INSURANCE TECHNOLOGY

B2Z Insurance Introduces a Full Suite of Products to Protect a New Generation of Small Businesses

B2Z Insurance | May 17, 2021

B2Z Insurance, an online business insurance provider, has announced the introduction of its full suite of insurance plans, which includes business owners policies (BOP), workers' compensation, cyber insurance, professional liability, and hired and non-owned vehicles.

The pandemic has increased the need for commercial insurance to be offered online and have the same straightforward experience as personal insurance. B2Z provides a fully digital experience for small businesses, allowing them to browse for coverage options, get quotes, purchase coverage, and file claims at any time, from any place, and any mobile device.

Diya (pronounced "dee-ya"), B2Z's AI-powered guide, uses artificial intelligence and data sourcing to assist customers and efficiently determine a business's special coverage needs. Diya also identifies areas of confusion during the application process and intervenes to offer simple explanations to make the process faster, smoother, and less frustrating.

When they enter the market, small business owners now have the resources they need to confidently assess and meet their specific coverage requirements. The complete B2Z product offering includes:

• Business Owners Policy (BOP) - A BOP protects more than just general liabilities; it also covers buildings, structures, customer injuries, and all loss and liability claims.

• Workers Compensation - If an employee is injured on the job, this coverage pays for medical bills and can cover related legal costs.

• Cyber Insurance - Cyber insurance saves small businesses against the crippling costs associated with data breaches and cyberattacks by assisting them in paying for customer notification, fraud monitoring, legal bills, and system damage.

• Professional Liability - Businesses that provide expertise and consultancy services are protected against claims of bad work, such as errors, missing deadlines, and professional negligence.

• Automobile Hired and Non-Owned - Third-party losses including vehicles operated for business purposes but personally owned by workers, or leased by a small business and its employees, are covered.

“In today's business environment, small business owners recognize the value of resilience and the need for comprehensive coverage to protect their assets, staff, and clients. However, today's insurance options are confusing and slow, leaving many businesses with policy gaps—or even uninsured entirely,” said Kuldeep Malik, Founder, and CEO of B2Z Insurance. “The launch of our full suite of policies, together with our customer-centric platform, signals the start of our path to lift the bar for a great insurance shopping experience.”

B2Z Insurance also provides hassle-free cancellations to help small business owners save time and energy while switching from existing coverage. Its licensed customer experience team works closely with customers' current carriers to search for potential penalties, prevent coverage lapses, and make cancellation and registration as simple as possible.

About B2Z Insurance
B2Z Insurance is a five-minute online business insurance provider that covers small businesses. B2Z lets small businesses prosper by providing easy coverage explanations, online quote decisions, same-day coverage purchasing, hassle-free cancellations, and an on-the-go customer portal.

Unlike most business insurance sites, B2Z offers a fully digital experience: exploring policy plans, obtaining quotes, buying coverage, and making claims can all be done online at any time, from any place, from any mobile device.

Spotlight

The insurance industry sits on the stable bedrock of legacy. Until now, most successful insurance companies could be characterized as traditionalists rather than technologists. However, the mobile revolution has changed the game of even the most established industries. In what Forrester has coined the “mobile mind shift,” customers now expect to engage via mobile with companies in all sectors.

Spotlight

The insurance industry sits on the stable bedrock of legacy. Until now, most successful insurance companies could be characterized as traditionalists rather than technologists. However, the mobile revolution has changed the game of even the most established industries. In what Forrester has coined the “mobile mind shift,” customers now expect to engage via mobile with companies in all sectors.

Related News

INSURANCE TECHNOLOGY

CogniSure AI Announces Solution Partnership With Duck Creek Technologies for Transforming Unstructured Submission Data Into Risk Insights

