Advisory group supports engineering template for insurance claim

Insurance Business Magazine | August 02, 2019

The Homeowners Advisory Group (HOAG) has supported a new engineering brief template that could help earthquake victims. Engineering New Zealand, a non-profit professional body, developed the template to improve outcomes for claimants with earthquake-damaged homes. HOAG, which works alongside the Greater Christchurch Claims Resolution Service (GCCRS), stated that the template was a “good document” that more people should use when they ask an engineer for technical advice regarding an insurance claim. Tom McBrearty, HOAG chair, commented that the template clearly reinforced the need to correctly identify earthquake damage and recommend reinstatement as per the property owner’s insurance policy and the EQC Act.

Spotlight

We are entering a new era of insurance, the Digital age, driven by major shifts in customers, technology and market boundaries. What will a digital generation of the insurance industry look like? What will it take to compete? What are the trends shaping it? How is InsurTech shaping the digital age and new generation of insurers? Hear from two leaders on where we are today, where digital ecosystems will take us and provide a roadmap to Digital Insurance 2.0.


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CORE INSURANCE, INSURANCE TECHNOLOGY

CoverTree Announces $10M in Funding, Launches Pioneering Digital Manufactured Home Insurance

CoverTree | September 20, 2022

CoverTree, one of the first ever digital insurance solution for residents of manufactured homes, today announced the launch of insurance coverage in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois, and Tennessee after raising a total of $10 million in venture funding. The $10 million Seed round was co-led by AV8 Ventures and Distributed Ventures with participation from Detroit Venture Partners, Ludlow Ventures, and Annox Capital. CoverTree will use funding for team growth, state and product line expansion, expansion of technology that includes distribution portals and further automated underwriting, as well as investment in the company’s major partners. The problem: Beyond the densely populated metropolitan areas exists an alternative housing boom brought on by the pandemic, changing demographics, and supply chain issues for on-site building. Since 2010 (up to 2022), yearly manufactured home shipments have increased by more than 130% (U.S. Census Bureau’s Manufactured Housing Survey). A manufactured home is a prefabricated home, built in a factory and subsequently installed on-site. The category also includes modular homes, tiny homes, ADUs, and stationary travel trailers. They are no different than traditional homes in that both need insurance coverage. However, signing up for manufactured home insurance is not only more expensive, but it’s also more difficult due to the structural differences between the two. The solution: CoverTree is a Managing General Agency (MGA) innovating specialty personal lines of insurance with a current focus on manufactured homes. Insurtechs and major carriers have historically ignored middle America, specialty insurance, and manufactured homes, Specialty insurance is difficult to underwrite and distribute. A specialty insurance policy often passes through multiple pairs of hands before it ends up with the consumer who ends up overpaying and getting the worst experience. We believe manufactured home insurance should be easy, modern, and affordable,said Adarsh Rachmale, Co-Founder and CEO, CoverTree. With the goal of creating the new program, CoverTree worked in close collaboration with Markel® to develop “CoverTree’s Manufactured Home Program.” “The lack of data in manufactured homes made it compelling for us to build our own data sets and automate the underwriting. Our systems are built towards optimizing data network effects, learning from historical loss data, Many of our competitors have not updated their insurance products in over ten years our dynamic systems allow for rapid product expansion.” -Divyansh Sharma, Co-Founder and CTO, CoverTree Markel is excited to partner with CoverTree to benefit what has been an underserved market for many years. Our combined focus on ease of use, robust coverage offerings, pricing sophistication and technology will undoubtedly lead to a best-in-class product offering within the manufactured home insurance segment, added Jeff May, Executive Underwriting Officer, Markel. Minimalist lifestyles and off-the-grid living are on the rise, As we look forward, we envision a full digital insurance coverage experience for rural and outdoor lifestyles,said Rishie Modi, Co-Founder, CoverTree. For many, manufactured construction is the future. A lot of America doesn’t see manufactured homes in their neighborhood, but it’s a key part of the residential landscape in the country and core to the American Dream. To date, there are 22 million Americans living in manufactured homes, and that number is expected to grow, (Manufactured Housing Institute) said CoverTree’s Rachmale. About CoverTree CoverTree is an insurtech company headquartered in Detroit, Michigan. The company focuses on bringing digital distribution, automated underwriting, and data-driven pricing to specialty personal lines of insurance. CoverTree’s manufactured home product is available in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois, and Tennessee. About Markel Markel is a diverse financial holding company serving a variety of niche markets. The company's principal business markets and underwrites specialty insurance products. In each of the company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Coverage is provided by Markel Insurance Company. Markel® is a registered trademark of the Markel Corporation. About AV8 Ventures AV8 Ventures is a $360mil early-stage Palo Alto based venture capital firm. With a world-class team and global reach our aim is to partner with visionary entrepreneurs who are changing the future in Fintech, Insurtech, data-driven health, mobility and intelligent enterprise. We bring decades of experience with a hands-on approach to working closely with start-ups. Our investment and support team leverages deep technical, entrepreneurial and venture experience to help our companies succeed. Our network includes some of the brightest minds in health, machine learning, enterprise technology, mobility, robotics, hard sciences and biology. About Distributed Ventures Distributed Ventures is a Seed to Series B focused fund that invests in entrepreneurs as they transform the future of risk across Fintech, Insurtech, and Digital Health and Benefits. As former founders, investors, and operators, the Distributed Ventures team provides deep subject matter and early-stage operational expertise to help companies find success from day one. Distributed Ventures was born out of NFP Ventures with the goal of helping entrepreneurs demonstrate product-market fit and accelerate commercial traction via diverse distribution channels. About Detroit Venture Partners Since 2010, Detroit Venture Partners has been committed to backing and founding early stage tech companies that we believe move the world forward. DVP was founded by Dan Gilbert, Rocket Mortgage Founder and Chairman, with a vision to grow Detroit's entrepreneurial community. We partner with visionary founders and help our portfolio companies succeed by leveraging the more than 100 companies within the Rock Family of Companies, including Rocket Mortgage, Cleveland Cavaliers, Bedrock, and StockX.

