Chubb contributes $10 million to global COVID-19 relief efforts

Chubb | April 07, 2020

Playing its part in the fight against the global pandemic, Chubb has announced that it is committing $10 million to COVID-19 relief efforts around the world. A release said that Chubb will be working with a range of partner organizations in the US and other countries to offer essential resources in areas most at need. Organizations the insurer will collaborate with include those that provide emergency medical equipment and supplies to healthcare facilities, and community foodbanks. The funding to these partner organizations will be made by the Chubb Charitable Foundation.

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Information for the insured The Insurer Anker Insurance Company n.v., having its registered office at Paterswoldseweg 812 at 9728 BM Groningen, in these policy conditions referred to as “Anker”. Anker is registered with the Autoriteit Financiële Markten (AFM) (the Dutch Authority for the Financial Markets) under number 12000661 and is authorized by De Nederlandsche Bank (“DNB”).

Spotlight

Information for the insured The Insurer Anker Insurance Company n.v., having its registered office at Paterswoldseweg 812 at 9728 BM Groningen, in these policy conditions referred to as “Anker”. Anker is registered with the Autoriteit Financiële Markten (AFM) (the Dutch Authority for the Financial Markets) under number 12000661 and is authorized by De Nederlandsche Bank (“DNB”).

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INSURANCE TECHNOLOGY

Microsoft and At-Bay Partner to Offer Data Driven Cyber ​​Insurance Coverage

Microsoft Corp | September 30, 2021

Microsoft Corp. will announce a new multi-year commitment to help the insurance industry build superior, data-driven cyber insurance products backed by Microsoft security solutions. Managing risk is a critical business objective for all companies. However, even with the adoption of the best cybersecurity technologies and best practices, companies can face residual risks due to inconsistent management of applications and other productivity platforms exploited by a rapidly evolving threat landscape. To fill this gap, insurance providers have begun offering policies to help mitigate the impact of data breaches and ransomware attacks. This new area of ​​insurance is growing rapidly; however, uncertainty is common as insurers struggle to acquire and use the dynamic, real-time data needed to mitigate cyber risk, while threats increase as ransomware drives urgency. Due to the widespread adoption of Microsoft solutions across companies of all sizes, Microsoft is working with insurers to address their customers' cybersecurity needs and reduce insurers' own risk of loss through greater data visibility and controls standardized. Insurance operators, agents, reinsurers and brokers are required to understand and assess cybersecurity threats for each of their policyholders. With this complexity, insurers are seeking greater visibility into each company's health and safety environment to better support new policies. To address the issue, Microsoft is partnering with leading insurance industry partners to deliver innovative data-driven cyber insurance products, enabling customers to securely share security posture information through platforms like Microsoft 365and security solutions from Microsoft. All data and details about a Covered company's technology environment will be owned and controlled entirely by that customer, but that customer may choose to share it securely with providers to receive benefits such as enhanced coverage and more competitive premiums. This model rewards customers with real savings by adopting cybersecurity best practices and gives insurers the information they need to proactively protect their customers from breaches. Partnership with At-Bay Microsoft will announce, on today's date, a partnership under this initiative with At-Bay , an innovative cyber insurance company. Through its modern approach to risk management, At-Bay assesses the cyber risk of each company it secures and provides actionable insights into how customers can improve their security posture. Encouraging the implementation of security controls with improved policy terms and pricing has strengthened the overall security of At-Bay's portfolio companies. According to At-Bay, its policyholders are seven times less likely to experience a ransomware incident than the industry average. As of October 1, businesses in the US using Microsoft 365 are eligible to save on their At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multi-factor authentication and Microsoft Defender for Office 365 Microsoft is also actively working in partnership with At-Bay to identify additional ways to improve its customers' digital risk exposure and proactively address vulnerabilities. This offer will be available through the At-Bay broker community and available to customers using any version of Microsoft 365. Interested companies can contact their insurance agent to get started. In addition to these security controls, the level of savings depends on the loss history and individual risk profile of each business. An insurance policy is an effective tool to articulate the impact of cybersecurity choices on a company's financial risk. way to reduce risk, Working with Microsoft allows us to educate customers about the powerful security controls that exist in Microsoft 365 and reward them for adopting those controls. - Rotem Iram , co-founder and CEO of At-Bay. Microsoft enables digital transformation in the era of Smart Cloud and Smart Edge. Its mission is to empower all people and organizations on the planet to achieve greater achievements.

