Insurer reveals plunging confidence of UK business leaders

insurancebusinessmag | May 30, 2019

Brexit. The new B word that no-one wants to say no matter which side of the Leave or Remain fence you sit on has reared its ugly head again - being responsible for yet another negative report, this time a survey by business insurance expert CNA Hardy.The insurers most recent global risk confidence report has found that confidence levels of UK businesses were at only 36%, the lowest in the world.By contrast, Asia-Pacific had the highest levels of confidence, at 65% over the survey period which was from May 2018 to May 2019.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Sure Introduces Retrace for Online Insurance and Protection

Sure | March 14, 2023

Sure, a leader in insurance technology recently unveiled its latest product - Retrace. This innovative technology empowers online merchants to offer their customers embedded one-click insurance and protection. Retrace offers a suite of APIs, enabling online merchants to embed insurance and protection into various use cases such as e-commerce returns, travel insurance, and product warranty protection at any stage of the purchase process. With the help of Retrace, online retailers are able to grow their customer base by providing an improved customer experience. This results in higher levels of customer satisfaction and generates more brand advocates. Also, they have the ability to diversify their revenue streams while simultaneously increasing their top-line revenue. Sure is introducing its first e-commerce solution with the launch of Retrace. This innovative technology empowers online merchants to provide return shipping protection to their customers at the point of sale, covering the cost of returning goods. Retrace's embedded Return Shipping Protection is a revolutionary technology that streamlines the online shopping experience for merchants and consumers, reducing friction. Wayne Slavin, Co-Founder and CEO of Sure, stated, "Retrace is the latest offering of Sure's innovative technology to unlock the potential of digital insurance and protection through frictionless online customer experiences." He added, "Our technology reaches and engages customers wherever they are on their journey, and with Retrace, we are enabling online merchants to provide customers with embedded insurance and protection tools. We're starting with the first of its kind one-click return shipping protection but the sky's the limit, and we have set our sights on a variety of other products spanning travel insurance to warranty protection and beyond." (Source – Cision PR Newswire) About Sure Sure is a prominent insurtech company that powers some of the world's most recognized brands and carriers. Its enterprise SaaS infrastructure and embedded insurance programs drive the insurance industry forward, allowing it to reach its full potential in the digital age. Sure's customers use its unified system of APIs to streamline the entire insurance lifecycle, leading to enhanced customer experiences and efficient digital operations. Founded in 2015, the company is based in Santa Monica (California) and has offices worldwide.

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Inszone Insurance Completely Acquires Donna Ledwick Insurance Services

Inszone Insurance | March 08, 2023

On March 7, 2023, Inszone Insurance Services announced the conclusion of its acquisition of Donna Ledwick Insurance Services, previously owned and operated by Donna Ledwick. The move is part of Inszone Insurance's plan to increase its national reach and solidify its position as one of the best insurance companies in the United States. Donna Ledwick expressed, "I'm excited to join forces with Inszone Insurance, which will enable us to better meet the demands of our clients in every way." She continued, "Inszone Insurance places great importance on serving each client, especially those with extremely specialized needs, which aligns perfectly with the values we hold dear." (Source – Business Wire) Chris Walters, CEO of Inszone Insurance Services, remarked, "Donna has been a strong leader in the insurance industry, and we are thrilled to have her on our team." "Our clients can expect the same personalized care they are used to, with the added benefit of extra resources offered by a larger agency. We look forward to working together to help streamline efficiencies, add resources, and continue expanding throughout the state," he concluded. (Source – Business Wire) Besides, Inszone Insurance Services is set to announce several high-profile acquisitions in the coming months. Even though the company has grown quickly, it is still committed to giving customers excellent nationwide service and new insurance options. About Inszone Insurance Services California-based Inszone Insurance Services has developed substantially in the insurance industry since 2002. It covers all 50 states, with offices in California, Arizona, Colorado, Utah, Nevada, Missouri, Texas, and Illinois. Inszone Insurance Services, which offers both personal and business insurance, has expanded by prioritizing customer satisfaction and agent-customer relationships. Its edge in the insurance industry comes from its professional, disciplined agents and its partnerships with many different carriers. The competitive benefits of these long-standing ties allow Inszone to use its expertise and access to provide actual value to its customers.

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AXIS Launches Environmental and General Liability Coverage for Manufacturers

Axis Launches | January 04, 2023

AXIS Capital Holdings Limited has announced the implementation of a Specialty Package Policy for manufacturers through its Environmental business unit. The SPPm policy protects manufacturers against a wide range of general and environmental liability risks in a single insurance package. Manufacturing, distribution, warehousing, and processing businesses, as well as waste storage, treatment, and disposal facilities, are all covered by SPPm. The new policy is accessible to US-based manufacturing and distribution enterprises with up to $2 billion in revenue. According to AXIS, this new environmental product is just one element of its larger initiative to bring more advanced capabilities and fresh ideas to the niche market. As a result of the complexity of the risks they confront, manufacturers and wholesalers require insurance policies of an equally high level of sophistication. SPPm offers ISO-based CGL, product and product pollution liability, non-owned site pollution liability, transportation pollution, premises pollution liability, employee benefits administration, emergency response expense coverage, and product withdrawal expense. As general liability and environmental risks become more linked, AXIS says it's no longer prudent to examine them separately. With SPPm, the company can provide its partners with an integrated solution to managing complicated risk and coverage in a simple, smooth, and cost-effective way. About AXIS Capital AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance through its operating subsidiaries. As of September 30, 2022, the company held shareholder equity of $4.3 billion with locations in Bermuda, the United States, Europe, Singapore, and Canada. The ratings of 'A+' ('Strong') and 'A' ('Excellent') that have been given to the company's operating subsidiaries by Standard & Poor's and A.M. Best, respectively, reflect the company's excellent financial standing.

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