Duck Creek Technologies and CogniSure | September 15, 2022

CogniSure Submission Ingestion API allows commercial insurance carriers quicker access to risk insights buried in submission emails and attachments such as Loss Runs and SOVs. CogniSure AI, an Illinois-based corporation, has entered into partnership with market-leading insurance software provider Duck Creek Technologies, which allows insurance companies to exponentially gain underwriting efficiencies while enhancing their risk decision-making capabilities. CogniSure AI's algorithms extract data from complex submission documents such as applications, schedules, SOVs and loss runs into structured formats and further derive risk insights for underwriter consumption. Duck Creek customers can easily integrate CogniSure AI's Submission Ingestion APIs through its Marketplace. With ever-increasing risk complexity and customer expectations, it's important that underwriters focus their time on risk assessment and nurturing relationships rather than manually extracting and aggregating data buried in PDF/Excel documents attached to submissions. PropertyCasualty360 reported that commercial insurers receive roughly 100 million submissions each year; as such, underwriters are extremely selective as to which risks they are willing to work. A majority of the commercial submissions come in emails, and unstructured data is one of the biggest challenges to digitization of commercial underwriting operations. "Unstructured Data ingestion is a big challenge for property and casualty (P&C) insurance carriers, and we are excited to have CogniSure AI join the Duck Creek solution partner ecosystem. CogniSure AI drives significant operational efficiencies and helps underwriters make better risk decisions by providing access to data that is buried in unstructured documents." - Robert Fletcher, Head of Global Partnerships at Duck Creek Sai Raman, Founder & CEO, CogniSure, said, We're really excited to roll out our submission intake solution for Duck Creek customers. We believe it's a tremendous opportunity to complement the Duck Creek platform and drive the automation of underwriting submission processes. We have invested significantly to pre-train our solution through large volumes of insurance documents such as loss runs and schedules to make it production ready and deliver best-in-class precision and responsiveness. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. About CogniSure The CogniSure AI platform provides actionable insights from unstructured data buried in insurance documents such as submissions, loss runs, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data extraction and provides unrivaled insights to address the complexity of insurance document processing.

Read More

CORE INSURANCE, INTELLECTUAL PROPERTY

Brown & Brown, Inc. announces the asset acquisition of Smithwick & Mariners Insurance, MidCoast Insurance and Chapman & Chapman Insurance

Brown & Brown, Inc. | September 14, 2022

J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc., and Scott Smithwick and Chris Smithwick, today announced that Brown & Brown of Massachusetts, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Smithwick & Mariners Insurance, MidCoast Insurance and Chapman & Chapman Insurance (collectively, Smithwick & Mariners). Originally founded in 1987 to service the marine industry (marinas, yacht clubs, boat builders, fishing vessels, tug operations and yachts), Smithwick & Mariners has evolved its capabilities to provide innovative risk solutions to business owners and individuals throughout Maine and greater New England. The Smithwick & Mariners companies are led by Scott Smithwick and Chris Smithwick. Following the acquisition, the Smithwick & Mariners team will continue doing business from their existing offices in Maine, Massachusetts and New Hampshire and will operate within Brown & Brown’s Retail segment. Scott and Chris will continue to lead the team and will report to Don McGowan, a regional president in Brown & Brown’s Retail segment. “The Smithwick & Mariners companies are recognized in Maine and throughout New England for their experience and industry knowledge in the commercial fishing, marine and personal yacht space. Scott, Chris and their dedicated team have a long and mutually successful relationship with their carriers, allowing them to deliver best-in-class insurance solutions to their customers. We are confident we share the same culture of customer-first solutions and are excited to welcome them to the Brown & Brown team.” -Don McGowan Scott Smithwick stated, The Smithwick & Mariners team is excited to be partnering with a firm like Brown & Brown who shares the same level of commitment to its customers, carriers and employees that we have for the past 35 years. We are very confident that this partnership will help to further strengthen Smithwick & Mariners’ product offering and level of service to both our marine and non-marine related customers. About Brown & Brown, Inc. Brown & Brown, Inc. is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 14,500 teammates in 450+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most.

Read More

INSURANCE TECHNOLOGY

Commercial Submissions recognized for insurance technology innovation

Vertafore | October 06, 2022

Vertafore®, the leader in modern insurance technology, today announced its Commercial Submissions™ solution has been recognized for technology innovation by the NU PropertyCasualty360 Luminaries program. This industry-focused recognition program spotlights innovation by companies, people, programs, and practices that are modernizing and humanizing the P&C business. The platform was honored for automating and simplifying one of the industry's most time-consuming processes: quoting small commercial insurance. Honorees are selected by a panel of industry experts. In a September 2022 survey of 800 independent agents, Vertafore found that 65% of respondents said their agency would benefit from automated quoting for commercial insurance lines. However, less than one in ten said they had access to such technology. Commercial Submissions is delivering a game-changing experience for independent agents and the business clients they serve by: Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting. Enabling real-time digital collaboration with clients to complete applications quickly and accurately. Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry. The award reflects the platform's growing momentum. Vertafore also recently announced the latest carriers to join Commercial Submissions, bringing even more choice to the solution. "Commercial Submissions isn't technology just for the sake of innovation, it is about making it faster, easier and simpler for agencies and carriers to work together to deliver the coverage their clients need, We're honored that the platform is being recognized for helping to modernize and humanize market connectivity." -James Thom, chief product officer at Vertafore About Vertafore As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.

Read More