BIBA report throws light on Insurance brokers' approach to renewal pricing

BIBA | July 13, 2020

Insurance brokers are working in their customers’ interests – that is the verdict of a new report from the British Insurance Brokers’ Association (BIBA). Teaming up with the Association of British Insurers (ABI), the report suggests that brokers and insurers are working together to benefit long-standing customers with the two organisations outlining a set of Guiding Principles and Action Points (GPAPs) meant to address the differences between new customer premiums and renewal premiums.

Spotlight

Insurance is an inherently data-driven industry. Information you need is in your management system – you just have to understand how to use it. Data analytics is a software-driven discipline, offering you the tools to gain a deeper understanding of your agency or brokerage “Analytics is increasingly becoming a game changer for insurers, expanding beyond the traditional focus on risk to all areas of the insurance business.”

Spotlight

Insurance is an inherently data-driven industry. Information you need is in your management system – you just have to understand how to use it. Data analytics is a software-driven discipline, offering you the tools to gain a deeper understanding of your agency or brokerage “Analytics is increasingly becoming a game changer for insurers, expanding beyond the traditional focus on risk to all areas of the insurance business.”

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COMPLIANCE

Counterpart Launches Excess Insurance Product for Small Businesses with Aspen

Counterpart, Aspen Insurance Holdings | July 21, 2022

Counterpart, the management liability insurtech, today announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation. Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees. This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.” Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners. “Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance. “We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.” To learn more about Counterpart’s Excess product, visit: yourcounterpart.com About Counterpart Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com. About Aspen Insurance Holdings Limited Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.

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INSURANCE TECHNOLOGY

Styra Announces Styra Run, a New Application Authorization Service for Developers, Built on Open Policy Agent

Styra | July 18, 2022

Styra, Inc., the creators and maintainers of Open Policy Agent (OPA) and leader of cloud-native authorization, today announced Styra Run. Designed for application development teams, this new OPA-based authorization service provides enterprise-grade authorization to developers via a simple drop-in API, allowing teams to accelerate time to market, remove ongoing maintenance demands and improve end user experience. Styra Run, using OPA, is the first cloud-hosted application authorization service to completely decouple policy logic and data from the underlying application. This turnkey service frees software developers from the complex, time-consuming tasks of building, maintaining and operating their own authorization capabilities, collaboration features and permissions for each of their applications. Styra Run features: Seamless integration into the application UI, API, and data layer Offloaded storage and global replication of end-user permissions data Pre-built OPA logic for application authorization use cases like adding sharing capabilities for consumer apps or team-based controls for enterprise apps “Styra Run revolutionizes the way that app developers think about and implement authorization for end-users,” said Tim Hinrichs, co-founder and CTO of Styra “Every app on the planet has permissions, access control, sharing or other authorization built in. But by eliminating the need to constantly recreate authorization in each application, Styra Run improves time to market and quality, and provides better features than teams would build themselves. Similar to how ‘Sign in with Google’ eliminated the need for local user identity and passwords, Styra Run eliminates the need for custom built-per-app permission systems, so app developers and product teams can focus on better features and end-user experience.” “Styra Run revolutionizes the way that app developers think about and implement authorization for end-users,” said Tim Hinrichs, co-founder and CTO of Styra Styra Run is hosted, managed and maintained by Styra and is developed by OPA’s creators. OPA is the de facto standard for authorization in the cloud-native environment with over 130M downloads to date, and is used by global organizations such as Goldman Sachs, Atlassian and Pinterest. The current state of SaaS authorization Before Styra Run, access control functionality — such as defining who can edit a document, see photos or create new users within an application — had to be implemented differently for every application, based on the application’s particular coding language and database type. Authorization controls are considered a tier-0 service and thus require high availability, very low latency, global replication and strict consistency guarantees. Building a solution that meets these demands typically requires 6-18 months of work by a team of specialists. Once built, the authorization system must be maintained, upgraded and patched throughout the entire application lifecycle. Styra Run eliminates the need for custom authorization deployment Styra Run provides customers an enterprise-grade authorization service, available via simple drop-in APIs, for companies who build and manage SaaS applications. This service allows end users to control their own account and access permissions, and as such is equally valuable in both consumer and business applications. With Styra Run, organizations can: Speed up time-to-production with a turnkey approach to authorization system development Avoid re-building authorization as SaaS application requirements change Remove the operational burden of replicating permissions data across the world Implement immediate permission updating and access for near-zero latency across all users “We heard firsthand from the OPA community and Styra customers that users needed a faster and better way to implement authorization for multi-tenant SaaS apps – both B2B and B2C,” said Torin Sandall, VP of Open Source at Styra. “OPA already solves the policy logic problem, but the community still needed a way to manage the contextual data that’s required for access decisions — like which roles, groups and permissions should be available to end users. We worked with the OPA community to combine hosted OPA logic, with contextual data management, to give developers a turnkey access control and authorization service that provides immediate, global policy across all their end users.” Styra Run is currently available in private Beta. Those interested in integrating Styra Run into their SaaS application, or using a pre-built sample app for sandbox exploration should contact Styra. About Styra Styra enables enterprises to define, enforce and monitor policy across their cloud-native environments. With a combination of open source (Open Policy Agent) and commercial products (Declarative Authorization Service), Styra provides security, operations and compliance guardrails to protect applications, as well as the infrastructure they run on. Styra policy-as-code approach lets developers, DevOps, and security teams mitigate risks, reduce human error and accelerate application development. Learn more at Styra.