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CORE INSURANCE

CoverGo expands its presence in the Middle East with a strategic investment from Noria Capital

CoverGo and Noria Capital | November 21, 2022

CoverGo, the leading global no-code insurance SaaS platform for P&C, health, and life, is expanding to the Middle East after a US$15 million Series A funding, with a Middle East insurance fund Noria Capital joining as one of the strategic investors. CoverGo has been adopted by a growing number of P&C, health and life insurance companies and emerging insurtech companies across the globe to build and launch all types of insurance products within days, develop omni-channel distribution and digitize policy admin and claims. CoverGo's clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group Insurance and many others. CoverGo has recently set up its presence in the Dubai International Financial Centre (DIFC) and became part of DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia region. CoverGo's expansion in the Middle East is led by newly appointed Regional Director George Majdalani. George is a senior executive with over 17 years in digital insurance transformation and health insurance innovation. "CoverGo's next-generation no-code platform provides insurance companies with an unbeatable speed to market and cost savings while driving efficiencies across the whole value chain. CoverGo is uniquely positioned to become the insurance platform market leader, in particular for health insurance in the Middle East, and help companies accelerate their digital transformation without heavy IT development, We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market." -Rakan Abunayyan, General Partner of Noria Capital Middle East insurance companies are realizing now more than ever that custom IT development is too slow and costly while rigid legacy systems can't satisfy changing customer needs and product requirements. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform, The strategic investment from Noria Capital will further accelerate CoverGo's growth in the Middle East and provide relationships with key partners and insurance companies in the region,said Tomas Holub, Founder & CEO of CoverGo. CoverGo's no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders who are looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems, said George Majdalani, Regional Director, MENA. About Noria Capital Noria is a venture capital fund that works with Insurtech startups during their growth and scaleup phases. The fund's mission is to bring innovation to the insurance industry in the Middle East & Africa. About CoverGo CoverGo is the leading global no-code insurance platform for P&C, health, and life, enabling insurance companies to transform digitally in the most flexible, scalable and cost-effective way.

