA network of like-minded, leading firms - something truly unique in the life and annuity distribution space," said Jason Lea, CEO of BSMG and head of SPG's Life & Annuity strategy. Lea added that "Gonzalo and his team at AgencyONE are recognized industry leaders and innovators in the advanced markets and underwriting space. I'm excited to get to work with the AgencyONE team to build our shared vision for a differentiated life and annuity platform."
According to Garcia, "Over the past four years, AgencyONE has explored several partnership opportunities without finding a firm that met our business objectives or values. SPG's recent acquisition of Jason's team at BSMG caught our attention. This move allowed SPG an entrée into the wholesale distribution of life, long-term care, and disability insurance, as well as annuities. My partners and I recognized that SPG aligns perfectly with our business objectives and commitment to serving our advisors' advanced planning and underwriting needs. We are very confident about the future success of this partnership and the growth and expansion it will offer AgencyONE. We are excited to be a part of the SPG Team."
By combining the strengths of BSMG and AgencyONE, financial advisors will benefit from expanded resources, advanced planning techniques, and enhanced access to insurance-based solutions.
About AgencyONE
AgencyONE is a Brokerage General Agency (BGA) partnership with long-term industry experience. They are dedicated to collaborating with and empowering financial advisors to deliver responsible and holistic wealth and risk management solutions using insurance-based planning and high-level carrier relationships. By providing full-service back-office support including customized advanced planning strategies and case design, highly skilled medical underwriting, and personalized case management, AgencyONE enables advisors to focus on delivering extraordinary client experiences while ensuring financial security and orderly wealth transition. For more information, visit agencyone.net
About Brokers' Service Marketing Group (BSMG)
For over 50 years, the BSMG operations have delivered uncompromising support and service to top producers in Life, Annuity, and Long-Term Care Insurance. BSMG maintains a long-standing and well-earned reputation for excellence in providing exceptional guidance to financial service professionals and financial institutions. For more information, please visit bsmg.net
About Specialty Program Group
Specialty Program Group LLC (SPG) is a leading specialty platform headquartered in Chicago, IL, with a diverse portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. SPG has a track record of scaling industry leading businesses by providing access to business resources, technology and process efficiency, capital and investment, deep carrier relationships, and a broad distribution network. Visit specialtyprogramgroup.com to learn more about how SPG can help you scale your specialty business.
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Risk Management, Insurance Technology
PRnewswire | June 26, 2023
Canopius, the global specialty lines (re)insurer, and Measured Analytics and Insurance ("Measured"), the AI-powered cyber insurance provider, today announced a new capacity partnership to offer cyber insurance and cybersecurity solutions to small and midsize businesses ("SMBs") in the United States. Canopius joins Paris-based SCOR, one of the world's leading reinsurers, which has been a long-standing lead capacity provider for Measured's strategic growth.
The new partnership will combine Canopius' and SCOR's cyber expertise and global reach with Measured's innovative approach to cyber risk management.
"We are thrilled to announce our partnership with Measured Analytics and Insurance, as it marks a step forward in our mission to provide comprehensive cyber insurance solutions to small and midsize businesses across the United States," said Jenny Soubra, US Head of Cyber and Tech E&O at Canopius. "When combined with Canopius' and SCOR's expertise, together we are equipped to deliver unparalleled cyber protection to customers. Measured's innovative approach to cyber risk management aligns seamlessly with our capabilities, resulting in a strategic partnership positioned to drive transformative change."
Global insurers seeking growth with discipline in cyber insurance demand analytic rigor, technology expertise, and dynamic risk insight across the underwriting value chain. Measured's solutions leverage artificial intelligence, proprietary threat insights and behind the firewall data to identify security threats and reduce businesses' potential exposure. For insurers, this creates a better customer experience and manages risk and profitability.
"Best in class underwriting coupled with differentiated scalable distribution are the key capabilities for strong profitable growth in the cyber insurance market," said Benjamin Auray, Chief Underwriting Officer - Global Head of MGA at SCOR. "We believe Measured's data-driven approach to tracking exposure in real-time creates smarter insurance products. Measured is built to scale quickly and grow responsibly, powered by partnerships and proprietary data."
With the proliferation of threat actors and the rise in cyber incidents, the global (re)insurance market has raised expectations for analytic rigor to profitably underwrite. This heightened discipline, coupled with rising demand for cyber coverage, has resulted in price increases and coverage contraction.
Measured makes it easier to obtain cyber coverage through creative partnerships with market leaders in insurance and cyber technology. Measured's proprietary analytics and technology-oriented underwriting generate deeper insights for insurers and greater value for customers at the initiation of a policy. When combined with the cyber hygiene enhancements of its cybersecurity partners, Measured delivers actionable insight around customers' ongoing security posture.
"Measured is uniquely positioned to provide innovative solutions for organizations seeking cyber insurance," commented Measured CEO, Jack Vines. "We're more than an insurance provider, we're a reliable, AI-powered cyber risk management partner. We appreciate the strategic advantage provided by SCOR's commitment of capacity and expertise to date. Together, we're better than ever at making our customers safer and more secure, thanks to having Canopius and SCOR at our side."
About Measured Analytics and Insurance
Measured Analytics and Insurance is a U.S.-based cyber insurance provider that utilizes proprietary, AI-rich data analytics and national security grade threat intelligence to deliver smarter cyber insurance products. The combination of flexible cyber underwriting solutions, data-driven insights and strategic partnerships with leading cybersecurity companies makes Measured the cyber risk solutions provider of choice. Learn more at measuredinsurance.com.
About Canopius
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the U.K., and the U.S. It underwrites through Lloyd's Syndicate 4444 (managed by Canopius Managing Agents Limited), a U.S. surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda-based Class 4 Insurer.
About SCOR
SCOR, a leading global reinsurer, offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying "The Art & Science of Risk," SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients a tier one reinsurer rating from Standard & Poor's, AM Best, Moody's and Fitch.
The Group generated premiums of EUR 19.7 billion in 2022 and serves clients in more than 160 countries from its 35 offices worldwide.
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