RISK MANAGEMENT,INSURANCE TECHNOLOGY
Vouch | December 27, 2022
Vouch, known as the 'Insurance of Tech,' recently launched the first insurance solution for Web3 companies. Under this, it will cover Web3 companies with insurance policies, including smart contract vulnerabilities, DAOs, crypto, and more.
"The global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030."
- Grand View Research
In the past year and a half, about 3,000 startups have raised almost $40 billion. Many of these are run by founders who are building strong companies that solve real problems for real users. Till now, Web3 companies had to settle for insurance that didn't meet their needs or make do with what they already had, which eventually slowed their growth.
Vouch has become the most trusted partner by getting $160 million from the best companies in Silicon Valley. Its newest market includes Web3 companies, while Ansible Labs, Bitwave, Stardust, and Utopia Labs are some of its launch clients.
Traditional policies tend to leave crypto out, but Vouch's Web3 Protection Policy covers that. In addition, the policy includes four coverages that can be expanded to cover key Web3 risks based on the needs of the client:
Directors & Officers (D&O) insurance helps protect the company and the personal assets of its founders, officers, and board members from claims of wrongdoing, such as misrepresentation or breach of fiduciary duty, as well as the costs of responding to or defending against the claims.
Errors and Omissions (E&O) insurance protects the company when a customer claims that the company's services caused them to lose money.
Cyber: It helps pay for data breaches caused by mistakes, hacking, and social engineering. It also protects against privacy violations, security failures, and system failures.
Crime: Helps protect the company from employee theft, forgery, and fraud, as well as some digital assets.
Vouch has built a strong partner network to meet the needs of its Web3 customers in addition to its coverage. In the partner network, Fireblocks is responsible for direct custody technology, Silicon Valley Bank for banking, Upside for token management, and Tactic for accounting.
AboutVouch
Vouch Insurance is a new type of insurance platform for startups that is trusted by the startup industry's biggest names, including Y Combinator and Silicon Valley Bank. Everything has been designed for startups by experienced founders, from onboarding to claims. The company, which has offices in San Francisco and Chicago and whose fully digital coverage can be activated in minutes, assists clients in managing, mitigating, and avoiding risks.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Boston Mutual Life and Majesco | January 27, 2023
In a statement released on January 26, 2023, Majesco informed that Boston Mutual Life has chosen the company to modernize its core business platform and improve customer experience and engagement.
Paul A. Quaranto, Jr., Chairman, CEO, and President at Boston Mutual Life, stated, "By partnering with Majesco, we're able to transform our business and legacy solutions that will offer enhanced experiences for our policyholders, producers and employees." He added, "We're focused on doing what's best for our stakeholders, so we're excited to invest in advanced technology that enriches the customer experience and empowers us to leverage innovation to better support our mission to make it easier to do business with Boston Mutual Life."
(Source – Business Wire)
Boston Mutual Life Insurance Firm, a nationwide carrier that offers insurance solutions for working Americans and their families, was established as a progressive life insurance company in 1891. As a mutual company with locations in Canton, Massachusetts, and Omaha, Nebraska, it is committed to acting in the interests of its policyholders, producers, workers, and communities.
Adam Elster, CEO at Majesco, remarked, "We are looking forward to partnering with Boston Mutual Life on their transformation journey."
"They have over 131 years of experience and success and continue to invest in solutions that keep them at the forefront of the industry. We are honored they selected Majesco to not only address their current needs but to also provide a foundation for innovation and enhance the customer experience of the future," he concluded.
(Source – Business Wire)
About Majesco
Majesco is one of the partners that P&C and L&A insurers choose to create and deliver great customer experiences. Its SaaS platform solutions for core, digital, data & analytics, distribution, and a rich ecosystem of partners are used by more than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups to create their next now. With more than 900 successful implementations, it is one of those companies that can bridge the gap between the old way of doing things in the insurance industry and a digital-only mindset.
About Boston Mutual Life Insurance
Boston Mutual Life Insurance Company, a prominent US insurer, offers a variety of insurance alternatives to industrious families and individuals. The progressive life insurance company, founded in 1891, provides insurance products and services to working Americans and their families with convenient enrollment and billing options through the workplace. Its headquarters are in Canton, Massachusetts, and Omaha, Nebraska. Boston Mutual Life puts policyholders, clients, employees, and communities first.
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CORE INSURANCE,INSURANCE TECHNOLOGY
Vouch | January 12, 2023
Vouch, an insurance company trying to change the way business insurance works for the tech industry, informed on January 11, 2023, that it acquired the lending startup Level and its team of engineers.
The lending startup has created a tech-driven underwriting process for early-stage fintech startups. This makes the process of getting financing faster and easier than it used to be.
Sam Hodges, CEO and Co-Founder of Vouch, stated, "Level's unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies." He further expressed, "The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company. We're thrilled to bring the Level team on board."
(Source: PR Newswire)
Post this acquisition, Vouch will be able to underwrite and support complicated insurance policies with the help of the Level team, who are experts in developing rapid and efficient underwriting systems.
"Joining the Vouch team was an easy decision for us," said Vladimir Korshin and Asa Schachar. They continued, "We were impressed by Sam and the team's pace of development within this exciting market opportunity and look forward to contributing our expertise to the company's growth."
(Source: PR Newswire)
Meanwhile, the details of the transaction were kept confidential.
About Vouch
Located in San Francisco and Chicago, Vouch Insurance is a new way for startups to get insurance. Its fully digital coverage, which only takes minutes to activate, was made by founders for founders. The company is trusted by the biggest names in the startup economy, like Y Combinator and Silicon Valley Bank. These companies work with Vouch because everything from onboarding to claims is made for startups by experienced founders. Vouch works with its clients to manage, reduce, and avoid risks because it is an insurance platform, not a broker. The company's founders have built and backed high-growth companies like FundingCircle and Root Insurance, while its team of technologists and risk experts comes from places like SVB Capital, NerdWallet, Travelers Insurance, Nationwide Insurance, Lyft, Google, and more.
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