Setoo, Pattern Insurance | July 19, 2021
Setoo, an embedded insurance pioneer, announced today that it has entered into a merger agreement with Pattern, an insurtech startup that has emerged from stealth mode. Pattern will be the name of the joint venture's activities in Europe and the United States. Pattern will assist companies in generating new revenue streams and increasing customer satisfaction by transforming all of their online transactions into protected experiences without the need to be an insurer.
Pattern will provide a one-stop-shop for embedded insurance products, enabling businesses to provide a fully protected buying experience for their customers, along with real-time underwriting data for a frictionless buying process, as a result of a merger. The fully automated, embedded insurance-as-a-service platform enables businesses to create and distribute unique and personalized insurance products autonomously. Pattern's coverages include parametric and traditional insurance products, which are seamlessly offered by businesses to their customers while fully compliant with local regulations. In addition, Pattern requires companies to protect customers from unforeseen changes in plans, inclement weather, utility outages or surcharges, shipping delays, and other factors.
The two companies have received a total of $25 million in funding since their start, including a recent seed round of $10 million for Pattern. In addition, Kamet Ventures, the venture builder where Setoo was incubated, Comcast Ventures, MS&AD Ventures, Foundation Capital, FinTLV, TechAviv Founder Partners, Kli Capital, Abstract Ventures, and others have invested in the joint venture.
The merger is expected to be completed by the end of August. Pattern will be insured by AXA, Spinnaker Insurance Company, Wakam, and others after the merger.
Setoo enables e-businesses to develop and offer personalized protection products, increase revenue from ancillary services, and provide an exceptional customer experience. E-businesses can use Setoo's platform to create new, super-targeted parametric and traditional insurance products in minutes, address actual concerns, and generate automatic compensation without requiring consumers to take any action. Setoo serves high-profile clients such as Amadeus and LMN as an insurance Managing General Agent (MGA) in the EU and the UK.
Pattern is a one-stop-shop for innovative parametric and traditional insurance products that enable businesses to provide their customers with a fully protected digital buying experience. Pattern's coverage includes utility outages, weather incidents, and much more. Pattern is nearing the completion of its operational deployment as a US MGA.
WEBSURANCE | December 02, 2021
Howell Benefit Services, Inc. (HBS), and Howell Benefit Technologies LLC (dba RATECentric) have released WEBSURANCE, a fully insured health and welfare benefits trust featuring top ranked group insurance companies for carriers, producers, and employers. In conjunction with the Trust, a paperless, digital WEBSURANCE platform was also launched enabling carriers and producers to offer employers superior level benefit plans, competitive pricing, and extended rate guarantees.
HBS is pleased to announce MetLife and Vision Benefits of America (VBA) as the first multi-year Trust participants offering group dental and vision benefits, respectively, to employers nationwide with products and plan designs typically found in the enterprise market.
We continue to enhance our online presence utilizing our digital technology by adding these two market leading insurance carriers, We've had exceptional success for over 25 years building and managing digital websites and have been a pioneer in API integration for several top ranked group carriers. Our technology has enabled the carriers we serve to measure and demonstrate the efficiencies and profitability of outsourcing online quoting, case submission, premium billing, sales activity, license tracking and commission payment in a single application.
- Roger Howell, President of HBS.
Our real time quoting platform's success, which has been online nationwide since 2013 and now serving two of the top five national group insurance carriers, illustrates how our team has combined deep-rooted benefits knowledge, four decades of TPA experience, and integrating it with our proprietary and commercially successful digital platform technology."
Howell has provided customized, multi-carrier and premium billing technology, producer appointment and license tracking as well as commission payment technology for carriers and producers since 2000.
"By utilizing WEBSURANCE's digital solution we are able to streamline our offerings for customers and provide them with access to competitive benefit plan options, instant rates and case submission, pricing and backroom support as a result of our collaboration with Howell."
- Cynthia Smith, SVP of Regional Business at MetLife
VBA's Vice President, Matt Cuomo stated, "The WEBSURANCE Trust is the perfect vessel for us to showcase our national vision plan benefit portfolio. The quoting, case submission and plan administration features offered by WEBSURANCE are unprecedented, based on our experience."
The WEBSURANCE Benefits Trust will be offering additional online group and voluntary benefit plans in 2022, further reducing quoting and administrative expenses while, at the same time, increasing closing ratios for carriers and producers.
The WEBSURANCE Benefits Trust is a fully insured, national group insurance trust that covers hundreds of employer groups, with the capacity and scalability to offer a variety of carriers' product lines. Eligible group insurance products include health, dental, vision, life, disability, voluntary life, disability, critical illness, hospital indemnity, and accident. WEBSURANCE is administered by Howell Benefit Services, Inc. (Howell), located in Wilkes-Barre, Pennsylvania. Howell is a nationally recognized, online, Third Party Administrator (TPA) in business since 1982.
Imperial PFS | October 04, 2021
Imperial PFS Introduces Quivit, a Gamechanger for the Insurance Industry.
Called a "gamechanger" by its first users, Quivit is the first insurance-specific product to merge document signing, storage and an integrated payment processing system – allowing for both paid-in-full and financed transactions. The result is a dramatically streamlined workflow, transforming a complex, high-touch process into an efficient, digitally-driven sales closer. Until Quivit, there was no way for insurance agents to quickly prepare insurance quotes and applications for their insureds within the same secure digital space.
We listened to our clients, recognized a gap, and found a way to provide a solution, We worked with agents to develop a digital product that merges selling, managing account communication, and collecting payments for policies in a single step, without the need for additional software from other providers. Now, work that once took days takes only minutes – which means Quivit will help expedite sales and improve payment collection in a single step.
- Herb Chirico, IPFS's Chief Marketing Officer and Senior VP.
User-friendly and intuitive, Quivit makes it easy to send premium finance quotes, track progress, understand the status, send alerts, obtain signatures, collect payments and close the sale. Quivit also integrates seamlessly with existing systems and processes, which means it doesn't require replacing your current technology or agency management system (AMS).
Quivit is going to revolutionize the insurance industry, Quivit shortens the sales cycle, so agents can close sales far faster. It's the key to unlocking untapped revenue opportunities.
- Frank Friedman, IPFS's CEO and President.
Even its name has special significance, as Quivit combines the words 'quick,' 'pivot' and 'IT.'
Quivit is available now to select IPFS Clients and will be widely-released later this fall.
About Imperial PFS:
Imperial PFS uses state-of-the-art technology and legendary Customer service to lead the way in the premium finance and payments industry. IPFS offers flexible lending with multiple benefits for our agency partners and insureds. With more than 500 Associates at 30 locations across the United States and Canada, we bring the strength of an international company reinforced by local relationships and service. Visit us on LinkedIn.
About Herb Chirico:
Herb is responsible for overseeing Marketing as Chief Marketing Officer, as well as Credit, Insurance Company Management, Product Management and Project Management. Herb joined IPFS in 2001. His prior positions with IPFS have included Branch Manager in Buffalo, New York, SVP of Operations and Credit and SVP of National Sales. Before joining IPFS, he held management positions at Transamerica Insurance Finance Corp. and HSBC. Herb has a BS from Boston University.
About Frank Friedman:
Frank joined Imperial PFS in 2019 and serves as the CEO and President. His extensive financial experience comes from more than 40 years at Deloitte where he served as Interim CEO, COO, CFO, and, most recently, Global Chief Operations Officer. Frank has a BS degree in Accounting and Business Administration from the University of Kansas.