How connected cars will help manufacturers make inroads into insurance

Dont let the delay fool you -Teslas jump into insurance is still on after CEO Elon Musk told shareholders that an insurance product will be launched following the completion of an unspecified acquisition.After announcing in April that Tesla planned to release its own insurance product, the automotive firm then revealed in May that the program will be launched through a relationship with State National Insurance Company, a subsidiary of Markel Corporation. Though this series of events has been met with some criticism -notably that of Warren Buffett -Tesla moving into the insurance space shouldnt have surprised anyone, says one expert.

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Insurance Technology

AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

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Risk Management

Specialty Program Group LLC Announces Acquisition of Assets of Disaster Recovery Services, LLC, Expanding its Specialty Portfolio

PR Newswire | January 10, 2024

Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerage, underwriting and consulting facilities, announced today the acquisition of the assets of Disaster Recovery Services, LLC and its affiliate, Disaster Recovery & Risk Solutions, LLC (collectively, DRS), a premier provider of disaster preparation, response, and recovery consulting for commercial and public entities. Established with a commitment to aid organizations in their times of need, DRS brings to the table extensive experience in disaster preparedness planning and mitigation, real-time response coordination, forensic accounting and financial recovery services, particularly in responding to adverse events such as fires, floods, and hurricanes. DRS rounds out this comprehensive support with construction project management, grant administration, and procurement consulting. "Partnering with DRS aligns perfectly with our mission to offer innovative and comprehensive solutions to our clients," said SPG President & CEO, Christopher Treanor. "DRS's expertise in disaster recovery not only complements our existing services but also strengthens our commitment to providing unparalleled support in times of crisis." With its expertise in handling complex scenarios, DRS has established itself as a trusted partner in providing turnkey solutions throughout the recovery process, whether it involves commercial insurance recovery, FEMA reimbursement, construction project management, grant administration, procurement support, or mitigation and resiliency. "Joining forces with SPG opens new avenues for growth and allows us to leverage their extensive network and resources," said DRS CEO, John Albrecht. This acquisition aligns with SPG's strategic goal to diversify and strengthen its portfolio, extending its reach into the critical areas of disaster preparedness, mitigation, response, and recovery. The enhanced capabilities brought by DRS will help ensure SPG continues to meet the evolving needs of its clients and partners in an increasingly complex risk environment. About Specialty Program Group Specialty Program Group LLC (SPG) is a leading specialty platform headquartered in Chicago, IL, with a diverse portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. SPG has a track record of scaling industry leading businesses by providing access to business resources, technology and process efficiency, capital and investment, deep carrier relationships, and a broad distribution network. About Disaster Recovery Services Disaster Recovery Services, together with its affiliate, Disaster Recovery & Risk Solutions, LLC, collectively (DRS), is a leading provider of disaster response and recovery solutions, specializing in helping organizations prepare for and navigate the aftermath of disasters like fires, floods, and hurricanes. They offer a range of services including customized disaster preparedness planning and mitigation, real-time coordination during crises, and post-loss insurance and FEMA recovery guidance. DRS is committed to partnering with clients for effective recovery, helping to ensure organizations are well-prepared and resilient in the face of unforeseen disasters.

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Workers Compensation

Hourly.io Implements Origami Risk Core Solution to Automate Workers’ Comp Policy Rating, Provide Instant Quotes

Business Wire | January 11, 2024

Hourly.io, a fast-growing payroll and workers’ compensation company, has completed the initial implementation of Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution, bringing automation and accelerated underwriting to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers. Using Origami’s API, Hourly can now provide instant quotes for policies throughout California and in other states as it continues its rapid expansion throughout the U.S. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information is instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal. “We're pleased that the implementation of Origami’s scalable rating solution took fewer than 90 days from start to finish; by streamlining our rate-to-bind process we’re able to drive down costs, strengthen relationships with our network of agents and brokers, and win more business,” said Tom Sagi, Co-founder and CEO, Hourly. “We now look forward to completing the full implementation of Origami’s policy administration system to help us maintain speed, efficiency and accuracy as we grow.” “We’re able to work closely with Hourly’s team to accommodate their accelerated timeline for implementing our API and our entire policy administration system,” said Christopher Bennett, chief strategy officer, Core Solutions division at Origami Risk. “These proprietary capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.” Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a full-service bureau content management solution and a comprehensive digital engagement experience for all internal and external stakeholders. Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform. About Hourly Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as easy as pressing a button and that you get accurate workers' comp premiums down to the penny. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

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