Allianz reveals eye-watering cost of cyberattacks

Insurance Business America | April 18, 2019

With cyberattacks getting increasingly sophisticated, it has become one of the most significant risks for businesses, resulting in “eye-watering losses” of as much as US$600 billion ($840 billion) a year worldwide, according to global insurer Allianz. Sinead Browne, chief regions and markets officer at Allianz Global corporate and specialty, said much of this loss was uninsured, creating a new market for general insurers. The complexity, sophistication, and global interconnectedness of cyber risk, however, made the risk “incredibly challenging” to model. Allianz’s most recent annual risk survey saw cyber security climb to the second spot on the list of business’s concerns, behind only business interruption, after ranking 15th on the list five years ago. “The average cost of a cyber claim is almost double the average cost of a fire loss that AGCS experiences," Browne told AFR. “The UK government has indicated it believes there are US$600 billion worth of cyber losses annually throughout the global economy. That’s certainly eye-watering.” The Allianz leader said the global interconnectedness of businesses was “leading to vulnerabilities” and that it was up to the insurance industry to understand the accumulation risk that exists with cyber exposure.

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INSURANCE TECHNOLOGY

New Industry Initiative Launches to Advance Racial Diversity and Equity

Insurance Information Institute | April 28, 2022

The Black Insurance Industry Collective (BIIC), a newly-formed non-profit organization affiliated with The Institutes, today announced its launch. The BIIC is focused on accelerating the advancement of Black insurance professionals. BIIC's mission is to empower Black insurance professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with other organizations that are also working toward those goals. The group will provide customized programs that address the unique needs and experiences of these professionals to tangibly improve the representation of Black insurance industry talent. This initiative, created under the leadership of four insurance industry diversity and human capital leaders, has been two years in the making, and included input from over 50 participants from insurance, talent development, and academia. BIIC will partner with the University of Virginia Darden School of Business to create a specialized leadership development program focused on developing skills necessary for career progression. The leadership program at Darden, part of BIIC's suite of offerings, will provide insurance professionals with the benefits of a supportive community of colleagues. Insurance is an ever-changing industry. No one should have to navigate it alone. With a strong network of peers who share similar interests, BIIC offers the support to learn from executive leaders in the insurance industry while developing critical skills through our strategic partnership with the Darden School of Business at The University of Virginia." Ronald Reeves, Chief Diversity Officer at AIG. The Institutes are excited to contribute to the formation of the BIIC as part of our overall DEI initiative. We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk management and insurance community." Peter L. Miller, CPCU, President and Chief Executive Officer of The Institutes. A lack of exposure to the insurance industry and professional networks are the top two barriers for Black professionals, according to a study conducted by Marsh, The Journey of African-American Insurance Professionals. BIIC is built from the ground up by insurance leaders, We are focused on spotlighting top talent to key leaders and insurance industry role models who share similar cultural experiences." Susan Johnson, Chief Diversity, Equity & Inclusion Officer at The Hartford. Obstacles for Black insurance professionals are greater than for other people of color, according to the Marsh study. These obstacles impact individuals and have far-reaching business impacts. Black employees are also nearly twice as likely as other people of color to perceive their race will make it harder to achieve their goals, according to a recent study by McKinsey, Race in the Workplace: The Black Experience in the U.S. Private Sector. This initiative was named as a collective because we believe we can achieve more together than separately, We seek to address the unique, cultural, mental, and psychological experiences and challenges encountered by Black insurance professionals in achieving their career aspirations." Ivy Kusinga, Chief Culture Officer at Chubb. BIIC is committed to empowering and positioning Black professionals to lead and inspire excellence across the industry by bringing together top talent, mentors, sponsors, and allies, Although we have more work to do, by working together, we can equip leaders with a developmental roadmap, putting them on a path to success." Tony Steadman, Managing Director, Accenture. BIIC invites organizations to join as Founding Year Sponsors in order to grow this critical program. Sponsorship will facilitate funding for BICC's key education and leadership development initiatives.

