Chubb innovates in marine insurance

Chubb | July 29, 2019

A global insurance company has innovated its insurance offering for the marine transport community. Chubb now offers instant shipment insurance on the networked trade platform (NTP) via its value-added service (VAS) listing, to instantly insure a wide range of goods including commercial containerised cargo, household goods, parcel freight, and specialty items, like works of art. The instant shipment insurance technology, currently available in Australia, Korea, and Singapore, was developed to be promptly and easily deployed on other platforms, allowing transport operators to offer automated shipment insurance to their clients on their proprietary platforms. This makes the process for obtaining insurance quotation and bind cover seamless, quick, and available 24/7 for traders, logistics service providers, carriers, and insurance intermediaries.

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INSURANCE TECHNOLOGY

High Street Insurance Partners Successfully Acquires Gemini Risk Partners

High Street Insurance Partners | March 30, 2022

High Street Insurance Partners ("HSIP") announced today that it has acquired Michigan based Gemini Risk Partners. Gemini Risk Partners was founded by attorneys David Kramer and Theodore Nittis to service the insurance needs of law firms. The agency specializes in providing professional liability coverage and other comprehensive insurance solutions exclusively to law firms. Law firms are turning to Gemini Risk Partners expertise to give them the peace of mind they need to effectively practice law and not worry about professional liability coverage. This partnership continues to build out our specialty expertise in key verticals for our clients." Scott Wick, CEO of HSIP. We are excited to join HSIP, together with our client focused philosophies we will be able to provide sophisticated insurance solutions to manage specific and unique risks faced by all our law firm clients." David Kramer, Principal of Gemini Risk Partners. HSIP, one of the fastest growing insurance brokerages in North America, has now completed 109 transactions since forming the company in mid-2018. About High Street Insurance Partners High Street Insurance Partners (HSIP) is a full-service independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,800 insurance specialists & consultants in offices based in Colorado, Connecticut, Florida, Illinois, Iowa, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas & Virginia.

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HEALTH INSURANCE

HealthSmart® Launches DFW SmartCare™ Health Plan

HealthSmart | May 20, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of DFW SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to DFW-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to the Baylor Scott & White Quality Alliance (BSWQA), inclusive of Catalyst Health Network (CHN). BSWQA is a clinically integrated network of hospitals, facilities, and doctors that members can access through Employers Health Network (EHN). DFW SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, DFW SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the DFW Metroplex is a perfect example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in North Texas control their health benefit costs by providing deeply discounted access to the BSWQA clinically integrated network through EHN.This is big news for DFW small and medium employer groups and DFW SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks.

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INSURANCE TECHNOLOGY

AM Best Affirms Financial Strength Rating of CopperPoint Insurance Company

CopperPoint | January 31, 2022

CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced today that AM Best has affirmed the Financial Strength Rating of A (Excellent) for CopperPoint Insurance Company and its subsidiaries with a stable outlook. Alaska National Insurance Company has also been added as a new member to Best's rating for CopperPoint Insurance Group. These ratings reflect the strength of CopperPoint's balance sheet, risk appetite and operating results over the last several years. CopperPoint maintains the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio, favorable reserve development and strong reinsurance program. AM Best is a widely recognized provider of insurance industry ratings and financial data. "We're pleased with AM Best's review of our enterprise, the resulting rating affirmation, and the rating agency's inclusion of Alaska National within our rating group. Since its acquisition in 2019, Alaska National has become even more integrated with our family of companies and continues to enhance our already strong balance sheet and operating results, The differentiated expertise of our now over 750 employees, enables us to continue offering best-in-class workers' compensation coverage, comprehensive risk management solutions and an expanded commercial property and casualty product offering, while providing exceptional service to policyholders, injured workers and agency partners." -Marc Schmittlein, President and CEO, CopperPoint Insurance Companies. About CopperPoint Insurance Companies Founded in 1925, CopperPoint Insurance Companies, www.copperpoint.com, is a leading provider of workers' compensation and commercial property and casualty insurance solutions. With an expanded line of insurance products and a growing 26-state footprint, CopperPoint is in a strong position to meet the evolving needs of its agents, brokers, and customers. It has $5.1 billion in total assets and an enterprise surplus of approximately $1.6 billion.CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company. All companies are rated A (Excellent) by AM Best.

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INSURANCE TECHNOLOGY

Marble Launches First Rewards-Based Mobile App For Insurance

Marble | May 23, 2022

Marble, the all-in-one insurance rewards platform where households can confidently organize, optimize, and save on all of their insurance, no matter who their provider is, announced the launch of their highly anticipated mobile app today. Marble’s app is now available for free download via the Apple App Store or Google Play Store. Since the launch of the Marble public beta a year ago, tens of thousands of households have used Marble’s free tools to take control of nearly 20 million dollars of insurance premiums. Typically seen as a frustrating household expense, Marble is empowering members to proactively manage their insurance and risk. As challenger banks have grown in popularity and established financial institutions have adopted modern technology, American consumers now have an expectation of managing their finances through leading-edge digital experiences and intuitive design. While the legacy insurance industry has been putting millions of dollars into TV commercials instead of meeting this consumer demand, Marble has built the modern, one-stop-shop for savvy and proactive policyholders. Americans spend up to 10% of their household budget on insurance, but the industry has yet to introduce a modern, engaging rewards program At the same time as the industry spends nearly “$60 for the typical insurance-purchasing single person, couple or family” on advertising, consumers are reporting less and less differentiation between brands each year Since 2014, NPS scores for insurance companies have only improved 2%, despite the wave of new digital tools that have been brought to market, and millions of dollars in investment Within the year, Marble will store and manage more premium than some of the largest insurance agencies in the US. That is the clearest possible sign that we are building something that millions of Americans want. Policyholders are tired of seeing rising rates and back-to-back insurance commercials — they want simple, intuitive digital tools and rewards that they can use in their daily lives.” Stuart Winchester, founder & CEO at Marble. Marble built a universal insurance app to provide a secure and innovative online service that also allows modern households to earn rewards for protecting what they love. Member benefits include: Taking control of all risk and insurance in one account Shopping and lowering rates using Marble’s spam-stopping tools Researching carriers with our double-verified reviews — users can be confident that our reviews are written by real Marble members who actually have insurance from that company Quickly contacting a carrier or start a claim process with a few taps Taking advantage of exclusive partnership offers and perks via our Marble Monday series Earning and redeeming rewards for gift cards, charity, or even cryptocurrencies And Marble is just getting started. Working in partnership with our community of hundreds of Marble ambassadors who have private access to make direct product and feature requests, we’ll be releasing new, delightful features to the Marble mobile app every month. About Marble If you have insurance, you need Marble. Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, explore, pay, and — for the first time ever — earn rewards on their insurance premium payments. There's no cost to join. Marble members are insured by the nation's largest insurance agencies and can link their automotive, home, renters, pet, life, and other types of personal insurance. Marble is proudly based in New York, New York.

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