Brokerslink unveils tie-up with insurance law firm

Insurance Business America | October 29, 2019

Brokerslink has announced that it has added a new specialist law firm to its business. Wilson Elser, a law firm with 38 offices and more than 800 attorneys, will support Brokerslink’s global network by providing access to dedicated insurance legal expertise. Wilson Elser is a founding member of Legalign Global, an alliance of four leading insurance law firms with more than 60 locations worldwide. The alliance combines insurance industry and legal expertise focused on reinsurance coverage, reinsurance defence, and insurance regulatory and compliance services.

Spotlight

This paper looks at research studies which have examined the amount invested in research and development, or company cultures of entrepreneurship and company learning, or general investment in forward-looking development. Do these result in a growth in the value of the same company over the short and long term time horizon? What factors are likely to be true in the insurance sector, and how should insurers be treating innovation and R&D as part of their growth plans?

Spotlight

This paper looks at research studies which have examined the amount invested in research and development, or company cultures of entrepreneurship and company learning, or general investment in forward-looking development. Do these result in a growth in the value of the same company over the short and long term time horizon? What factors are likely to be true in the insurance sector, and how should insurers be treating innovation and R&D as part of their growth plans?

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RISK MANAGEMENT

NFP Partners with NetDiligence and CyberCube to Expand Cyber Coverage Product Offerings

NFP, NetDiligence, CyberCube | February 12, 2021

NFP, a main insurance broker and advisor that gives property and casualty (P&C), corporate benefits, retirement, and individual solutions, is joining forces with NetDiligence and CyberCube to offer new analytical tools and resources to help clients as they face an assortment of cybersecurity challenges. NetDiligence gives cyber risk management software zeroed in on cyber risk status and responsive administrations. The platform offers tools for clients to evaluate cyber risk and data breach reaction arranging. Moreover, NetDiligence discharges a cyber claims concentrate every year to feature drifts in cyber security across different business sizes and ventures. CyberCube offers cyber examination that educate risk choices. Data accumulated by the platform is curated into data sets that recognize risks and venture the effect of a cyber occasion. The platform predicts patterns that manage insurance placement decisions and makes reports to measure the expected loss of an uncovered vulnerability. “Our focus is on helping companies enhance their cyber preparedness and mitigate the disruption of a cyber attack,” said Elissa Doroff, managing director and cyber technical leader at NFP. “Utilizing tools like NetDiligence ensures we provide a wide variety of solutions as our clients navigate cyber threats. Cyber related incidents are on the rise, making it critical that we identify the latest tools and resources, collaborate with partners to evolve and adapt innovative coverage solutions, and continually advance our clients' preparation." “CyberCube provides our clients with actionable, data-driven insights that support a proactive approach to cybersecurity,” said Akhil Chopra, managing director and head of NFP’s cyber liability practice. “It’s imperative that we continue to expand our solutions to help our clients navigate a dynamic environment of cyber threats.” About NFP NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,800 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review). About NetDiligence® NetDiligence® specializes in Cyber Risk Readiness & Response services. With 20 years of experience in cyber, NetDiligence is an award-winning provider of innovative cyber risk management software and services to the insurance industry, including QuietAudit® Cyber Risk Assessments, the eRiskHub® cyber risk management portal, and Breach Plan Connect®, a securely hosted solution designed to help senior managers plan and execute their organization’s response to a cyber incident, and which also includes a free mobile app for convenient access and alternative means of communication if company systems are compromised. NetDiligence publishes an annual Cyber Claims Study and traditionally hosts annual Cyber Risk Conferences in Philadelphia, Santa Monica, Toronto, London, and Bermuda. NetDiligence also offers a variety of virtual programs that are free of charge to attendees and qualify for CE/CLE credits. About CyberCube CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modelling on thousands of points of technology failure. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital.

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CORE INSURANCE

HawkSoft and vipHomeLink Announce Partnership to Offer Proactive Home Maintenance and Protections to Homeowners

vipHomeLink | January 20, 2022

HawkSoft, the Oregon-based insurance technology developer, and vipHomeLink, a leading InsurTech company focused on innovative digital home management solutions, announced a formal partnership today. vipHomeLink is the latest company to join HawkSoft's Referral Partner Program. Through this new relationship, vipHomeLink will offer a suite of digital home management tools for homeowners. Independent insurance agents can leverage vipHomeLink to enhance the protection they offer their insureds – expanding the care beyond coverage and into proactive home maintenance. vipHomeLink allows a homeowner to digitally track and organize key documents pertaining to their home, stay current with necessary inspections, and be proactive with maintenance. Agencies that provide vipHomeLink to their clients see an increase in engagement and a reduction in their loss ratios as they shift conversations from being reactive towards sudden claims to being proactive around home ownership. "Many agencies using HawkSoft to power their insurance businesses view themselves as not just selling insurance products but also providing knowledge and protection to their communities, Our partnership with vipHomeLink allows agencies to further expand their relationship with insureds beyond risk coverage and into proactive risk mitigation. It changes the narrative for the agent from managing claims to preventing problems." -Rushang Shah, VP of Marketing for HawkSoft. "We are very excited to be partnering with HawkSoft, a leader in the agency management world. Together, we can help drive client engagement for independent insurance agencies. Our solution helps make a policyholder's home safer and more enjoyable, which reflects back on the agency who made that possible." -Geoff Martin, vipHomeLink's President and Co-founder Independent agencies that use HawkSoft are eligible for special pricing on vipHomeLink's services and platform. About HawkSoft Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year. Learn more about HawkSoft's unique father-and-son story at www.hawksoft.com/story. About vipHomeLink vipHomeLink is a digital home management solution that helps homeowners maintain, organize, and improve their homes. The Company partners with insurance carriers, agencies and others across the insurance ecosystem to drive engagement with homeowners and improve home safety by building awareness of the home, providing customized reminders and home recommendations, and by sharing expert, multi-channel content with members. vipHomeLink is based in Morristown, New Jersey.

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INSURANCE TECHNOLOGY

Pie Insurance Receives Regulatory Approval to Acquire Western Select Insurance Company

Pie Insurance | August 28, 2021

Pie Insurance, an insurtech company specializing in workers' comp insurance for small businesses, today announced that Pie Carrier Holdings has received regulatory approval from the Illinois Department of Insurance to acquire Western Select Insurance Company, a property casualty insurance company that is licensed in Illinois, California, and New York, from a subsidiary of Premia Holdings Ltd. The proposed acquisition represents an important step by Pie Carrier Holdings, a subsidiary of Pie, formed in May 2020, to execute on Pie's strategy of becoming a full-stack insurance carrier. Upon the closing of the proposed acquisition, Western Select Insurance Company will be renamed Pie Casualty Insurance Company. "Since Pie was founded in 2017, our goal has been to offer the entire small business insurance experience to our customers as a full stack insurance carrier," said John Swigart, co-founder and CEO of Pie. "Receiving regulatory approval to acquire Western Select Insurance Company is a key milestone on the path for Pie to write our own policies, and to bring our seamless commercial insurance experience to even more small businesses across the country." About Pie Insurance Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie's intense focus on granular, sophisticated pricing and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $300M in funding and commitments for future funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide.

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