CORE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | May 12, 2023
Guaranteed Rate Insurance LLC, one of the fastest growing national insurance brokers, today released a proprietary digital insurance API. This new platform provides Guaranteed Rate Insurance business partner customers an immediate way to compare and purchase home, auto, life and other insurance policies at the point of sale.
Guaranteed Rate Insurance's new API provides a method for its business partners to cater to its customers' insurance needs by seamlessly connecting storefronts with authorized insurance agents who have already prepared a range of preliminary coverage choices. This innovative tool ensures consumers can access, review and purchase competitive insurance policies precisely when protection is required or highly recommended.
"As part of our commitment to providing the best possible products and service to our customers, we are continually increasing our reach by expanding our partner network and ensuring we are the easiest independent fintech insurance platform to work with," said Jeff Wingate, Head of Guaranteed Rate Insurance and Executive Vice President. "Our API is fully secure, so customers can trust that their personal information is safe and protected throughout the insurance purchasing process."
The Guaranteed Rate Insurance proprietary API is a "win-win" for customers and business partnerships. Business partners can offer insurance solutions as part of their product offering which creates a user-friendly, hassle-free and beneficial purchasing experience. Customers win by insuring and protecting their home, auto and major purchases at the point of sale in a fully secure, easy-to-use manner.
"With the introduction of the partner API, we move closer to achieving fully embedded digital insurance marketplace offerings," said Ryan Haggard, Guaranteed Rate Insurance's Vice President and Head of Insurance Product and Technology. "When a customer is transferred to Guaranteed Rate Insurance, the API has all the data needed for our agents to deliver instantaneous insurance quotes."
Guaranteed Rate Insurance looks forward to expanding this insurance offering to as many business partners as possible, including real estate brokerages, mortgage servicers, auto dealers and home inspection companies. To learn more about Guaranteed Rate Insurance business partnerships, contact info@guaranteedrateinsurance.com.
About Guaranteed Rate Insurance
Guaranteed Rate Insurance is a national insurance brokerage, licensed in all 50 states, that offers comprehensive personal, commercial, specialty, and life insurance products. Founded in 2008, Guaranteed Rate Insurance is owned by Guaranteed Rate, the second largest retail mortgage lender in the country. Guaranteed Rate Insurance has built a reputation on providing customers with impeccable service as demonstrated by its 98% customer satisfaction rate*. Combining a growing team of insurance agents and a robust digital platform, Guaranteed Rate Insurance searches for great rates from more than 50 top-rated insurance carriers, while providing a "personal shopping" experience. Visit rate.com/insurance for more information.
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RISK MANAGEMENT, INSURANCE TECHNOLOGY
PRnewswire | May 29, 2023
Global climate risk solutions platform Arbol and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. Cutting-edge products are now available for a range of perils, including low and excess precipitation, low and excess wind speed, high and low temperature, and lack of solar irradiance.
Arbol's proprietary pricing platform is powered by artificial intelligence and a dedicated climate data infrastructure to inform underwriting operations. Weather data indices are used to develop customised parametric products, using triggers specific to the peril and the insured.
Guy Carpenter served as the sole placing broker and was responsible for securing the required capacity.
Hong Guo, EVP and Chief Insurance Officer of Arbol said, "This milestone validates our commitment to delivering innovative risk management solutions. It opens new possibilities to serve our clients and the insurance industry as businesses seek to effectively manage emerging climate risks."
Neil Kempston, Head of Incubation Underwriting at Beazley, added, "Beazley is committed to supporting the development of weather parametric products that ease the challenges the agricultural supply chain and renewable energy markets face as we move to net zero. By building a long-term partnership with Arbol we can deliver for our brokers and their clients."
Arbol Insurance Services (an Arbol subsidiary) has also now been appointed as a Lloyd's coverholder, with a facility led by Beazley supported by Tokio Marine Kiln and Nephila.
About Arbol
Arbol is an innovative global fintech company that provides full-service solutions for businesses seeking to manage climate risk exposure. Arbol's parametric coverage pays out based on objective data triggers, rather than traditional subjective loss assessments. By leveraging advanced technologies like AI underwriting, big data, and blockchain-powered operational efficiencies, Arbol delivers much-needed scale and transparency to the climate risk insurance space. We aim to drive innovation and collaboration to support climate-friendly investment and help organizations manage climate-related risks.
About Beazley
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd's syndicates and, in 2022, underwrote gross premiums worldwide of $5,268.7m. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
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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.
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