Lloyd's launches ground-breaking space insurance policy

Lloyd | December 04, 2019

Lloyd’s of London is going into orbit with its latest insurance launch, announcing that it will be releasing a space insurance policy with the aim of entering a growing industry that could help send its profits to the moon. The policy will be available through Lloyd’s Under the Lift Space initiative, with policies worth $25 million (£19 million) offered by 18 insurance syndicates operating out of the London insurance market. The initiative will be led by Brit and Hiscox MGA. The policies will pay out in the event of accidents like exploding rockets, in-orbit collisions or damage to components when they are being transported before a launch. The policies could also cover firms’ third party liability to any tourists who they launch into space, and could increase the level of space risk underwritten at Lloyd’s, which is currently estimated to be between £125 million ($163 million) and £150 million ($195.6 million).

Spotlight

In this episode of TalkingSense we’re talking some sense with Craig Rosenberg, Chief Analyst and Co-founder of TOPO. We’ll go behind the scenes of the building of TOPO as well as get the CliffsNotes version of their recent ABM study.

Spotlight

In this episode of TalkingSense we’re talking some sense with Craig Rosenberg, Chief Analyst and Co-founder of TOPO. We’ll go behind the scenes of the building of TOPO as well as get the CliffsNotes version of their recent ABM study.

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INSURANCE TECHNOLOGY

Johnson & Johnson All Set to Expand Its Footprint Into Texas and Oklahoma

Johnson & Johnson | June 07, 2022

By acquiring the assets of Midlands Management Corporation's Wholesale Brokerage & Binding and Managing General Underwriting businesses, Johnson & Johnson will expand its footprint into Texas and Oklahoma. Safety National Casualty Corporation's subsidiary Midlands is a completely owned subsidiary of Safety National Casualty Corporation. The transaction is expected to close on April 29, 2022, according to the parties. Midlands' WB&B and MGU units, which were founded in 1990, specialize in specialized lines of coverage for both personal and commercial lines of business, both admitted and non-admitted E&S. These units, which are led by an experienced management team, contain underwriting and operating teams with extensive product knowledge and service skills. Midlands' MGU unit serves as an underwriting manager for several insurance companies, specializing in ICOA insurance, Texas Non-Subscriber insurance, and other similar insurance products. For small-to-mid-sized commercial businesses and people, the WB&B segment provides admitted and non-admitted general, commercial, and personal property and casualty products. Johnson & Johnson, situated in Charleston, South Carolina, is a fourth-generation, family-owned Managing General Agency. Johnson & Johnson has a long history of offering outstanding service and products to Independent Agencies while keeping a family culture, having been founded in 1930. In Texas and Oklahoma, Johnson & Johnson will offer a diverse range of first-class products and services to agencies and insureds. This acquisition by Johnson & Johnson, a leading specialist in related businesses, will accelerate the growth in revenue and profitability of these business units and provide greater professional development and career advancement opportunities for the employees in these divisions. All Midlands' business outside of these units, including excess workers' compensation and related primary workers' compensation, specialty programs and claims administration, are not part of the transaction and will continue to operate under the Midlands name as a Safety National entity." Duane Hercules, President of Safety National. Adding the Midlands Management Corporation Team and their agency network to Johnson & Johnson will provide us with a terrific group of employees and agencies which will enhance our 'service first' approach to the Agents currently served by Midlands." Francis Johnson, CEO, Johnson & Johnson.

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INSURANCE TECHNOLOGY

OWIT Global Releases Advanced Version of Bordereaux Management Solution

OWIT Global | December 02, 2020

OWIT Global, a provider of insurance-specific microservices solutions for the global insurance industry, declares a serious arrival of their Bordereaux Management Solution. The new delivery grows insurance-specific business rules, furthers usefulness to help approaching and active data takes care of, and contains extra pre-characterized execution dashboards. The Bordereaux Management Solution fathoms the insurance business' need to automate bordereaux preparing for MGAs, Carriers, and Brokers. “We continue to advance our solution with input from our existing customers. For the carrier, we support complex data sets from multiple formats, such as excel spreadsheets with multiple cross-referenced tabs and delimited/fixed-length file formats. For our MGAs, we support extraction and mapping of the data from multiple databases to various carrier contract formats,” said Wendy Aarons-Corman, Chief Executive Officer of OWIT Global. “Our solution also has an analytics service built-in, providing our customers with operational dashboards to evaluate the data running through the solution.” The OWIT Global Bordereaux Management Solution is a no-code, configurable climate, giving the intensity of onboarding and overseeing bordereaux data streams to the business client. Data is burned-through, scrubbed, and changed into an ideal yield record. Rules and outsider calls to approve data is likewise upheld. “Our customers are experiencing an immediate ROI. The time to configure and test has a dramatic reduction compared to the traditional model,” Aarons-Corman continued. “We encourage the industry to take some time to investigate our solution. There is a huge advantage in leveraging an insurance-specific solution that is continually advancing with input from other insurers. It is a great opportunity to get a feature-rich solution at a reasonable cost.” About OWIT GLOBAL OWIT is a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and integrate with existing customer environments to maximize their investments. The OWIT portfolio is comprised of discrete, value-add insurance-based microservices for Bordereaux, Rules, Rating, Portal Configuration, A&H, and Specialty Point of Sale and Document Generation with future capability to tailor a full suite of Policy Administration System (PAS) microservices. The company's offerings can be deployed standalone or integrated with an insurer’s existing environment. OWIT's architecture is also designed to support emerging technologies and functionality, such as blockchain and IoT.

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INSURANCE TECHNOLOGY

Guidewire Introduces End-to-End Usage-Based Insurance Solution

Guidewire | May 06, 2021

Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced the availability of Guidewire's Usage-Based Insurance Solution. Planned in view of speed, the UBI Solution can be deployed inside 12 weeks and supports the start to finish insurance lifecycle including quote, billing, and automated claims consumption. Forrester Research projects usage-based insurance policies to grow 50 percent in 2021.1 “Increasing appetite for usage-based insurance (UBI) in personal auto will drive insurers to rethink how they help customers discover and use auto insurance,” wrote Jeffery Williams, senior analyst, Forrester Research in a recent blog post. “COVID-19 has ushered in a new paradigm where consumers are more conscious about price transparency. That will result in strong new business growth across the sector.”2 Accessible exclusively on Guidewire Cloud, Guidewire's UBI solution accelerates deployment with a prebuilt package of capabilities, services, and mixes with Guidewire PartnerConnect Solution partners, Cambridge Mobile Telematics and TrueMotion for telematics. "Personal lines insurers want to offer UBI as fast as possible to their customers, and with Guidewire they can in just a few months,” said Eugene Lee, senior vice president and general manager, Guidewire. “Guidewire’s UBI Solution was informed by our experience with multiple UBI-specific deployments, and unlike other offerings that focus only on product definition, the solution is designed to support the entire quote-to-claim lifecycle.” One of those UBI deployments was at CAA Insurance Company, Canada’s largest not-for-profit automobile association. “As the pandemic continues, so do the financial hardships faced by many households," said Matthew Turack, president of CAA Insurance Company. “In response, we quickly launched a new MyPace product using Guidewire to help our customers who were working from home save on auto insurance costs. Our customers appreciated our responsiveness and sales have exceeded our expectations with a 300 percent year-over-year increase in new auto policy sales and 72 percent increase in new customers.” CAA has been an in-production InsuranceSuite customer since 2012. About Guidewire Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire. As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

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