Gocompare study reveals huge cost of car insurance renewals

Gocompare | August 28, 2019

Motorists across the UK are overpaying for their auto coverage by allowing their insurer to automatically renew their policy, according to a study by GoCompare. The study found that, at their last renewal, 44% of drivers allowed their insurance to automatically roll-over – with 13% doing so without checking to see if they could get a better deal. This has led to millions of policyholders overpaying for their coverage to the tune of £982 million a year – with each individual policyholder missing out on up to £239.69 in potential savings. According to the study, 22% of motorists surveyed have allowed their insurer to renew their policies automatically on the assumption that, since their insurer offered the cheapest premium the previous year, they would continue to offer good value this time around. Twenty-one per cent (21%) said that switching is too much hassle, while 19% cited loyalty to their insurer as reason for automatic renewals.

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Bitcoin has changed the money transfer process, but it’s likely that the technology behind the currency, blockchain, will have a greater impact. The blockchain is basically a data structure that enables the creation of a digital ledger of transactions and the ability to share them among a distributed network of computers. This new technology offers many business advantages, including simple and fast transactions, full transparency and security, constant accessibility, reduced cost and a single point of truth.

Spotlight

Bitcoin has changed the money transfer process, but it’s likely that the technology behind the currency, blockchain, will have a greater impact. The blockchain is basically a data structure that enables the creation of a digital ledger of transactions and the ability to share them among a distributed network of computers. This new technology offers many business advantages, including simple and fast transactions, full transparency and security, constant accessibility, reduced cost and a single point of truth.

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CORE INSURANCE

Styra Named an ‘Outperformer,’ in New GigaOm Report, Highlighting Its Role in Redefining the Policy-As-Code Category

Styra | July 08, 2022

Styra, Inc., the creators and maintainers of Open Policy Agent (OPA) and leader of cloud-native authorization, has announced that it was named an “Outperformer” by GigaOm in its “2022 GigaOm Radar Report: Policy-As-Code Solutions.” The comprehensive industry report recognizes the company’s impactful role in defining the policy-as-code category and awarded Styra DAS high marks for its SaaS and self-hosted deployment models, authorization policies and policy generator, support for OPA as well as its scalability and usability. According to the report: “New vendors focused purely on policy management and decision making, such as Styra, are emerging to help redefine the category.” With OPA, “It feels as if this approach toward a generic policy language instead of a domain-specific language is continuing to grow in this space.” “Styra focuses on policy management, lifecycle, and decision making and it supports Rego. Extensions from the community at large can enable Styra DAS to be an effective one-stop policy as code solution. Between OPA and Styra DAS users can effectively scale to ensure that decisions can be continuously made in the event of a central control plane outage.” “We are honored to be named an ‘outperformer’ by GigaOm for our product capabilities in its recent Policy-As-Code Radar,” said Tim Hinrichs, co-founder and CTO at Styra. “This report shows the widespread market need as well as the accelerated growth of the category over the past few years. We’ve implemented a policy-as-code approach from day one with OPA, and this new recognition, combined with our recent ‘Outstanding in Microservices’ accolade from KuppingerCole Analysts' 2022 Policy Based Access Management Market Compass, proves that Styra and OPA are at the forefront of policy-as-code and authorization.” “We are honored to be named an ‘outperformer’ by GigaOm for our product capabilities in its recent Policy-As-Code Radar,” said Tim Hinrichs, co-founder and CTO at Styra. To determine the results for this report, GigaOm analysts reviewed and scored the top policy-as-code solution providers using the GigaOm Radar. This tool provides an overview of a particular market segment and characterizes each vendor on two axes — Maturity versus Innovation as well as Feature Play versus Platform Play. The analysis of available technologies focuses on features and capabilities, impact on the customer organization, and ratings. The results reflect how well a vendor meets key solution criteria and aligns with growing technology trends over the next 12-18 months. Styra is projected to move from the “Challenger” tier to the “Leader” tier over this timeframe. This projection is based on increased maturity as well as anticipation of a broader platform focus and commitment to a comprehensive feature set. “As reflected in the Radar Report on Policy-As-Code Solutions, Styra has a strong market standing and continues to bring innovation to its industry category,” said Shea Stewart, analyst at GigaOm. “As Styra continues to evolve, extensions from the community at large can enable Styra to be an effective one-stop policy as code solution for enterprises of all sizes that will scale as they continue to grow.” To read the full 2022 GigaOm Radar Report on Policy-As-Code Solutions, visit here, or to learn more about cloud-native authorization with Styra, please visit here. About Styra Styra enables enterprises to define, enforce and monitor policy across their cloud-native environments. With a combination of open source (Open Policy Agent) and commercial products (Declarative Authorization Service), Styra provides security, operations and compliance guardrails to protect applications, as well as the infrastructure they run on. Styra policy-as-code approach lets developers, DevOps, and security teams mitigate risks, reduce human error and accelerate application development. Learn more at https://styra.com.