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CORE INSURANCE

Steadily Partners With Guesty to Offer Integrated Landlord Insurance to Short-Term Rental Property Managers

Guesty and Steadily | September 14, 2022

Steadily, America's best-rated rental property insurance provider, is pleased to announce it has partnered with Guesty, the leading short-term rental property management platform. The exciting partnership supplements Guesty's Damage Protection offering, enabling short-term and vacation rental property managers to access comprehensive, fast and affordable landlord insurance from within the Guesty marketplace. Steadily's landlord insurance offering accompanies Guesty's existing Damage Protection, which provides peace of mind for a wide range of potential damages caused by a guest. With Steadily's property protection for possible damage caused by weather, fire, water, vandalism, and liability coverage for guest injuries and lawsuits, Guesty customers now have the end-to-end insurance they need with full protection and zero friction. The new integration with Steadily adds to the substantial suite of existing tools on the Guesty platform, which includes communications, operations, growth, and financial solutions for short-term rental property managers. Launched in 2020, Steadily offers an easy, fast, and affordable online insurance product for rental property owners with a unique competitive advantage for short-term and vacation rental owners and property managers. By making the process digital, they are able to offer the most competitive rates available in the market, along with seamlessly embedded quotes, delivered in minutes from within Guesty's digital ecosystem. Property managers benefit from receiving a best-in-class insurance product that is tailor-made for rental properties while saving time and money - all from the convenience of their Guesty portal. "The short-term rental industry is in hyper-growth mode, driven by both demand from travelers and increasing interest from investors who recognize the opportunity this market brings, In fact, short-term rentals yield 30% more profits for homeowners/investors than long-term leases. With this demand, we are very excited to partner with Guesty to not only be a trusted advisor for investors needing to protect their investments, but to provide a delightful experience for both investors and short-term property managers along the way." -Adam Swearingen, SVP Growth and Partnerships at Steadily Steadily and Guesty have shared roots with alumni founders from the prestigious startup accelerator, Y Combinator. The two companies share a joint vision to simplify the complexities of rental property ownership and management by offering intuitive tech paired with elegant design. The partnership is a natural extension of both brands. Guesty is empowering short-term rental property managers with a digital-first platform that is uniquely built to anticipate and serve their needs, Steadily was founded on this same idea, and works like the other modern tools that property managers know and love. The partnership is a natural alignment between our two brands and offers additional value-add to short-term rental property owners who need reliable insurance with peace of mind as an additional insured. We are delighted to be partnering with Guesty to offer fast, affordable insurance to short-term rental property managers across the United States,Steadily Founder, Darren Nix. The Steadily integration will be made available to property managers using the Guesty platform in Fall 2022. About Guesty Guesty is the world's leading property management platform for the short-term, vacation rental and hospitality industry. Serving everyone from hosts to hotel brands, customers utilize Guesty's platform to centralize their reservations, guest communication, operational tasks, cleaning management and more across all the major booking OTA channels, including Airbnb, Vrbo, Booking.com, Tripadvisor, Expedia, Agoda, direct booking websites and more. With Guesty, hospitality operators save time and resources so they can focus on maximizing occupancy, ensuring a great guest experience and growing their business. About Steadily Steadily was created by industry experts to offer the best landlord insurance service and a top-rated customer experience from quote request to claim resolution. Mobile-first and direct-to-consumer, Steadily is poised to rapidly remake the insurance segment. The company is dual headquartered in Austin, Texas and Overland Park, KS, and is backed by investors including Matrix Partners, Zigg Capital, Next Coast Ventures, Nine Four Ventures, and SV Angel.

