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 03, 2023
Arbol, a global climate risk coverage platform, and The Institutes RiskStream Collaborative, the insurance industry's largest blockchain consortium, announced a strategic partnership to transform the parametric insurance space today. The partnership integrates Arbol into RiskStream's network of industry leaders dedicated to unlocking the potential of blockchain in risk management and insurance. The consortium actively explores insurance-specific blockchain and distributed ledger technology (DLT) applications to reduce operating costs, enhance systems, and improve customer experiences across the $1 trillion insurance industry.
Arbol and RiskStream's collaboration aims to leverage blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and reinsurance programs, addressing the challenges in managing seasonal and catastrophic climate risks, such as major storms and hurricanes.
The partnership between Arbol and RiskStream Collaborative will initially focus on developing an innovative, blockchain-driven parametric solution for the insurance industry. This solution will enhance trust and collaboration among all parties involved. It could be extended to non-parametric insurance solutions for reinsurance programs, harnessing the unique value of smart contracts and DLTs.
Sid Jha, Founder and CEO of Arbol, said, "Our collaboration with The Institutes RiskStream Collaborative marks an exciting step in bringing innovation to the parametric insurance space. By leveraging smart contracts and distributed ledger technology, we aim to transform how climate insurance and reinsurance deals are managed, introducing unprecedented transparency and efficiency to global climate risk management."
"We are excited to welcome Arbol into the collaborative as a solution provider. Their work in the parametric (re)insurance space opens the door for our producer, carrier/cedent and reinsurer members to leverage their automated solutions," said Patrick Schmid, President of The RiskStream Collaborative. "Arbol's application, which works with external blockchain oracle data for various perils, aims to leverage RiskStream's Canopy platform. The goal is to improve industry-wide operational efficiency and lead to a better overall insurance experience."
The strategic partnership between Arbol and The Institutes RiskStream Collaborative seeks to create significant value for the insurance industry by showcasing the power of blockchain technology and decentralized data storage. The collaboration is committed to delivering cutting-edge solutions that address current industry challenges while paving the way for future advancements in parametric insurance and beyond.
About Arbol
Arbol is a global climate-risk coverage platform and FinTech company offering full-service solutions for any business looking to analyze, manage, and transfer climate risk. Arbol's products offer parametric coverage based on objective data triggers rather than a subjective loss assessment. Arbol's key differentiator versus traditional InsureTech, or climate- analytics platforms, is the complete ecosystem it has built to address climate risk. This ecosystem includes a massive, climate-data infrastructure, scalable product development, automated, instant pricing–using an artificial intelligence underwriter–blockchain-powered operational efficiencies, and non-traditional risk capacity bringing capital from non-insurance sources. By combining all these factors, Arbol brings scale, transparency, and efficiency to parametric coverage in stark contrast to the oligopoly of reinsurers currently dominating the climate-risk insurance space.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry's first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The Institutes RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
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AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 27, 2023
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, today announces its partnership with TrustedChoice.com, the nation's largest digital marketing platform for independent agents and brokers.
With access to TrustedChoice.com's extensive insurance marketplace and more than 240,000 independent insurance agents, Cover Whale can deliver its coverage to thousands of commercial truck drivers across the country. In parallel, independent agents who don't currently have access to Cover Whale for their clients can now have a seamless, digital path to the company and its products through their TrustedChoice.com membership.
"Our team is always looking for new ways to connect insurance agents with truck drivers," said Dan Abrahamsen, CEO of Cover Whale. "This partnership enables us to deliver instant quotes to more agents with trucking clients, and more coverage to America's safest drivers and small fleets. TrustedChoice.com's vast network also gives us more opportunities to deploy our Driver Safety Program to make roads safer for everyone.
"Cover Whale's high-tech approach to trucking insurance makes them a great addition to our network of insurance company partners who support independent agents on TrustedChoice.com. Including Cover Whale in our national directory and searchable market finder tools will bring awareness of their unique product offerings and help more agents get connected with them", says Vincent Savarese, SVP Company Relations at TrustedChoice.com.
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America's roads. Cover Whale delivers its product through more than 5,000 agents with the industry's fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $400 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 15% off when renewing their auto liability policy. The company has been named one of America's Best Startup Employers on Forbes' 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
About TrustedChoice.com
TrustedChoice.com builds leading digital insurtech marketing solutions for the independent insurance agency channel. TrustedChoice.com's solutions suite empowers independent agents and insurers to compete in a digital-first marketplace. Its Advantage digital marketing platform enables agents and insurers to scale their brand visibility in order to gain and retain clients. The TrustedChoice.com consumer website has attracted over 36 million visitors to date and offers online insurance consumers a retail-like buying experience, connecting the right risk to the right agent at the right buying moment. For more information visit: https://www.trustedchoice.com/advantage/.
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