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AUTOMOBILE INSURANCE

Lemonade Completes Acquisition of Metromile

Lemonade, Metromile | August 01, 2022

Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the closing of the acquisition of car insurance provider Metromile. Metromile shareholders received 7.3 million LMND shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in harnessing precision data for auto insurance. “We launched Lemonade Car a few months ago, and believe it’s the most delightful product on the market. We also believe auto insurance is challenging for newcomers and disadvantaged by a lack of data which is why we bought Metromile,” said Shai Wininger, Lemonade co-CEO and cofounder. “We launched Lemonade Car a few months ago, and believe it’s the most delightful product on the market. We also believe auto insurance is challenging for newcomers and disadvantaged by a lack of data which is why we bought Metromile,” said Shai Wininger, Lemonade co-CEO and cofounder. “For ten years, Metromile’s intricate sensors monitored billions of miles of driving, while their AI cross-referenced this data with hundreds of thousands of claims, to accurately score each tap of the brake and turn of the wheel. We believe that adding these models into the Lemonade Car platform will make the most delightful car insurance also the most competitive, precise, and fair. That’s why we’re so excited to welcome Metromile into the Lemonade family.” Most Metromile employees will transition to roles at Lemonade, and Metromile CEO, Dan Preston, has assumed the role of Senior Vice President of Strategic Initiatives. “It’s hard to imagine a better home for Metromile than Lemonade. While Metromile was at the forefront of using big data and AI in car insurance, Lemonade forged a parallel path for several complementary lines of insurance. That makes for a powerful combination,” said Dan Preston, SVP Strategic Initiatives, Lemonade. “The upshot is that Metromile’s mission to connect the world to personalized insurance receives a big boost today. While the Metromile brand will sunset over time, its promise to consumers will be realized bigger, better, and sooner now that we’ve joined forces.” The Metromile app and brand will continue in-market until all customers can be seamlessly transitioned to the Lemonade app and brand. Metromile common stock will cease trading on NASDAQ today. About Lemonade Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and continues to expand globally.

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CORE INSURANCE

HUB INTERNATIONAL EXPANDS TRADE CREDIT INSURANCE CAPABILITIES WITH ACQUISITION OF INTERCONTINENTAL GROWTH STRATEGIES, LLC IN ILLINOIS

HUB INTERNATIONAL | August 09, 2022

HUB International Limited, a leading full-service global insurance brokerage and financial services firm, announced today that it has acquired the assets of Intercontinental Growth Strategies, LLC (IGS). Terms of the transaction were not disclosed. Located in Chicago, Illinois, IGS is a trade credit insurance brokerage helping clients grow sales safely and aggressively while protecting against any bad debt loss coming from bankruptcy or non-payment. "We're excited for IGS to join us, Their industry focus supports our Financial Institutions Specialty and Complex Risk practice by complementing and strengthening our existing capabilities." -Seth Hopkins, Chief Marketing Officer & Property Casualty Practice Leader for Hub International Midwest Limited About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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