INSURANCE TECHNOLOGY

Cyber insurer BOXX Insurance and cybersecurity firm Asceris announce partnership

BOXX Insurance | October 19, 2021

BOXX Insurance, the Toronto-based fast-growing cyber insurtech, is pleased to announce a new partnership with security consulting firm Asceris.

The partnership was confirmed at the recent NetDilligence Cyber Risk Summit in Santa Monica, and follows BOXX's announcements that it closed its Series A financing round and is expanding to the US.

Under BOXX's Hackbusters banner, the Asceris partnership will add to BOXX's incident response capabilities. BOXX's new service with Asceris includes 24/7 incident response and new services that have been customized for BOXX's consumer and employee benefit clients. With this partnership, Asceris will provide BOXX clients with a seamless escalation from suspected incident to full Incident Response and Forensics support.

"Too often, we see individuals and families struggle to know how to stay ahead of threats, really panic in the event of an incident and then suffer the ignominy of being severely out of pocket. BOXX solves all three problems in one integrated product."

- Vishal Kundi, CEO & Co-founder of BOXX

The collaboration with Asceris will fuel BOXX's mission to become a leader in personal cyber insurance. It follows BOXX's global partnership with Consumer Privacy and Security specialist AURA. "By leveraging such partnerships, BOXX is able to craft meaningful propositions for consumers and boost their confidence to avail of all the good things digital can provide," Kundi said

 "Consumers continue to struggle to know how to address cyber risk. The threats are constantly evolving, so in addition to being more secure and better prepared, consumers need to have timely access to the right expertise in case the worst happens. BOXX delivers on all of these requirements. Their innovative business model combined with their global reach provides them with an exceptional ability to strengthen cyber defenses and reduce the impact of cyber events. Asceris is excited to work with BOXX and we look forward to a long relationship and the opportunities this partnership brings."

- Anthony Hess, CEO at Asceris and former executive at CFC Underwriting and the Big 4 consulting firm KPMG


About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada

Spotlight

Prime Insurance Company is an excess and surplus lines carrier that provides customized specialty insurance products. Prime offers flexible underwriting, risk management expertise, and extraordinary claims management. Our partnership approach means we all work together in underwriting, risk management, and claims under one roof to provide true peace of mind protection.

Spotlight

Prime Insurance Company is an excess and surplus lines carrier that provides customized specialty insurance products. Prime offers flexible underwriting, risk management expertise, and extraordinary claims management. Our partnership approach means we all work together in underwriting, risk management, and claims under one roof to provide true peace of mind protection.

Related News

INTELLECTUAL PROPERTY

Zurich American Insurance Co. signs agreement to acquire Special Insurance Services, Inc.

Zurich | November 12, 2021

Zurich American Insurance Company ("ZAIC"), a leading provider of insurance products and services to businesses in multiple industries, has signed an agreement to acquire Special Insurance Services, Inc. ("SIS"), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. The acquisition will expand ZAIC's supplemental health insurance solutions that help businesses and individuals better manage medical costs. ZAIC's Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational accident and student accident insurance. The acquisition of SIS, which is expected to be completed in early 2022, will help expand ZAIC's ability to deliver solutions in gap medical, occupational accident and primary employer indemnity insurance. "As medical costs continue to increase, employers are seeking solutions that enable migration to higher deductible major medical plans while ensuring healthcare affordability for workers. Gap medical is gaining popularity because it can help employees cover their deductibles and coinsurance, reducing out-of-pocket expenses. Through the acquisition of SIS, ZAIC can build our capacity to deliver high-quality supplemental health products like this — products that businesses and workers need, desire and deserve." - David Fike, Head of Life, Accident and Health for ZAIC. SIS has capabilities to develop, underwrite, distribute and administer specialty insurance products for small- and midsize employers. SIS has been managing programs since 1987 and today provides some level of administrative services to more than 5,000 employers and their employees, with annual premium of approximately $55 million. "Zurich and SIS share a commitment to listening to the needs of the marketplace and putting customers first. That's one reason our talented team at SIS looks forward to joining the Zurich family and amplifying our positive impact. Together, we will help solve for some of the most pressing health challenges that businesses and individuals face today." - SIS President Philip Rearick. About Zurich Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. Customers are served through the individual member companies of Zurich, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services Zurich offers and the people Zurich employs in the U.S. and Canada.

