RISK MANAGEMENT, INSURANCE TECHNOLOGY
Embroker | February 24, 2023
Embroker, a digital insurance platform that makes it easy to insure a business, just released a new malpractice and cyber bundle that is specifically made for legal practices.
This package, the company's first vertical offering built on its new ONE by Embroker platform, makes it easy for law firms to obtain customized malpractice and cyber coverage.
Ben Jennings, Chief Revenue Officer at Embroker, stated, "Regardless of size, law firms don't just want to 'tick' the insurance box; they need a strategic partner to create products where risk is dynamically modeled and tailored to their biggest exposure areas."
He further added, "This law liabilities and cyber bundle does exactly that, and represents the first of multiple vertical-specific bundles we'll be launching on ONE by Embroker in the coming months."
(Source – Business Wire)
Law companies' databases include massive volumes of personal and sensitive customer data, making cybersecurity breaches severe. After answering a few questions, law firms can identify their coverage needs and receive customized liability and cyber policy quotations. Custom product packaging, level pricing transparency, and one application for various coverages let them receive the proper coverage faster and easier.
ONE by Embroker uses AI and machine learning to synthesize and mix business insurance solutions depending on industry demands, simplifying the insurance buying process. Embroker's ONE by Embroker universal application and strong vertical expertise create a unique, streamlined shopping experience for legal professionals in this law package. It's suitable for companies of all sizes, but those with 25 attorneys or fewer are the most underserved by conventional brokers and carriers.
Due to these expanding concerns, many organizations are now carefully assessing their cyber exposure and adding cyber insurance to their cyber hygiene activities.
About Embroker
Embroker simplifies smart business insurance. It saves time and money by integrating technology and broker knowledge. Embroker, the largest internet insurance broker, wants to improve the $800 billion P&C insurance market. The company services customers in all 50 states from its San Francisco, Chicago, and Boston headquarters. According to Goldman Sachs and CB Insights, it is one of the innovators shaping the future of finance.
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CORE INSURANCE, INSURANCE TECHNOLOGY
RVOS Insurance Group and Guidewire Software | February 09, 2023
RVOS Farm Mutual Insurance Company (RVOS) has recently integrated Guidewire InsuranceNow for agent engagement and business growth.
Guidewire InsuranceNow is for U.S. property and casualty insurers struggling with IT resources, providing core cloud-driven solutions. Through automation and integration, it is easily implemented and quickly upgraded from time to time with operational support and cloud delivery, enabling insurers to focus more on innovation and respond to market demands. In addition, it offers solutions for customer experience, upgrades, less time consumption, business agility, freedom from system maintenance, and risk mitigation.
Vice President of RVOS, Wesley Jackson, said, "We selected InsuranceNow to modernize our systems to deliver better efficiencies to users. We were attracted to its lack of complexities. The screens are straightforward and very easy to work with. InsuranceNow will also provide a more robust interaction with our agents and allow them to have access to more data from the system, making it easier for them to do business with us."
(Source – Business Wire)
General Manager of Claims and InsuranceNow, Guidewire, Zachary Gustafson, said, "We celebrate RVOS' history of serving Texans for more than 120 years and its commitment to acting as 'neighbors helping neighbors'. We look forward to helping the company continue supplying quality property insurance to its membership, improving its current products, and developing new ones, and providing exceptional customer service."
(Source – Business Wire)
About RVOS
Headquartered in Temple, Texas, RVOS, an insurance company that started as a single company offering a basic fire insurance protection program in 1901, is now an established insurance holding of different companies, meeting the needs of property owners, farmers, and ranchers across the state. As policyholders own this company, it meets policyholders' needs, adapting to new budgets and financial circumstances. It focuses on future surplus claims and offsets future premiums rather than profiting from out-of-state parent corporations. It specializes in home, ranch, farm, and personal liability insurance.
About Guidewire
Guidewire, a software development company, is dedicated to helping property and casualty insurers engage, innovate, and grow their insurance businesses. It integrates machine learning, data analytics, core and digital services, and cloud services. Headquartered in San Mateo, California, it has assisted over 500 insurers as a partner from over 38 countries to enhance their success worldwide since 2001. It provides integration, localization, and innovation for many applications. In addition, it has completed more than 1,000 projects through the support of research and development and partner networking in the industry.
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CORE INSURANCE,INSURANCE TECHNOLOGY
Vouch | January 12, 2023
Vouch, an insurance company trying to change the way business insurance works for the tech industry, informed on January 11, 2023, that it acquired the lending startup Level and its team of engineers.
The lending startup has created a tech-driven underwriting process for early-stage fintech startups. This makes the process of getting financing faster and easier than it used to be.
Sam Hodges, CEO and Co-Founder of Vouch, stated, "Level's unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies." He further expressed, "The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company. We're thrilled to bring the Level team on board."
(Source: PR Newswire)
Post this acquisition, Vouch will be able to underwrite and support complicated insurance policies with the help of the Level team, who are experts in developing rapid and efficient underwriting systems.
"Joining the Vouch team was an easy decision for us," said Vladimir Korshin and Asa Schachar. They continued, "We were impressed by Sam and the team's pace of development within this exciting market opportunity and look forward to contributing our expertise to the company's growth."
(Source: PR Newswire)
Meanwhile, the details of the transaction were kept confidential.
About Vouch
Located in San Francisco and Chicago, Vouch Insurance is a new way for startups to get insurance. Its fully digital coverage, which only takes minutes to activate, was made by founders for founders. The company is trusted by the biggest names in the startup economy, like Y Combinator and Silicon Valley Bank. These companies work with Vouch because everything from onboarding to claims is made for startups by experienced founders. Vouch works with its clients to manage, reduce, and avoid risks because it is an insurance platform, not a broker. The company's founders have built and backed high-growth companies like FundingCircle and Root Insurance, while its team of technologists and risk experts comes from places like SVB Capital, NerdWallet, Travelers Insurance, Nationwide Insurance, Lyft, Google, and more.
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