Farmers Insurance to offer auto insurance in South Carolina

Farmers Insurance | February 20, 2020

Farmers Insurance is introducing its auto insurance product in South Carolina. A release stated that South Carolina marks the eighth state in which Farmers Insurance has expanded access to its products since 2011. Since that year, the insurer has over a million policies in force thanks to its eastern expansion in states such as Florida, Connecticut, Georgia, Maryland, New Jersey, New York, and Pennsylvania. Farmers Insurance president of personal lines Keith Daly said that the launch of its fully-digital auto insurance experience in South Carolina is an “important milestone” for the company. “It’s a unique opportunity for us to bring our 92 years of experience to a new market with a fresh, digital-first approach,” he said.

Spotlight

This video is part of our “Future of Insurance” research programme, which we have launched to investigate forces that will affect insurance industry in the next 5 to 10 years, outlining strategic and tactical responses and providing insight on practical next steps for organisations.

Spotlight

This video is part of our “Future of Insurance” research programme, which we have launched to investigate forces that will affect insurance industry in the next 5 to 10 years, outlining strategic and tactical responses and providing insight on practical next steps for organisations.

Related News

INSURANCE TECHNOLOGY

Sedgwick acquires Temporary Accommodations

Sedgwick | November 22, 2021

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced it has acquired Temporary Accommodations, which provides high-quality, temporary housing and related services to displaced policyholders. As part of this strategic transaction, Temporary Accommodations joins Sedgwick's property Americas division and further builds on the company's end-to-end claims services from intake to field adjusting to temporary housing to building repairs, with solutions that enable insurers to fully support their policyholders. Founded in 1996 and headquartered in Atlanta, Temporary Accommodations locates temporary housing options for displaced insurance policyholders and helps to manage additional living expenses during home insurance claims following fire, water, wind and storm damage and emergency evacuations. As one of the largest providers of claims-related housing services, Temporary Accommodations focuses on cost management and stress reduction for a better customer experience, negotiating preferential housing and hotel rates and reducing insurers' indemnity spend. "The Temporary Accommodations team is well-known by insurance professionals and homeowners for their dedication to service and solutions for displaced homeowners, They are often on the front lines when disaster strikes, providing care and comfort to displaced families. Temporary Accommodations is a natural fit with the Sedgwick team, and joining forces will allow us to work together to support the entire claims journey and recovery process. We look forward to this partnership and to providing clients with end-to-end property claims solutions." - Steve Powell, Sedgwick executive vice president. "Our company grew from humble entrepreneurial roots into one of the largest providers of temporary housing services in the insurance space. Joining an industry leader like Sedgwick will take our work to the next level, Moreover, our 'TA cares' motto perfectly aligns with Sedgwick's 'caring counts' philosophy. TA's mission has always been to operate with unsurpassed empathy, integrity, service and attention to detail, and we will continue to do so as part of the Sedgwick family." - Aaron Wilson, founder, president and CEO of Temporary Accommodations. About Sedgwick Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to our clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of more than 27,000 colleagues across 65 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact the bottom line. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders.

Read More

INSURANCE TECHNOLOGY

Next Insurance Acquires Data Analytics Firm Juniper Labs

Next Insurance, Juniper Labs | December 11, 2020

Next Insurance, the main digital insurtech company changing small business insurance, today reported that it has finished the acquisition of Juniper Labs, an imaginative supplier of elective open information and endorsing innovation zeroed in on small businesses. Together, Next Insurance and Juniper Labs will keep on creating improved AI abilities and apparatuses to reinforce the omni-channel client experience. This is Next Insurance's first securing and follows the end of its $250 million Series D financing round at a $2 billion valuation. Juniper Labs gives better danger straightforwardness by utilizing open information and AI to construct devices for smoothed out information assortment and automated endorsing. Utilizing common language preparing, Juniper Labs mixes divided information sources and unstructured substance to give more organized bits of knowledge that reinforce the certainty and prescient intensity of their models, at last taking into consideration more exact danger evaluation and a less difficult client experience. Juniper Labs co-founder and CEO Lance Poole, and his team, will join Next Insurance's AI and information examination gathering and will help dispatch the Next Insurance Data Labs. The reason for the lab is to consolidate human-driven plan, actuarial science, and best in class AI to give adaptable, industry-driving arrangements that drive development and danger based valuing. Also, the Juniper Labs group will help reinforce and scale Next Insurance's workers' compensation offering (among different lines of business), which has seen almost a 14x expansion in year-over-year development since November 2019. "Next Insurance and Juniper Labs believe that data is a key differentiator in the effort to provide a better online experience at a more affordable price," said Lance Poole, co-founder and CEO of Juniper Labs. "We're excited to join this like-minded company and contribute to its continued success." As the world keeps on moving on the web, purchasers have generally expected fast, effective and customized insurance policies, and Next Insurance's initial obligation to conveying incredible insurance products and client commitment has cemented the company as a pioneer in the insurtech space. With Next Insurance, insureds approach USA-based authorized insurance counselors, apparatuses and administrations like every minute of every day admittance to testaments of insurance from a cell phone or PC, and in-house claims filings where a choice is ordinarily made inside 48 hours. Become familiar with Next Insurance's General Liability, Professional Liability, Commercial Auto and Workers' Compensation product offerings and get a moment quote online today. About Next Insurance Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers. About Juniper Labs Juniper Labs leverages open data and machine learning to help insurtechs, carriers and brokers to more effectively sell and underwrite small business insurance. Founded in 2019 by Lance Poole and John Stevenson, the company's suite of APIs provide structured insights and predictive models that allow more precise risk assessment and a simpler customer experience.

Read More

RISK MANAGEMENT

AXA XL adds two to E&S Primary Casualty insurance team

AXA XL | December 07, 2021

AXA XL has added new Excess & Surplus (E&S) casualty insurance underwriting expertise with the addition of Matthew Moses as Senior Underwriter in New York and Joshua Steele as Senior Underwriter in Scottsdale, Arizona. "Given the current hard market conditions in admitted markets and the challenges brought on by pandemic, more severe Cat events, nuclear verdicts, and overall economic strains, the E&S market continues to thrive. We've seen a substantial uptick in submissions and plenty of opportunities to grow. That's why we're excited to welcome seasoned underwriters like Matt and Joshua who bring more than two decades of underwriting experience to our team and are ready to hit-the-ground running to help us address our clients' most challenging primary casualty risks." - Ankur Chokshi, AXA XL's head of E&S Primary Casualty With more than 10 years of underwriting experience, Mr. Moses joins AXA XL from CapSpecialty where focused his underwriting activities on addressing the E&S casualty needs of the Construction industry. Prior to CapSpecialty, he was at Admiral Insurance group, working in the Midwest, and building up Admiral's office from ground up. He is a graduate of Indiana University. Mr. Steele joins AXA XL's E&S team from AmTrust. In this newly created role based in AXA XL's West Zone, Mr. Steele will address the needs of wholesale brokers and clients throughout the Southwest. During his 10+ year-career in the insurance industry, he has held underwriting positions with Nationwide, Liberty Mutual and Travellers. He is a graduate of Georgia State University.

Read More