INSURANCE TECHNOLOGY

Cowbell Cyber and Mylo Partner to Enable Distribution of Cyber Insurance for Small Businesses

Cowbell Cyber | November 05, 2020

Cowbell Cyber, the business' first AI-fueled cyber protection supplier for little to moderate sized organizations (SMBs), today reported it has joined forces with Mylo  the computerized representative dispatched by the world's biggest autonomous merchant, Lockton  to empower expanded dissemination of Cowbell's independent cyber protection to the private company market, a region generally underserved by cyber protection.

Organizations of all sizes are getting more dependent on a computerized climate given the present far off setting, frequently leaving them presented to expanded cybersecurity weaknesses including information breaks, ransomware assaults, cyber wrongdoing, and then some. Along these lines, the interest in cyber inclusion has radically expanded as organizations acknowledge cyber protection is currently a need, not an extravagance.

Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell's standalone, admitted cyber insurance programs  addresses the challenges faced by small businesses when considering insurance including:

• Clarity of the policy terms: business owners can now immediately understand the protection they will receive
• Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder
• Admitted program: Ensures that everything has been thoroughly vetted by state level agencies
• Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy

"We are excited to partner with Mylo to deliver on the promise of customized cyber coverage and easy-to-use risk management tools for their expanding client base," said Dan Law, Head of National Accounts at Cowbell Cyber. "Partnering with Mylo will allow us to better distribute cyber insurance to the currently underserved markets, ultimately helping customers with their cyber resilience."

"As an advocate for small business owners, we care about helping them prepare for a cyberattack that could threaten everything they've worked so hard to build," said Mylo COO, Belen Tokarski. "Mylo and Cowbell Cyber are a great fit because we both focus on using technology to give businesses the protection they need to anticipate and recover from serious risks."

The partnership brings significant efficiencies to Mylo's agents including:

• Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks
• Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average
• No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound

About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage.

About Mylo
Mylo is a digital one-stop-shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world's largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or on the phone with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing a proven boost in customer engagement.

Spotlight

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Spotlight

There are so many life insurance products in the marketplace that serve different purposes. You may have a specific objective for purchasing a policy other than “if I die” or catastrophic coverage. There are policies that protect against catastrophe, develop tax-free cash value that you can borrow against, cover funeral expenses only and more. This life insurance infographic is a good starting point.

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Erie Insurance 'Future Focus' program recognized as a RISE Elite 50 industry internship program

Erie Insurance | September 20, 2022

The Erie Insurance (ERIE) Future Focus internship program has been named to the Rising Insurance Star Executive (RISE) list of the insurance industry's 50 best internship programs in 2022. This is the second consecutive year that ERIE has been honored. ERIE's summer internship program offers opportunities for college students to gain relevant and real-world business experience in the insurance industry and at a Fortune 500 company. "We're excited to be included on the RISE Elite 50 list for the second consecutive year. Our interns often tell us that our program is a premier offering in the industry, and this recognition is certainly a bonus, Year after year, the most impactful feedback comes directly from our interns, who, through an overwhelming response to our end-of-program survey, gave our 'Future Focus' program an average satisfaction rating of 4.8 out of 5 this year." -JR Wilwohl, talent acquisition partner and ERIE's internship program coordinator ERIE's internship program, which began more than 20 years ago and has helped launch the careers of hundreds of current ERIE employees, offers paid, competitive internships across several areas of the company. According to Jon O'Camb, talent acquisition manager, ERIE's Future Focus internships are one of the company's largest pipelines for early career talent and ERIE is committed to growing diversity within its talent pool. Our commitment to celebrating and valuing diversity continues, and our internship program is an extension of that. We're widening our talent pipeline by strengthening relationships with historically Black colleges and universities across ERIE's footprint and working with ERIE's affinity networks and DEI leadership to help further reach diverse candidates, Once our interns are hired, we also provide them with multiple opportunities to engage with our company's DEI and community outreach teams and encourage them to become active in ERIE's nine employee affinity networks during their internship with us,said O'Camb. In 2022, more than 100 ERIE interns worked in ERIE's IT, Underwriting, Risk Control, Actuarial, Data, Sales & Marketing, Claims, Corporate Services, Customer Service, Finance, Accounting, Internal Audit, Investments and ERIE Experience departments. Rising Insurance Star Executive (RISE) is an industry group founded to help bridge the talent gap by recognizing and advancing the best young talent in the insurance industry. There is nothing more impactful to building the talent pipeline for the Insurance Industry than our internships, Companies can test drive talent, learn from fresh perspectives, expose young professionals to their brand, foster leadership in current employees, and the list goes on. Interns gain real world experience, learn about their strengths and weaknesses and gauge whether a job or industry is the right career for them,read an announcement of the annual list from RISE. About Erie Insurance According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia.

