INSURANCE TECHNOLOGY
Topa Insurance Group | December 10, 2021
Lighthouse, the Los Angeles-based software for landlords and tenants, announced a new partnership with Topa Insurance Company to offer security deposit insurance. The partnership marks a significant step for Lighthouse into the insurtech space, making them a licensed insurance provider.
My Lighthouse is rolling out this product in response to rising inflation and skyrocketing rental prices. Security deposit insurance will replace the need for high sum security cash deposit, resulting in more affordable residential rentals. Tenants will pay an affordable monthly premium to My Lighthouse for insurance to cover lost rent or property damage, which the tenant is ultimately responsible for. The partners are confident this new service will connect more potential tenants with rental units they can afford as well as help landlords and property managers fill vacancies.
The partnership between My Lighthouse and Topa Insurance is indicative of the growing model of insurtech (a combination of "insurance" and "technology").
"We're excited to partner with My Lighthouse in the launch of this innovative product."
- Denise Pavlov, COO of Topa Insurance Company.
The deal will help My Lighthouse expand into the emerging security deposit insurance marketplace, where there are not enough suppliers of this increasingly in-demand product. Both parties are excited by the possibility of alleviating some of the financial pressures tenants may feel when moving into a new home, especially given the rent pricing increases across the country.
"This important step allows us to get one step closer to our goal of simplifying the landlord-tenant relationship,"
- Tomer Simonov, CEO of Lighthouse.
My Lighthouse is a platform through which landlords and tenants can connect to communicate, manage rent payments, track maintenance requests, and more. The company believes in empowering landlords and tenants by reducing vacancies and enabling tenants to afford more housing options. This insurance allows tenants to hold on to their cash security deposits and protects landlords' investments while expanding their potential tenant market.
About Lighthouse
Lighthouse is a Los Angeles-based software company designed to connect landlords and tenants by simplifying every aspect of their relationship. Using Lighthouse, tenants can pay their rent with scheduled reminders, schedule maintenance requests with progress reports, and communicate with their landlord with ease. Landlords can screen potential tenants, manage their finances across multiple properties, respond to tenant messages, and request late rent payments at the touch of a button. Their new security deposit insurance allows tenants to afford move-in costs more easily, further facilitating connection with potential landlords.
About Topa Insurance Group
Topa Insurance Group is a boutique insurance holding company, made up of core company Topa Insurance Company, as well as Dorchester Insurance Company (USVI), and Topa Insurance Services (USVI). Topa provides insurance products through the wholesale market. Topa Insurance Group is focused on underwriting profit, operational excellence, and agility for continuous growth. The group is led by President and Chief Executive Officer, Michael Day.
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Cision PR Newswire | October 19, 2020
MAPFRE and Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, have come together to radically transform the way customers deal with insurance claims. Shift, who had already disrupted the insurance world with their acclaimed AI-powered fraud solution, is now leveraging its experience in claims to create a state-of-the-art, end-to-end claims automation solution. Together with MAPFRE, the company aims to deliver an instant, friendly and transparent experience.
Numerous studies show that filing an insurance claim is often cumbersome for customers and that the process typically takes longer than expected. Once they have notified their insurer of the incident, customers report finding it difficult to navigate the various steps of the claims process.
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ANNUITIES
Accenture | January 06, 2021
Accenture has been named a Leader and Star Performer for application and digital services in the global life and annuities (L&A) insurance sector in another report from industry analyst firm Everest Group.
Everest Group analyzed the vision, capability and market impact of 21 leading IT application and digital service providers for the L&A Insurance Application and Digital Services PEAK Matrix® 2021 report.
Accenture is positioned as a Leader and Star Performer for Market Impact, which assesses service providers against criteria, for example, market adoption, portfolio blend and value to clients; and for Vision and Capability, which includes measures, for example, strategy, service scope, innovation and investments, and delivery.
“We’re thrilled to be recognized for our leading capabilities in helping insurers embrace change and compete with the latest technologies and digital experiences,” said Steve Murphy, a senior managing director at Accenture and global technology lead for its Insurance industry group. “The pandemic has only accelerated the need for convenient and personalized digital services from life and annuity providers. We’re continuing to help insurers modernize their legacy technology systems with cloud-centric business models and reimagine the customer experience with analytics.”
Service providers are positioned on Everest Group's PEAK Matrix®, which measures their vision, capability and market impact. The report and PEAK Matrix assessment furnish organizations with a framework to measure the relative market impact and capabilities of service providers around the world.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.
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