Independent Insurance Agents of Illinois names new president

Insurance Business Americ | November 14, 2019

The Independent Insurance Agents of Illinois (IIA of IL) has elected William “Bill” Wirth to serve as the association’s president, effective October 01, 2019. In his role as association president, Wirth will serve as a member of the six-person executive committee of the IIA of IL board of directors. He will also assume general leadership functions for the association, and will serve as an official delegate of the group at state and national functions. Wirth is the president and agency principal of Wirth Agency Insurance in Waterloo, IL. He co-founded the agency in 2006, when it was first called Insurance Planning & Management of Waterloo. Wirth Agency is a full-service commercial and personal lines independent agency that serves clients in both Illinois and Missouri.

Spotlight

Atlas America is a comprehensive coverage plan for non-US citizens traveling outside the home country when travel includes the US and   Atlas America also covers during the international travel time. Atlas America is a very popular visitors insurance plan for relatives visiting the USA. Atlas America insurance participates in First Health PPO network.  When you visit the providers within the PPO network, they can recognize the insurance, bill the insurance company directly, and charge you the network negotiated fees. When you visit providers within the PPO network, after you pay the chosen deductible, Atlas America pays 100% up to the policy maximum for covered medical expenses.

Spotlight

Atlas America is a comprehensive coverage plan for non-US citizens traveling outside the home country when travel includes the US and   Atlas America also covers during the international travel time. Atlas America is a very popular visitors insurance plan for relatives visiting the USA. Atlas America insurance participates in First Health PPO network.  When you visit the providers within the PPO network, they can recognize the insurance, bill the insurance company directly, and charge you the network negotiated fees. When you visit providers within the PPO network, after you pay the chosen deductible, Atlas America pays 100% up to the policy maximum for covered medical expenses.

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OpenSpace Collaborates with Shepherd to Provide Qualified Construction Customers with Lower Insurance Premiums

OpenSpace | June 23, 2022

OpenSpace, the global leader in 360° Jobsite capture and AI-powered analytics, announced a new collaboration with Shepherd, a commercial insurance provider for the construction industry, today. Based on their usage, OpenSpace customers will have access to the Casualty Pro excess liability insurance offering, which provides qualified contractors with underwriting credits and improved coverage on their Shepherd insurance policies. In addition, the simple-to-use Capture product from OpenSpace thoroughly documents the site, assisting in resolving disputes and speeding up claims processes. As a result, customers who use OpenSpace typically have a lower risk profile due to their ability to detect potential safety issues and costly errors before they occur. We view the application of jobsite capture as one of the most exciting frontiers in construction risk management, and OpenSpace is the clear category leader, Our partnership allows customers to benefit from their OpenSpace usage by introducing data from the platform as a new category in our underwriting approach. Our fundamental belief is that contractors who leverage technology to be safer deserve to be rewarded by their insurance providers." Shepherd's CEO and co-founder Justin Levine. Builders use OpenSpace Capture to attach a consumer 360° camera to their hardhat and walk around the site as they usually would. Once the video from the walk is uploaded to the cloud, OpenSpace's computer vision technology stitches the images together and pins them to the floor plan, resulting in a reliable visual record of site status. The site's image map, powered by the company's Vision Engine, is typically ready to view about 15 minutes after upload. Better site documentation fosters stronger stakeholder collaboration, reduces the need for project managers to travel to the site, provides a historical record of progress, and can lower insurance premiums.

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INSURANCE TECHNOLOGY

Joyn Insurance, An Insurtech Company, has Secured an Insurance Partnership and Investment from SiriusPoint Ltd.

Joyn Insurance | July 07, 2021

Joyn Insurance, an insurance technology startup, announced a strategic insurance partnership and investment from insurance and reinsurance firm SiriusPoint Ltd. The companies will collaborate to change small and mid-market commercial insurance in the United States through digital technologies, data analytics, and automation. Joyn will begin operations as a Managing General Agency ("MGA"), focusing on the neglected requirements of companies seeking risk transfer solutions in the $100 billion U.S. SME sector. The business will provide a one-of-a-kind commercial insurance experience while also underwriting Excess and Surplus ("E&S") products in six industrial verticals. Joyn, which will begin underwriting on July 1, 2021, collaborates with SiriusPoint, a top 20 global re/insurer that launched earlier this year with more than $3 billion in the capital. SiriusPoint will be a founding investor in the business, providing insurance capacity backed by a solid reinsurance panel. SiriusPoint will also support Joyn in its strategic orientation, assisting in shaping its growth trajectory. About Joyn Joyn Insurance Services Inc. is a recently established Delaware-based licensed producer and general agent operating under the "Joyn" SM and "Joyn Insurance"SM brands. Joyn is an insurtech company that provides business insurance in the small and middle market. Technology, data, and expertise drive joyn to provide brokers and customers with a transparent and trustworthy experience. About SiriusPoint SiriusPoint Ltd. is a top 20 global insurer and reinsurer that serves customers and brokers in over 150 countries. We are listed on the New York Stock Exchange and have offices worldwide (SPNT). We write a global portfolio of Accident and Health, Specialty, Property, and Runoff risks with expertise and discipline, combining data and innovative thinking. SiriusPoint's operational companies have a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, with over $3 billion in total capital.

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CORE INSURANCE

Chubb Launches a New and Improved Package Product for Commercial Clients

Chubb | May 24, 2021

Chubb has launched a new insurance product, Benchmarq Package, for the lower middle market segment, setting the standard for package plans based on broader, more scalable coverage and performance. Benchmarq provides a more comprehensive base coverage offering of both property and liability, resulting in insurance protection that is more robust than typical industry package policies. Although Benchmarq's base product is best suited to smaller or less complex package risks, coverage can be scaled up by higher limits and additional endorsements to build completely customized solutions for clients' unique and evolving needs in an underserved middle market space. "Benchmarq addresses a gap in the lower middle market that isn't traditionally filled by a standard plan or company owners insurance scheme," said Ben Rockwell, Division President, Chubb Middle Market. "Chubb's latest modernized package broadens our presence in the middle market and allows us to include the esteemed insurance programs and offerings for which we've been popular to an ever wider range of customers, at a time when exposures in this space begin to emerge." We assume that the scalability, quicker quoting, and simplified product architecture would help agents and brokers—all backed by Chubb's advanced underwriting experience, excellent risk engineering, and claims scalability. Benchmarq's key product features provide comprehensive and flexible property and general liability coverages that protect customers against the risks they are most likely to face within the sectors in which they specialize, which include education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries, with plans to expand into additional industries. Benchmarq is currently accessible via field underwriters in 29 states, with more to follow in the coming months. Benchmarq will be available in the Fall of 2021 on Chubb's award-winning digital platform, the Chubb Marketplace. The Chubb Marketplace is intended to modernize the placement of insurance policies. About Chubb Chubb is the largest publicly traded property and casualty insurance corporation in the world. Chubb, which has operations in 54 countries and territories, offers a wide range to clients commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. We assess, assume, and manage risk with insight and discipline as an underwriting company. We service and pay claimants in a fair and timely manner. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial ability, and global-local operations. Chubb Limited, the parent company, is a member of the S&P 500 index and is listed on the New York Stock Exchange. Chubb has executive offices in Zurich, New York, London, and Paris, among many other places, and employs about 31,000 employees globally.

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