Core Insurance, Life Insurance
PRnewswire | July 12, 2023
Fortegra Specialty Insurance Company ("FSIC"), a subsidiary of The Fortegra Group, Inc. ("Fortegra") and Rockwood Programs, Inc. ("Rockwood") today announced the development of management and professional liability insurance products customized to address the unique liability exposures faced by financial institutions. Mortgage bankers/brokers, auto lenders, asset-based lenders, community development funds, and similar entities are also eligible for coverage. The comprehensive solution is being offered under the Bankers Defender brand name.
"The dynamic nature of our nation's economy can have an adverse impact on the banking industry," said William Hess, Vice President of Rockwood's Financial Institution Division. "Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental regulations or seemingly unrelated socio-political events. The resulting scrutiny brought by the various state and federal regulatory agencies can make it difficult for the banks to secure vital insurance."
Bankers Defender coverage offers liability limits of up to $5,000,000 on all lines except Employment Practices ($2,000,000 maximum), and financial institution crime bonds are also available. Management and professional liability products include Directors & Officers, Errors & Omissions, Employment Practices, and Lender Liability, among others.
"Through Bankers Defender, we proactively examine exposure areas and offer policyholders additional support alongside their insurance policies, including risk mitigation practices to avoid losses, claim advocacy, and legal assistance through Wilson Elser, an internationally recognized law firm with a reputation for providing an advocacy defense for its clients," said Glenn W. Clark, CPCU, President of Rockwood Programs. With this strategic approach, policyholders are getting the expertise of three entities with decades of experience in this particular class."
Cooper Wallach, Vice President of Specialty Products and Programs at Fortegra, said: "In all our partnerships, we seek to pair innovation with expertise. The combination of experienced underwriters, advocacy defense, dedicated claims response team, and loss prevention tactics, will position our policyholders for long-term success."
About Fortegra
For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and non-admitted insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.
About Rockwood Programs, Inc.
Rockwood Program Administrators is a full service Managing General Agency licensed in all 50 states. Its wholesale brokerage division, Rockwood Specialty, assists retail agents in finding markets for unique or hard-to-place management liability risks. Its Rockwood Insurance Solutions division provides innovative thinking and counsel to insurance entities seeking to grow and expand their business operations. Since 1996, the company has been committed to protecting its partners. For more information about our offerings, please visit: www.rockwoodinsurance.com.
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Risk Management, Insurance Technology
PR Newswire | August 18, 2023
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, today announced its strategic agreement with global professional services firm Aon's CoverWallet, a leading digital insurance platform for small business owners.
The collaboration brings together the innovative capabilities of two leading insurtech solutions by combining Cover Whale's trucking insurance capacity with CoverWallet's distribution strengths. As part of this relationship, Cover Whale offers its advanced telematics and proprietary quoting and binding technology to CoverWallet's independent owner-operator and small fleet trucking customers, a traditionally underserved segment of the insurance market.
"As we continue to grow, we are continuously looking for ways to connect with more drivers and fleets across the country," said Dan Abrahamsen, CEO of Cover Whale. "Our top priority has always been keeping the roads safe. This agreement allows us to simplify the insurance process for truckers looking for fast, customizable coverage that helps them drive more, earn more, save more, and focus on the road."
The CoverWallet platform will extend Cover Whale's visibility to thousands of commercial truck drivers across the country. As a result, small business owners and trucking fleet operators will be able to access tailored insurance policies designed specifically for the trucking industry, a diverse clientele with a wide range of insurance needs, all within one intuitive and streamlined platform.
"We are thrilled to work with Cover Whale to support independent owner-operator and small fleet trucking customers with their insurance needs," said Jeff Borgman, Director of Transportation Programs for CoverWallet, an Aon company. "This collaboration enhances our offerings for commercial trucking customers, and we look forward to introducing them to innovative solutions as an additional avenue to safety, helping them make better-informed decisions about their insurance coverage."
Both companies are committed to exploring the possibilities of technological innovation and superior customer-centric services for commercial trucking insurance. The announcement marks a significant step forward in achieving the goals of safer roads and better coverage for small business owners.
CoverWallet simplifies the process of understanding, purchasing, and managing insurance for small and medium-sized business owners. Its team of licensed advisors offers business owners knowledge, choices, and advice to help them protect their most valuable assets. CoverWallet provides the convenience of instant online access with personalized quotes from the top-rated insurance carriers in the nation. Follow CoverWallet on LinkedIn, Twitter, Facebook and Instagram.
