Swiss Re reveals huge global insurance premiums total

insurancebusinessmag | July 05, 2019

Swiss Re Institute has revealed that global insurance premiums went above the $5 trillion mark for the first time in 2018.The report noted that the premium total - which represents more than 6% of world gross domestic product - was mostly the result of solid growth in the non-life insurance sector, particularly in China and other countries in emerging Asia, as well as some advanced markets.

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If the United Kingdom leaves the EU on 29 March without a withdrawal agreement in place then there will be some important changes to how you travel in Europe. There may be disruption to your transport or it may not depart at all. When this happens, it may be difficult to know who to speak to get things put right. To help you speak to the right person, you can follow our helpful steps below.

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If the United Kingdom leaves the EU on 29 March without a withdrawal agreement in place then there will be some important changes to how you travel in Europe. There may be disruption to your transport or it may not depart at all. When this happens, it may be difficult to know who to speak to get things put right. To help you speak to the right person, you can follow our helpful steps below.

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Simply Business Partners with USG Insurance Services to Offer Small Businesses Cyber Liability Insurance

USG Insurance Services, Inc. | September 29, 2021

Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, announced the launch of cyber liability insurance. The new product, developed in partnership with USG Insurance Services, provides small businesses with coverage for financial losses resulting from data breaches and other cyber events, as well as for crisis management, public relations, fraud response, and forensic and legal expenses. Cyber risk is a top concern for small business owners across all industries, and the costs of a single attack can be significant, Our new, affordable solution provides entrepreneurs with the ability to better protect against cyber threats and safeguard the businesses they've worked so hard to build. - David Summers, Group CEO of Simply Business. This cyber offering is available for an annual premium of $250 and expands Simply Business's suite of tailored insurance solutions, which includes general liability, professional liability, errors and omissions, and tools and equipment coverage. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. About USG Insurance Services, Inc. USG is a national wholesale broker and managing general agent (MGA) with 20+ offices across the country. USG represents 300+ A rated carriers, both admitted and non-admitted and is an MGA for 17 carriers, writing business in all states. USG's mission is to become the #1 provider of innovative solutions for the risk management industry – exceeding expectations with its advanced technology, creative problem solving, and research capabilities.

