CORE INSURANCE,INSURANCE TECHNOLOGY
Vouch | January 12, 2023
Vouch, an insurance company trying to change the way business insurance works for the tech industry, informed on January 11, 2023, that it acquired the lending startup Level and its team of engineers.
The lending startup has created a tech-driven underwriting process for early-stage fintech startups. This makes the process of getting financing faster and easier than it used to be.
Sam Hodges, CEO and Co-Founder of Vouch, stated, "Level's unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies." He further expressed, "The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company. We're thrilled to bring the Level team on board."
(Source: PR Newswire)
Post this acquisition, Vouch will be able to underwrite and support complicated insurance policies with the help of the Level team, who are experts in developing rapid and efficient underwriting systems.
"Joining the Vouch team was an easy decision for us," said Vladimir Korshin and Asa Schachar. They continued, "We were impressed by Sam and the team's pace of development within this exciting market opportunity and look forward to contributing our expertise to the company's growth."
(Source: PR Newswire)
Meanwhile, the details of the transaction were kept confidential.
About Vouch
Located in San Francisco and Chicago, Vouch Insurance is a new way for startups to get insurance. Its fully digital coverage, which only takes minutes to activate, was made by founders for founders. The company is trusted by the biggest names in the startup economy, like Y Combinator and Silicon Valley Bank. These companies work with Vouch because everything from onboarding to claims is made for startups by experienced founders. Vouch works with its clients to manage, reduce, and avoid risks because it is an insurance platform, not a broker. The company's founders have built and backed high-growth companies like FundingCircle and Root Insurance, while its team of technologists and risk experts comes from places like SVB Capital, NerdWallet, Travelers Insurance, Nationwide Insurance, Lyft, Google, and more.
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RISK MANAGEMENT, COMPLIANCE
Fortegra | March 03, 2023
On March 2, 2023, The Fortegra Group, Inc., a worldwide specialty insurer and Tiptree Inc., announced a partnership with Adlaur LLC, a newly-formed firm helmed by former Spinnaker Insurance Company executives - Adam Tyburski and Laurence Bunin.
The partnership will let Fortegra use its A- (Excellent) AM Best Financial Strength Rating to offer innovative capacity solutions to leading MGAs and PAs in niche and under-contracted areas across the United States.
Mark Rattner, Executive Vice President and Chief Underwriting Officer at Fortegra, expressed, "We are excited to support Adlaur and its trailblazing approach to program business." He added, "With this independent underwriter bringing company programs that have already been vetted, our strategic relationship will enable Fortegra to continue its growth by efficiently meeting the capacity needs of our MGA partners."
(Source – Cision PR Newswire)
Adlaur's distinctive methodology combines proactive sourcing, rigorous production partner oversight, and reporting, along with complicated reinsurance structuring and economic modeling expertise. The company was established so that property, liability, and specialty lines, all for small businesses, could be evaluated. Primarily through reinsurance broker markets, the industry will be sought out and written on an admitted, excess, and surplus line basis, with an initial emphasis on excess and surplus line programs.
Adlaur can consider per-risk gross limits of up to $2.5 million or net limits of $1 million after reinsurance. Its initial focus will be on lower-limits commercial, specialized personal and specialty lines, and strategic reinsurance for the program business.
About Fortegra
Fortegra and its subsidiaries have provided risk management solutions for over 40 years, helping people and businesses prosper in unpredictable times. Being a global specialty insurer, the company offers a variety of accepted and surplus insurance and warranty products. The company writes admitted as well as non-admitted insurance and insurance-related products worldwide.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Bamboo Insurance | February 07, 2023
Recently, Bamboo Insurance, a diversified insurer committed to providing a customer-driven experience, announced homeowner's insurance availability in Arizona.
The insurance coverage will now provide Arizonans with improved underwriting structures, user-friendly technology, and unparalleled service, in addition to rational and inexpensive home coverage options.
Soon, Arizona homeowners and agents will be able to use the new way Bamboo does insurance, which emphasizes ease of use, open communication, and support for policyholders. In contrast to other businesses, Bamboo does not reduce customer support spending in order to increase profits; this is due to the company's focus on satisfying its clientele. Customers in Arizona can now take advantage of Bamboo's excellent services, such as its knowledgeable team of insurance advocates and reliable 24/7 claims assistance.
John Chu, Bamboo Founder and CEO, stated, "The launch of our Arizona product represents an exciting milestone in our expansion outside of California."
"By leveraging our proprietary underwriting models and easy to use technology platform, we're able to offer customizable coverage, for the right price, to the Arizona market," John Chu added.
(Source – Cision PR Newswire)
For 2018 and beyond, the company has carved out a special place for itself in the market by meeting the needs of disrupted industries by providing homeowners insurance at reasonable rates. It's getting harder to acquire reliable insurance in states like Arizona that are vulnerable to harsh weather. It is proud to provide Arizonans with a novel, low-cost insurance choice by utilizing cutting-edge data science and in-house underwriting tools.
Jonathan Vitale, Bamboo Co-Founder and Vice President of Sales stated, "When we started Bamboo, the vision was to push the insurance industry forward by providing quality products and coverage to our insureds."
"We paired that with a big emphasis on leveraging technology to deliver to our agents an industry-leading quoting platform that is focused on speed, ease of use, and simplicity. We're thrilled to be able to bring that experience to Arizona," he concluded.
(Source – Cision PR Newswire)
About Bamboo Insurance
An insurance company focused on expansion, Bamboo Insurance's objective is to simplify and modernize the client's insurance experience while maintaining a relentless commitment to customer advocacy. The company is streamlining the insurance process with the help of data and technology to improve transparency for its business partners and policyholders.
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