Vertafore | May 29, 2020
Vertafore announced the expansion of its open agency management system architecture with the addition of five new members to the Vertafore Orange Partner Program.
API-backed open platform to give AMS users the ability to choose and get the most from the solutions and services that meet their needs.
Vertafore unveiled AMS360 Connect to sync and streamline the flow of customer, prospect and policy information between AMS360 and the industry's leading CRM systems in real-time.
Today Vertafore announced the expansion of its open agency management system architecture with the addition of five new members to the Vertafore Orange Partner Program and the release of AMS360 Connect™.
The new integrations of leading business solutions with Vertafore products were made possible through the company's unique, API-backed open platform to give AMS users the ability to choose and get the most from the solutions and services that meet their needs.
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Introducing AMS360 Connect
Vertafore unveiled AMS360 Connect to sync and streamline the flow of customer, prospect and policy information between AMS360 and the industry's leading customer relationship management (CRM) systems in real-time. Through CRM integration, AMS360 Connect:
Helps producers provide timely advice, leading to improved retention, cross-sell and proactive outreach to customers.
Enables faster new business quoting by automatically passing prospect data from the CRM to start a submission in AMS360.
Improves data accuracy and completeness by eliminating duplicate data entries, which reduces E&O exposure and supports better reporting and analytics.
Enhances the agent experience by freeing up time to deepen customer relationships.
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New Orange Partners, New Options
Vertafore launched its Orange Partner Program (OPP) last year to enable agencies to integrate complementary, best-in-class business solutions with their Vertafore agency management systems (AMS) and products. Vertafore welcomes Rocket Referrals, Formstack Sign, InsCipher, Levitate and Lightspeed Voice to join its existing roster of 14 partners.
Through these vetted partnerships, Vertafore customers can quickly implement business tools—ranging from marketing automation to advanced customer communications to process facilitation—to help them better manage and grow their agency.
Our focus is always on helping our customers to run their businesses better, faster and smarter, we’ve heard from agents that one-size-fits-all systems can limit their choice of tools. Our Orange Partner Program and AMS360 Connect are part of our open approach to enable independent agencies to select and take advantage of the solutions that are right for them.
- Chad Hawkinson, Chief Product and Data Officer at Vertafore.
For more than 50 years, Vertafore has built insurance technology to simplify and automate the insurance lifecycle so that our customers can focus on what matters most to them – people. Vertafore's solutions for agency management, client management, ratings, regulation, compliance and connectivity empower simpler, smarter insurance distribution for every stakeholder. More than 20,000 agencies, 1,000 carriers and 23 state governments rely on Vertafore to streamline their workflows, improve efficiency and drive productivity. Through a fierce devotion to customer success, a continual focus on excellence and a commitment to delivering modern, innovative InsurTech solutions, Vertafore is delivering results that make a difference for the entire distribution channel.
Just Auto Insurance | May 13, 2020
Just Auto Insurance launched pay-per-mile auto insurance product in Arizona.
This is the new telematics-based solution targets lower income consumers with a quick prepaid product.
Just’s pricing model is based on an advanced in-house telematics model, using high resolution data from more than 12,000 drivers.
A brand-new, pay-per-mile auto insurance product has launched in Arizona. Released by Los Angeles-based insurtech, Just Auto Insurance, Inc. (Just), the new telematics-based solution targets lower income consumers with a quick prepaid product, which calculates premium based on individual risk, not demographic correlations.
Just was founded in 2019 by Robert Smithson, Greg Ferkel and Murray Macdonald, with a twofold mission: to increase the availability of auto insurance, and to use technology to make the roads safer. Their flagship product is unlike other telematics-based, pay-per-mile solutions in the marketplace in that it targets lower income consumers – those whom CEO Robert Smithson says are “poorly served by existing carriers.”
Lower income consumers are the people who are most likely to be discriminated against as part of the traditional auto insurance quote process. They’re more likely to live in zip codes with high auto insurance rates, and they’re also likely to be more dependent on their car rather than less dependent, because they’re unlikely to be able to afford other transportation options like Uber.
- Robert Smithson, CEO Just Auto Insurance.