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LIFE INSURANCE, INSURANCE TECHNOLOGY

Digital-First Life Insurance Platform Amplify Announces New Investment Round Led by Munich Re Ventures

Amplify Life Insurance | October 04, 2022

Amplify Life Insurance, a digital-first life insurance platform focused on helping customers build wealth through permanent life insurance, announced an investment round led by Munich Re Ventures (MRV), with follow on investment by Crosslink Capital, Greycroft, and Conversion Capital. The investment brings Amplify's total funding to $25.1 million. Amplify is the first digital platform that offers customers the ability to invest in public markets with their life insurance premiums, accessing tax-efficient returns throughout their lifetime via a product that has been historically available primarily to affluent and more mature demographics. Amplify's digital interface provides customers with a customized policy based on their financial goals, risk tolerance, and underwriting risk profile. Customers can also choose how much of their premiums are invested in tax-efficient, high-growth investments and how much goes towards their life insurance coverage. With built-in capabilities for expedited underwriting and policy delivery, most Amplify customers are able to get a life insurance investment policy within days and without a medical exam. Munich Re Ventures, the venture capital arm of Munich Re Group, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions, brings institutional expertise and deep knowledge in scaling insurers and insurtechs. MRV's insights and aspirations within the insurance industry align with Amplify's approach to permanent life insurance and goal of expanding consumer access to innovative insurance products. "With Munich Re Ventures at the table, Amplify gains an industry leading investor whose insurance expertise is primed to propel Amplify through the next phase of growth," - Hanna Wu, Co-founder and CEO at Amplify Additionally, Amplify has added former CEO and current President of Personal Capital, Jay Shah, to its Board of Directors. Jay has decades of executive operating experience scaling up consumer-direct fintech brands like E-Loan and Personal Capital. Additionally, Jay has held several successful Board and Advisor roles including Ellie Mae and One. Jay's addition will bring tremendous value to Amplify's ongoing strategy and continued growth. Having spent the majority of my career running and advising fintechs across the consumer lending, banking and wealth verticals, I couldn't be more excited to bring my operational knowhow to the board of Amplify, Pattern recognition is an invaluable way to accelerate growth so I'm looking forward to unlocking great value for Amplify's customers with Hanna and the team,said Shah. With this new funding round, Amplify is focused on reducing friction and human-to-human administrative processes in policy customization, payments, underwriting, servicing, claims management, and more. As part of the move towards building a customer-centric, easy-to-use platform, this investment accompanies a partnership whereby Munich Re will help Amplify implement a fully automated underwriting process through alitheia, Munich Re Life US' risk assessment and instant decisioning platform. Permanent life insurance is a powerful financial product that has completely flown under the radar during the insurtech boom of the last five years, Amplify is using new and innovative digital-first distribution methods to bring the financial security and wealth generation possibilities of a Variable Universal Life Insurance product to a new, younger market. It is a privilege to be part of Amplify's journey as they provide this powerful tool to the masses,said Ben Bergsma, Investment Principal at Munich Re Ventures. With the help of MRV and Munich Re, Amplify will further build the life insurance ecosystem needed to democratize permanent life insurance. Amplify will continue to focus on expanding the digital life insurance offerings including a mobile application to be launched later this year that will allow customers to manage their life insurance policies and investment portfolios. The company will also hire across teams including engineering, product, data science, customer experience, and marketing. About Amplify Life Insurance Amplify is the first digital permanent life insurance platform offering customers direct access to products where you access tax-efficient investment returns and obtain lifelong protection. It's founded by serial entrepreneurs with industry and technology expertise looking to modernize the $70B permanent life insurance industry. Amplify provides an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs. Founded in 2019, Amplify aims to help customers achieve health and financial wellness. Based in the San Francisco Bay Area, Amplify is open to all 50 states, and has served thousands of customers. About Munich Re Ventures Munich Re Ventures is the venture capital arm of Munich Re Group, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions. With more than $1 billion in assets under management, Munich Re Ventures invests in the most innovative start-ups transforming the future of risk and risk transfer. MRV's experienced investors are financially-driven while focused on the strategic interests of Munich Re and the broader insurance industry. MRV works closely with Munich Re Group businesses across the globe to fund and partner with the best emerging companies developing new technologies and business models – and risks – for tomorrow's world.

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Spotlight

We are entering a new era of insurance, the Digital age, driven by major shifts in customers, technology and market boundaries. What will a digital generation of the insurance industry look like? What will it take to compete? What are the trends shaping it? How is InsurTech shaping the digital age and new generation of insurers? Hear from two leaders on where we are today, where digital ecosystems will take us and provide a roadmap to Digital Insurance 2.0.

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