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RISK MANAGEMENT

Bubble Launches Online Embedded Insurance for Housing Industry in the Wake of $1.75M in Funding

Next by Pacific Life | January 14, 2022

Bubble, the company that has made getting tailored home and life insurance an instantaneous online process, today launched its turnkey Insurance-in-a-Box offering on the heels of $1.75M in pre-seed funding anchored by The House Fund with participation from Tuesday Capital, Correlation Ventures, and North Coast Ventures. With Bubble, real estate and mortgage companies are able to embed digital homeowner's and life insurance seamlessly into real estate transactions. This enables people buying a home or refinancing a mortgage to easily – often in just a few minutes online – protect their homes as well as their families' futures at the same time as making a home/loan purchase. Bubble's Embedded Insurance-in-a-Box offering includes widgets, APIs, white-labeled or co-branded consumer sites and referral URLs that real estate companies can use to embed accurate home and life insurance quotes into home and loan purchase flows. Combining data from home and mortgage transactions with its own extensive database and proprietary analytics, Bubble delivers custom-tailored quotes in real-time. Through Bubble's online portal, customers can further personalize their coverage, maximize discounts, complete their applications, and have their policies approved and issued in a matter of minutes. Bubble integrates directly with top-rated insurance companies to match customers with customized policies instantly online. Its AI-guided recommendation engine, Bubble LifePal, currently finds the products with optimal coverage from Stillwater for homeowner's insurance along with SBLI and Pacific Life for term life, and integrations with other insurers are forthcoming. Customers are presented with transparent, personalized insurance packages, and often are able to get underwriting decisions and have their policies issued, all online in minutes. "We are excited to offer our range of home insurance products on Bubble's all-digital platform, Bubble's intuitive online flows demystify the process while giving users the flexibility to customize coverages to their needs. Together with Bubble, we're making insurance buying as easy as pie." -Stillwater VP of Inside Sales and Sales Systems, Alisa Ruenprapan. Recognizing that home ownership is a key catalyst to life insurance purchase, Bubble pairs two unique term life products especially suited for younger home buyers: Next by Pacific Life & SBLI's Simplified Issue Term Life. "With Next Term Life, you don't have to anticipate the future and buy more life insurance than you need, You start with the coverage you need today and can increase or decrease at key life events, such as buying a house, without additional underwriting. It's an innovative product that lets you 'lock in' your health rating, typically when you're young and healthy. Bubble's online platform that integrates life insurance at this key milestone is the perfect entry point for Next Term Life." -Joe Kordovi, AVP of Innovations at Pacific Life. The other term life product by SBLI offers a completely fluid-less (i.e., no medical test) underwriting process and provides instant online decisions in minutes, a perfect complement for busy home buyers that already have their hands full. "SBLI is very happy to work with Bubble and offer a unique and simplified issue digital term insurance solution to Bubble customers through this valuable partnership. This strategic collaboration supports SBLI's continued commitment to build diversification in both our product and digital distribution areas," said Denis Clifford, SVP of Sales & Distribution at SBLI. "Bubble streamlines the natural flow of life events: starting a family, buying a home, insuring it, and insuring everyone living there, Millennials especially stand to reap the benefits of bundling life and home insurance while they're young and healthy. They can lock in a great rate for the next several decades. Our mission is to make it as simple and straightforward as possible for them to do that." -Bubble Co-founder & CEO Avi Gupta. Bubble's digital Insurance-in-a-Box helps real estate companies minimize friction and speed transactions by enabling customers to quickly get insurance when they're buying a home. Lenders and loan servicers also mitigate the risk of default with term life policies covering borrowers. These companies in the housing ecosystem can even monetize insurance by sharing commission splits or referral fees with Bubble under certain circumstances. Dan Zettler, partner at Barnstable Mortgage Group, noted: "As mortgage brokers for nearly 20 years, partnering with Bubble allows us to leapfrog our offerings into the digital world with a completely online experience for personalized home and life insurance. Taking the pain and hassle out of insurance purchases is a no-brainer!" About Bubble Bubble's mission is to help homeowners protect their homes, loved ones and everything under their roof with the right insurance coverages, at the right time for the right price. By embedding online insurance into the path of a home or mortgage purchase, Bubble's sophisticated AI algorithms combine data from the real estate transaction with its own extensive library, to streamline the process of buying insurance, from an online quote to application to instant approval. About Next by Pacific Life Next by Pacific Life was created to provide a better, seamless digital experience for the modern customer. Offering an innovative insurance product built for customer engagement, Next by Pacific Life easily integrates with key digital distribution partners like Bubble. About SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) For over 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, they offer dependable protection, at a fair price.

