Japan developing evacuation insurance for natural disasters

Insurance Business Magazine | July 18, 2019

Japan developing evacuation insurance for natural disasters
One year after torrential rains caused massive flooding and led to over 270 deaths in Western Japan, local governments, academics, and private firms are working together to assist residents’ evacuation efforts. Katsue Edo, a professor at the Prefectural University of Hiroshima, thought of what he termed as ‘evacuation insurance,’ which is primarily targeted at elderly people living alone. In the event of an evacuation order, the product ‘pays out’ by dispatching a taxi to pick up the beneficiary and drive them to safety, NHK World reported. Several private insurance companies have picked up on Edo’s idea, and are developing a commercial version of his idea. According to Edo, this is an important step to improve disaster preparedness, where private firms and local governments cooperate in life-saving efforts.

Spotlight

Millions of working Americans struggle each year to manage the out-of-pocket non-medical and medical expenses associated with unforeseen health events.1 Their financial challenge has been exacerbated by the increased popularity of high-deductible health plans in the workplace and the embrace by some employers of a defined contribution model for health care benefits. Now, to assist their employees, many employers have begun to offer an increasingly broad array of voluntary benefits programs that can complement traditional medical insurance offerings.

Spotlight

Millions of working Americans struggle each year to manage the out-of-pocket non-medical and medical expenses associated with unforeseen health events.1 Their financial challenge has been exacerbated by the increased popularity of high-deductible health plans in the workplace and the embrace by some employers of a defined contribution model for health care benefits. Now, to assist their employees, many employers have begun to offer an increasingly broad array of voluntary benefits programs that can complement traditional medical insurance offerings.

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INSURANCE TECHNOLOGY

Cowbell Cyber and Mylo Partner to Enable Distribution of Cyber Insurance for Small Businesses

Cowbell Cyber | November 05, 2020

Cowbell Cyber, the business' first AI-fueled cyber protection supplier for little to moderate sized organizations (SMBs), today reported it has joined forces with Mylo the computerized representative dispatched by the world's biggest autonomous merchant, Lockton to empower expanded dissemination of Cowbell's independent cyber protection to the private company market, a region generally underserved by cyber protection. Organizations of all sizes are getting more dependent on a computerized climate given the present far off setting, frequently leaving them presented to expanded cybersecurity weaknesses including information breaks, ransomware assaults, cyber wrongdoing, and then some. Along these lines, the interest in cyber inclusion has radically expanded as organizations acknowledge cyber protection is currently a need, not an extravagance. Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell's standalone, admitted cyber insurance programs addresses the challenges faced by small businesses when considering insurance including: • Clarity of the policy terms: business owners can now immediately understand the protection they will receive • Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder • Admitted program: Ensures that everything has been thoroughly vetted by state level agencies • Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy "We are excited to partner with Mylo to deliver on the promise of customized cyber coverage and easy-to-use risk management tools for their expanding client base," said Dan Law, Head of National Accounts at Cowbell Cyber. "Partnering with Mylo will allow us to better distribute cyber insurance to the currently underserved markets, ultimately helping customers with their cyber resilience." "As an advocate for small business owners, we care about helping them prepare for a cyberattack that could threaten everything they've worked so hard to build," said Mylo COO, Belen Tokarski. "Mylo and Cowbell Cyber are a great fit because we both focus on using technology to give businesses the protection they need to anticipate and recover from serious risks." The partnership brings significant efficiencies to Mylo's agents including: • Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks • Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average • No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound About Cowbell Cyber Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage. About Mylo Mylo is a digital one-stop-shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world's largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or on the phone with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing a proven boost in customer engagement.

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INSURANCE TECHNOLOGY

Cowbell Cyber Brings Essential Cyber Insurance Coverages to Manufacturing, Construction and Other Classes of Business

Cowbell Cyber | October 29, 2020

Cowbell Cyber, the business' first AI-controlled cyber protection supplier for little to fair sized organizations (SMBs), today declared its arrangement to twofold down on significance and cyber versatility with inclusions explicit to classes of business known for complex cybersecurity measures. This makes Cowbell the first cyber protection firm to bring a conceded protection item that delivers presentations special to assembling, development and different classes of business, shutting the insurability hole for enterprises crucial to the U.S. economy. Cybercriminals cast a wide assault net to invade each class of business and have as of late increase their objectives on organizations like development and assembling developing enterprises progressively turning out to be more innovation subordinate. These indispensable ventures have remarkable necessities that envelop the physical and virtual world and as per the Cyber Insurance. The Market's View 2020 overview, these enterprises are indicating a solid move towards expanded cyber protection schooling and reception. "Every business is at risk of a cyber incident but the exposures and subsequent damages can vary drastically in type and scope by sector. Businesses in every industry are rapidly building awareness about the unique cyber threats they face," said Jack Kudale, CEO and Founder at Cowbell Cyber. "Cowbell Prime 250 goes beyond offering generic coverages, enabling insurance buyers to not benefit from customized policies but also add coverages for cyber incidents unique to their class of business." Unique endorsements available with Cowbell Prime 250 include: Contractual Damages Endorsement for the manufacturing industry: Provides financial protection when the manufacturer faces a cyber event that triggers third party liability caused by the inability to fulfill a contractual requirement, the compromise of customer information or contractual damages that an unfulfilled contract might trigger for the customer. Missed Bid Endorsement for the construction industry: Provides construction with additional financial coverage for missed income when a cyber incident triggers a business interruption that prevents the construction company from bidding for or responding to an RFP. Cowbell Breach Fund with additional separate limit endorsement: Provides separate limit for the coverage of expenses common to many cyber events such as forensic services or notification to individuals and entities impacted by the incident. The limit for this fund can be extended through a Separate Limit Endorsement for classes of business carrying a large population of customers. Utilizing Cowbell, operators and merchants can now quickly and effortlessly convey cyber protection contributions that are exceptionally applicable to their customers. Beginning with three preset industry-explicit bundles - Basic, Popular, Elite - they can, in a couple of snaps, redo strategies or add supports novel to explicit businesses. About Cowbell Cyber Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage.

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Policygenius launches New Mobile App

Cision PR Newswire | August 12, 2020

Policygenius, the nation's leading online insurance marketplace, announced today the launch of a mobile app that enables consumers to create wills and trusts conveniently on their phones. Consumers can also shop for life and home insurance from the app, creating a mobile one-stop shop for key financial protection needs. As an early insurtech pioneer, Policygenius is well known for digitizing the insurance space for modern consumers. Now, the company is bringing its focus on digital convenience and consumer education to wills and trusts, expanding out of the insurance industry for the first time. Our customers are busy people committed to securing financial protection for their families," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "They're often thinking about making an estate plan at the same time they're considering securing life insurance, but knowing where to start can feel overwhelming. We developed this app as a way to provide people with a simple, digital way to handle multiple important financial decisions in one place.

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