Horizon policyholders to get leak sensors

Insurance Business Magazine | December 03, 2019

With Association of British Insurers data showing escape of water claims made up nearly a third (30%) of all domestic household claims in 2018, Horizon (UW) Limited has decided to address the issue by partnering with smart-home specialist Hive. Horizon, which underwrites on behalf of a consortium of insurers led by Legal & General, will be including the Hive Leak Sensor in all its policies starting January 01 next year for new business and from February 01 for renewals. The goal of the Worcestershire-based underwriting agency is to tackle escape of water, the cause of approximately £1 billion in damages last year. Commenting on the tie-up, Horizon founder and chairman Richard Pexton stated: “Horizon’s partnership with Hive marks an important step forward for household insurance in changing normal practice from repair and replace to predict and prevent.

Spotlight

Insurance institutions aren’t known for chasing trends. And maybe you wouldn’t want them to be. For an industry where customers are best served by the sober assessment of risk, there’s something reaffirming about the industry’s steady bearing in FinTech’s choppy wake. But transformative forces are there at the edges, under the surface, looking for a way in. They’re in the technology that’s taking the human element out of risk. They’re showing up along the value chain, bringing price transparency and brand-new products. They’re in adjacent sectors, where pay-per-click threatens commissions and customers must insure assets they use but don’t own. And they’re in the data, where the future can be told.

Spotlight

Insurance institutions aren’t known for chasing trends. And maybe you wouldn’t want them to be. For an industry where customers are best served by the sober assessment of risk, there’s something reaffirming about the industry’s steady bearing in FinTech’s choppy wake. But transformative forces are there at the edges, under the surface, looking for a way in. They’re in the technology that’s taking the human element out of risk. They’re showing up along the value chain, bringing price transparency and brand-new products. They’re in adjacent sectors, where pay-per-click threatens commissions and customers must insure assets they use but don’t own. And they’re in the data, where the future can be told.

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LuckyTruck strategizes with Great American Insurance Group to launch fully digital motor truck cargo insurance product

LuckyTruck and Great American Insurance Group | December 02, 2022

LuckyTruck, the tech-enabled retail agent focused exclusively on trucking, announced today it has collaborated with Great American Insurance Group (GAIG) to launch a fully digital Motor Truck Cargo (MTC) product. Over the last decade, the commercial insurance industry, especially trucking insurance, has been slow to adopt digital products. Historically, getting motor truck cargo coverage took a trucker between one to three days. Together, LuckyTruck and Great American Insurance Group will enable truckers to obtain a quote, purchase, and bind a policy in 10 minutes or less. "We are pleased to be working with Great American, Their financial strength, competitive coverages, and focus on providing a great customer experience through innovation aligns with what we do at LuckyTruck." -Julie Zimmer, CEO of LuckyTruck Great American's MTC product is fully digital, eliminating 100+ question applications, back-and-forth phone calls, multiple emails, and manual payment processing. Powered by Ascend's modern payment platform, LuckyTruck allows customers purchasing the GAIG MTC product to pay-in-full or enroll in premium financing instantaneously. After payment, the policy is bound in a matter of microseconds. Instead of sitting on the side of the road waiting days for coverage, truckers can hit the open road in just a few minutes with the coverage they need. Truckers are often on the road during their insurance agent's typical business hours, and in the fast-paced world of trucking every minute counts, We saw an opportunity to connect with our insureds differently, in a way that better meets their needs. Our digital (MTC) product is smart, fast, easy-to-use, and accessible around the clock via the LuckyTruck platform,said Travis Murphy, Assistant Vice President of Business Development, Great American Property & Inland Marine. LuckyTruck is looking forward to building its relationship with Great American and advancing their shared goal of creating a digital-first approach in the trucking industry. About LuckyTruck Launched in 2019, LuckyTruck is a modern insurance platform for commercial trucking. It is the first all-in-one retail platform exclusively focused on the trucking insurance market. About Great American Insurance Group Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC.

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New Cyber MGA Converge Partners With CyberCube to Bolster Proprietary Underwriting Ecosystem

CyberCube | October 31, 2022

Converge is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. Integrating CyberCube’s platforms into Converge’s ecosystem will enhance the quality and depth of the analysis provided to clients across a spectrum of industries and sectors to confidently mitigate risk and strengthen cyber protection. CyberCube, a leading cyber risk analytics firm, will seamlessly blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ecosystem. Combined with an adversary-focused underwriting methodology and led by seasoned, executive talent from across the insurance industry, Converge is driving cyber resilience and reducing risk by making the insurance process easy, accessible, and affordable. “Our partnership with CyberCube aligns perfectly with Converge’s mission of being first to deliver complete, confident cyber protection, Our deep understanding of the challenges faced by our clients combined with tailored risk solutions will allow us to further improve outcomes for their businesses at a lower cost.” -Anthony Dagostino, Converge CEO & Founder Pascal Millaire, CyberCube’s CEO, said: We are thrilled to be partnering with Converge as it makes leading cyber risk management and risk solutions accessible and intuitive to firms across the insurance marketplace. Our collaboration will ensure they receive the comprehensive protection they need. About CyberCube CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure. About Converge Converge is where cyber insurance, security, and technology intersect to provide businesses with complete cyber protection. Deploying a proprietary data ecosystem underpinned by expert underwriting and risk solutions, we give insurance professionals and customers vital intelligence that delivers improved outcomes at lower premiums. We believe in partnering with our clients, guiding them to be confidently cyber secure through our intuitive tech and seamless user experience, improving protection and mitigating risk. Converge is headquartered in New York and backed by venture firm Forgepoint Capital.

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Selective Insurance Introduces New Privacy Solution to Reduce the Risk of a Data Breach Following a Total Vehicle Loss

Selective Insurance | October 03, 2022

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