Toyota offers opt-in, usage-based auto insurance

Toyota | August 27, 2019

Toyota Insurance Management Solutions (TIMS) – an independent P&C insurance agency under Toyota’s Financial Services umbrella – has launched a usage-based insurance (UBI) program for owners of their cars. The automaker recently emailed drivers who own Toyota cars equipped with the company’s “Connected Services” telematics system, inviting motorists to participate in TIMS’ new insurance program. Drivers who sign up for the insurance program allow Toyota to utilize the Connected Services system to collect their driving data. The data is then sent to TIMS, which will determine, based on the data, if the driver is eligible for a discounted auto quote. The information is then “anonymously” shared with auto insurance providers partnered with TIMS. Domiciled in Delaware, TIMS is licensed in all states and the District of Columbia. In a disclaimer, the agency said that the insurance policies offered through the program are underwritten by non-affiliated insurance companies.

Spotlight

It’s not just four wheels and an engine, it’s a prized possession—the car you cherish. You love it. You definitely count on it. Your auto insurance policy needs to be dependable too. Whether you’re shopping for a new car or your policy is about to renew, now’s the ideal time to take a look at your coverage to be sure you have all the protection and services that you need and you’re not paying more than you should.

Spotlight

It’s not just four wheels and an engine, it’s a prized possession—the car you cherish. You love it. You definitely count on it. Your auto insurance policy needs to be dependable too. Whether you’re shopping for a new car or your policy is about to renew, now’s the ideal time to take a look at your coverage to be sure you have all the protection and services that you need and you’re not paying more than you should.

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Accel-KKR Completes Sale of Insurance Technologies Corporation (ITC)

Insurance Technologies Corporation (ITC), Accel-KKR, Zywave | December 28, 2020

Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital responsibilities, today declared that it has finished the offer of Insurance Technologies Corporation, a leading supplier of marketing, rating, and management software and services to the insurance industry, to Zywave, Inc. Accel-KKR originally invested in ITC in April 2018 when the firm obtained a greater part interest in the organization from its originator. Through ensuing investment in natural and inorganic development methodologies, ITC changed itself from an independent venture with an innovative item into a scaled business with huge topline development and operating proficiency. "The ITC success story is yet another example of our over twenty-year history of working with entrepreneurial management teams of software companies to help them reach their full potential," said Tom Barnds, Co-Managing Partner of Accel-KKR. "We bring strategic, operational and financial resources to help companies grow faster and achieve market leadership. We are so pleased to have partnered with the ITC team on scaling the company and achieving their vision." During Accel-KKR's holding period, ITC made a progression of vital acquisitions to expand its item suite and geographic inclusion. In November 2018, ITC procured AccuAgency to strength its situation as a relative rating arrangement supplier. In August 2019, ITC procured SmartHarbor to expand its offering in insurance office marketing arrangements. Finally, in January 2020 ITC procured AgencyMatrix to reinforce its office management software offering. "Under our ownership, ITC grew revenues by nearly 3x and margins by over 9x," said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of ITC. "We enabled a smooth founder transition, backed a smart, ambitious management team with capital and strategic assistance and helped them become an award-winning player in their field." ITC has been named a Top Technology Provider by Insurance Business America for four consecutive years. About Accel-KKR Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to "PE 50 – The Best Private Equity Firms for Entrepreneurs", its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. About ITC Insurance Technologies Corporation (ITC), founded in 1983, provides websites, agency marketing, comparative rating, and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC is the largest provider of insurance agency websites in the United States and powers more than two million monthly auto and home quotes through its comparative rater TurboRater. Currently, ITC serves more than 250 insurance companies and more than 9,000 agencies.

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CORE INSURANCE

Sentry Insurance launches Sentry Risk Factor

Sentry Insurance | August 30, 2021

Sentry Insurance has launched Sentry Risk Factor, its proprietary risk management tool. By gathering detailed information through quality conversations with dealers, the tool helps evaluate, identify, and measure a dealership's potential risks that could lead to a large loss, and potentially, temporary business closure. "We know how hard dealerships work to build their business and reputation, and we want to do our part by actively helping them reduce their risks," said John Hyland, president of direct writer at Sentry Insurance. "With Sentry Risk Factor we can help a business measure risks, including the ones that are less obvious and often unforeseen, to help prevent devastating loss at a dealership." The first, and most important, step in the process is to have an in-depth conversation with a Sentry representative to discuss current operations and the safety culture at a dealership. The conversation allows a Sentry representative to identify risks across five different categories: safety culture, auto risk, building and inventory risks, service practices, and premises observations. Based on information gathered during this initial conversation, Sentry representatives use Sentry Risk Factor to assign a dealership one of three rankings—best in class, average, or red flag. Based on the overall rankings, Sentry Risk Factor generates a report that details the­ results and proposes steps to help a dealership mitigate risk. An additional benefit for customers includes recommended safety resources that dealerships can access via their online accounts. Sentry Risk Factor is available for current and prospective customers. Sentry is a leading provider of commercial insurance programs to more than 3,000 dealers throughout the country. Sentry is also endorsed by John Deere and Harley-Davidson as the preferred provider of commercial insurance for their dealerships. Visit the Sentry Risk Factor page to learn more. About Sentry Sentry Insurance is a part of one of the largest and most financially secure mutual insurance groups in the United States, holding a Financial Strength Rating of A+ (superior) from AM Best, current as of June 2021. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries and affiliates sell property and casualty insurance, life insurance, annuities, and retirement programs for business and individuals throughout the country. Headquartered in Stevens Point, Wisconsin, Sentry employs more than 4,300 associates across the country.

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INSURANCE TECHNOLOGY

Innoveo Skye® Selected by 5th Largest Insurer in UAE, Emirates Insurance Company

Innoveo | February 11, 2022

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