House Passes Terrorism Reinsurance Renewal; Senate to Take Up Measure

Insurance Journal | November 20, 2019

The House of Representatives on Monday passed a bill reauthorizing the federal terrorism reinsurance program by a vote of 385-22. The vote came on the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), a bill introduced by Rep. Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, that provides for a seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA). The original Terrorism Risk Insurance Act was enacted in the aftermath of the tragic September 11 terrorist attacks, which resulted in the largest insured losses on record from a non-natural event. Terrorism risk insurance became difficult for businesses to obtain or extremely expensive, complicating the recovery.

Spotlight

Most of us did not pay a monthly Part A premium in 2018, and those of us who did paid up to $422 on average every month. In 2019, average monthly Part A premiums will increase to $437.
When it comes to your Part A hospital inpatient deductible, youll be paying $1,364 for each benefit period, up from $1,340 in 2018. For the first 60 days in the hospital, your insurance co-pay will remain at $0, but after that you can expect costs to increase. For days 61 to 90, daily coinsurance will be $341 per day during each benefit period. After 91 days, your coinsurance for each lifetime reserve day will be $682. This figure applies for up to 60 days over the course of your life, and youll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.

Spotlight

Most of us did not pay a monthly Part A premium in 2018, and those of us who did paid up to $422 on average every month. In 2019, average monthly Part A premiums will increase to $437.
When it comes to your Part A hospital inpatient deductible, youll be paying $1,364 for each benefit period, up from $1,340 in 2018. For the first 60 days in the hospital, your insurance co-pay will remain at $0, but after that you can expect costs to increase. For days 61 to 90, daily coinsurance will be $341 per day during each benefit period. After 91 days, your coinsurance for each lifetime reserve day will be $682. This figure applies for up to 60 days over the course of your life, and youll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.

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INSURANCE TECHNOLOGY

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

GeoX | February 18, 2022

GeoX, a leader in supplying geospatial data to insurers, has today announced a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology. In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways they had not previously considered. By combining GeoX's ground-breaking technology with Sompo's significant expertise and established global distribution networks, this partnership will fuel digital transformation within the insurance industry while enhancing customer experience. GeoX has the know-how and technology to provide reliable, high-quality intelligence for residential and commercial properties across the USA. Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilizing this know-how. "In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex, We look forward to working closely with Sompo Japan, as this partnership will analyze risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before." -Izik Lavy, Co-Founder and CEO at GeoX. "Sompo Japan has been a global leader in the application of modelling and data to casualty insurance with a strong commitment to the specialty markets, At this time of significant change across the business landscape, we must develop innovative responses to emerging and evolving risks. We look forward to this partnership, as it will drive positive change within the sector promoting the development of advanced insurance underwriting using geospatial data." -Yinnon Dolev, head of Sompo Digital Lab Israel & Europe at Sompo Holdings. About GeoX GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements.

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WORKERS COMPENSATION

Oakbridge Insurance Extends Footprint in Metro Atlanta Through Partnership with Marietta Insurance Services

Oakbridge Insurance Agency LLC | March 01, 2022

Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the Southeast, today announced a new partnership with Marietta Insurance Services, an independent agency headquartered in Marietta, Georgia. The partnership extends Oakbridge's footprint in Metro Atlanta in support of the firm's aggressive growth model. The partnership creates a broader suite of carriers, resources and risk management services for specialty personal lines and commercial lines solutions for clients in the growing Atlanta suburbs. "We are excited to welcome Marietta Insurance Services as our newest partner. Their reputation in Georgia as a client-centric advisor is evidenced by their relationships and longevity in the market, This partnership will allow us to further extend Marietta's successful insurance solutions and service offerings in north Atlanta and beyond." -Oakbridge CEO Robbie Smith. The partnership offers Marietta Insurance Services access to Oakbridge's sales training and risk management platform, including its innovative Proactive Services offering that seeks to identify and mitigate risks through proprietary analysis and a hands-on, consultative approach. "Oakbridge's partner-first model allows us to grow our insurance capabilities while maintaining the service our clients know and trust, This opportunity allows us to bolster our current service offerings through increased carrier access, enhanced training and resource offerings while taking advantage of unprecedented industry growth and innovation." -Marietta Insurance Services Principal Jimmy Mayo. As an Oakbridge partner, Marietta Insurance Services will maintain its presence in Marietta, Georgia. About Oakbridge Insurance Agency Founded in 2020 through the merger of four leading insurance and risk management firms in the Southeast, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is now one of the largest privately owned insurance, risk management, and employee benefits agencies in the region. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, and transportation industries.

