Insurance Business | July 29, 2020
Insurtech company Worry+Peace has marked its first foray into open insurance with the release of a pair of automated and scalable review-focused tools accessible to all providers who are using the firm’s online platform. Reviews API gives each insurer a default key and a corresponding product key to every product it lists on the Worry+Peace marketplace, allowing for seamless data transmission. Onboarding for existing providers has already started and is set to be completed by the end of August.The company has also launched Reviews BCC, which enables insurers to send out customised review requests by copying Worry+Peace in outbound e-mails. The tool can also be automated using a CRM system. Both tools operate on a “cost-per-use basis,” with users given the option to spend their credits on inviting reviews or boosting their listings.
Boost | May 21, 2021
Boost Insurance, the leading B2B digital insurance platform, today announced that it's completed a $20 million Series B financing round to fuel the growth of its platform, new development, and partner marketing. The round was led by RRE Ventures and included new investors Fin VC, Gaingels, Hack VC, and a worldwide publicly traded reinsurance company alongside existing investors Greycroft, Coatue, and Conversion Capital. Boost's funding since inception totals $37 million.
Founded in 2017, Boost's integrated insurance-as-a-service platform unlocks the $700 billion property and casualty insurance market, allowing innovative companies from any industry to create, embed, and manage insurance programs for his or her customers. Its simple API integration packages the required operational, compliance, and capital components to permit companies to deliver highly configurable insurance products to consumers through an embedded experience within their front-end environments.
Boost powers dozens of digital distribution clients across all industries and stages, including notable insurtechs Hippo, Aon's CoverWallet, Cowbell Cyber, and Wagmo, and leaders in diverse fintech, proptech, and other B2B and consumer segments. Companies that leverage Boost's infrastructure reduce the value of building and managing their insurance businesses by over 90%, with integrations taking as little as a fortnight . in comparison to the 12-48 months typically required to create a managing general agency (MGA), Boost's platform dramatically reduces the barriers to entry for both new entrants and high-growth emerging players in what has historically been a slow-moving and analog insurance industry.
Mordor Intelligence1 estimates that venture and growth investment within the insurtech segment is predicted to grow at a compound annual rate of growth of 48.8% from 2021 to 2028, reaching USD 60.9 billion by 2028, as tech-enabled companies across industries search for embedded insurance and financial products to diversify revenues and enhance their customer experience. Boost follows within the footsteps of companies like Plaid (banking-as-a-service) and Affirm (point-of-sale financing) in offering cost-effective, efficient digital solutions for insurance-as-a-service across commercial lines products (business owners policy and startup D&O insurance), personal lines products (renters insurance, pet insurance, and crypto wallet theft protection), and an e-commerce bundle (warranties, shipping, and package theft). Since its launch, Boost has insured over $5 billion useful across a good range of proprietary commercial and private lines insurance products.
Boost plans to double its team over subsequent 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features. The corporate also expects to roll out a variety of additional insurance products in 2021 together with its partners within the insurtech and broader technology industries.
About Boost Insurance
Boost enables companies across all segments to create, embed and manage digital insurance products, and deliver them through an embedded experience within their front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the value of building and managing an insurance firm by packaging the required operational, compliance, and capital components and making them accessible through easy API integration. Through its managing, general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to supply any sort of insurance across all 50 states. Boost is appointed by 'A'-rated fronting carriers and has its dedicated reinsurance facility backed by global reinsurers.
Hub International Ltd | July 12, 2021
Hub International Limited (Hub), a leading worldwide insurance brokerage and financial services company, announced the acquisition of Pete Webb Agency's insurance brokerage assets. The transaction's terms were not revealed. Pete Webb, the owner, formerly worked for Nationwide Mutual Insurance Company (Nationwide), which has now moved to an independent broker model.
Pete Webb Agency, located in Fredericksburg, Virginia, offers personal and commercial insurance services such as home, car, life, and business.
This addition enhances and strengthens Hub's personal insurance services. Since 2019, Hub has added over 20 agencies that were previously exclusive Nationwide agents before becoming independent.
Mr. Webb and his staff will join Hub Mid-Atlantic while operating from their present site in Fredericksburg.
About Hub's M&A Activities
Hub International Limited is dedicated to expanding its global presence and strengthening the industry and product expertise through organic and acquisition growth.
About Hub International
Hub International Limited, headquartered in Chicago, Illinois, is a major full-service worldwide insurance broker and financial services company offering risk management, insurance, employee benefits, retirement, and wealth management products and services. With over 13,000 employees in locations throughout North America, Hub's vast network of experts provides clarity to a changing world via tailored solutions and unwavering advocacy, ensuring customers are prepared for the future.