LIFE INSURANCE, HEALTH INSURANCE
PRnewswire | April 04, 2023
Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, today announced the launch of Sproutt SmartLife for Agencies and the acquisition of The Reder Agency, a full-service life insurance brokerage specializing in the traditional and senior markets. SmartLife for Agencies brings to market an AI-assisted first-of-its-kind platform for all aspects of agency business, while the acquisition of The Reder Agency will add over 400 agents nationwide to Sproutt's growing network of producers as part of its evolution toward becoming a full-service distribution ecosystem. The Reder Agency's principal owner, Ben Reder, will join Sproutt as the Senior Vice President of Distribution.
The acquisition of The Reder Agency greatly expands the adoption of Sproutt's SmartLife platform by introducing it to hundreds of experienced life insurance producers, cementing the company's evolved mission of serving as the digital home for the roughly 1.2 million insurance professionals in the U.S. With a shared vision to innovate and scale the insurance sales process, the Reder Agency acquisition enables Sproutt to accelerate growth and offer increased value to life insurance producers.
Sproutt's SmartLife platform allows agents, via the Agent Portal, to make real time decisions to effectively serve the needs of their clients. Within minutes, agents can offer tailored life insurance solutions with top rated carriers and a full spectrum of proprietary products, from term to whole life, with greater ease, speed, and efficiency.
"We are excited to announce our new offering for agencies, which supercharges organizations with the necessary AI tools and products to maximize their distribution, as well as the acquisition of The Reder Agency, which adds hundreds of proven life insurance producers onto the Sproutt platform. I am thrilled to have Ben joining the Sproutt team, as we share the belief that this acquisition will be a major step in Sproutt's commitment to be the platform of choice for insurance producers and brokers across the country" said Yoav Shaham, CEO and Co-Founder. "Within this data-driven industry, which evaluates risk based on consumer data, our unique contribution is that our platform leverages AI to maximize agent production, reduce friction in the sales journey and modernize traditional insurance processes for carriers" explains Shaham.
For Ben Reder, an insurance industry veteran and owner of The Reder Agency for over a decade, this move will allow him to have a bigger impact on the life insurance agents and agencies that he is currently working with, as well as provide incredible value for future partnerships. As Senior Vice President of Distribution, he will continue his focus on providing top tier services and support, while benefiting from the technology and resources that Sproutt provides. "Insurance distribution is moving towards a unified digital experience, for both the client and the agent. Being able to partner with Sproutt and bring our decade-plus of traditional brokerage distribution expertise to a fully digital platform represents an opportunity to merge best-in-class technology with award-winning production," said Reder.
Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.
RISK MANAGEMENT, INSURANCE TECHNOLOGY
PRnewswire | May 29, 2023
Global climate risk solutions platform Arbol and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. Cutting-edge products are now available for a range of perils, including low and excess precipitation, low and excess wind speed, high and low temperature, and lack of solar irradiance.
Arbol's proprietary pricing platform is powered by artificial intelligence and a dedicated climate data infrastructure to inform underwriting operations. Weather data indices are used to develop customised parametric products, using triggers specific to the peril and the insured.
Guy Carpenter served as the sole placing broker and was responsible for securing the required capacity.
Hong Guo, EVP and Chief Insurance Officer of Arbol said, "This milestone validates our commitment to delivering innovative risk management solutions. It opens new possibilities to serve our clients and the insurance industry as businesses seek to effectively manage emerging climate risks."
Neil Kempston, Head of Incubation Underwriting at Beazley, added, "Beazley is committed to supporting the development of weather parametric products that ease the challenges the agricultural supply chain and renewable energy markets face as we move to net zero. By building a long-term partnership with Arbol we can deliver for our brokers and their clients."
Arbol Insurance Services (an Arbol subsidiary) has also now been appointed as a Lloyd's coverholder, with a facility led by Beazley supported by Tokio Marine Kiln and Nephila.
Arbol is an innovative global fintech company that provides full-service solutions for businesses seeking to manage climate risk exposure. Arbol's parametric coverage pays out based on objective data triggers, rather than traditional subjective loss assessments. By leveraging advanced technologies like AI underwriting, big data, and blockchain-powered operational efficiencies, Arbol delivers much-needed scale and transparency to the climate risk insurance space. We aim to drive innovation and collaboration to support climate-friendly investment and help organizations manage climate-related risks.
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd's syndicates and, in 2022, underwrote gross premiums worldwide of $5,268.7m. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
RISK MANAGEMENT, INSURANCE TECHNOLOGY
Businesswire | April 11, 2023
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today introduced CoalitionAI™, a new initiative to deploy generative AI and large language models to help brokers and businesses protect themselves from cyber risk. U.S.-based brokers and businesses can now access new AI-powered education and chat features, including:
CoalitionAI Broker Copilot: Appointed brokers in the U.S. now have access to the Broker Copilot, a generative AI chatbot embedded into the Coalition broker dashboard that can answer questions about cybersecurity best practices, cyber policy coverage options, and more. The Broker Copilot is trained on publicly-available documents and resources published by Coalition for broker inquiries and education.
CoalitionAI Security Copilot: Businesses using Coalition Control™ – Coalition’s cyber risk assessment and monitoring platform – can now seek and gain details on cyber security vulnerabilities, better understand coverage contingencies, and learn about ways to resolve cyber security issues using the new Security Copilot.
“This new wave of generative AI will unequivocally change the insurance industry and transform the broker experience,” said Joshua Motta, Chief Executive Officer and co-founder at Coalition. “Our Broker Copilot and Security Copilot are just the beginning. Over time the entire Active Insurance experience – from risk selection to active security protection to active response – will all benefit from generative AI that can help reduce the impact of cyber risk.”
The CoalitionAI features released today use a combination of proprietary technology, large language modeling, and generative pre-trained transformers. Coalition plans to introduce additional AI capabilities to support its Active Insurance offerings, including Active Risk Assessment, Active Protection, and Active Response. In the coming months, Coalition brokers and Coalition Control users will gain access to additional AI-driven tools that will strengthen the quoting, underwriting, and incident response experiences.
“AI is already reshaping the cyber risk landscape,” said Tiago Henriques, Coalition’s Vice President of Security Research. “While we are applying our AI expertise to improve the broker and customer experience, we are also focused on keeping up with emerging AI-related vulnerabilities. Part of our commitment to protecting the unprotected is helping our policyholders both understand the risks and reap the benefits of new technologies.”
Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.