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,INSURANCE TECHNOLOGY
Connell Insurance and Higginbotham | December 06, 2022
Connell Insurance is the first agency in the state of Missouri to join Higginbotham, an insurance, financial and HR services firm ranked among the largest independent brokers in the U.S. Connell Insurance is one of the largest and fastest growing locally-owned property/casualty insurance and employee benefits brokers in southwest Missouri. The deal adds a 14th state to Higginbotham's footprint and gives Connell Insurance increased customer support that includes loss control, employee benefit plan services and human resources.
Higginbotham is strategically growing to expand its reach and increase its service capability by selectively partnering with other independent agencies that have strong reputations in their local markets, a desire to keep growing by tapping into its single source solution and a strong cultural match.
Connell Insurance has two Missouri offices in Branson and Springfield, with a combined 38 employees with immediate plans to hire more to accommodate growth. It's led by practicing insurance and employee benefits consultants Casey Chastain, Jay Hickman, Tom Jensen and Chase Marable.
"We see Higginbotham as a larger version of our firm. We position ourselves as 'agents of change,' adapting to new market trends and evolving our model as the business environment changes. To be a long-term partner for our clients, change is essential, and joining Higginbotham is part of that strategy. The value-added services for our clients, the future growth opportunities for our firm and the ability to partner with a privately held organization that offers employee ownership are all welcome changes."
-Connell Insurance's leadership, Jensen
Higginbotham Chairman and CEO Rusty Reid said, We have offices in the states that border south Missouri, so we had our sight set on finding the right partner to help establish our presence there. Connell Insurance being one of the fastest-growing insurance agencies in the region is what prompted our interest, because obviously they're doing something right. The decision to cement our partnership was driven by their alignment with our people-first culture and forward-thinking attitude.
Higginbotham gave the title of managing director to all four of Connell Insurance's leaders, and they will continue guiding their team.
About Connell Insurance
Connell Insurance is a property/casualty insurance and employee benefits brokerage firm that provides solutions that help companies and individuals manage risk. Established in 1970, Connell Insurance today is one of the largest locally-owned insurance brokers in southwest Missouri. It has concentrated experience in the public entity, manufacturing, transportation, social services, construction and hospitality sectors.
Employee owned and customer inspired, Higginbotham is a single source solution for insurance, financial and HR services. The firm was established in 1948 and ranks by revenue as the nation's 21st largest independent insurance firm. Serving thousands of businesses and individuals through locations coast-to-coast, Higginbotham's approach to finding insurance, employee benefit and risk management solutions is more individual and less institutional. By understanding customer priorities, eliminating inefficiencies and committing to transparency, Higginbotham is a place that leads with values so value leads.
CORE INSURANCE,AUTOMOBILE INSURANCE
LuckyTruck and Great American Insurance Group | December 02, 2022
LuckyTruck, the tech-enabled retail agent focused exclusively on trucking, announced today it has collaborated with Great American Insurance Group (GAIG) to launch a fully digital Motor Truck Cargo (MTC) product.
Over the last decade, the commercial insurance industry, especially trucking insurance, has been slow to adopt digital products. Historically, getting motor truck cargo coverage took a trucker between one to three days. Together, LuckyTruck and Great American Insurance Group will enable truckers to obtain a quote, purchase, and bind a policy in 10 minutes or less.
"We are pleased to be working with Great American, Their financial strength, competitive coverages, and focus on providing a great customer experience through innovation aligns with what we do at LuckyTruck."
-Julie Zimmer, CEO of LuckyTruck
Great American's MTC product is fully digital, eliminating 100+ question applications, back-and-forth phone calls, multiple emails, and manual payment processing. Powered by Ascend's modern payment platform, LuckyTruck allows customers purchasing the GAIG MTC product to pay-in-full or enroll in premium financing instantaneously. After payment, the policy is bound in a matter of microseconds. Instead of sitting on the side of the road waiting days for coverage, truckers can hit the open road in just a few minutes with the coverage they need.
Truckers are often on the road during their insurance agent's typical business hours, and in the fast-paced world of trucking every minute counts, We saw an opportunity to connect with our insureds differently, in a way that better meets their needs. Our digital (MTC) product is smart, fast, easy-to-use, and accessible around the clock via the LuckyTruck platform,said Travis Murphy, Assistant Vice President of Business Development, Great American Property & Inland Marine.
LuckyTruck is looking forward to building its relationship with Great American and advancing their shared goal of creating a digital-first approach in the trucking industry.
Launched in 2019, LuckyTruck is a modern insurance platform for commercial trucking. It is the first all-in-one retail platform exclusively focused on the trucking insurance market.
About Great American Insurance Group
Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC.