Apollo Insurance Solutions reveals online monthly subscription service for SMEs

insurancebusinessmag | June 26, 2019

Apollo Insurance Solutions is launching a monthly small business insurance subscription service - which it claims is an industry first.The subscription service will be made available through the company’s digital broker exchange platform, Apollo Exchange. The platform allows brokers and their small business clients to instantly quote and purchase insurance products online.

Spotlight

What is Motor Insurance? Motor insurance can cover your motor vehicle against accidental damage and theft. It can also protect you from the financial costs of repairing or replacing another person’s vehicle in an accident where you’re at fault. Generally you can choose to insure your car for an agreed amount, or for the market value of your vehicle - up to $150,000. Above $150,000 will be considered on referral.


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INSURANCE TECHNOLOGY

Roamly Launches Nationwide Pet Insurance Product

Roamly | March 24, 2022

Today, Roamly, the first embedded insurtech for travel enthusiasts with unique RV insurance offerings, announced it is marking new territory with the launch of its pet insurance product. Roamly will market pet insurance to all U.S. pet owners, including customers of Outdoorsy, the most-trusted online recreational vehicle rental and outdoor travel marketplace. Since Outdoorsy's inception in 2014, we've noticed a glaring disparity in the amount of Outdoorsy guests opting to hit the road with their pets and the percentage of those pets who are covered by insurance." says Roamly's Chief Insurance Officer Aaron Ammar Roamly is now unlocking the ability for American pet owners to purchase the right insurance for their pets. More information on the pet insurance product offered through Roamly can be found online at roamly.com/pet-insurance. According to the most recent RV Industry Association survey, 72 million Americans plan to go RVing over the next year, up from 61 million in 2020. As the number of Americans hitting the road continues to grow, so does the number of travelers taking their four-legged friends on the road with them — and the travel industry is responding by making more accommodations for pet owners. Starting today, pet insurance offered through Roamly will be marketed to Outdoorsy customers as well as all U.S. pet owners, allowing both Outdoorsy guests and hosts to put in place insurance that covers their pets for illnesses, accidents, dental diseases, and behavioral issues. Before we founded Outdoorsy, my co-founder Jen Young and I hit the road in an Airstream with our cockapoo puppy, Lucy, and we've taken her on every road trip since, One of our goals in starting Outdoorsy was to make the road trip experience as stress-free as possible for all guests. Through Roamly, we've been able to bring a product to market that helps insure travelers and now we're thrilled to be able to help them look after the wellbeing of their most loyal companions — their pets." Outdoorsy's Co-founder and CEO Jeff Cavins. Through the Roamly Pet Insurance program, pet parents can select plans for dogs and cats that includes coverage for exam fees, diagnostics, and treatments for accidents, illnesses, cancer, hereditary conditions, behavioral issues and dental disease. Pet parents can also add preventive care coverage for an additional cost to help cover pet care necessities such as vaccines, flea, tick and heartworm medication, and dental cleanings. Other coverage offerings include wellness exams and screenings. This new addition to Roamly's suite of product offerings comes after the insurtech's parent company, Outdoorsy Holdings, received $125M in fresh funding last June to accelerate the company's product innovation and international expansion. In January, Roamly announced it had completed an insurance integration with Wheelbase, the RV industry's most powerful professional software product for fleet operators. In February, the insurtech announced it had booked $40 million in premium in the past year. About Roamly Roamly Insurance Group (Roamly) is the first full stack insurtech for enthusiasts with an embedded offering, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles are affirmatively allowed to be rented on platforms like Outdoorsy. About Outdoorsy Outdoorsy is the most trusted on-demand RV rental and outdoor travel marketplace on the planet. Founded in 2015, we have offices worldwide in the U.S., Canada, Australia, France, and the UK. Our mission is to mobilize the 54+ million idle RVs around the world to ensure everyone has the access, choice, and opportunity to safely enjoy outdoor experiences and travel while we empower RV owners to realize life-changing financial benefits.

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INSURANCE TECHNOLOGY

Socotra Acquires Avolanta to Add Unified Agent and Customer Portal to Its Advanced Policy Core

Socotra | May 21, 2022

Socotra, the partner of choice for innovative insurers, today announced the acquisition of Avolanta, a software startup offering the only unified portal purpose-built for the insurance industry. As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal. Insurance companies are struggling to deliver the types of digital user experiences that are now common in other industries. Many insurance customers are still forced to fill out paper applications with agents and brokers manually entering customer data into outdated web portals. Avolanta enables insurers to solve these issues by seamlessly connecting agents, brokers, and customers with its unified portal. Avolanta provides the only unified portal purpose-built for insurance Avolanta was founded in 2018 by insurtech entrepreneur, Chuck Wilson, and insurance veteran, Gavin Dean. With decades of experience in the industry, the founders created Avolanta to provide insurers a better way to streamline processes and create user experiences. The cloud-native platform allows insurers to rapidly innovate and deploy new products with a unified portal. Agents can collaborate with customers through secure, shared online applications to reduce manual entry. As a result, insurers can deliver customized experiences, automate data capture and analytics, and ultimately drive more conversions and revenue. Joining Socotra is an exciting next chapter for Avolanta, Avolanta’s frontend technology focused on the user experience is the perfect extension to Socotra’s backend policy core. The combined platform will help insurers quickly develop new insurance products with more convenient buying experiences for any distribution channel—whether it’s agent, embedded, or direct-to-consumer. We can’t wait to see how insurers will leverage Socotra to innovate.” Chuck Wilson, CEO and co-founder of Avolanta. The acquisition of Avolanta is a perfect complement to Socotra’s industry-leading policy core, Socotra and Avolanta share a mission to modernize the insurance industry with open APIs, true cloud, and off-the-shelf capabilities that accelerate innovation and speed-to-market. Together, we now offer the complete front-to-back platform that moves the insurance industry forward.” Dan Woods, founder and CEO of Socotra. About Socotra Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.

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INSURANCE TECHNOLOGY

U.S. Insurance Commissioners Endorse Internationally Recognized Climate Risk Disclosure Standard for Insurance Companies

naic.org | April 11, 2022

A bipartisan group of state insurance regulators led by Insurance Commissioners Ricardo Lara of California and David Altmaier of Florida adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD standard is the international benchmark for climate risk disclosure and will help insurance regulators and the public to better understand the climate-related risks to the U.S. insurance market, which is the largest in the world. This announcement during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, Missouri, puts U.S. state insurance regulators on the forefront of climate risk disclosure to protect consumers. Commissioners Lara and Altmaier are co-chairs of the NAIC Climate Risk & Resiliency Task Force (Task Force), which was established in 2020 to coordinate all of the NAIC's domestic and international efforts on climate-related risk and resiliency issues. The Task Force developed the new TCFD-aligned survey over a 14-month public participation process led by Oregon Insurance Commissioner Andrew Stolfi and Rhode Island Superintendent Elizabeth Dwyer in coordination with Commissioners Lara and Altmaier, and marks the first update to the NAIC's Climate Risk Disclosure Survey approach since it was created in 2010. The Task Force determined that implementing a TCFD-aligned disclosure framework would enhance transparency about how insurance companies manage climate-related risks and opportunities and incorporate international best practices, among other benefits that the Task Force identified in the new standard. Insurance regulators from France, Switzerland, and the United Kingdom currently require TCFD-aligned reports. U.S. financial regulators such as the U.S. Securities and Exchange Commission are also taking steps toward requiring TCFD-aligned disclosures for other financial institutions. Our global climate crisis affects every state, requiring us to reach across partisan divides to find solutions that protect all people, By holding insurance companies to this global standard for climate disclosure, insurance regulators are showing the power of united leadership in our efforts to address climate change and reduce the negative impacts on insurance consumers." California Insurance Commissioner Ricardo Lara. The NAIC's action shows that our system of state-based insurance regulation remains strong and flexible in responding to changing conditions in our markets and our world, Thank you to my fellow regulators for your commitment to work together to protect consumers." Florida Insurance Commissioner David Altmaier. We have all been affected by climate-related events, including wildfires, floods, and increased extreme weather. The first NAIC climate risk survey, created more than 10 years ago, led the way at the time, and it's great to see the NAIC lead again by being the first U.S. financial system regulator to adopt TCFD-aligned disclosure requirements, I'm grateful for the robust participation in this process over the past year and the strong support to adopt internationally aligned climate risk disclosures, and I look forward to continuing our work by supporting insurers in shifting to this new reporting framework." Oregon Insurance Commissioner Andrew Stolfi. Aligning U.S. insurance companies' climate disclosures with the global norm is a major step forward to protect financial markets and consumers who rely on insurance for safety and security, The bipartisan leadership of Commissioner Lara of California and Commissioner Altmaier of Florida is in short supply around the globe. It is needed more than ever before as we address climate-related financial risks across investment portfolios and global supply chains." Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets

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WORKERS COMPENSATION

KBRA Assigns Insurance Financial Strength Rating to Tower Hill Insurance Exchange

KBRA | December 30, 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. Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. 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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Spotlight

What is Motor Insurance? Motor insurance can cover your motor vehicle against accidental damage and theft. It can also protect you from the financial costs of repairing or replacing another person’s vehicle in an accident where you’re at fault. Generally you can choose to insure your car for an agreed amount, or for the market value of your vehicle - up to $150,000. Above $150,000 will be considered on referral.

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