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America's roads. Cover Whale delivers its product through more than 6,000 agents with the industry's fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $550 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 30% off when renewing their auto liability policy. The company has been named 2023 Insurtech of the Year by Program Manager and one of America's Best Startup Employers on Forbes' 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
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Core Insurance, Insurance Technology
PRnewswire | July 19, 2023
With the 2023 natural disaster season upon us, property and casualty (P&C) insurers are now, more than ever, aware of the increased strain recent catastrophes, like Hurricane Ian, have had on their business. Nearmap, a leading location intelligence and aerial imagery solutions provider, aims to alleviate some of that pressure by revolutionizing how P&C insurers respond to catastrophes. Today, the firm is announcing an enhanced post-catastrophe response solution, which combines industry-leading Nearmap ImpactResponse post-catastrophe imagery with two new products--Nearmap ImpactTriage AI and Nearmap ImpactAssessment AI. This new solution equips insurers with a more robust set of AI-derived property insights all in one place, enabling them to address damage and get a head start on claims.
Don Weigel, Chief Product Officer, said: "As we see a growing number of natural disasters, our role at Nearmap has expanded from monitoring the evolution of towns and cities to also supporting disaster response efforts. We have a unique combination of ultra-efficient cameras, fast imagery processing, and industry-leading deployment of AI. These new solutions allow Nearmap to be there supporting organizations at all stages as they respond to catastrophe, process claims, and help communities to recover."
Together, the post-catastrophe products from Nearmap provide industry-leading aerial imagery and AI-derived damage assessment data to support all stages of the post-catastrophe claims workflow.
Nearmap ImpactResponse
Nearmap ImpactResponse, the flagship post catastrophe product, delivers high-resolution, post-catastrophe aerial imagery faster than any other solution on the market.
With Nearmap ImpactResponse, in-person inspections—often dangerous, time-consuming, or prohibited—are no longer the most viable option.
The level of detail provided by Nearmap ImpactResponse is unprecedented, consistently delivering the sharpest post-catastrophe imagery at sub-3" per pixel since its launch in 2021.
Derived from Nearmap ImpactResponse imagery, come the two new products:
Nearmap ImpactTriage AI
Nearmap ImpactTriage AI provides damage classification that allows insurers to quickly identify impacted properties after disaster strikes. Delivered via API following a catastrophe, ImpactTriage AI data gives carriers a jumpstart toward recovery efforts—allowing them to prepare for claims and assign adjusters.
Nearmap ImpactTriage AI provides insurers a categorization of the damaged locations, enabling insurers to systematically prioritize and allocate limited resources.
A three-tier damage classification (No Damage, Partial Loss, and Total Loss) supports prioritization of resources and services according to damage severity.
A five-tier FEMA-based damage classification (No Damage, Affected, Minor, Major, and Destroyed) additionally supports more accurate estimates of financial impacts at the claim and event levels.
The new product supports insurers in their ability to automate claims, proactively process total losses, and deliver policyholder settlements before a claim is filed.
Nearmap ImpactAssessment AI
Nearmap ImpactAssessment AI is a robust collection of AI-derived condition and damage data that allows insurers to quickly and more accurately analyze vast amounts of post-catastrophe imagery and to pinpoint relevant details that could easily be missed in onsite or manual reviews.
Insurers can compare these insights with pre-catastrophe data, when available, to reduce fraud.
The set of AI-derived attributes includes roof damage, temporary and permanent repairs, structural damage, debris, wreckage, and more.
With disaster season in motion, the ability to rapidly scope impact, engage proactively with customers, process claims swiftly, and manage post-catastrophe costs are not only business essentials—they are promises to policyholders.
"After a hurricane, it's like a warzone," said Noel Bunol, Executive Vice President, Gulf States Insurance. "We can't get in there by vehicle. Nearmap imagery allows us to see the damage from above. We can view entire neighborhoods to see how hard they were affected; if powerlines are down and start to determine where to send resources."
About Nearmap
Nearmap provides easy, instant access to high-resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in the United States, Canada, Australia, and New Zealand several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data-driven insights—enabling informed decisions, streamlined operations, and better financial performance. Founded in Australia in 2007, Nearmap is one of the largest aerial survey companies in the world.
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