Zurich hopes high over commercial insurance pricing

Zurich | January 14, 2020

Zurich Insurance Group has got its hopes up as far as commercial insurance pricing is concerned – something the major insurer has not felt in a long while. Current market conditions are helping reverse declining commercial insurance premiums, with the combination of inadequate supply and higher disaster payouts giving providers leverage come renewal time. “The last time this kind of market really existed was in 2002,” Bloomberg cited Zurich’s commercial insurance chief executive James Shea as saying in an interview. “You are seeing not just improving terms and changing premiums, you are also seeing reductions in capacity available in the market.”

Spotlight

Ever since the rollout of electronic devices capable of measuring and recording various types of health data, private medical insurers have been carefully eyeing the potential usage of these devices. This paper discusses the implementation and practical uses of wearable technology in the private medical insurance market.

Spotlight

Ever since the rollout of electronic devices capable of measuring and recording various types of health data, private medical insurers have been carefully eyeing the potential usage of these devices. This paper discusses the implementation and practical uses of wearable technology in the private medical insurance market.

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INSURANCE TECHNOLOGY

Hylant Partners with Obsidian to Launch RoadPilot® Pay as you Go Insurance Program for Restaurant Delivery Drivers

Obsidian Insurance Holdings, Inc. | November 02, 2021

Hylant, one of the largest privately owned insurance brokerages in the U.S., announces the launch of RoadPilot®, a "pay as you go" hired non-owned program designed for the restaurant home food delivery industry. The program takes a unique approach by integrating real-time monitoring of driver behavior with the assessment of risk. The program will typically target restaurant groups with 20 or more locations. Traditional insurance products can lead to gaps in coverage for restaurant businesses that rely on delivery drivers because premiums are based on industry averages and applied universally regardless of the drivers' liability profiles. With RoadPilot, premiums are developed to more fairly and accurately reflect a delivery driver's actual behavior and actual delivery miles travelled. Specific rating factors include aggregate driver risk profiles derived from hard braking, rapid acceleration, speeding, unsafe maneuvers, and phone usage. Premium is determined on a monthly basis. "We're excited to begin this program with Obsidian Insurance Company, Their team has a proven track record of providing solutions for industry niches. The collaboration between our teams during the development of the product was great. We look forward to a long-term partnership with Obsidian on RoadPilot." - Mike Ugljesa, President of Hylant Administrative Services. "We are thrilled to partner with a highly respected program partner that has strong and proven expertise in the restaurant and food franchise industries. The RoadPilot program brings a much-needed product to the food delivery segment and has developed an innovative approach to more accurately price risk with the incorporation of telematics. We look forward to a long-term partnership with Hylant as well as the strong panel of reinsurers supporting the program." - William Jewett, CEO of Obsidian Insurance Company RoadPilot is an app-based technology that drivers install on their phones. Clients also have access to a convenient dashboard that is available 24/7. This provides managers with real-time data to monitor in-progress driving and drill down into historical driving statistics to help identify and address unsafe driving habits. Data can also be used to reward and incentivize employees who are driving safely. About Hylant Hylant is one of the largest privately held insurance brokerages in the United States. Founded in 1935 and headquartered in Toledo, Ohio, we offer complete risk management services, employee benefits brokerage and consultation, loss control, healthcare management and insurance solutions for businesses and individuals locally, nationally, and internationally. About Obsidian Insurance Company Obsidian Insurance Company is a subsidiary of Obsidian Insurance Holdings, Inc., a new fronting insurance holding company that issues policies underwritten by Managing General Agents, Managing General Underwriters, and program managers. Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, and reinsures the majority of its program business to select reinsurers. Obsidian was formed in 2020 in partnership with leading insurance industry executives and Genstar Capital.