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INSURANCE TECHNOLOGY

NSI Insurance Group Acquires Majority Stake in InsurTech Startup HoneyQuote

NSI | March 28, 2022

Florida-based digital insurance agency HoneyQuote.com has been acquired by one of the largest independent insurance agencies, NSI Insurance Group – a move that will enable the startup to expand its operations nationally, launch new product lines, and facilitate larger distribution partnerships. HoneyQuote’s machine learning algorithm matches users with property insurance carriers in real-time. Its proprietary search engine allows consumers to shop and purchase homeowners' insurance online. Since its launch in 2019, HoneyQuote has partnered with 30 of the top insurance carriers in Florida and has insured over $1 billion in property value. The startup now has its sights set on expanding nationally with additional insurance products in the works, including condominium-owners, renters, personal umbrella, pet, and auto insurance. We could not be more thrilled about the acquisition, Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.” HoneyQuote co-founder Franklyn Taveras. We’ve designed a digital experience that lets online shoppers compare real quotes and purchase policies instantaneously from a wide range of regional, national, and technology enabled insurance providers. With NSI, we’re able to deliver this seamless experience to customers across new geographies, products, and embedded partnerships.” Sean D’Sa, HoneyQuote’s co-founder and Chief Technology Officer. NSI Insurance Group’s acquisition of HoneyQuote marks its entrance into the InsurTech space, where the firm’s CEO Oscar Seikaly believes the industry is heading. About NSI Insurance Group NSI Insurance Group is among the largest privately-owned insurance brokerage firms. Founded in 1958, the firm operates in over 85 countries with five business segments, including personal and commercial insurance, employee benefits, and specialty programs. About HoneyQuote HoneyQuote is a digital insurance agency powered by a proprietary search engine allowing clients to compare and purchase insurance coverage in an online marketplace. Licensed in Florida and Texas, HoneyQuote’s products include homeowners and flood insurance across 30 of the top insurance carriers.

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CORE INSURANCE

Agentero Expands Offerings for Agents

Agentero | December 16, 2021

Agentero, the digital insurance network, has expanded its personal and commercial offerings for independent agents, announcing new integrations with four leading insurance markets including Ethos, Cowbell Cyber, Thimble and Bamboo Insurance. The firm currently connects agents with 19 markets providing quoting, communication and automation tools so agents can efficiently write more new business. Agentero focuses on reinventing the insurance buying process, making insurance more accessible to consumers and small businesses. New agents can sign up with Agentero in 10 minutes or less, and once they do, new insurance applications can be completed in seconds. "Insurance has so many opportunities to be faster and more convenient. We're focused on driving insurance innovation in distribution, something we plan to continue in 2022, We are also reducing the barriers to entry for new agents. Insurance has traditionally been a tough business to get started in, and we're connecting agents to a variety of insurance products quickly." -Luis Pino, CEO of Agentero. The firm has added the following insurance products to its platform: Ethos provides life insurance Cowbell Cyber offers standalone, admitted, individualized, and easy-to-understand cyber insurance Thimble offers small business general liability insurance Bamboo Insurance offers homeowners and dwelling fire Independent insurance agents use Agentero to access modern carriers and to boost their revenue. Agents save time and deliver a superior customer experience through efficient product distribution. About Agentero With more than 1,000 insurance agencies, Agentero uses robust data and analytics enabling agents to proactively offer insurance choices to customers at the right time, every time, mitigating risks for consumers while growing relationships and revenue for agents. Founder and CEO Luis Pino was the first employee at insurtech CoverWallet, and has also worked for McKinsey & Co.

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No one should go without essential medical treatments because they can't afford them. For some individuals and families, especially those dealing of Underinsure acts chronic diseases, out-of-pocket report problems with.

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