WA officials push for P&C insurance tax increase despite opposition

Insurance Business America | April 15, 2019

Washington state legislature is pushing for the creation of a fund to help pay for wildfire damages – but local insurers aren’t too happy about how they want to raise the funds as the plan would necessitate an increase in P&C insurance taxes. Last month, Commissioner of Public Lands Hilary Franz and state Senate Democrats proposed to increase the tax on premiums for P&C insurance. Legislators said the tax is necessary to raise $62.5 million annually, which will be used to pay for wildfire suppression and prevention. Never before have we faced a wildfire crisis of this magnitude,” Franz said during a recent Senate committee. “And one way or another, we are going to pay for our wildfires and dying forests. The question is whether we are going to pay to react as we deal with smoke and flames, or pay to be proactive.

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The first CRM launch truly changed the way sales were managed. We went from tracking customers on spreadsheets (and even in rolodexes) to tracking them and their attendant opportunities with software. It wasn’t long before reps started to feel the purpose of a CRM was more about preserving their contacts for their replacement than it was about making their lives easier. After all, back then it wasn’t much easier than updating a rolodex!

Spotlight

The first CRM launch truly changed the way sales were managed. We went from tracking customers on spreadsheets (and even in rolodexes) to tracking them and their attendant opportunities with software. It wasn’t long before reps started to feel the purpose of a CRM was more about preserving their contacts for their replacement than it was about making their lives easier. After all, back then it wasn’t much easier than updating a rolodex!

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Coalition Completes Acquisition of Insurance Carrier With Licenses In All 50 States

Coalition | August 16, 2022

Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states. The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, Vantage, and Zurich among others. "This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products, The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond." -Shawn Ram, Head of Insurance for Coalition This acquisition builds on a string of important company milestones in 2022. Most recently Coalition announced a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the UK. Coalition's Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition's technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities. About Coalition Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Through its partnership with leading global insurers Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions and Vantage, Coalition offers its Active Insurance products in the US and Canada and its security products to organizations globally. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs across the globe.

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INSURANCE TECHNOLOGY

Advisor360° Introduces New Beneficiaries Capability for Insurance Policies

Advisor360° | July 05, 2022

Advisor360°, a Software as a Service (SaaS) provider of integrated technology for the wealth management industry, today announced a significant cross-product enhancement to its existing Beneficiaries capability. Financial advisors are now able to see and report on their clients’ beneficiaries on insurance products, in addition to custody and investment accounts, in a single view. “Having consolidated beneficiaries reinforces Advisor360°’s leadership position in providing cross-product support and solutions to broker-dealers, advisors, and their clients,” said Patrick Noonan, Product Manager for Wealth Management and Insurance at Advisor360°. “With our latest enhancement, it has never been easier for advisors to guide clients on necessary updates to their intended heirs and beneficiaries, which is a critical part of estate planning.” The improved functionality integrates beneficiaries across all investment products, including insurance and annuities, eliminating the need to visit multiple websites. Advisors can efficiently view and report on primary, secondary, tertiary, and custom beneficiary arrangements for policies that are in effect and those that are pending. This streamlines meeting preparation and allows advisors’ clients to see all of the beneficiary information for their investments in a single view. “On the heels of rolling out Digital Onboarding, today’s announcement is further proof of Advisor360°’s commitment to developing and delivering the very best in cross-product capabilities. We believe continuous innovation is part of our responsibility to existing and future clients,” said Darren Tedesco, President of Advisor360°. “On the heels of rolling out Digital Onboarding, today’s announcement is further proof of Advisor360°’s commitment to developing and delivering the very best in cross-product capabilities. We believe continuous innovation is part of our responsibility to existing and future clients,” said Darren Tedesco, President of Advisor360°. Advisor360°’s insurance and wealth management capabilities are already the most sophisticated on the market, and the company plans to offer new features later in 2022 to remove even more technological hurdles that broker-dealers must overcome to remain competitive. About Advisor360° Based in Weston, Massachusetts, Advisor360° is a Software as a Service (SaaS) provider that builds, integrates and delivers technology for wealth management firms. The company’s proprietary Unified Data Fabric™ (UDF) synthesizes complex and disparate data streams into one platform for a highly sophisticated wealth planning solution. Today, 3 million households with $1 trillion in assets under advisement benefit from the integrated Advisor360° experience. Whether the enterprise back office, the client-facing advisor or the individual investor, Advisor360° brings clarity to all stakeholders seeking a holistic approach to managing household wealth. Advisor360° launched as an independent company in 2019 and was named the second largest fintech company in Massachusetts by The Boston Business Journal in 2021. To learn more, visit www.advisor360.com.

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RISK MANAGEMENT

Ahoy! Launches Recreational Boating Insurance for the Boating Industry

Ahoy | June 09, 2022

Ahoy!®, the new digital insurance MGA for recreational boating, today announced the introduction of its industry-first technology-driven insurance product. Ahoy! was created by boaters for boaters, and it blends proactive, risk-reducing technology with its founders' extensive expertise of both boating and insurance to provide cutting-edge insurance products for the twenty-first century. Ahoyinsurance !'s policies will be available directly and through agents in Michigan, Arizona, Ohio, Wisconsin, and Illinois, with plans to expand across the US in the coming months, thanks to a partnership with Spinnaker Insurance Company, a national property and casualty insurer rated A- (Excellent) by A.M. Best Company, and with backing from specialist reinsurers Greenlight Re and Topsail Re. Traditional insurance firms have failed to adapt to the special needs of today's boater, and they frequently bundle boat insurance with other home insurance policies. Ahoymain !'s focus is on this underserved market, leveraging technology to help secure boaters' vessels and provide peace of mind, transforming what was traditionally considered as a reactive and protective asset. Ahoyteam !'s is made up of naval veterans, insurance specialists, and seasoned high-tech leaders who have pooled their knowledge to build a comprehensive digital insurance product customized to boaters' specific needs. Ahoy! has also put together an advisory board that includes Matthias Weber, the former Chief Underwriting Officer of SwissRe. A boat isn't just another piece of property, it's a lifestyle choice. It's where you create memories, where you escape to when you need a little serenity or the place to run to for some excitement. We're boaters, we get that, Ahoy! offers a new kind of boat insurance, not only insuring boats but providing technological tools that help boaters proactively avoid risk. Ahoy! gives boaters peace of mind knowing their needs and concerns are addressed by fellow boaters and they can rest assured that their treasured vessels will be protected and ready to enjoy at any time." Ahoy! CEO and Co-Founder, Amit Nisenbaum. Customers of Ahoy! receive an onboard smart boat kit that works in conjunction with a proprietary mobile app to provide advanced telemetry capabilities that help proactively decrease risk and avoid damage or injury, as well as a phone overboard protection insurance. The smartphone app will eventually contain a digital logbook and data collecting for future travels, as well as notifications such as grounding avoidance, theft recovery aid, and micro-targeted weather alerts and forecasts. Millions of certified insurance brokers in the United States may now offer customised boating coverage to their customers faster and more readily thanks to Ahoy!, which is offered through independent agencies and directly online.

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