INSURANCE TECHNOLOGY
Battleface | April 29, 2022
Battleface announced the launch of its partnership with TripActions, which is an all-in-one travel, corporate card, and expense management solutions providing company. TripActions helps companies and their employees’ traveling management in terms of expenditure, safety, accounts and drives productivity.
The novel collaboration brings Battleface with TripActions to provide a more user-friendly travel security expertise. Customers can now access highly customizable travel insurance options through the Battleface Discovery product. The product range would cover all the expenses and an exclusive elevated Rental Car Injury safety provision. TripActions vacationers can also benefit from the partnership by receiving advanced customer service and assistance.
We are delighted to join forces with TripActions' innovative team. The new modular travel insurance option will give TripActions' Lemonade users the ability to protect their trip with vast relevant coverage options tailored to each traveler's specific needs. This will ultimately be saving money by eliminating unwanted and unnecessary benefits."
Alex Lazcano, Battleface's director of partnerships.
We are excited to propose TripActions users a customizable travel insurance offering in collaboration with Battleface. This offering enhances our users' personal travel experiences and gives them additional peace of mind related to their next adventure in protecting by cutting-edge insurance technology."
Laura Mighdoll, TripActions' Director of Partner Marketing.
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INSURANCE TECHNOLOGY
Carrot General Insurance Corp. | December 27, 2021
Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January.
"What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward."
-Paul Jung, CEO of Carrot
The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration.
"We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance,"
-Paul Jung, CEO of Carrot
He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation.
Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort.
About Carrot General Insurance Corp.
Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.
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INSURANCE TECHNOLOGY
Alliance Group | January 31, 2022
Alliance Group, a leading national insurance marketing organization (IMO), announced a series of promotions within their ranks, effective immediately.
Mark Powell was promoted from Systems Engineer to Chief Strategy Officer, a move that CEO Lee Duncan says will greatly benefit Alliance Group's technological push in 2022 and beyond.
"With Mark's help, we've developed a state-of-the-art Agent Portal this past year and Mark's promotion to CSO is going to help us continue to push the tools and systems we've developed for our agent and agency partners to the cutting edge from a technology standpoint, I'm excited to see what Mark and his team can do with him in this new role".
-CEO Lee Duncan
Powell has previously headed up teams of up to 150 implementing technology solutions for Fortune 500 companies such as Cigna, Home Depot, Nationwide, and Blackstone Group, to name a few.
In another move, Boise, Idaho-based Steve Walther was tapped as the company's new VP of Sales and Distribution. Walther had previously held the title of National Training Director at Alliance Group.
Andrea Buffo was promoted to VP of Operations, a role that Duncan says she has really been fulfilling for some time now during her seven years with Alliance Group.
About Alliance Group:
Founded in 1998, Alliance Group is the nation's leading IMO in Living Benefits life insurance. With more than 4,500 independent agents nationally, Alliance Group is currently protecting over 130,000 American families with more than $28 billion of Living Benefits coverage.
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