Setoo, Pattern Insurance | July 19, 2021
Setoo, an embedded insurance pioneer, announced today that it has entered into a merger agreement with Pattern, an insurtech startup that has emerged from stealth mode. Pattern will be the name of the joint venture's activities in Europe and the United States. Pattern will assist companies in generating new revenue streams and increasing customer satisfaction by transforming all of their online transactions into protected experiences without the need to be an insurer.
Pattern will provide a one-stop-shop for embedded insurance products, enabling businesses to provide a fully protected buying experience for their customers, along with real-time underwriting data for a frictionless buying process, as a result of a merger. The fully automated, embedded insurance-as-a-service platform enables businesses to create and distribute unique and personalized insurance products autonomously. Pattern's coverages include parametric and traditional insurance products, which are seamlessly offered by businesses to their customers while fully compliant with local regulations. In addition, Pattern requires companies to protect customers from unforeseen changes in plans, inclement weather, utility outages or surcharges, shipping delays, and other factors.
The two companies have received a total of $25 million in funding since their start, including a recent seed round of $10 million for Pattern. In addition, Kamet Ventures, the venture builder where Setoo was incubated, Comcast Ventures, MS&AD Ventures, Foundation Capital, FinTLV, TechAviv Founder Partners, Kli Capital, Abstract Ventures, and others have invested in the joint venture.
The merger is expected to be completed by the end of August. Pattern will be insured by AXA, Spinnaker Insurance Company, Wakam, and others after the merger.
Setoo enables e-businesses to develop and offer personalized protection products, increase revenue from ancillary services, and provide an exceptional customer experience. E-businesses can use Setoo's platform to create new, super-targeted parametric and traditional insurance products in minutes, address actual concerns, and generate automatic compensation without requiring consumers to take any action. Setoo serves high-profile clients such as Amadeus and LMN as an insurance Managing General Agent (MGA) in the EU and the UK.
Pattern is a one-stop-shop for innovative parametric and traditional insurance products that enable businesses to provide their customers with a fully protected digital buying experience. Pattern's coverage includes utility outages, weather incidents, and much more. Pattern is nearing the completion of its operational deployment as a US MGA.
NAU Country Insurance Company | September 08, 2021
NAU Country Insurance Company, one of the largest crop insurance providers in the U.S., and Agrimatics, a leading agricultural software technology company, announced a partnership to help their customers – the American Farmer – more efficiently report production for their crop insurance policies.
This partnership certifies the digital file output from Agrimatics' Libra Cart is compatible with NAU Country's EASYwriter Pro® processing and adjusting suite of software. This certification means that farmers now can transfer their on-farm storage production information easily from field to truck to their crop insurance agent or adjuster. In turn, that data will be imported into NAU Country's system where the agents and adjusters will associate it to the corresponding unit and location. As always, farmers have complete control on what information (if any) will be shared with NAU Country's system.
Agrimatics' Libra Cart is a tablet and smartphone-based grain cart weighing and data management system. The Libra Cart hardware device mounts directly onto a grain cart and wirelessly communicates with the Libra Cart app running on a compatible mobile device in the tractor cab. Libra Cart's patented technology simplifies and streamlines harvest data management, providing load tracking from field to truck to destination.
NAU Country is America's original Multi-Peril Crop Insurance (MPCI) company and one of the largest federal crop insurance providers in the United States, specializing in MPCI, Crop-Hail, and Named Peril insurance products. The company is part of QBE Insurance Group Limited, a global insurance leader focused on helping customers solve unique risks worldwide.
"We're about keeping crop insurance simple," said NAU Country Chief Marketing and Technology Officer, Michael Deal. "NAU Country thrives on creating agricultural risk management tools through the use of technology and customer service," added Deal. "The integration with Agrimatics empowers our insureds to utilize technology to efficiently report production data while in the office, in the field, or on the go. Creating happier customers and agents."
Agrimatics is Bitstrata Systems' agriculture brand, which focuses on creating smarter, simpler equipment monitoring, control, and data management solutions for farmers and their farms. Located in Saskatoon, Saskatchewan, Bitstrata rests in the agricultural heartland of Western Canada. The Bitstrata team has decades of collective experience creating and delivering products for the tough environments of the agricultural, telecommunications and weighing industries worldwide.
About NAU Country
NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 800 field and office staff across the country. As a division of QBE Insurance Group Ltd., a leading global insurer, NAU Country has the financial strength for today's insurance environment.
AXA XL1 INSURANCE | January 11, 2022
AXA XL has appointed Thisiani Matsumura-Martins as Global Chief Underwriting Officer, Aerospace. Effective April 1st and based in Sao Paulo, she will report to Nancy Bewlay, Global Chief Underwriting Officer and work closely with the Regional Business Units to develop and assess underwriting strategic direction and profitability for Aerospace.
"Thisiani brings a wealth of technical and market-facing experience. She is a seasoned regional leader prepared to support the Aerospace team in product development, innovation and client and broker engagement across all geographies and markets,"
- Ms. Bewlay.
Ms. Matsumura-Martins brings 27 years of experience in the insurance and reinsurance industry. She has previously worked at Allianz and Liberty, and as an underwriter in a variety of business lines including Aerospace, Property, Construction, Marine, Personal Accident and Life. She first joined AXA XL in 2014 as Technical Director for Brazil and was later appointed as Chief of Staff for Latin America. Currently, she serves as the interim Regional Leader for AXA XL in Latin America and Country Manager for Brazil where she is co-leading the integration of AXA's operations in the country.
Additionally, Tom Callahan has been promoted to Global Head of Underwriting Management and CUO of Aviation. Based in New York, Mr. Callahan will be reporting to Ms. Matsumura-Martins.
Mr. Callahan has been a member of the Aerospace team at AXA XL since 2006, most recently serving as the Global Head of Underwriting Management. In his new role, he will have increased responsibility and management of the technical underwriting strategy for Aviation.
Mr. Callahan has more than three decades experience in the business, having worked across all areas of the aerospace insurance and reinsurance sector. He holds a degree in finance from Manhattan College and an MBA from Pace University.
ABOUT AXA XL
AXA XL¹, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward.
ABOUT AXA XL1 INSURANCE
AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally.