RISK MANAGEMENT

Brown & Brown Accelerates Digital Insurance Distribution By Acquiring CoverHound and CyberPolicy

Brown & Brown, CoverHound, CyberPolicy | November 09, 2020

CoverHound® and CyberPolicy®, a main advanced protection commercial center for people and independent companies, today declared they have been obtained by Brown and Brown, Inc. a main protection financier firm giving danger the executives answers for people and organizations.

With this procurement, Brown and Brown increases extra admittance to the quickly developing computerized protection market for the two people and independent companies, notwithstanding abilities that modernize the protection buying experience. CoverHound, and its completely possessed auxiliary CyberPolicy, are an impetus for driving the computerized change that the protection market requests, specifically the advanced quickening that has happened in the course of recent months because of the Covid pandemic. Consolidating Brown and Brown's solid transporter connections and item information with CoverHound and CyberPolicy's association organization and client experience will make a solid incentive for clients and accomplices.

CoverHound and CyberPolicy will keep on working autonomously under Brown and Brown and will zero in on scaling advanced associations with confided in brands.

Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd said of the acquisition, “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience. By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.”

CoverHound and CyberPolicy CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity. The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.”

In the course of recent years, CoverHound and CyberPolicy have kept up a main Net Promoter Score of 82, have essentially expanded the quantity of approaches sold totally on the web and have built up the ability to carefully cite and tie numerous transporters and items into a solitary online exchange.

As one of the first InsurTechs that have arisen and scaled over the previous decade, CoverHound and CyberPolicy have stayed consistent with their vision, zeroing in on being a confided in guide for curated decision and satisfying the intricate needs of the present current client, all while streamlining the protection examination and buying measure

About CoverHound:
CoverHound® is an original InsurTech that allows consumers and businesses to easily compare and purchase insurance. CoverHound offers competitive rates and coverages in 50 states, delivering fast, accurate and actionable quotes from leading US carriers based on a customer’s specific needs. Developed by a team with deep insurance and online financial marketplace experience, CoverHound is dedicated to providing best-in-class customer experience

About CyberPolicy:
In 2016, CyberPolicy® became the world’s first marketplace to help small businesses compare, quote and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its offerings to deliver more complete coverages and bundles for Small and Medium-sized businesses including additional core business insurance products. CyberPolicy offers competitive rates in 50 states and helps small businesses “Plan. Prevent. Insure™”.

About Brown & Brown:
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.

Spotlight

After experiencing the loss of a friend in middle school to gun violence, and seeing how everyone she knew growing up had been impacted by a similar event, Mary-Pat felt incredible accomplishment at seeing her first anti-violence billboard go up in Atlanta. Her campaign spread across the entire city of Atlanta, and helped contribute to the decline of gun violence.

Spotlight

After experiencing the loss of a friend in middle school to gun violence, and seeing how everyone she knew growing up had been impacted by a similar event, Mary-Pat felt incredible accomplishment at seeing her first anti-violence billboard go up in Atlanta. Her campaign spread across the entire city of Atlanta, and helped contribute to the decline of gun violence.

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Coalition Completes Acquisition of Insurance Carrier With Licenses In All 50 States

Coalition | August 16, 2022

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ISG to Publish Report on Insurance BPO, ITO Services

ISG | July 16, 2022

Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes. The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA). Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients. 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Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are: Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits. Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe. BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator. Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience. Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report. An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors. A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study. All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback. About ISG Provider Lens™ Research The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. 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A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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Cybercube and Kroll Collaborated to Launch a Response Service for the Cyber Insurance Industry

CyberCube | May 31, 2022

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