Aviva pulls out of Indonesian joint venture

Aviva | March 06, 2020

Earlier today it was reported by Reuters that the British insurance giant, Aviva, has said that it will sell its entire stake in joint venture PT Astra Aviva Life to its partner in the operation, and pull completely out of Indonesia. Aviva has declined to say how much the sale will raise. In a statement, Aviva said: “The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions.” The company said that regulatory approval will be needed in Indonesia, as well as the completion of Bangkok Bank’s acquisition of Permata Bank, Aviva Indonesia’s bancassurance partner. It also said that the shareholders of Bangkok Bank approved the acquisition of Permata Bank on March 05, 2020.

Spotlight

The U.S. economic recession of recent years has touched all Americans, and the working middle class has been especially hard hit. The market is healing, yet job prospects remain limited, wages are idle, and savings, investments and home values are low. In this environment, consumers have had to reconsider their definition of financial security. Some have changed their behaviors to spend less, pay off debts and build emergency savings. Yet many more millions are missing out on true financial security because they don’t have enough if any life insurance protection.


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INSURANCE TECHNOLOGY

Insurance Navy Names The Most Affordable Used Cars to Buy Car Insurance For

Insurance Navy | April 18, 2022

Sedans are some of the best-selling used cars in the auto world. These cars asking prices, gas mileage, and longevity are appealing to drivers of all ages, even those who just got their drivers license. Being one of the best sellers of autos, sedans are also one of the most commonly insured cars. Insurance Navy, the fastest-growing car insurance broker in Illinois, handles car insurance policyholders with sedans regularly as well and has noticed some correlations in how much a sedan driver will pay for their car insurance coverage. Some sedans are less to insure than others, There are certain vehicle makes and models that have better safety features and are more reliable in the long run. Another great thing we found out about insuring cars such as sedans is that repairs and parts cost less. Solid cars like these have lower auto insurance premiums than average." Insurance Navy CEO Fadi Sneineh Insurance Navy is a provider of non-standard auto insurance, selling products in over 30 storefronts, a call center, and online in Illinois, Indiana, Wisconsin, Texas, and California. In addition to auto insurance, the company sells other financial products and services, including homeowners insurance, renters insurance, and roadside assistance. Insurance Navy provides non-standard car insurance to drivers for liability coverage that meets their state's minimum limits. Insurance Navy specializes in providing SR22 insurance, which is a certificate of financial responsibility for high-risk drivers. They also offer homeowners insurance, renters insurance, and roadside assistance to complement their auto insurance offerings. Insurance Navy is dedicated to helping our customers connect with trusted companies to find the best and most cost-effective insurance policy. Regardless of your level of risk, Insurance Navy provides options for auto, home, and life policies that make being covered easy and affordable. Above all, Insurance Navy prides itself on high-tier customer service.

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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

Insurtech Startup ennabl and Insurance Data Innovator Fenris Digital Launch Partnership

ennabl | May 09, 2022

Insurtech startup ennabl and insurance data innovator Fenris Digital have announced a partnership allowing insurance brokers and agents to leverage Fenris' extensive pool of data to accelerate their prospecting activities and nurture client relationships. Brokers using the ennabl platform can now leverage Fenris' universe of company, consumer, and asset data to uncover insights about their clients and provide a higher level of service to their customers. Fenris is a leader in the rapidly growing insurance data market and brings a comprehensive database of companies, customers, and automobiles to brokers and agents on the ennablCROSSCHECK application. ennablCROSSCHECK allows insurance producers to accelerate their prospect research from within the ennabl data analytics platform, generating a more complete and accurate picture of their customer base. Fenris utilizes data repositories of 255+ million adults, 130+ million households, 30+ million small businesses, and complete coverage of all properties in the U.S. to enable better customer acquisition for traditional, innovative, and embedded insurance providers. Insurance brokers leveraging Fenris data can accelerate the quoting process by pre-populating forms for customers, saving customers' time, and improving downstream underwriting accuracy. To succeed in today's market, insurance brokers require a deep knowledge of their potential customer base. With Fenris data incorporated into ennabl's platform, we are giving brokers the information that they need, when and where they need it." Jennifer Linton, CEO of Fenris Digital. ennabl was founded on the belief that insurance brokers spend too much time and money across disjointed systems entering and correcting data. ennabl's mission is to allow insurance professionals to get out of the data entry business and focus on their most critical assets: their customers. The insurance industry is undergoing a radical transformation catalyzed by data, and ennabl, now powered by the addition of data from Fenris Digital's data, is poised to lead the charge." Kabir Syed, CEO of ennabl. With this partnership, ennabl becomes one of the fastest growing providers of data and growth solutions for the insurance industry. This partnership expands the reach of ennabl's platform, broadening its services and providing access to the world's largest network of data. About Fenris Digital Fenris Digital (Fenris) is an insurance data sourcing innovator delivering a suite of API-delivered, SOC 2-compliant products that leverage well-established, proprietary data repositories for Predictive Scoring, Data Enrichment and Pre-fill, and Life Event Monitoring & Alerts (LEMA), to enable modern customer acquisition workflows across auto, home, life, and small commercial lines. About ennabl ennabl was created by Kabir Syed, founder, and former CEO of RiskMatch, and former managing director at Marsh. Syed brought together a world-class team of engineers, data experts, interface designers, and industry veterans to build a platform that will totally transform the way insurance brokers conduct business. With this tool, brokers will spend less time keeping data current and more time focusing on their clients' experiences, improving their bottom line.

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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

The U.S. economic recession of recent years has touched all Americans, and the working middle class has been especially hard hit. The market is healing, yet job prospects remain limited, wages are idle, and savings, investments and home values are low. In this environment, consumers have had to reconsider their definition of financial security. Some have changed their behaviors to spend less, pay off debts and build emergency savings. Yet many more millions are missing out on true financial security because they don’t have enough if any life insurance protection.

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