Report discloses price tag of Lloyd's ambitious overhaul plan

Lloyd | December 10, 2019

The price tag of Lloyd’s of London’s ambitious plan to become “the most advanced marketplace in the world” has been revealed. Lloyd’s CEO John Neal’s “Blueprint One” plan will cost £300 million (around $394.5 million) and will be funded by debt, according to a Financial Times report. The plan was unveiled in September after several years of declining performance and complaints about the high cost of doing business in the 330-year old insurance marketplace. Under Neal’s plan, Lloyd’s will cut costs by streamlining processes and launching initiatives such as an electronic risk exchange.

Spotlight

Insurtech is in good health. 2017 was characterized by strong growth, an increase in technological maturity, and the continued development of local and regional hubs around the world. Europe and Asia are playing a more significant role than in the past, and insurers are forming more partnerships than ever before.

Spotlight

Insurtech is in good health. 2017 was characterized by strong growth, an increase in technological maturity, and the continued development of local and regional hubs around the world. Europe and Asia are playing a more significant role than in the past, and insurers are forming more partnerships than ever before.

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INSURANCE TECHNOLOGY

RVshare and DigiSure Partnered to Offer RV Rental Insurance and Protection

RVshare | April 19, 2022

RVshare, the world's foremost and largest RV rental marketplace, and DigiSure, an insurance technology platform, have announced a collaboration to bring insurance and protection in-house. DigiSure is the outstanding program partner for mobility and shared economy businesses and a leading insurance technology platform. The new joint program is the largest sharing economy, with over 100,000 RVs in its inventory. Crum & Forster is the insurance provider for this product's auto liability component. Crum & Forster, a market leader in specialty insurance solutions, offers direct access to a complete insurance coverage solution for RVshare’s customers through claims. This collaboration will provide RVshare customers with more comprehensive insurance and protection coverage, further enhancing the marketplace experience for RVshare renters and owners. The RVshare Insurance and Protection Plan covers comprehensive and collision and acts of God, which are the essential coverages in the market. The new plan's nationwide protection coverage extends through all 50 states and Canada. It includes: The best-in-class vetting and verification process on every booking Liability insurance protection up to $1M Broader coverage including windshield, trailer, and campsite liability Our goal was to bring to market an insurance product that is superior to any other option in the RV rental space. Unavoidable incidents can occur even on the best-planned trips. If an incident gives rise to a claim, a quick and efficient resolution is in everyone's best interests. With DigiSure as a partner, RVshare will provide customers with peace of mind, additional benefits, and cost-cutting solutions." Brian Rogers, RVshare's Vice President of Protection Products. RVshare has selected DigiSure's digital claim management technology and experienced claim handling team to diminish friction and maximize efficiency throughout the claim process. It thus results in an expected 50% faster resolution time and faster return-to-platform times for vehicle owners. In addition, RVshare's Customer Support team will continue to offer a rapid and expert response to accidents, including 24/7 emergency roadside assistance. We're excited to be partnering with RVshare and Crum & Forster to deliver best-in-class insurance and protection products built with RVshare's unique data and insights. We are moving our industry forward by bringing insurance, data, and technology together to create win-win-win solutions for customers. This is an excellent example of doing just that." Mike Shim, CEO & Co-Founder of DigiSure.

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WORKERS COMPENSATION

Oakbridge Insurance Extends Footprint in Metro Atlanta Through Partnership with Marietta Insurance Services

Oakbridge Insurance Agency LLC | March 01, 2022

Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the Southeast, today announced a new partnership with Marietta Insurance Services, an independent agency headquartered in Marietta, Georgia. The partnership extends Oakbridge's footprint in Metro Atlanta in support of the firm's aggressive growth model. The partnership creates a broader suite of carriers, resources and risk management services for specialty personal lines and commercial lines solutions for clients in the growing Atlanta suburbs. "We are excited to welcome Marietta Insurance Services as our newest partner. Their reputation in Georgia as a client-centric advisor is evidenced by their relationships and longevity in the market, This partnership will allow us to further extend Marietta's successful insurance solutions and service offerings in north Atlanta and beyond." -Oakbridge CEO Robbie Smith. The partnership offers Marietta Insurance Services access to Oakbridge's sales training and risk management platform, including its innovative Proactive Services offering that seeks to identify and mitigate risks through proprietary analysis and a hands-on, consultative approach. "Oakbridge's partner-first model allows us to grow our insurance capabilities while maintaining the service our clients know and trust, This opportunity allows us to bolster our current service offerings through increased carrier access, enhanced training and resource offerings while taking advantage of unprecedented industry growth and innovation." -Marietta Insurance Services Principal Jimmy Mayo. As an Oakbridge partner, Marietta Insurance Services will maintain its presence in Marietta, Georgia. About Oakbridge Insurance Agency Founded in 2020 through the merger of four leading insurance and risk management firms in the Southeast, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is now one of the largest privately owned insurance, risk management, and employee benefits agencies in the region. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, and transportation industries.

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Elevate Insurance Brokers Acquired By Hub International

Cision PR Newswire | September 02, 2020

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Elevate Insurance Brokers (Elevate Insurance). Terms of the transaction were not disclosed. Based in Grande Prairie, Alberta, Canada, Elevate Insurance is a locally owned, independent insurance agency that provides property & casualty products, including home, auto, recreational vehicle and business insurance. Pierce Krol, President, and Otilja Majewski, Partner at Elevate Insurance, will join Hub International Insurance Brokers, a division of Hub International Canada West ULC (Hub Canada West), and report to Doug Lyall, Chief Sales Officer, Vice President of the region.

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