Zurich | November 12, 2021
Zurich American Insurance Company ("ZAIC"), a leading provider of insurance products and services to businesses in multiple industries, has signed an agreement to acquire Special Insurance Services, Inc. ("SIS"), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. The acquisition will expand ZAIC's supplemental health insurance solutions that help businesses and individuals better manage medical costs.
ZAIC's Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational accident and student accident insurance. The acquisition of SIS, which is expected to be completed in early 2022, will help expand ZAIC's ability to deliver solutions in gap medical, occupational accident and primary employer indemnity insurance.
"As medical costs continue to increase, employers are seeking solutions that enable migration to higher deductible major medical plans while ensuring healthcare affordability for workers. Gap medical is gaining popularity because it can help employees cover their deductibles and coinsurance, reducing out-of-pocket expenses. Through the acquisition of SIS, ZAIC can build our capacity to deliver high-quality supplemental health products like this — products that businesses and workers need, desire and deserve."
- David Fike, Head of Life, Accident and Health for ZAIC.
SIS has capabilities to develop, underwrite, distribute and administer specialty insurance products for small- and midsize employers. SIS has been managing programs since 1987 and today provides some level of administrative services to more than 5,000 employers and their employees, with annual premium of approximately $55 million.
"Zurich and SIS share a commitment to listening to the needs of the marketplace and putting customers first. That's one reason our talented team at SIS looks forward to joining the Zurich family and amplifying our positive impact. Together, we will help solve for some of the most pressing health challenges that businesses and individuals face today."
- SIS President Philip Rearick.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. Customers are served through the individual member companies of Zurich, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services Zurich offers and the people Zurich employs in the U.S. and Canada.
Next Insurance, Juniper Labs | December 11, 2020
Next Insurance, the main digital insurtech company changing small business insurance, today reported that it has finished the acquisition of Juniper Labs, an imaginative supplier of elective open information and endorsing innovation zeroed in on small businesses. Together, Next Insurance and Juniper Labs will keep on creating improved AI abilities and apparatuses to reinforce the omni-channel client experience. This is Next Insurance's first securing and follows the end of its $250 million Series D financing round at a $2 billion valuation.
Juniper Labs gives better danger straightforwardness by utilizing open information and AI to construct devices for smoothed out information assortment and automated endorsing. Utilizing common language preparing, Juniper Labs mixes divided information sources and unstructured substance to give more organized bits of knowledge that reinforce the certainty and prescient intensity of their models, at last taking into consideration more exact danger evaluation and a less difficult client experience.
Juniper Labs co-founder and CEO Lance Poole, and his team, will join Next Insurance's AI and information examination gathering and will help dispatch the Next Insurance Data Labs. The reason for the lab is to consolidate human-driven plan, actuarial science, and best in class AI to give adaptable, industry-driving arrangements that drive development and danger based valuing. Also, the Juniper Labs group will help reinforce and scale Next Insurance's workers' compensation offering (among different lines of business), which has seen almost a 14x expansion in year-over-year development since November 2019.
"Next Insurance and Juniper Labs believe that data is a key differentiator in the effort to provide a better online experience at a more affordable price," said Lance Poole, co-founder and CEO of Juniper Labs. "We're excited to join this like-minded company and contribute to its continued success."
As the world keeps on moving on the web, purchasers have generally expected fast, effective and customized insurance policies, and Next Insurance's initial obligation to conveying incredible insurance products and client commitment has cemented the company as a pioneer in the insurtech space. With Next Insurance, insureds approach USA-based authorized insurance counselors, apparatuses and administrations like every minute of every day admittance to testaments of insurance from a cell phone or PC, and in-house claims filings where a choice is ordinarily made inside 48 hours. Become familiar with Next Insurance's General Liability, Professional Liability, Commercial Auto and Workers' Compensation product offerings and get a moment quote online today.
About Next Insurance
Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers.
About Juniper Labs
Juniper Labs leverages open data and machine learning to help insurtechs, carriers and brokers to more effectively sell and underwrite small business insurance. Founded in 2019 by Lance Poole and John Stevenson, the company's suite of APIs provide structured insights and predictive models that allow more precise risk assessment and a simpler customer experience.
Brown & Brown, CoverHound, CyberPolicy | November 09, 2020
CoverHound® and CyberPolicy®, a main advanced protection commercial center for people and independent companies, today declared they have been obtained by Brown and Brown, Inc. a main protection financier firm giving danger the executives answers for people and organizations.
With this procurement, Brown and Brown increases extra admittance to the quickly developing computerized protection market for the two people and independent companies, notwithstanding abilities that modernize the protection buying experience. CoverHound, and its completely possessed auxiliary CyberPolicy, are an impetus for driving the computerized change that the protection market requests, specifically the advanced quickening that has happened in the course of recent months because of the Covid pandemic. Consolidating Brown and Brown's solid transporter connections and item information with CoverHound and CyberPolicy's association organization and client experience will make a solid incentive for clients and accomplices.
CoverHound and CyberPolicy will keep on working autonomously under Brown and Brown and will zero in on scaling advanced associations with confided in brands.
Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd said of the acquisition, “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience. By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.”
CoverHound and CyberPolicy CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity. The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.”
In the course of recent years, CoverHound and CyberPolicy have kept up a main Net Promoter Score of 82, have essentially expanded the quantity of approaches sold totally on the web and have built up the ability to carefully cite and tie numerous transporters and items into a solitary online exchange.
As one of the first InsurTechs that have arisen and scaled over the previous decade, CoverHound and CyberPolicy have stayed consistent with their vision, zeroing in on being a confided in guide for curated decision and satisfying the intricate needs of the present current client, all while streamlining the protection examination and buying measure
CoverHound® is an original InsurTech that allows consumers and businesses to easily compare and purchase insurance. CoverHound offers competitive rates and coverages in 50 states, delivering fast, accurate and actionable quotes from leading US carriers based on a customer’s specific needs. Developed by a team with deep insurance and online financial marketplace experience, CoverHound is dedicated to providing best-in-class customer experience
In 2016, CyberPolicy® became the world’s first marketplace to help small businesses compare, quote and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its offerings to deliver more complete coverages and bundles for Small and Medium-sized businesses including additional core business insurance products. CyberPolicy offers competitive rates in 50 states and helps small businesses “Plan. Prevent. Insure™”.
About Brown & Brown:
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.