RISK MANAGEMENT,INSURANCE TECHNOLOGY
Vouch | December 27, 2022
Vouch, known as the 'Insurance of Tech,' recently launched the first insurance solution for Web3 companies. Under this, it will cover Web3 companies with insurance policies, including smart contract vulnerabilities, DAOs, crypto, and more.
"The global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030."
- Grand View Research
In the past year and a half, about 3,000 startups have raised almost $40 billion. Many of these are run by founders who are building strong companies that solve real problems for real users. Till now, Web3 companies had to settle for insurance that didn't meet their needs or make do with what they already had, which eventually slowed their growth.
Vouch has become the most trusted partner by getting $160 million from the best companies in Silicon Valley. Its newest market includes Web3 companies, while Ansible Labs, Bitwave, Stardust, and Utopia Labs are some of its launch clients.
Traditional policies tend to leave crypto out, but Vouch's Web3 Protection Policy covers that. In addition, the policy includes four coverages that can be expanded to cover key Web3 risks based on the needs of the client:
Directors & Officers (D&O) insurance helps protect the company and the personal assets of its founders, officers, and board members from claims of wrongdoing, such as misrepresentation or breach of fiduciary duty, as well as the costs of responding to or defending against the claims.
Errors and Omissions (E&O) insurance protects the company when a customer claims that the company's services caused them to lose money.
Cyber: It helps pay for data breaches caused by mistakes, hacking, and social engineering. It also protects against privacy violations, security failures, and system failures.
Crime: Helps protect the company from employee theft, forgery, and fraud, as well as some digital assets.
Vouch has built a strong partner network to meet the needs of its Web3 customers in addition to its coverage. In the partner network, Fireblocks is responsible for direct custody technology, Silicon Valley Bank for banking, Upside for token management, and Tactic for accounting.
AboutVouch
Vouch Insurance is a new type of insurance platform for startups that is trusted by the startup industry's biggest names, including Y Combinator and Silicon Valley Bank. Everything has been designed for startups by experienced founders, from onboarding to claims. The company, which has offices in San Francisco and Chicago and whose fully digital coverage can be activated in minutes, assists clients in managing, mitigating, and avoiding risks.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Branch | February 13, 2023
Branch®, a full-stack insurance business that uses technology, data, and automation to make home and vehicle insurance more accessible and affordable, has introduced condo insurance, increasing its selection of instantly bindable products. Condo insurance will be launched across Branch's accessible states, beginning with Ohio, in the coming months.
Branch transformed the purchasing process by needing just a consumer's name and address to get an instant estimate for combined home and vehicle insurance. The National Association of Realtors reports that more than 10% of existing home sales in the last three years were condos. By offering a condo product, Branch can provide quick bundling to millions of more homeowners.
Branch co-founder and CEO, Steve Lekas, said, "Bundling has always been at the core of what Branch can do, so we're thrilled to offer another product to help consumers quickly and easily bundle their insurance." He added, "By enabling more people to access Branch's bundle, and the deep savings that come with it, we're taking meaningful steps towards our mission of getting more people insured."
(Source – PR Newswire)
Including a condo product adds tremendous value to Branch's rapidly expanding independent agency channel, allowing Branch-appointed agents to meet their customers' insurance requirements better. Moreover, by increasing its product offerings, Branch provides its partners with a seamless, integrated experience. On the Branch website, consumers can rapidly acquire condo insurance with only a few pieces of information and bundle it with vehicle insurance.
About Branch®
Branch®, is a company that provides home and car insurance that is easy to purchase and designed to save money. Through its groundbreaking instant-bind capabilities, Branch eliminates all of the hassle involved with obtaining coverage, making it simple for clients to combine home and vehicle insurance. The Branch Insurance Exchange was designed as a reciprocal exchange to make insurance more accessible and inexpensive for everybody. Branch is a public benefit corporation and a certified B corporation dedicated to achieving the highest levels of social and environmental performance and responsibility.
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CORE INSURANCE, INSURANCE TECHNOLOGY
IMG | March 01, 2023
On February 28, 2023, International Medical Group (IMG), an insurance services provider, was awarded Forbes Advisor's Best of 2023 Awards in the category of travel insurance companies. Forbes Advisor has recognized it for the second year in a row.
IMG's iTravelInsured Travel LX plan has particularly attracted the attention of Forbes Advisor. It is an excellent travel insurance solution for dog owners and a popular insurance plan of IMG. It provides insurance coverage for additional kennel fees, which a pet needs on a trip delay for an extended stay at a commercial kennel. In addition, it offers trip cancellation and interruption benefits and is applicable only when the service animal or pet suffers an injury, sickness or death during the trip.
Forbes Advisor is a trusted insights provider for finance and businesses through news, reviews and advice, assisting consumers with smart decisions and perfect products for their choice without effort. Forbes Advisor's awards recognize the company after in-depth analysis for being an impartial consumer champion. Its experienced reporters and editors have a keen eye on product features and consumer experience in the industry. With years of dedication, people expect authentic financial news and guidance from it. The recognition from Forbes Advisor represents that the brand has strong support and establishment in the business and consumer finance community.
IMG's Director of International Sales – Travel, Grant Hayes said, "IMG is honored to be recognized once again as one of the best travel insurance companies in the market." He added, "Our iTravelInsured Travel Series is a market-leading line of travel protection plans designed to meet the varying needs of travelers while they're away from home."
(Source – Cision PR Newswire)
IMG's Chief Commercial Officer, Scott Ackerman said, "At IMG, we understand that pets are like family. Our pet-related benefits set us apart from the competition and are valued greatly by our customers." He added, "Being recognized as a travel insurance company that is great for dog owners is truly a testament to the many unique benefits we offer our customers through our travel protection plans."
(Source – Cision PR Newswire)
About IMG
Headquartered in Indianapolis, Indiana, IMG, an insurance company, offers solutions for expatriates, international students, missions organizations, marine crews, corporate group insurance, cost containment, stop loss insurance, medical management, assistance services, medical evacuation, travel insurance, and international medical insurance. It has provided insurance benefits and assistance services worldwide since 1990. Its well-known services are travel and health safety solutions, with insurance programs like international private medical insurance, trip medical insurance, and services like enterprise and insurance administrative services, 24/7 emergency medical, security, and travel assistance.
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