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.
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.
CORE INSURANCE, RISK MANAGEMENT
Inszone Insurance Services | March 15, 2023
On March 14, 2023, Inszone Insurance Services, a rapidly expanding national provider of benefits, personal, and commercial lines insurance, informed that the company has acquired Jack E. Gilbert Insurance Agency, Inc. This acquisition is poised to enhance the capabilities of Inszone Insurance Services and is a strategic step in the company's growth trajectory.
Headquartered in San Jose, Jack E. Gilbert Insurance Agency, Inc. has been catering to clients in California, Arizona, Colorado, Nevada, Texas, and Washington since 1980. Over the years, the agency has gained immense popularity for its comprehensive range of insurance programs, which include specialized programs for transportation, trucking and towing, and worker's compensation.
Chris Walters, CEO of Inszone Insurance Services, stated, "Jack E. Gilbert Insurance Agency has a long-standing reputation for providing exceptional customer service to its clients."
He added, "We are excited to welcome their team of insurance professionals to the Inszone Insurance family, as we continue to expand our presence in California and beyond."
(Source – Business Wire)
The acquisition of Jack E. Gilbert Insurance Agency, Inc. will provide Inszone Insurance Services with access to the agency's extensive expertise and client base. This strategic move aims to strengthen the capabilities of Inszone Insurance Services and enable the company to offer top-notch insurance services to its clients while also expanding its market reach.
The team at Jack E. Gilbert Insurance Agency will continue to operate under the Inszone Insurance brand, maintaining the same level of customer care and service that their clients have come to expect. This acquisition represents a crucial step in Inszone Insurance's growth strategy, as the company aims to expand its national footprint and further cement its position as a leading insurance provider in the United States.
About Inszone Insurance Services
Inszone Insurance Services, founded in 2002 and headquartered in Sacramento (California), is a full-service insurance brokerage firm that provides a comprehensive range of property & casualty insurance, along with employee benefits solutions. With an experienced and dynamic management team, the company continues to grow both organically as well as through strategic acquisitions. It presently has 40 locations spread across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois and is poised to expand its presence throughout the United States.
CORE INSURANCE, RISK MANAGEMENT
CCC Intelligent Solutions and Duck Creek Technologies | February 03, 2023
On February 2, 2023, CCC Intelligent Solutions (CCC), a premier SaaS platform powering the P&C insurance industry, joined Duck Creek Technologies' partner program as a strategic member.
Duck Creek Technologies is an intelligent solutions provider shaping the future of P&C insurance. Joint customers will benefit from increased automation and improved efficiency in claims handling for both employees and policyholders, thanks to the integration, which will allow Duck Creek core system users seamless access to solutions from CCC's industry-leading claims management suite.
Manju Bansal, Vice President, Ecosystems and Alliances for CCC, stated, "Our insurance customers are looking to automation to drive greater efficiency and better experiences for their staff and end consumers."
He added, "Working with Duck Creek is a natural extension of our network strategy, which is centered on enabling technology partners to integrate with the CCC platform and offer solutions that add value to our customers' business. This integration will not only save insurers time accessing the tools they need and use every day, but it will also help drive process improvements across their existing workflows."
(Source – GlobeNewswire)
The Duck Creek and CCC interface gives mutual customers seamless access to their CCC Claim Folders and technologies that promote early claim resolution, such as predictive inspection, which turns complex vehicle damage data into actionable insights at the first notice of loss. Insurers can also hire workers, find repair businesses, and schedule appraisals for policyholders. In addition, single sign-on (SSO) allows insurers to access CCC's platform from Duck Creek Claims.
Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies, expressed, "We are delighted to deepen our relationship with CCC."
"This is an important integration for our customers who seek to drive efficiency and automation into everyday processes. We're excited to offer seamless access to certain CCC solutions and create even more value for our platform," he concluded.
(Source – GlobeNewswire)
About CCC Intelligent Solutions
CCC's connected data platform is reshaping the trillion-dollar automobile and insurance industries. Its cloud-based SaaS solutions use the latest AI, IoT, telematics, customer experience, mobile, and digital workflow technologies to generate deep, actionable insights that help clients drive business and impact lives. The company has innovated throughout its 40-year history, scaling through client relationships and delivering industry-leading first-to-market solutions.
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions supplier shaping the future of property and casualty (P&C) and general insurance. Modern insurance systems use its platform to perform flexible, innovative, and evergreen operations on the cloud. The company believes insurance should be there for people and businesses when, where, and how they need it. Besides, all its market-leading solutions are available via Duck Creek OnDemand.