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INSURANCE TECHNOLOGY

TrustLayer Raises $15M to Build the Future of Insurance Verification

TrustLayer | August 19, 2021

TrustLayer, a collaborative risk management platform, today announced it has closed a Series A funding round of $15.1 million. Craft Ventures led the round with participation from returning investors Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and new investor PruVen Capital. As part of the funding round, Brian Murray, Partner and COO at Craft Ventures, will join TrustLayer's Board of Directors. In just two years, TrustLayer has established itself as the preferred solution to replace the insurance industry's antiquated, paper-based methods for verifying coverage, which introduce significant risk to supplier-driven sectors such as construction, banking, property management, and sports entertainment. TrustLayer is backed by 20 of the top 100 leading brokerages, including the Graham Company, Holmes Murphy, Heffernan Insurance Brokers, M3, and BrokerTech Ventures. Research shows that 75 percent of U.S. businesses are underinsured. In addition to risk, the current process is costly for insurers and the companies requesting verification: 200,000 proof of coverage requests are made daily in the U.S., causing significant resource strain and administrative cost. TrustLayer uses robotic process automation (RPA) and AI to automate this process securely, so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants. Following several successful pilots in 2020, leading insurance brokers both invested in the company and elected to become sales channel partners, reselling the service to their own customers. BrokerTech Ventures, a group made up of 13 of the most innovative insurance agencies in the U.S. and 11 top-tier insurance companies, made TrustLayer their first investment in a company that completed their accelerator program. TrustLayer is the only solution with this level of industry support. "It's clear that verification of insurance and business credentials is a pain point for millions of businesses, which is why we have seen such enthusiastic support for TrustLayer's secure, automated solution," said John Fohr, co-founder and CEO of TrustLayer. "We are especially proud to have such significant backing from a top-tier SaaS fund like Craft Ventures as well as some of the top insurance brokers in the country, a tremendous industry validation for our technology. We look forward to continuing this momentum with the support of our investors." The Series A financing comes after an impressive year for TrustLayer that included considerable growth in industries such as construction, property management, sports, and hospitality. The company is actively hiring top talent across its sales, marketing, and engineering teams to support the high demand for its solution. The new capital will also fuel the development of its live digital proof of coverage solution, and integrations with many insurance carrier systems of record, building upon pilots with major carriers such as Liberty Mutual, and Nationwide. TrustLayer's real-time digital certificate will unlock even more value, enabling brokers to more easily sell the right policy to vendors with inadequate coverage and helping insurance carriers more accurately assess potential risks. "Insurance helps mitigate risk. For businesses, insurance plays a critical role in the durability of its operations. The problem is no one is exactly sure who's covered and by how much -- we're still swapping poorly scanned PDFs and faxes to prove outdated coverage," said Brian Murray, Partner and COO at Craft Ventures. "TrustLayer fixes this. Their technology automates the collection and verification of insurance, helping companies and their partners accurately assess risk and avoid business interruption." Over the past year, TrustLayer has announced significant partnerships with associations and broker partners, including a recent partnership with Graham Company, one of the country's largest insurance brokers and employee benefits consultants, and with Procore. About TrustLayer TrustLayer is an AI-powered collaborative risk management platform working to digitize the highly manual, error-prone, and paper-based process of insurance verification. With TrustLayer, companies can securely automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing, and franchisees) in an easy-to-use digital dashboard. TrustLayer is working with dozens of the largest brokers and carriers in the U.S. to build out a fully digital proof of insurance solution so companies will be able to validate in real-time that their business partners have the correct coverage. Founded by John Fohr and Vincenzo Acinapura, the company is backed by leading investors, including Craft Ventures, Abstract Ventures, Box Group, Propel Ventures, Sure Ventures and PruVen Capital, and has also received investments from more than 20 of the top 100 insurance brokers.

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INSURANCE TECHNOLOGY

Vesttoo Joins NVIDIA Inception to Further Develop AI-Based Technologies and Grow Insurance Linked Program

Vesttoo | September 06, 2021

Vesttoo is proud to announce that it has joined NVIDIA Inception, a program designed to nurture companies revolutionizing industries with advancements in AI and data sciences. Vesttoo's AI-based risk modeling technology creates accurate and objective risk models which are used to structure, price and place alternative reinsurance deals. This transfers insurance risks to capital market investors with a faster time-to-market, full risk transparency and performance monitoring, promoting liquidity in the reinsurance ecosystem. NVIDIA Inception will allow Vesttoo to further develop its independent, proprietary technologies in order to support its growing global pipeline and insurance-linked program (ILP), Vesttoo's security-based investment portfolio. The ILP program is based on Life and P&C insurance risks, giving institutional investors the opportunity to earn additional long-term, sustainable alpha from existing assets, without the need to allocate cash. The program will offer Vesttoo technological support, access to an extensive network, and the opportunity to collaborate with industry-leading experts and other AI-driven organizations. "We are thrilled to be part of NVIDIA Inception and join a network of market leaders that are reshaping entire industries. We look forward to collaborating with NVIDIA and taking advantage of their in-depth knowledge in AI and machine learning to further grow our ILP program," said Yaniv Bertele, Vesttoo's Chief Executive Officer. NVIDIA Inception helps startups during critical stages of product development, prototyping and deployment. Every NVIDIA Inception member gets a custom set of ongoing benefits, such as NVIDIA Deep Learning Institute credits, marketing support, and technology assistance, which provides startups with the fundamental tools to help them grow. About Vesttoo Vesttoo is the world's first marketplace for Life and P&C insurance-based risk transfer and investments. Our proprietary AI-based technology facilitates risk transfer between insurance companies and institutional investors, providing insurance-linked investments to asset managers of all types, while enhancing risk transfer and liquidity in the Life and P&C insurance markets.

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