Beazley Launches Contingency Policy Covering Virtual Event Organizers

Beazley | June 22, 2020

Specialist insurer Beazley has launched a contingency policy designed to cover event organizers if a transmission failure disrupts or cancels a live virtual event.
The insurer acknowledged that streaming live events is not new but the policy responds to an increase in online events under social distancing during the pandemic.

Spotlight

The market for motor insurance is seen by many as being dysfunctional. Premiums rise and fall sharply and unpredictably. Fraud against the industry is widespread but the relationship between the industry and car hire and repairers and legal claims firms seems equally dubious. For these reasons the industry has attracted the attention of public opinion, the competition authorities, and government and Parliamentary enquiries. The industry, however, points out that the market is fiercely competitive, driven by price comparison websites, and is periodically unprofitable. Claims management companies deny that fraud is as prevalent as the industry suggests and that the ‘compensation culture argument is exaggerated.


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LIFE INSURANCE

Sun Life announces Sun Life Link to create a better benefits experience through enhanced digital connectivity

Sun Life | December 17, 2021

Sun Life U.S. has launched Sun Life Link, a broad portfolio of digital connection solutions, including APIs (application programming interface) with prominent HCM (human capital management) and benefits administration systems. These connections alleviate manual administrative tasks for HR professionals by automating employee insurance and data processes to produce real-time results. Employers experience a more efficient process with more time to spend on benefits strategy, employee programs, and other priorities, and their employees see faster confirmation of insurance coverage and status updates. Sun Life Link is backed by dedicated teams of technology experts who focus on building the technical framework to develop secure, customizable API integrations that address client needs. By proactively partnering with clients to build and implement new connections, these teams ensure they are solving for clients' specific pain points and setting them up for immediate and ongoing success. "We are committed to bringing our clients innovative solutions, connections and partnerships that make their lives easier, Sun Life Link creates connections and provides expertise that ease administrative burdens for HR teams, saving them significant time and making the benefits enrollment process far more efficient and streamlined." - Kevin Krzeminski, senior vice president of National Accounts at Sun Life U.S. Sun Life Link API connections facilitate the exchange of EOI (evidence of insurability) data, which results in a faster, easier enrollment experience for employers and employee members. With many benefits administration and HCM system connections already implemented, Sun Life Link adds new connections on a continuing basis, enhancing the size and scope of solutions as well as catering to a broader range of employers with different needs and goals. Sun Life approaches digital solution development with flexibility to adapt to continuously evolving client needs. Sun Life Link solutions include leave administration, self-billing, and enrollment and plan design integration, further automating manual HR tasks around benefits management. About Sun Life Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of C$1.39 trillion.Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. In the United States, Sun Life is one of the largest group benefits providers, serving more than 60,000 employers in small, medium and large workplaces across the country. Sun Life's broad portfolio of insurance products and services in the U.S. includes disability, absence management, life, dental, vision, voluntary and medical stop-loss. Sun Life and its affiliates in asset management businesses in the U.S. employ approximately 5,500 people. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.).

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CORE INSURANCE

Truist Insurance Holdings to acquire Kensington Vanguard National Land Services

Truist Insurance Holdings, Inc. | February 09, 2022

Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire Kensington Vanguard National Land Services, one of the country's largest independent full-service national title insurance agencies. The transaction significantly expands Truist Insurance Holdings' presence in the title insurance market. Truist's existing title operation, BridgeTrust Title, will be integrated into the Kensington Vanguard platform. "Kensington Vanguard has grown considerably over the past 15 years through a successful strategy built around geographic expansion, talent recruitment, and acquisitions, Its industry-leading expertise in both the commercial and residential title sectors will enable us to offer title and real estate services across the full market spectrum. The combined business will be one of the largest full-service real estate service agencies in the U.S." -John Howard, chairman and chief executive officer of Truist Insurance Holdings. The transaction is expected to close later in the first quarter. The terms of the sale were not disclosed. About Truist Insurance Holdings Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.). About Kensington Vanguard National Land Services Kensington Vanguard National Land Services, LLC, headquartered in New York City, has offices in Arizona, Florida, New Jersey, Virginia, and Texas. It is one of the largest full-service national title insurance and settlement agencies in the U.S. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services. After a strategic investment by private equity firm Stone Point Capital in 2016, Kensington Vanguard has continued to be a consolidator driven by industry leadership and financial strength.

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LIFE INSURANCE

$100k In Guaranteed Life Insurance Now Available Through WAEPA

WAEPA | April 12, 2022

WAEPA (Worldwide Assurance for Employees of Public Agencies) is now offering $100k in Guaranteed Life Insurance coverage for a limited time. Civilian Federal Employees under the age of 50 who are not currently WAEPA members are eligible to apply for $100k in Guaranteed Life Insurance coverage with no medical exam required. Approval is guaranteed, and coverage is fully portable for those that leave federal service. At WAEPA, we want to provide Civilian Feds with the peace of mind that their family's financial future is secure, Civilian Feds serve our country every day, and our goal is to serve them. This guaranteed offer provides the opportunity to realize that goal." M. Shane Canfield, CEO of WAEPA. This limited time offer expires on May 25, 2022. Existing WAEPA members, spouses, and dependents are ineligible, and you must be a United States citizen to apply. About WAEPA Worldwide Assurance for Employees of Public Agencies (WAEPA), is a nonprofit association (not an insurance company) formed For Feds, By Feds. The goal of WAEPA is to provide access to products and services that promote the health, welfare, and financial well-being of its members. After more than 75 years in business, WAEPA has over 46,000 members.

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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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Spotlight

The market for motor insurance is seen by many as being dysfunctional. Premiums rise and fall sharply and unpredictably. Fraud against the industry is widespread but the relationship between the industry and car hire and repairers and legal claims firms seems equally dubious. For these reasons the industry has attracted the attention of public opinion, the competition authorities, and government and Parliamentary enquiries. The industry, however, points out that the market is fiercely competitive, driven by price comparison websites, and is periodically unprofitable. Claims management companies deny that fraud is as prevalent as the industry suggests and that the ‘compensation culture argument is exaggerated.

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