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INSURANCE TECHNOLOGY

Branch Insurance Partners with Snapsheet Claims Platform to Accelerate the Claims Experience

Snapsheet | August 18, 2021

Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management software, today announced that Branch Insurance, the first insurer to offer instantly-bundled home and auto insurance, selected Snapsheet Claims software to deliver the modern claims experience to its rapidly-growing community. By leveraging innovative technology, Branch has made the insurance-buying process quicker and easier than ever before. Using just a few pieces of information, Branch created a way to instantly bundle home and auto insurance. This technological superpower enables the insurtech to provide a frictionless experience and even offer insurance through its partners in the mortgage, home building, auto, and home security industries. Branch now looks to extend that same ease, speed, and convenience to its claims process, with the goal of delivering a seamless, digitally-driven member experience. "We recognize that our members increasingly prefer digital-first experiences. With Snapsheet's technology, we are providing our members with enhanced capabilities, increased transparency into the claims process, and, above all, a delightful claims experience," said Charlie Wendland, Head of Claims at Branch. "The automation and flexibility powered by Snapsheet's software provides our claims team with tremendous efficiency and relieves them of administrative tasks so they can spend more time helping our members when they need us most." Snapsheet's SaaS platform provides all the tools required for fully digitized, end-to-end claims management in one system—from the automated assignment of work, to optimized digital communications to effective workload management to digital payments and settlement—driving speed and results for insurers. With Snapsheet Claims, customers can harness the true power of data and automation to make better, faster claims handling decisions, improve agility and increase profitability. Snapsheet Claims software seamlessly integrates with modern, legacy, or multiple core systems with business line configurations to support multiple brands. "A fast-growing startup and a pioneer in bundled insurance, Branch Insurance is part of a new class of digital insurance companies that leverages innovative tech to enhance the customer experience," said Andy Cohen, President and Chief Operating Officer of Snapsheet. "We are proud to equip Branch Insurance, along with our clients across the globe, with a platform that allows them to build a claims operating model for the digital world." About Snapsheet Snapsheet is the pioneer in virtual appraisals and a leader in cloud-native claims management software, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched software and processes to improve customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet Cloud software suite and Appraisal Services offerings. Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 125 clients, including many of the largest insurance carriers, third-party administrators, MGAs, insurtechs and sharing economy disruptors. About Branch Insurance Branch Insurance is on a mission to make insurance more accessible and affordable for everyone by tapping into the power of community. Utilizing innovative technology, Branch has made bundling home and auto insurance online quicker and easier than ever before. Branch was founded in 2017 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange and General Security National Insurance Company (GSNIC) and backed by SCOR SE, all A-rated insurance entities.

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RISK MANAGEMENT

KBRA Assigns Insurance Financial Strength Rating to Tower Hill Insurance Exchange

Kroll Bond Rating Agency, LLC (KBRA) | December 29, 2021

Kroll Bond Rating Agency (KBRA) assigns an Insurance Financial Strength Rating of BBB+ with a Stable Outlook to Tower Hill Insurance Exchange (THIE). THIE was formed as a Florida reciprocal exchange and will begin writing residential property insurance in Florida within its first year of operation and continue to expand in the Florida market over the subsequent two years. The rating reflects its sound initial capitalization, conservative investment portfolio, and reasonable business plan. THIE will benefit from the established market presence, distribution, and risk management of the Tower Hill Insurance Group (Tower Hill) - a privately owned organization comprised of three Florida-domiciled direct writers, an affiliate offshore reinsurer, a managing general agency (MGA), and two claims services companies. Tower Hill is one of Florida’s largest residential property insurers with approximately 6% market share. Balancing these strengths are THIE’s exposure to natural catastrophes, and a lack of geographic and product diversification. THIE’s revenues and earnings are expected to be concentrated in Florida, a state exposed to both natural catastrophes and significant legal challenges for residential property insurance writers. In addition, initial capital is solely funded through surplus notes with annual interest expenses of approximately $16 million. This is somewhat offset by THIE’s low start-up costs versus more typical start-ups. About KBRA Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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