Farmers to provide relief to more than 115,000 business insurance customers

Farmers Insurance | April 08, 2020

Farmers Insurance has announced that it will provide relief to more than 115,000 of its business insurance customers under its Farmers Cares initiative. Business customers in the restaurant, office, retail and service sectors – which have been strongly impacted by the COVID-19 outbreak – will receive a 20% monthly credit on their business owner’s policy for the next two months on their upcoming premium notices. “We understand how challenging running a business can be, particularly in these extraordinary times, and we want our business insurance customers to know Farmers cares and we want to help,” said Sharon Fernandez, president of business insurance for Farmers. “For the next two months, many of our business insurance customers will see a 20% premium reduction.”

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

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CLAIMS, LIFE INSURANCE

Constellation Partners with SS&C to Bolster Mortgage Operations

Constellation Insurance | March 10, 2023

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AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

Devron Works with Cover Whale to Promote Road Safety

Cover Whale | March 02, 2023

On March 1, 2023, Devron, a pioneer in artificial intelligence and machine learning for distributed and private data, announced its cooperation with Cover Whale Insurance Solutions, Inc., a top commercial trucking insurer and a rapidly expanding insurtech. Using Devron's federated data science platform, Cover Whale will build and train AI models that can quickly add new and different data sources to estimate risk better, offer to coach drivers, and align premiums. The Driver Safety Program offered by Cover Whale uses data science and AI to analyze risk and develop strategies to reduce it, making roads safer. The platform provided by Devron simplifies the process by enabling access to additional datasets and doing away with the requirement, cost, and privacy risk associated with relocating data. This federated method enables Cover Whale to design, train, and run more effective models to identify unsafe driving behaviors or circumstances more efficiently. In the past, for businesses to extract, duplicate, and move large amounts of data to get insights, they were required to develop complicated infrastructures. Devron gets around this requirement, so Cover Whale can build and train machine learning models on datasets where they are already stored. These datasets may include, for example, claims information, various vehicle telematics, external data related to highways, weather conditions, and other such information to acquire a more informed perspective on risk. Cover Whale has commissioned Devron to speed up ongoing data science projects, lay the groundwork for the future development of its operations, and enable faster access to various data sources, formats, and types while producing richer insights with less effort. About Cover Whale Cover Whale is an insurtech founded by industry veterans and tech entrepreneurs that provides cutting-edge policies for commercial vehicles through AI, sophisticated underwriting, and extensive data integration. Coverage, telematics, dash cams, and real-time driver teaching are part of its innovative Driver Safety Program, which aims to reduce claims, improve road safety, and save lives in the United States. The company also provides over 5,000 agencies with the quickest and most user-friendly online quote system.

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CORE INSURANCE,WORKERS COMPENSATION

Inszone Insurance Services Announces Acquisition of Employers Choice Insurance

Inszone Insurance Services | January 06, 2023

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