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CORE INSURANCE

Sensa Launches the First Proactive, Life-Saving Insurance in the U.S.

Sensa | February 09, 2022

Sensa, the first proactive insurance company, launched its auto insurance offering in the U.S., including real-time help with every policy. Powered by parent company MDgo's technology, Sensa's smart sensor automatically detects an accident and precisely analyzes damages and injuries, ensuring the right assistance is dispatched quickly to the scene. The launch comes as U.S. car fatalities are on the rise, with the lack of real-time assistance contributing to 44% of avoidable deaths. Sensa's U.S. launch kicks off in Illinois, with Texas, Indiana, and Ohio scheduled for the coming weeks and a rapid rollout coming to the rest of the country soon. Sensa will be introducing additional proactive insurance offerings, with home insurance scheduled to launch later this year. Itay Bengad, MD, Sensa CEO and Cofounder, applies the medical 'Point of Care' doctrine to insurance, bringing "bedside" care to "roadside" (or "carside") assistance and treatment. "Every minute counts and every diagnostic detail makes a difference at the scene of a crash, After even a minor accident, people are at their most vulnerable and should never feel alone. Launching Sensa in the U.S. ensures our policyholders are professionally supported in their time of greatest need. True disruption of the insurance industry requires an insurance offering that goes the extra mile for policyholders and addresses the pain points of insurers, The scene of an accident is the only time when the interests of both policyholders and insurance companies are completely aligned. The policyholder wants to resolve the situation with the least amount of hassle, and the insurer wants the situation resolved according to its preferred distributors. With the knowledge and power to make a difference, insurers can provide policyholders with medical and logistical help – and reduce claim severity." -Itay Bengad, MD, Sensa CEO and Cofounder Sensa shifts the 'moment of truth' for insurance companies from the First Notice of Loss to the loss event itself. Personalized, professional help at the moment of truth provides an added value to policyholders and real-time situational awareness empowers Sensa to mitigate damages and injuries at the scene of an accident. The Sensa sensor, activated only when the force of impact indicates a collision, guarantees the privacy of all policyholders with no ongoing data collection or monitoring. Combined with frictionless installation in seconds and 24/7 support, the sensor's adoption rate far surpasses industry averages, standing at over 90%. Sensa's technology was successfully beta tested in Europe and reached over 35,000 satisfied policyholders in the last year alone. Throughout this period, 94% of loss events were proactively managed within the first few minutes of a loss event. MDgo's technology and Sensa's insurtech offering are backed by funding from investors including Bessemer Venture Partners, Target Global, Volvo, Hyundai Motors, and Nationwide. About Sensa Sensa is the first proactive insurance company, guaranteeing premium emergency services to all its policyholders. Sensa provides proactive, real-time professional support 24/7 at the scene of a loss event, at no extra cost. Powered by its innovative sensor, Sensa automatically detects an incident and precisely analyzes damages and injuries, ensuring the best medical and logistical support at the moment of truth. Founded by Itay Bengad, MD, and engineers Gilad Avrashi and Eli Zerah, Sensa is backed by investors including Bessemer Venture Partners, Target Global, Volvo, Hyundai Motors, and Nationwide. Sensa is headquartered in Austin, Texas with an R&D center in Tel Aviv.

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