RISK MANAGEMENT,INSURANCE TECHNOLOGY
Vouch | December 27, 2022
Vouch, known as the 'Insurance of Tech,' recently launched the first insurance solution for Web3 companies. Under this, it will cover Web3 companies with insurance policies, including smart contract vulnerabilities, DAOs, crypto, and more.
"The global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030."
- Grand View Research
In the past year and a half, about 3,000 startups have raised almost $40 billion. Many of these are run by founders who are building strong companies that solve real problems for real users. Till now, Web3 companies had to settle for insurance that didn't meet their needs or make do with what they already had, which eventually slowed their growth.
Vouch has become the most trusted partner by getting $160 million from the best companies in Silicon Valley. Its newest market includes Web3 companies, while Ansible Labs, Bitwave, Stardust, and Utopia Labs are some of its launch clients.
Traditional policies tend to leave crypto out, but Vouch's Web3 Protection Policy covers that. In addition, the policy includes four coverages that can be expanded to cover key Web3 risks based on the needs of the client:
Directors & Officers (D&O) insurance helps protect the company and the personal assets of its founders, officers, and board members from claims of wrongdoing, such as misrepresentation or breach of fiduciary duty, as well as the costs of responding to or defending against the claims.
Errors and Omissions (E&O) insurance protects the company when a customer claims that the company's services caused them to lose money.
Cyber: It helps pay for data breaches caused by mistakes, hacking, and social engineering. It also protects against privacy violations, security failures, and system failures.
Crime: Helps protect the company from employee theft, forgery, and fraud, as well as some digital assets.
Vouch has built a strong partner network to meet the needs of its Web3 customers in addition to its coverage. In the partner network, Fireblocks is responsible for direct custody technology, Silicon Valley Bank for banking, Upside for token management, and Tactic for accounting.
Vouch Insurance is a new type of insurance platform for startups that is trusted by the startup industry's biggest names, including Y Combinator and Silicon Valley Bank. Everything has been designed for startups by experienced founders, from onboarding to claims. The company, which has offices in San Francisco and Chicago and whose fully digital coverage can be activated in minutes, assists clients in managing, mitigating, and avoiding risks.
CORE INSURANCE, RISK MANAGEMENT
Idelic | January 19, 2023
Idelic Inc. recently announced the launch of Idelic Insurance Agency, LLC, a technology-driven managing general agent (MGA) aimed at providing commercial fleets with tailored insurance coverage. The insurance pricing will reflect the fleets’ risk improvement by using the Idelic Program, a comprehensive approach to improving driver safety and reducing crashes.
Idelic Insurance Agency also aims to provide a modern approach to improving insurance outcomes by allowing fleets to use technology and processes to reduce losses. The insurance agency will price renewals based on the fleets’ successful adoption and results.
The Idelic Program consists of two major components: Safety Suite® and Driver Safety Playbook. Safety Suite® is the best driver performance management platform in the trucking industry. It collects driver risk data and uses machine learning algorithms to identify high-risk drivers. Meanwhile, the Driver Safety Playbook is an excellent guide to engaging drivers, providing coaching and step-by-step professional development plans made by working with insurers and trucking's safest fleets.
On average, fleets utilizing Idelic Program can witness a 20% decrease in preventable crashes in the first year.
"Commercial auto fleet insurance is inherently complex with a multitude of nuances from fleet to fleet. The process of evaluating risks has traditionally relied on underwriter experience and judgment, but insurers are increasingly looking for a more data-driven way to evaluate risks. Idelic Insurance Agency will do just that," stated Michael Gramm, Senior Vice President of Insurance at Idelic Insurance Agency. "By working closely with fleets that choose to use the Idelic Program, we can better leverage critical driver behavior data to quote policies that reflect their reduced crash risk," he added.
(Source – Business Wire)
The Idelic Program and Idelic Insurance Agency are timely solutions to help fleets combat rising insurance rates and reduce losses significantly. However, fleet insurance costs and availability are once again among the Top 10 motor carrier executive concerns listed by American Transportation Research Institute (ATRI).
About Idelic Inc.
Pittsburgh-based Idelic is a software provider dedicated to delivering the best insurance outcomes for fleets. The Idelic Program combines process and technology in a tool designed for and proven successful among fleets and insurers alike. Additionally, the program uses predictive analytics to identify risky drivers and professional development plans to help change behavior patterns and provide insurers with evidence of long-term improvements in crash reduction to negotiate lower rates. The company's experienced technical and industry experts understand the trucking and insurance industries' needs and provide tailored solutions to clients' real problems.
CORE INSURANCE, INSURANCE TECHNOLOGY
IMG | March 01, 2023
On February 28, 2023, International Medical Group (IMG), an insurance services provider, was awarded Forbes Advisor's Best of 2023 Awards in the category of travel insurance companies. Forbes Advisor has recognized it for the second year in a row.
IMG's iTravelInsured Travel LX plan has particularly attracted the attention of Forbes Advisor. It is an excellent travel insurance solution for dog owners and a popular insurance plan of IMG. It provides insurance coverage for additional kennel fees, which a pet needs on a trip delay for an extended stay at a commercial kennel. In addition, it offers trip cancellation and interruption benefits and is applicable only when the service animal or pet suffers an injury, sickness or death during the trip.
Forbes Advisor is a trusted insights provider for finance and businesses through news, reviews and advice, assisting consumers with smart decisions and perfect products for their choice without effort. Forbes Advisor's awards recognize the company after in-depth analysis for being an impartial consumer champion. Its experienced reporters and editors have a keen eye on product features and consumer experience in the industry. With years of dedication, people expect authentic financial news and guidance from it. The recognition from Forbes Advisor represents that the brand has strong support and establishment in the business and consumer finance community.
IMG's Director of International Sales – Travel, Grant Hayes said, "IMG is honored to be recognized once again as one of the best travel insurance companies in the market." He added, "Our iTravelInsured Travel Series is a market-leading line of travel protection plans designed to meet the varying needs of travelers while they're away from home."
(Source – Cision PR Newswire)
IMG's Chief Commercial Officer, Scott Ackerman said, "At IMG, we understand that pets are like family. Our pet-related benefits set us apart from the competition and are valued greatly by our customers." He added, "Being recognized as a travel insurance company that is great for dog owners is truly a testament to the many unique benefits we offer our customers through our travel protection plans."
(Source – Cision PR Newswire)
Headquartered in Indianapolis, Indiana, IMG, an insurance company, offers solutions for expatriates, international students, missions organizations, marine crews, corporate group insurance, cost containment, stop loss insurance, medical management, assistance services, medical evacuation, travel insurance, and international medical insurance. It has provided insurance benefits and assistance services worldwide since 1990. Its well-known services are travel and health safety solutions, with insurance programs like international private medical insurance, trip medical insurance, and services like enterprise and insurance administrative services, 24/7 emergency medical, security, and travel assistance.