CORE INSURANCE, LIFE INSURANCE
Vouch Insurance | October 13, 2022
Vouch, a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions.
For decades, life science startups have struggled to acquire business insurance. Large insurance carriers typically do not insure early stage life science companies, especially those that are pre-revenue. When they do, minimum premiums are prohibitively expensive.
George Aliaga, Vouch's Health & Life Sciences Vertical Lead, sees tremendous opportunity to support this category during a technological inflection point, as life science startups digitize their business models and increase investment in artificial intelligence to accelerate R&D cycles.
"We believe the most innovative medical advancements are happening right now in incubators around the country, and these startups need help protecting their business in a constantly evolving risk environment, For example, artificial intelligence techniques are being used for drug discovery, disease diagnosis and patient risk identification. AI use in life sciences is rapidly maturing, and groundbreaking startups are emerging with innovative tech as a result."
Vouch is the insurance of the technology industry. Since 2018, Vouch has revolutionized the buying experience and quality of coverage available to tech companies with the introduction of 10 proprietary coverages and a specialty brokerage. Now, the company is offering the same expertise and proprietary capabilities to the underserved life science startup ecosystem.
Life science startups face unique risks. Vouch offers a suite of exposure-driven coverages to ensure comprehensive protection from R&D through product commercialization:
Change in Controlled Environment Coverage - For perishable property prone to spoilage
Vivarium Coverage - For animals used in R&D, breeding or biological product harvesting
Clinical Trials Coverage - When sponsoring or operating human clinical trials
Medical Malpractice Coverage - When offering medical treatment or advice that may create medical malpractice exposure
Specialized Contamination Coverage - For products susceptible to contamination by radiation, bacteria, mildew, mold, microorganisms, viruses or pathogens
Condemnation of Undamaged Stock Insurance - For situations where product is not damaged but is deemed compromised and condemned by the FDA
In addition to the new proprietary coverages launched today, Vouch also offers life science startups access to its specialty brokerage, which can procure additional policies from the broader insurance market to provide comprehensive and holistic insurance solutions.
While insurance provides necessary protection, coupling an insurance program with expert advisory best positions a startup to withstand future risk.
Since they operate in a fast-paced environment with complex and unique risk profiles, life science startups not only require specialized coverage, but an advisor who understands their needs, Our life science Insurance advisors are trained to provide expert guidance for startups through each of their stages and milestones,said Aliaga.
About Vouch Insurance
Vouch is a provider of business insurance to thousands of high-growth companies. Since its inception in 2018, the company has empowered its clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
Vertafore | September 12, 2022
Vertafore®, the leader in modern insurance technology, today announced Acuity Insurance, Westfield Insurance and CNA Insurance are the latest carriers to go live on its award-winning Commercial Submissions™ platform. These additions reflect the platform's growing momentum and bring even more choice to the solution and mark a new milestone in Vertafore's vision to modernize commercial insurance for the independent agency channel.
Vertafore introduced general availability for Commercial Submissions in March 2022. Nearly 800 independent agencies have since signed up to use the platform to quickly quote BOP, workers' compensation and general liability insurance from some of the nation's top carriers.
Technology built for insurance professionals by insurance experts
Vertafore has long been the leader in market connectivity solutions that enable agencies and carriers to speed up binding and quoting. In 2021, Vertafore facilitated more than $13 billion in real-time carrier/agency premium submissions and handled 150 million real-time transactions through its rating and connectivity solutions.
The company built on this connectivity success when it set out to solve challenges of commercial insurance quoting. And since the product's launch, agencies have generated thousands of quotes across three lines of business in 40 states.
The success of Commercial Submissions is the result of a dedicated, experienced Vertafore product and development teams, led by Wendy Haney and David Acker. Haney and Acker have nearly five decades of combined experience developing tools that simplify the day-to-day work of insurance professionals, with a particular focus on solutions that improve connectivity across the insurance distribution channel.
"When Vertafore identifies a technology need in our marketplace, we first consider whether our customers are best served through a partnership, an acquisition, or with a Vertafore-built product, The depth of our in-house talent, our proven success with personal lines connectivity and our relationships across the distribution channel made it clear that we were in the best position to deliver a high-quality solution to streamline business insurance quoting. And our agency and carrier partners continue to validate that decision."
-Amy Zupon, Vertafore CEO
Industry-leading solution for commercial lines quoting
Commercial Submissions delivers a game-changing experience for independent agents and the business clients they serve. The platform simplifies and automates commercial insurance by:
Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry.
Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting.
Enabling real-time digital collaboration with clients to complete applications quickly and accurately.
The solution also reflects Vertafore's ongoing, multimillion dollar investment to deliver products with a modern user experience. By building Commercial Submissions from the ground up, Vertafore has placed integration, connectivity, and design thinking at the core of the product. As a result, the solution creates a seamless experience and incorporates inclusive design principles that eliminate barriers, improve accessibility and overcome situational challenges that impede user productivity.
Commercial Submissions has been recognized by the Golden Bridge Awards®, achieving Gold in the Business-to-Business Product category. The solution also landed on the SaaS Awards' shortlist for Best SaaS Newcomer and received a Silver award for the 2021 Best New Insurance Solution from the American Business Awards.
As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.
Selective Insurance | October 03, 2022
In recognition of October's designation as Cybersecurity Awareness Month, Selective Insurance today announced that it will remove personally identifiable information from eligible private passenger vehicles and light duty trucks after they're declared a total loss. This new solution deletes sensitive electronic data, such as GPS addresses, phone contacts, telematics, garage and gate opening capabilities, and other personally identifiable information. Personal and business vehicles that are model year 2012 or newer are eligible for this service.
"Technologically-advanced vehicles store a significant amount of personal data, especially in the infotainment and navigation systems, Deleting personally identifiable information after a total vehicle loss prevents it from ending up in the wrong hands. It protects our customers so they can focus on restoring their lives. This service is another way our customers can Be Uniquely Insured® with Selective."
-Jim McKeown, Vice President, Mobility and Customer Experience, Selective Insurance
About Selective Insurance
Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including the Fortune 1000 and being certified as a Great Place to Work® in 2022 for the third consecutive year.