Risk Management, Insurance Technology
PR Newswire | August 18, 2023
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, today announced its strategic agreement with global professional services firm Aon's CoverWallet, a leading digital insurance platform for small business owners.
The collaboration brings together the innovative capabilities of two leading insurtech solutions by combining Cover Whale's trucking insurance capacity with CoverWallet's distribution strengths. As part of this relationship, Cover Whale offers its advanced telematics and proprietary quoting and binding technology to CoverWallet's independent owner-operator and small fleet trucking customers, a traditionally underserved segment of the insurance market.
"As we continue to grow, we are continuously looking for ways to connect with more drivers and fleets across the country," said Dan Abrahamsen, CEO of Cover Whale. "Our top priority has always been keeping the roads safe. This agreement allows us to simplify the insurance process for truckers looking for fast, customizable coverage that helps them drive more, earn more, save more, and focus on the road."
The CoverWallet platform will extend Cover Whale's visibility to thousands of commercial truck drivers across the country. As a result, small business owners and trucking fleet operators will be able to access tailored insurance policies designed specifically for the trucking industry, a diverse clientele with a wide range of insurance needs, all within one intuitive and streamlined platform.
"We are thrilled to work with Cover Whale to support independent owner-operator and small fleet trucking customers with their insurance needs," said Jeff Borgman, Director of Transportation Programs for CoverWallet, an Aon company. "This collaboration enhances our offerings for commercial trucking customers, and we look forward to introducing them to innovative solutions as an additional avenue to safety, helping them make better-informed decisions about their insurance coverage."
Both companies are committed to exploring the possibilities of technological innovation and superior customer-centric services for commercial trucking insurance. The announcement marks a significant step forward in achieving the goals of safer roads and better coverage for small business owners.
CoverWallet simplifies the process of understanding, purchasing, and managing insurance for small and medium-sized business owners. Its team of licensed advisors offers business owners knowledge, choices, and advice to help them protect their most valuable assets. CoverWallet provides the convenience of instant online access with personalized quotes from the top-rated insurance carriers in the nation. Follow CoverWallet on LinkedIn, Twitter, Facebook and Instagram.
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America's roads. Cover Whale delivers its product through more than 6,000 agents with the industry's fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $550 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 30% off when renewing their auto liability policy. The company has been named 2023 Insurtech of the Year by Program Manager and one of America's Best Startup Employers on Forbes' 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
PR Newswire | September 14, 2023
Cowbell, a leading provider of cyber insurance for small- and medium-sized enterprises (SMEs), today announced its partnership with Zywave, an industry-leading provider of insurtech solutions. The partnership is powered by Herald, a digital infrastructure provider that connects software developers to commercial insurance carriers through a single API, and leverages Cowbell's leading technology and individualized coverage options for a superior customer experience through Zywave's expanding, simple and efficient, API-first interface for quoting commercial and E&S insurance. The collaboration marks the first standalone cyber insurance offering on Zywave's Hub, which provides MGAs, wholesale brokers, and retailers, with quicker access to modernized cyber insurance products.
Despite cyber being the fastest-growing line of insurance business in recent history, four out of five SMEs are still uninsured or underinsured, according to a recent report published by the small business resource AdvisorSmith. By partnering with Zywave, Cowbell extends its reach within MGAs and brokers and helps further accelerate the adoption of cyber insurance within the SME market.
"As the first cyber insurance provider on Zywave's Hub via Herald's API, our adaptive programs are now available to over 40 additional trading partners," said Rajeev Gupta, co-founder and CPO of Cowbell. "These partners can now experience the simplicity of placing the industry's best cyber insurance coverage for their clients and protecting their clients' future cyber risks with Cowbell's tailored risk mitigation service."
"This is an exceptionally powerful partnership between the most innovative leaders in the industry," said Duncan Crystal, co-founder and CRO at Herald. "Together, we're proving how API-driven distribution can transform an industry that has traditionally run on paper. Our unified offering makes it easier for carrier partners to plug into networks of brokerages and MGAs, resulting in more premium for all players in the value chain, along with better coverage for businesses."
The ability to adapt to ever-changing market conditions in almost real-time allows capacity providers like Cowbell to expand or contract the markets they serve without being hindered by manual processes and antiquated technology. Expanding Zywave's offerings through Cowbell's advanced technology and quality insurance programs ushers in a new and improved way for brokers to sell cyber insurance to their clients.
Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing small and medium-sized enterprises (SMEs) coverage adaptable to today's and tomorrow's threats and the advanced warning of cyber risk exposures. In its unique AI-based approach in 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 is backed by 20 prominent leading global (re)insurance partners and serves SMEs in 50 U.S. states, the District of Columbia and the United Kingdom. Founded in 2019, Cowbell is based in the San Francisco Bay Area with employees across the U.S., Canada, India, and the U.K. For more information, please visit https://cowbell.insure/.
Herald builds digital infrastructure for commercial insurance. Developers who use Herald quote and bind insurance from multiple carriers through a single API. For more information, visit https://heraldapi.com.
Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content, and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 insurers, agencies, and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management, and safety. Additional information can be found at www.zywave.com.
Risk Management, Life Insurance
Businesswire | July 04, 2023
Nassau Financial Group, L.P. (“Nassau”) today announced that its subsidiary, Nassau Life Insurance Company (“NNY”), has completed the acquisition of Delaware Life Insurance Company of New York (“DLNY”) from Delaware Life Insurance Company (“Delaware Life”), a Group 1001 company.
NNY and DLNY are New York-domiciled life insurance companies, and Nassau plans to merge DLNY into NNY.
“It has been our pleasure to work with the team at Group 1001 and Delaware Life, enabling the sale of their non-strategic business line," said Phil Gass, Chief Executive Officer of Nassau. “As Nassau’s fourth insurance acquisition, the closing of this transaction marks yet another milestone as we continue to expand our New York presence. We look forward to welcoming the DLNY policyholders to Nassau.”
"We have worked closely with Nassau Financial Group to ensure a smooth transition for our policyholders,'' said Dan Towriss, CEO and President of Group 1001, the parent company of Delaware Life. "Our highest priority has been to ensure that this change is as seamless as possible."
DLNY is a provider of fixed annuities, variable annuities, and life insurance products with approximately 16,000 policies in force and $1.6 billion in assets as of March 31, 2023. The company does not have employees, and its business was managed as part of Delaware Life.
Sidley Austin LLP served as legal advisor to Nassau, and Willkie Farr & Gallagher LLP served as legal advisor to Delaware Life.
About Nassau Financial Group
Based in Hartford, Connecticut, Nassau Financial Group is a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance, and asset management. Nassau was founded in 2015 and, adjusted for the DLNY acquisition, has approximately $24 billion in assets, $1.3 billion in total adjusted capital, and 400,000 policyholders as of March 31, 2023. For more information, visit nfg.com.
About Group 1001
Group 1001 Insurance Holdings, LLC (“Group 1001”) is a technology-driven financial services company with a mission to empower customers, employees, and communities by making innovative products accessible to everyone. Group 1001 strives to demystify how insurance and annuity products are purchased today by leveraging technology to provide intuitive financial solutions for all Americans. As part of its mission, Group 1001 invests in strategic partnerships to connect with and transform communities through education and sports. As of March 31, 2023, Group 1001 had combined assets under management of approximately $60.1 billion and comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Health, Clear Spring Property and Casualty Group, and Clear Spring Life. For more information about Group 1001, visit group1001.com. For more information about Delaware Life, visit delawarelife.com.