Read More

CORE INSURANCE

One Inc Partners with Mastercard to Offer Real-Time Insurance Payments

One Inc | September 14, 2021

To ensure that individuals, families, and businesses have near-instant access to insurance funds in the face of emergency, One Inc, a leading digital payments network for the insurance industry, today announced plans to disburse claims through Mastercard virtual cards and Mastercard Send ®. Powered by One Inc's flagship product, ClaimsPay ®, the partnership builds on a shared vision to deliver near-instant, secure payments that deliver needed cashflow for claimants and vendors and reduce cycle time and expenses for insurers. The partnership is One Inc's latest initiative aimed at digitalizing the entire insurance payments stack with an alternative to checks. It arrives at a time when virtual card adoption is expected to accelerate to over $5 trillion in transaction value by 2025, more than triple its $1.6 trillion value in 2020, according to Juniper Research. "This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster," said One Inc CEO Ian Drysdale. "Together, we have the ability to transform and facilitate the delivery of funds in near real-time via Mastercard's virtual cards, providing unique benefits to our vendor network and ever-growing roster of insurance customers. It is another sign of the fast-moving digital evolution in the insurance industry." Despite managing trillions of dollars in claims payments per year, the US insurance industry still relies upon outdated payment methods like checks, which lack transparency, are ten times more expensive for insurers to manage, and take an average of six to ten days to reach claimants. Adoption of virtual cards will solve for each of these critical issues. "Mastercard is focused on improving the ways people and businesses pay and get paid, providing more choice, security and convenience," said Marie Aloisi, senior vice president, Business Development, North America, Mastercard. "Through our collaboration with One Inc and by providing virtual card solutions and near real-time payments with Mastercard Send, we're helping insurance providers digitize payments so people and businesses can receive their claim payments quickly, securely and into the financial accounts of their choice." About One Inc One Inc is modernizing the insurance industry through a unified and frictionless payment experience. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments.

Read More

CORE INSURANCE

HawkSoft and vipHomeLink Announce Partnership to Offer Proactive Home Maintenance and Protections to Homeowners

vipHomeLink | January 20, 2022

HawkSoft, the Oregon-based insurance technology developer, and vipHomeLink, a leading InsurTech company focused on innovative digital home management solutions, announced a formal partnership today. vipHomeLink is the latest company to join HawkSoft's Referral Partner Program. Through this new relationship, vipHomeLink will offer a suite of digital home management tools for homeowners. Independent insurance agents can leverage vipHomeLink to enhance the protection they offer their insureds – expanding the care beyond coverage and into proactive home maintenance. vipHomeLink allows a homeowner to digitally track and organize key documents pertaining to their home, stay current with necessary inspections, and be proactive with maintenance. Agencies that provide vipHomeLink to their clients see an increase in engagement and a reduction in their loss ratios as they shift conversations from being reactive towards sudden claims to being proactive around home ownership. "Many agencies using HawkSoft to power their insurance businesses view themselves as not just selling insurance products but also providing knowledge and protection to their communities, Our partnership with vipHomeLink allows agencies to further expand their relationship with insureds beyond risk coverage and into proactive risk mitigation. It changes the narrative for the agent from managing claims to preventing problems." -Rushang Shah, VP of Marketing for HawkSoft. "We are very excited to be partnering with HawkSoft, a leader in the agency management world. Together, we can help drive client engagement for independent insurance agencies. Our solution helps make a policyholder's home safer and more enjoyable, which reflects back on the agency who made that possible." -Geoff Martin, vipHomeLink's President and Co-founder Independent agencies that use HawkSoft are eligible for special pricing on vipHomeLink's services and platform. About HawkSoft Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year. Learn more about HawkSoft's unique father-and-son story at www.hawksoft.com/story. About vipHomeLink vipHomeLink is a digital home management solution that helps homeowners maintain, organize, and improve their homes. The Company partners with insurance carriers, agencies and others across the insurance ecosystem to drive engagement with homeowners and improve home safety by building awareness of the home, providing customized reminders and home recommendations, and by sharing expert, multi-channel content with members. vipHomeLink is based in Morristown, New Jersey.

Read More