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INSURANCE TECHNOLOGY

Vertafore Introduces the Next Generation of ImageRight to Transform Insurer Productivity and User Experience

Vertafore | June 30, 2021

Vertafore, the industry leader in modern insurance technology, announced the next version of ImageRight, the industry's leading workflow and content management solution developed especially for insurance carriers today. The news was made at the Carrier Week keynote event at Accelerate, powered by NetVU. ImageRight 7 offers a completely redesigned user experience in a web-based interface, allowing users to accomplish more streamlined core procedures and customized task lists. The upgrade, which is the first in Vertafore's multi-year effort to modernize ImageRight, is accessible anytime and everywhere through contemporary browsers, allowing carriers to better equip their workforce for success as the "new normal" of work evolves. ImageRight 7 also offers compliance and security upgrades to bring users up to speed on the most recent rules and regulations. Improvements such as ImageRight 7 offer a cutting-edge user experience that boosts productivity and simplifies activities. • An easy-to-navigate, find, and track interface allows users to browse quickly, discover and track policies and any related documents. • The ability to edit and manage Microsoft Office files directly from ImageRight, with all changes synchronized. • Personalized to-do lists that prioritize work. To-do lists are updated in real-time, minimizing the number of clicks required to access the most recent activities. Vertafore Hosting for ImageRight 7 can save carriers about 25-50% on an annual basis. Vertafore Hosting, a new cloud hosting option offered via Amazon Web Services, is also included with ImageRight 7. Carriers get ImageRight supplied as Software-as-a-Service (SaaS), including automatic version updates, as Vertafore relieves carrier IT teams of the hosting burden, allowing them to focus on other priorities. Data from Vertafore users indicate that Vertafore Hosting saves a carrier with 100 users an average of $320,000 over three years or 25-50% cost of ownership. The greatest savings come from reducing capital costs of maintaining ImageRight's hardware, operating systems, databases, and backup system infrastructure. About Vertafore For more than 50 years, Vertafore has been the North American InsurTech leader, modernizing and simplifying insurance distribution so that our clients can focus on what matters most: people. Vertafore's solutions enhance the client and agent experience, unlock the power of data, and simplify critical processes to promote efficiency, productivity, and profitability for independent agencies and carriers.

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INSURANCE TECHNOLOGY

Heritage Announces Strategic InsurTech Partnership with Slide

Heritage | November 29, 2021

Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that it has entered into a strategic partnership with Slide, a startup InsurTech P&C carrier led by Bruce Lucas, Heritage's former Chairman and CEO, providing it with enhanced technological capabilities and allowing it to participate in the InsurTech sector's upside. Partnership provides Heritage with the opportunity to: Leverage Slide's InsurTech capabilities to improve underwriting and rating decisions. Further capitalize on strong agency relationships by generating commission income on policies that don't meet Heritage's underwriting criteria (e.g., due to geographic concentration). Participate in the InsurTech sector without potentially significant capital requirements to develop similar capabilities internally. Based on current publicly traded InsurTech valuations, potential to generate a meaningful capital gain, which, if realized, could provide additional funds for share buybacks or debt retirement. Terms of the partnership Heritage will receive: Approximately 6% equity stake in Slide, an InsurTech P&C carrier with an estimated $250 million post-money valuation, and warrants allowing it to purchase an additional equity interest at Slide's pre-money valuation. Perpetual, royalty free license to certain aspects of Slide's software. Heritage will: Transfer ownership of Pawtucket, a dormant P&C carrier licensed in Rhode Island. Transfer ownership of First Access Insurance Group, a Florida-licensed MGA with minimal earnings. Provide access to historical claims and underwriting data. Ernie Garateix, Heritage's CEO, said, "We're excited to partner with Slide and our former colleague on this win-win opportunity. We believe this partnership will significantly accelerate development of our InsurTech capabilities, while providing us with an equity stake in an impressive startup that is developing cutting edge technology." Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com. About Heritage Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately $1.2 billion of gross personal and commercial residential premiums across its multi-state footprint.

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