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INSURANCE TECHNOLOGY

PolicyMe Launches New Critical Illness Insurance Offering the Most Covered Conditions in Canada for Adults

PolicyMe | November 08, 2022

Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness. “Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.” -Jeff McKay, Co-Founder & CTO of PolicyMe How PolicyMe is building a better Critical Illness Insurance product Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers. From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe. How PolicyMe is bringing more critical illness coverage to Canadians PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions). Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability. Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application. We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro. Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders. We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro. About PolicyMe PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.

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CORE INSURANCE

American Equity Announces Strategic Partnership With 26North

AMERICAN EQUITY | November 09, 2022

American Equity Investment Life Holding Company (American Equity) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), announced that it is entering into a long-term partnership with 26North Partners LP (26North), a multi-asset platform founded and led by Josh Harris, in which American Equity has made a strategic investment. Anant Bhalla, Chief Executive Officer and President of American Equity, will join the Board of Directors of 26North. A Bermuda-based reinsurer, AeBe ISA Ltd., which is affiliated with 26North, has reinsured approximately $4.3 billion of GAAP reserves of American Equity fixed indexed annuity policies from 2008 and 2010. American Equity estimates that this will generate an initial capital release in excess of $250 million and generate a positive ceding commission, thereby growing AEL’s revenue-generating reinsured liabilities. “This partnership with 26North is a further step in our AEL 2.0 strategy to deliver significant value to all shareholders. The strategy is aligned with policyholders through our unique go-to-market and investment management approaches and capital-light structure. We continue to refine a capital-efficient business model to deliver superior, sustained returns for our shareholders and further strengthen our robust balance sheet. This deal will enable greater capital flexibility for AEL as we benefit from 26North’s investment expertise to deliver on attractive opportunities across private asset classes. We are proud to add 26North to our outstanding investment partner ecosystem and further advance our transformation into a hybrid, diversified financial services firm.” -Anant Bhalla, Chief Executive Officer and President of American Equity Mr. Bhalla continued, Our agreement with 26North complements the strategic partnerships we have struck to support our unique investment management strategy, with each transaction providing access to a specific asset sector. Partnering with world-class investment firms – Adams Street, Monroe Capital, Pretium and now 26North – allows all AEL shareholders to participate in asset management economics, which is fundamental to our AEL 2.0 strategy. ABOUT AMERICAN EQUITY At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity CompanyTM that offers solutions designed to create financial dignity in retirement. Our policyholders work with independent agents, banks and broker-dealers, through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs. To deliver on our promises to policyholders, American Equity has reframed its investment focus, building a stronger emphasis on insurance liability driven asset allocation as well as the origination and management of private assets. Our company is headquartered in West Des Moines, Iowa with satellite offices slated to open in 2022 in Charlotte, NC and New York, NY. ABOUT 26NORTH 26North Partners LP is an integrated, multi-asset class investment platform, founded and led by Josh Harris. 26North provides investment advice and opportunities to its clients related to a variety of investment strategies, including, but not limited to, private equity, credit, and insurance and reinsurance solutions. Josh Harris and the 26North team bring decades of experience managing third-party capital to help clients achieve their financial goals while leaving a lasting impact on the communities they serve. 26North has more than $9.5 billion in assets under management.

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