“Most egregious of all is the use of credit scores in setting auto insurance rates. Insurers use credit scores because they’re a good proxy for risk. If you’re 25-years-old, earning $50,000 a year and you have a bad credit score, you’ve got that because you like taking risks. If you’re 40-years-old, earning $22,000 a year, and you’ve got a bad credit score, it’s because you’re trying to get by on a low income and not because you’re somebody who likes taking risks.”
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Just’s pricing model is based on an advanced in-house telematics model, using high resolution data from more than 12,000 drivers. By combining driver telematics data with contextual information such as driver fatigue, distraction, traffic flow and weather, the firm says it can predict individual driver risk with higher accuracy than those firms using demographics data alone.
“Like traditional auto insurers, we use a demographics element, but we keep it to the absolute bare minimum of things so that just a very small number of variables determine the vast majority of your quote,” Smithson told Insurance Business. “The initiation quote is based on where you live, what car you drive, how old you are, what sex you are, and whether you have any active violations. We don’t ask for highest level of education achieved, if you’re married or have children, because those questions make such a tiny difference to pricing, and we’d rather simplify the process for people.
“Last year, we paid 12,000 people to drive for us for about four months so we could collect high resolution telematics data to build a pricing model. One thing we discovered, which I think is very interesting, is that while many existing telematics products looked only at whether you were speeding or going a certain amount above the speed limit, we found there was no meaningful correlation between people who sped from time to time, and people who had accidents. The reason a driver might not speed is because the roads they travel on most days are busy, and so they have no chance to speed.”
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Rather than focusing on speed, the Just solution looks at how drivers change their driving habits according to the conditions. The theory is that somebody who drives at 80 miles-per-hour on a freeway when it’s empty and the conditions are great, and then 50 miles-per-hour when the conditions are bad, it’s raining and the road is congested - they’re probably a good driver because they’re changing how they drive according to the conditions. On the other hand, somebody who drives at 50-miles-per-hour all the time, even though they might never be breaking the speed limit, is more likely to have an accident, according to Smithson.
Just offers a 30-day policy term, during which drivers will pay $X per mile. For example, a driver might pay an initial rate of eight cents per mile for 30 days. Once that policy term is over, the firm will offer a new policy with a new rate, which will reflect how the customer drove in the prior policy term. The aim is to provide safe drivers with a lower premium, thus helping consumers to lower their auto insurance pricing while also becoming better drivers. Through the Just app, drivers will also have access to real-time driving feedback, which the firm hopes will also encourage safer driving.
State insurance departments tend not to like the idea of premiums changing. They like people to have visibility on what they owe. Lots of auto insurers have solved this problem by offering customers a base rate, and then if they drive well, they give them a discount, We don’t offer discount like that. By adjusting our premium per month, we’re able to have a much wider range of prices for people. Really good drivers might be paying as little as two or three cents per mile, whereas really bad drivers - and we saw some really bad drivers in our BETA program - could well be paying upwards of 70 cents per mile. It’s simple. If you drive well, you’ll see that reflected the next month in your premium.
- Robert Smithson, CEO Just Auto Insurance.
Just’s telematics-based offering officially launched in Arizona on March 24, 2020. The firm plans to launch in several more southwestern states, including New Mexico, Texas, Colorado and Utah, at the beginning of 2021. Smithson added: “We know auto insurance is an industry where it’s very important to have agency distribution, so we’re also planning to develop an agent channel in time.”
About Just Auto Insurance, Inc
Just Auto Insurance Inc., is a fast-growing start-up, looking to revolutionize the automobile insurance industry by providing data driven, pre-paid, pay-per-mile car insurance.We make roads safer. Our transparent model means that drivers know exactly when they are doing things that increase their risk of accident, and exactly how this will impact their cost of insurance. Higher risk driving means higher cost insurance.
Coalition | July 24, 2020
Cyber insurance and security company Coalition has announced it is entering the excess cyber insurance market. The move will extend Coalition’s reach beyond offering primary insurance coverage. The company will now be able to provide brokers with excess cyber liability and technology errors and omissions insurance for middle-market accounts in the US with up to $10 million in aggregate limits. The new surplus lines capacity is backed by Lloyd’s and has an A rating from AM Best, Coalition said.