RISK MANAGEMENT, INSURANCE TECHNOLOGY
PRnewswire | May 03, 2023
Arbol, a global climate risk coverage platform, and The Institutes RiskStream Collaborative, the insurance industry's largest blockchain consortium, announced a strategic partnership to transform the parametric insurance space today. The partnership integrates Arbol into RiskStream's network of industry leaders dedicated to unlocking the potential of blockchain in risk management and insurance. The consortium actively explores insurance-specific blockchain and distributed ledger technology (DLT) applications to reduce operating costs, enhance systems, and improve customer experiences across the $1 trillion insurance industry.
Arbol and RiskStream's collaboration aims to leverage blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and reinsurance programs, addressing the challenges in managing seasonal and catastrophic climate risks, such as major storms and hurricanes.
The partnership between Arbol and RiskStream Collaborative will initially focus on developing an innovative, blockchain-driven parametric solution for the insurance industry. This solution will enhance trust and collaboration among all parties involved. It could be extended to non-parametric insurance solutions for reinsurance programs, harnessing the unique value of smart contracts and DLTs.
Sid Jha, Founder and CEO of Arbol, said, "Our collaboration with The Institutes RiskStream Collaborative marks an exciting step in bringing innovation to the parametric insurance space. By leveraging smart contracts and distributed ledger technology, we aim to transform how climate insurance and reinsurance deals are managed, introducing unprecedented transparency and efficiency to global climate risk management."
"We are excited to welcome Arbol into the collaborative as a solution provider. Their work in the parametric (re)insurance space opens the door for our producer, carrier/cedent and reinsurer members to leverage their automated solutions," said Patrick Schmid, President of The RiskStream Collaborative. "Arbol's application, which works with external blockchain oracle data for various perils, aims to leverage RiskStream's Canopy platform. The goal is to improve industry-wide operational efficiency and lead to a better overall insurance experience."
The strategic partnership between Arbol and The Institutes RiskStream Collaborative seeks to create significant value for the insurance industry by showcasing the power of blockchain technology and decentralized data storage. The collaboration is committed to delivering cutting-edge solutions that address current industry challenges while paving the way for future advancements in parametric insurance and beyond.
Arbol is a global climate-risk coverage platform and FinTech company offering full-service solutions for any business looking to analyze, manage, and transfer climate risk. Arbol's products offer parametric coverage based on objective data triggers rather than a subjective loss assessment. Arbol's key differentiator versus traditional InsureTech, or climate- analytics platforms, is the complete ecosystem it has built to address climate risk. This ecosystem includes a massive, climate-data infrastructure, scalable product development, automated, instant pricing–using an artificial intelligence underwriter–blockchain-powered operational efficiencies, and non-traditional risk capacity bringing capital from non-insurance sources. By combining all these factors, Arbol brings scale, transparency, and efficiency to parametric coverage in stark contrast to the oligopoly of reinsurers currently dominating the climate-risk insurance space.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry's first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The Institutes RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
CORE INSURANCE, RISK MANAGEMENT
Businesswire | March 29, 2023
Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Agape Insurance Services.
Established in 2004, in Anaheim CA, Agape Insurance Services has been a reliable partner in providing Auto, Home, Business, and Life insurance solutions to clients across California. With a focus on personal lines, Agape Insurance Services has gained a reputation for its honest and genuine approach to serving customers.
Under the Inszone Insurance brand, the Agape Insurance team will continue to operate out of Inszone’s Anaheim office and offer the same high-quality service to their clients. The acquisition represents another milestone for Inszone Insurance Services as it strengthens its presence in California and expands its commercial and life insurance offerings.
“We are thrilled to welcome Agape Insurance Services to the Inszone family," said Chris Walters, CEO of Inszone Insurance Services. “This acquisition represents another milestone as we continue to broaden our footprint and capabilities in our home state of California."
Inszone Insurance Services continues to pursue an aggressive growth plan, aiming to enhance its presence in existing markets and expand into new ones. Several important transactions are expected to be announced in the upcoming months.
About Inszone Insurance Services
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.
CORE INSURANCE, COMPLIANCE
PRnewswire | June 02, 2023
Clearcover, the next-generation car insurance company, today announced that it recently launched the Clearcover Agent Hub, its reimagined agent resource center in its ongoing effort to bolster the agent distribution channel.
Designed to empower agents to better serve their customers and sell Clearcover policies with ease, the Agent Hub offers an innovative experience that supports agents through onboarding, answers frequently asked questions and offers ongoing support and education.
"Providing agents with educational resources and simple sales tools is a top priority," said Clearcover CEO Kyle Nakatsuji. "We're continuing to analyze data and listen to customer and agent feedback in our efforts to deliver the best experience in the industry."
One of the more notable enhancements in the Clearcover Agent Hub is a reimagined onboarding process for agents to sell with ease and confidence. The dedicated resource serves as a way for agents to learn more about Clearcover at their own pace, including general company information, products and services, and how to start selling policies.
"Clearcover already gave us a competitive product that agents can leverage to sell more business more efficiently, and now they've made the process even easier with the new Agent Hub," said Brightway Agency Owner and Clearcover Agent Gary Silverman. "It's truly a one-stop shop to help us grow our business."
In addition to onboarding, the Agent Hub also provides an array of updated digital resources, such as new videos, relevant articles and enhanced training content.
As Clearcover builds momentum and innovation in the channel, it is also working on rolling out an agent-centric rewards initiative.
The launch of Clearcover Agent Hub comes shortly after the company announced it has teamed up with Experian to provide an embedded insurance solution as part of its ongoing effort to expand its distribution channels.
Clearcover is the next-generation insurance company that provides customers with the technology they need to confidently make the smartest decisions at every step. Clearcover is challenging the status quo with hassle-free insurance that redefines what it means to put the customer first, delivering affordable car insurance with one of the industry's fastest claims experiences. Clearcover includes Clearcover, Inc., which was founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover Insurance Company (NAIC #16524) and Clearcover Insurance Agency. Clearcover has raised more than $480 million in funding to date. In 2022, the insurance fintech ranked No.50 on the Deloitte Technology Fast 500™ and No. 151 on the Inc. 5000 Fastest Growing Privately Held Companies in America. Clearcover has also been featured by Glassdoor as one of the nation's "Best Places to Work." For more information, visit Clearcover.com.