INSURANCE TECHNOLOGY
Spot | March 14, 2022
Today Spot (www.lifebyspot.com), the on-demand injury insurance company protecting everyone from athletes and adventurers to families at home; along with Ikon Pass, the world's premier season pass, announced a partnership to bring a new level of protection to pass holders who live an active lifestyle.
As part of the partnership, Spot provides 22/23 Ikon Pass holders with access to a unique, affordable insurance policy that covers injury-related medical bills anytime they're using their pass. Spot's policy for pass holders will provide up to $25,000 toward any Ikon Pass holder's medical bills with absolutely zero deductible.
Spot is fundamentally changing how people purchase health coverage across their lives. We built Spot to address the needs of an active community who lives life to the fullest, We have a passion for being outdoors and, while we'd rather be on the hill than at the office, we understand the peace of mind that comes from knowing you're protected no matter what you're doing."
Matt Randall, co-founder and CEO of Spot.
In addition to the personal injury coverage, Spot will also offer a pass protection policy that will refund all or part of an Ikon Pass holder's price if they are injured or unable to take advantage of their full season on the mountain.
We are pleased to now offer pass holders both pass and injury coverage with Spot Insurance for the 22/23 winter season. We are always looking for ways to add benefits for pass holders, and Spot's options offer additional financial protection and peace of mind."
Erik Forsell, CMO, Alterra Mountain Company.
About Spot
Spot partners with businesses and organizations across the active lifestyle space to cover their customers' out-of-pocket medical bills, regardless of health insurance status. Launched by a team with experience at both insurance industry giants and groundbreaking tech startups, the company provides affordable accidental injury coverage, which can be used with or without traditional health insurance. Spot is fully digital, conveniently allowing customers to sign up in just one minute for immediate coverage at any time. Partners including Telluride, USA Cycling, Chicago Triathlon (via LifeTime), USA BMX, Powder Mountain, National Collegiate Rugby, and athleteReg trust Spot to protect their communities. The company is headquartered in Austin, Texas, and has raised $17.5 million from GreatPoint Ventures, Montage Ventures, Mutual of Omaha, Silverton Partners, and MS&AD Ventures.
About Ikon Pass
Ikon Pass welcomes skiers and riders to a community of inspiring mountain destinations and the people who live and play among them across the Americas, Europe, Australia, New Zealand, and Japan. Brought to you by Alterra Mountain Company, the Ikon Pass unlocks adventure at iconic and unique destinations worldwide. Special offers are available at CMH Heli-Skiing & Summer Adventures, the world's largest heli-skiing and heli-accessed hiking operation.
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RISK MANAGEMENT
The Motus Solution | March 02, 2022
Motus Insurance Services, LLC has added Beazley PLC via BHI Digital to provide an elective earthquake program for residential and commercial associations. Beazley is a publicly traded company (LSE:BEZ) with over $3 billion in premium and maintains an A rating by AM Best with a stable outlook. Beazley will give residential associations and their individual unit owners access to the leader in catastrophic deductible buydown insurance in the market, adding more flexibility to the Motus product set with a carrier that can properly underwrite this targeted risk.
"This is an important step for Motus and for our clients, We can officially write our earthquake program in all 50 states, and adding Beazley as our 4th insurance carrier further validates our unique earthquake insurance program for associations. Each of our carriers takes a different view on earthquake risk, and the addition of Beazley adds additional capabilities to our program. This means we can offer the most competitive pricing to our clients, whether they're focused on full coverage in the case of a major earthquake, or paying for minor repairs."
-CEO Dan Wallis.
"Motus Insurance Services, in my opinion, is as innovative of a company in the insurance industry as there is today Through our partnership with Motus Insurance Services, together we are able to provide lower Earthquake deductibles to individual residential owners in an association than are typically available in the insurance marketplace. Instead of being handcuffed with a massive deductible in the event of a loss and the prospect of potential cash flow issues, unit owners are able to purchase through Motus Insurance Services a lower deductible amount that best fits their desires and needs. The team at Motus Insurance Services is as good as there is and we are glad to be partnering with them not just in California, but now throughout the United States."
-Kevin Ware, co-founder of BHI Digital.
Motus was founded to provide residential association boards and membership with a third option: a custom elective earthquake insurance program that offers individual unit owners the benefits of commercial underwriting and commercial coverages without placing a burden on the association budget. The Motus Opt-in Earthquake Program offers a better option for associations struggling to manage risks within increasingly challenging financial constraints.
About The Motus Solution
The Motus Opt-In Earthquake Program is designed to bring all the benefits of a traditional master earthquake insurance policy to the more than 30,000 associations and 2.2 million condo owners who are not covered by one. Only a master earthquake policy can allow a condo owner to fully protect the equity in their home. This is because only a master policy can fully cover damages to residential buildings, foundations, garages, underground pipes, and other common areas within the community. Traditional unit owner policies (which are unavailable to many condo owners) were designed to supplement a traditional master policy – not replace the coverage they provide. These traditional unit owner earthquake policies depend on zip code rates and cap critical coverages like loss assessment coverage or contingent liability. Each Motus program is custom-built based on the specific exposures of the association. Once the board approves the Motus program for their association, each unit owner then has the option to purchase their pro-rated share of a master policy – covering unit interiors, residential buildings and common areas. No more mind boggling exclusions.
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INSURANCE TECHNOLOGY
Setoo, Pattern Insurance | July 19, 2021
Setoo, an embedded insurance pioneer, announced today that it has entered into a merger agreement with Pattern, an insurtech startup that has emerged from stealth mode. Pattern will be the name of the joint venture's activities in Europe and the United States. Pattern will assist companies in generating new revenue streams and increasing customer satisfaction by transforming all of their online transactions into protected experiences without the need to be an insurer.
Pattern will provide a one-stop-shop for embedded insurance products, enabling businesses to provide a fully protected buying experience for their customers, along with real-time underwriting data for a frictionless buying process, as a result of a merger. The fully automated, embedded insurance-as-a-service platform enables businesses to create and distribute unique and personalized insurance products autonomously. Pattern's coverages include parametric and traditional insurance products, which are seamlessly offered by businesses to their customers while fully compliant with local regulations. In addition, Pattern requires companies to protect customers from unforeseen changes in plans, inclement weather, utility outages or surcharges, shipping delays, and other factors.
The two companies have received a total of $25 million in funding since their start, including a recent seed round of $10 million for Pattern. In addition, Kamet Ventures, the venture builder where Setoo was incubated, Comcast Ventures, MS&AD Ventures, Foundation Capital, FinTLV, TechAviv Founder Partners, Kli Capital, Abstract Ventures, and others have invested in the joint venture.
The merger is expected to be completed by the end of August. Pattern will be insured by AXA, Spinnaker Insurance Company, Wakam, and others after the merger.
About Setoo
Setoo enables e-businesses to develop and offer personalized protection products, increase revenue from ancillary services, and provide an exceptional customer experience. E-businesses can use Setoo's platform to create new, super-targeted parametric and traditional insurance products in minutes, address actual concerns, and generate automatic compensation without requiring consumers to take any action. Setoo serves high-profile clients such as Amadeus and LMN as an insurance Managing General Agent (MGA) in the EU and the UK.
About Pattern
Pattern is a one-stop-shop for innovative parametric and traditional insurance products that enable businesses to provide their customers with a fully protected digital buying experience. Pattern's coverage includes utility outages, weather incidents, and much more. Pattern is nearing the completion of its operational deployment as a US MGA.
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