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INSURANCE TECHNOLOGY

First Connect Adds Cowbell Cyber Prime 100 to Insurtech Marketplace

Hippo, Cowbell Cyber, First Connect | July 14, 2022

First Connect Insurance Services, a digital platform designed to provide independent agents with access to the nation's top carriers, announced today the addition of Cowbell Cyber, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs). Cowbell Cyber offers stand-alone coverage to enterprise customers for security breach expenses, extortion threats, the replacement or restoration of data, loss of business income, security breach liability, computer fraud, ransom payments and more. First Connect, a subsidiary of the Hippo Insurance Group, provides independent agencies with access to national carriers with zero access fees. First Connect and Cowbell are teaming up to provide those agencies with a modern cyber insurance product designed to help SMEs safeguard their digital operations. "Every business faces cyber risk nowadays," said First Connect President Aviad Pinkovezky. "By partnering with Cowbell Cyber we are continuing to broaden our portfolio of leading insurtech carriers and general agents, and providing independent agencies access to cyber insurance that assesses their clients’ unique cybersecurity risks.” Cowbell Cyber offers a Prime 100 insurance product that provides robust financial protection against cyber threats. The digital-first cyber insurance provider leverages an API that allows customers to quickly apply online and delivers instant bindable quotes to SMEs. Additional features include continuous risk assessment, risk engineering consultations, cyber awareness training and in-house claims handling by dedicated cyber experts. "Cowbell Cyber identifies in real-time each organization’s unique risk level and determines the ideal coverage package to mitigate potential losses from a cyberattack," said Jack Kudale, Founder and CEO of Cowbell Cyber. "Cowbell Cyber identifies in real-time each organization’s unique risk level and determines the ideal coverage package to mitigate potential losses from a cyberattack," said Jack Kudale, Founder and CEO of Cowbell Cyber. "Partnering with a fully digital platform like First Connect is ideal to easily and rapidly give SMEs financial protection for the variety of threats businesses face every day.” To learn more about how First Connect provides independent agencies with access to the leading insurtech carriers or to sign up, visit firstconnectinsurance.com. About Hippo Hippo is protecting the joy of homeownership, helping to safeguard customers’ most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection. Hippo Holdings Inc.’s (NYSE: HIPO) operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. First Connect Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing details, visit http://www.hippo.com. About Cowbell Cyber Cowbell Cyber offers standalone, individualized, and easy-to-understand cyber insurance for small and medium-sized enterprises (SMEs). In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont. For more information, please visit www.cowbell.insure.

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