One small step for drones, one giant leap for insurers?

insurancebusinessmag | June 07, 2019

Drones flying over our heads could become an everyday sighting soon if the Federal Aviation Administration (FAA) has its way. In February, the FAA released its proposed rules for commercial drone use, or small unmanned aircraft systems (UAS), in the Federal Register, and has since taken other steps that indicate the skies, could, in the near future, open up for drones.

Spotlight

Erie Insurance adjusters arrive on the scene just hours after Hurricane Florence passed through Charlotte, NC. Some areas of the city were more damaged than others. But no matter the severity, our claims response remains Above All in Service. TRANSCRIPT: The Carolina’s braced for the worst as Hurricane Florence, a category five storm, made its way to shore in September of 2018.

Spotlight

Erie Insurance adjusters arrive on the scene just hours after Hurricane Florence passed through Charlotte, NC. Some areas of the city were more damaged than others. But no matter the severity, our claims response remains Above All in Service. TRANSCRIPT: The Carolina’s braced for the worst as Hurricane Florence, a category five storm, made its way to shore in September of 2018.

Related News

INSURANCE TECHNOLOGY

Britely Insurance to acquire Empire State Brokerage

Britely Insurance | June 14, 2022

Britely Insurance announces today it has entered into an agreement to acquire the assets of Empire State Brokerage Services LLC, a New York based full-service wholesale broker operating in more than 25 states with access to dozens of key insurance markets. The transaction is expected to close in July of 2022. We are very pleased to announce this exciting acquisition. In addition to outstanding market access, Empire brings a team with a wealth of experience proven over decades in the complex world of commercial insurance underwriting." Greg Roper, CEO at Britely Insurance. I am excited to bring my 15 years of underwriting experience and our relationships with the industry's leading domestic, admitted and non-admitted insurance companies, as well as Lloyds of London, to Britely's arsenal." David Schepsman, President at Empire. Britely Insurance Britely is an insurance 3.0 platform, offering clients the best product and carrier diversity, innovative technology, and top of the line servicing. Britely encompasses personal lines, specialty commercial lines as well as small group and individual health insurance coverages. Through its subsidiary, Britely Medical Insurance Services, it also provides specialized products and services to the medical community.

Read More

INSURANCE TECHNOLOGY

InsurTech Carrot Continues On Its Explosive Growth Trajectory With Written Policies Surpassing 400k Mark

Carrot General Insurance Corp. | December 27, 2021

Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January. "What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward." -Paul Jung, CEO of Carrot The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration. "We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance," -Paul Jung, CEO of Carrot He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation. Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort. About Carrot General Insurance Corp. Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.

Read More

INSURANCE TECHNOLOGY

Patriot Growth Insurance Services Joins Forces with Mccormick & Sons of Massachusetts

Patriot Growth Insurance | July 01, 2022

Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, announces a new partnership with Massachusetts' McCormick & Sons Insurance Agency. McCormick & Sons Insurance, based in Avon and Waquoit, has been serving the communities of Norfolk and Barnstable County as an independent agency since 2007. McCormick & Sons, led by David McCormick, offers personal and commercial insurance to over 2,000 customers. The McCormick agency will merge with FBinsure, a Patriot partner agency, and the entire customer service team will continue to serve their clients with the same high-level professional care they have come to expect. It was important for us to ensure our clients would be able to work with the same familiar faces they have trusted for years, all while increasing their access to additional products and services. This partnership is right for our clients and employees, and the benefits will be felt for years to come." David McCormick, President of McCormick & Sons. We are delighted to welcome McCormick & Sons Insurance Agency to the FBinsure family. We are delighted that, as a well-known agency in a new community, they have chosen Patriot and FBinsure to propel their agency forward while maintaining critical client relationships. We are confident that their clients will notice a difference in their future experiences." Russ Martorana, President and CEO of FBinsure. This is Patriot and FBinsure's fifth collaboration in the last year. Tino's Insurance Agency joined in January, followed by the Durand Insurance Agency of Seekonk, Exchange Insurance, and Paul B. Sullivan Insurance.

Read More