Lloyd’s of London establishes new insurance contract tool

insurancebusinessmag | July 05, 2019

Enhanced profitability for insurers by reducing administration and claims costs, is among the promises of the new Lloyds of London software tool designed to improve the quality of insurance contract review.

Spotlight

At Allianz Global Corporate & Specialty, our core belief is that only by striving to understand each clients individual requirements can we respond effectively, helping to manage and reduce risk.The key to achieving this is to engage and work with our clients at the point of operations - in the field where the risk is live. Only by taking a hands-on, collaborative approach can a true and clear perspective of each clients situation be obtained.

Spotlight

At Allianz Global Corporate & Specialty, our core belief is that only by striving to understand each clients individual requirements can we respond effectively, helping to manage and reduce risk.The key to achieving this is to engage and work with our clients at the point of operations - in the field where the risk is live. Only by taking a hands-on, collaborative approach can a true and clear perspective of each clients situation be obtained.

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CORE INSURANCE, LIFE INSURANCE

Vouch Launches New Business Insurance Coverages for Life Science Startups

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." -Aliaga 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.

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CORE INSURANCE

Insurtech Platform Asteya Joins as Founding Partner with AURORA Institute

Asteya | September 06, 2022

Insurtech platform Asteya recently supported the launch event of the newly founded AURORA Institute in St. Tropez on Saturday, July 23. The crucial event saw over 500 international attendees including several well-known celebrities, entrepreneurs, and investors. People of note included Robbie Williams, Kevin Love, Giannis Antetokounmpo, Rob Raco, Cameron Winklevoss, Lola Tash & Nicole Argiris, Peter Berg, Philippe Parenno, Kate Bock, and Queen Latifah. Live performances, presentations, and art installations included Kool & The Gang, Tinie Tempah, BLOND:ISH, master mentalist Lior Suchard, Tino Sehgal, Jeppe Hein, Refik Anadol, and the "first cyborg" Nathan Copeland. The AURORA Institute was founded by Louise Tabbiner, Christian Angermayer, and Henry Chalhoub. AURORA's mandate is to be the first non-profit incubator of its kind, focused on funding the world's leading individuals and NGOs dedicated to solving the existing global mental health crisis. The Institute's goal is to amplify the efforts of those already doing the most impactful work or to empower those that could do more - helping them build their own foundations or navigate how to make mental health a core focus in their companies, communities, and organizations. "At Asteya, our vision is to protect people's income and help them live a healthier and better life both physically and mentally, According to the National Institute of Mental Health, nearly one in every five adults experience mental illness, which is equivalent to nearly 50 million Americans, and additionally one out of 10 Americans with a mental illness are uninsured. We are proud to be one of the Founding Partners of the AURORA Institute whose mandate is to increase visibility and awareness around the need for mental health funding and to destigmatize mental health issues. At Asteya we strive to make mental health a priority for not only our customers but our corporate team as well." -Asteya Co-Founder Hadi Radwan The inaugural event honored the first four AURORA Institute prize winners, who were recognized for their significant contributions to ending the mental health crisis. Winners included Kevin Love, Dr. Adam Gazzaley (M.D., PhD.), The Klitschko Foundation, and The Weight of Gold. The event, titled Evening of Discovery, focused on the new science of mental health, mindful meditation, the integration of the metaverse and virtual reality in mental health interventions, and more. The launch event raised over $8 million which will be directed to the prize winners' charities of choice. The event and Asteya's involvement marked a crucial milestone in AURORA's plans to raise $50 million in the next 5 years while increasing visibility and awareness around the need for global mental health funding and de-stigmatization of mental health issues. Much in line with Asteya's ethos, The AURORA Institute believes that by exploring and opening our minds, we can build a healthier, happier, and more inclusive future for all. About Asteya Asteya is an Insurtech company whose mission is to make income insurance accessible to anyone. Asteya's goal is to support people's financial, physical, and mental health so they can focus on living. Founded in 2019, Asteya is backed by I2BF Ventures, Capital Factory, Cap Meridian Ventures, and Northstar.vc.

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CORE INSURANCE, HEALTH INSURANCE

ONEDIGITAL EXPANDS INTO MEDICARE SPACE WITH THE ADDITION OF HEALTHWORKS, LLC

OneDigital and HealthWorks | October 10, 2022

OneDigital, the nation's leading insurance brokerage, financial services and HR consulting firm, has joined forces with HealthWorks, LLC, a Chicago-based insurance advisor focusing primarily on Medicare recipients. The acquisition represents a segment expansion that complements OneDigital's consumer-facing solutions for individuals. Founded in 2018, HealthWorks is a leading Medicare Distributor that has enrolled nearly 200,000 new members into Medicare and is expecting to enroll a thousand plus Medicare eligible a day during Q4 of 2022. The agreement with HealthWorks closely follows recent wealth management acquisitions from OneDigital, solidifying the firm's strategy of expanding its health and financial services offerings to millions of households across the country. With over 11,000 people turning 65 in the U.S. every day, this acquisition allows OneDigital to enter the fastest-growing segment of the health insurance space. "The addition of HealthWorks provides us with a platform-level opportunity to help a significant segment of our population with their healthcare needs, We have been looking for years for the right team at the right time to move aggressively into providing Medicare as an additional offering to our customers. The leadership team at HealthWorks has the vision, expertise and culture to fit seamlessly into our growing portfolio of integrated solutions. The merged organizations will be able to solve client needs at both the employer and individual family level." -Adam Bruckman, President and CEO of OneDigital The leadership team at HealthWorks commented, From our very first conversation with OneDigital's leadership team, it became clear that each organization is focused on building best-in-class advisory solutions that withstand the test of time. We are excited to join forces and continue building our organization. In addition to delivering an entirely new offering and service to OneDigital's clients, this acquisition continues to build upon OneDigital's recent growth in insurance, financial services and HR consulting through a series of solution expansions, organic growth and M&A activity. The acquisition of HealthWorks reshapes the boundaries of OneDigital's individual-facing solution to help cover employees from the day they are hired through retirement. About OneDigital OneDigital is a steward of business growth and people potential. Our insurance, financial services and HR platform provide personalized, tech-enabled solutions for a contemporary work-life experience. Nationally recognized for our culture of caring, OneDigital's teams enable employers and individuals to do their best work and live their best lives. More than 100,000 employers and millions of individuals rely on our teams for counsel and access to fully integrated worksite products and services and the retirement and wealth management services provided through OneDigital Investment Advisors. Founded in 2000 and headquartered in Atlanta, OneDigital maintains offices in most major markets across the nation. About HealthWorks, LLC HealthWorks is a fast-growing provider in the health insurance and Medicare Advantage space. Founded in 2018, HealthWorks utilizes proprietary insurance technologies to provide a client-centric approach to selecting the best possible insurance plans for their customer's unique needs. Based in Chicago, IL, and licensed to operate in 28 states across the country.

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