PolicyMe | November 08, 2022
Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness.
“Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.”
-Jeff McKay, Co-Founder & CTO of PolicyMe
How PolicyMe is building a better Critical Illness Insurance product
Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers.
From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe.
How PolicyMe is bringing more critical illness coverage to Canadians
PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions).
Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability.
Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application.
We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro.
Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders.
We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro.
PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.
Vertafore | September 12, 2022
Vertafore®, the leader in modern insurance technology, today announced Acuity Insurance, Westfield Insurance and CNA Insurance are the latest carriers to go live on its award-winning Commercial Submissions™ platform. These additions reflect the platform's growing momentum and bring even more choice to the solution and mark a new milestone in Vertafore's vision to modernize commercial insurance for the independent agency channel.
Vertafore introduced general availability for Commercial Submissions in March 2022. Nearly 800 independent agencies have since signed up to use the platform to quickly quote BOP, workers' compensation and general liability insurance from some of the nation's top carriers.
Technology built for insurance professionals by insurance experts
Vertafore has long been the leader in market connectivity solutions that enable agencies and carriers to speed up binding and quoting. In 2021, Vertafore facilitated more than $13 billion in real-time carrier/agency premium submissions and handled 150 million real-time transactions through its rating and connectivity solutions.
The company built on this connectivity success when it set out to solve challenges of commercial insurance quoting. And since the product's launch, agencies have generated thousands of quotes across three lines of business in 40 states.
The success of Commercial Submissions is the result of a dedicated, experienced Vertafore product and development teams, led by Wendy Haney and David Acker. Haney and Acker have nearly five decades of combined experience developing tools that simplify the day-to-day work of insurance professionals, with a particular focus on solutions that improve connectivity across the insurance distribution channel.
"When Vertafore identifies a technology need in our marketplace, we first consider whether our customers are best served through a partnership, an acquisition, or with a Vertafore-built product, The depth of our in-house talent, our proven success with personal lines connectivity and our relationships across the distribution channel made it clear that we were in the best position to deliver a high-quality solution to streamline business insurance quoting. And our agency and carrier partners continue to validate that decision."
-Amy Zupon, Vertafore CEO
Industry-leading solution for commercial lines quoting
Commercial Submissions delivers a game-changing experience for independent agents and the business clients they serve. The platform simplifies and automates commercial insurance by:
Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry.
Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting.
Enabling real-time digital collaboration with clients to complete applications quickly and accurately.
The solution also reflects Vertafore's ongoing, multimillion dollar investment to deliver products with a modern user experience. By building Commercial Submissions from the ground up, Vertafore has placed integration, connectivity, and design thinking at the core of the product. As a result, the solution creates a seamless experience and incorporates inclusive design principles that eliminate barriers, improve accessibility and overcome situational challenges that impede user productivity.
Commercial Submissions has been recognized by the Golden Bridge Awards®, achieving Gold in the Business-to-Business Product category. The solution also landed on the SaaS Awards' shortlist for Best SaaS Newcomer and received a Silver award for the 2021 Best New Insurance Solution from the American Business Awards.
As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.
Wright National Flood Insurance | November 02, 2022
Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina ("IAT").
Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program (NFIP) for IAT policyholders and agents. Additionally, Wright will also assume the servicing of IAT Insurance Group's private flood business.
Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its industry-specific knowledge, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing the service customers deserve.
Patricia Templeton-Jones, Wright National Flood Insurance Services president, said she is excited about the partnership with IAT agents.
"IAT Insurance Group has provided flood coverage solutions for the past 15 years for its agent partners and policyholders, We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry. Since the inception of the NFIP, Wright Flood has been a premier provider of flood coverage and private flood options for homeowners and business owners."
Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss, We are confident customers will continue appreciating the peace of mind that comes with having flood coverage, said Joe Tracy, IAT's executive vice president of inland marine, property and aviation.
Beginning in early 2023, Wright Flood will manage IAT's NFIP flood placements. Wright National Flood Insurance Company, which is AM Best-rated as A (Excellent) for financial strength, will issue all new policies and renewals. For retail agents accessing flood coverage through IAT, there will be minimal change in the process to continue to provide NFIP coverage for policyholders.
About Wright National Flood Insurance Company
Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess, and private flood insurance with leading industry experience, rated A (Excellent) by AM Best. Wright Flood takes pride in its exceptional claims reputation, providing superior service customers deserve and its user-friendly technology.
IAT Insurance Group is a privately-owned, specialty insurance group providing property-casualty and surety insurance products for niche markets. With more than 900 employees and office locations across the country, IAT Insurance Group's specialty units include Commercial Transportation, Excess and Surplus, Inland Marine, Reinsurance, Surety and Management Liability. The IAT Insurance Group companies are rated A- (Excellent) by AM Best.