Hiscox backs Pikl in sharing economy insurance scheme

Hiscox | November 27, 2019

Specialist insurer Hiscox is supporting sharing economy insurance provider Pikl. The two have partnered to develop an insurance scheme, the first policies of which will cater to those who let out their properties on a short-term basis. The host insurance product leverages the expertise of the Hiscox schemes team. “We’re very excited to enter this partnership with Hiscox,” commented Pikl chief executive Louise Birritteri, whose camp aims to roll out further offerings that target other customer groups within the sharing economy. “This not only gives our policies credibility, it also gives us a much greater ability to tailor our products to cover lots more sharing economy situations and provide cover to a broader range of properties and operators in this growing market.”

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Property insurance claims may have a mortgage company involved in the roof replacement process. Some mortgage companies require the homeowner and roofing contractor to be involved. Several tips and suggestions are given in this video to help prepare a homeowner on what to expect after filing a roof claim.


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INSURANCE TECHNOLOGY

Insurtech Startup Honeycomb Raises $15.4MM in Series A Round, Led by Ibex Investors

Honeycomb | January 21, 2022

Honeycomb announced that it has raised $15.4 million in a Series A funding round led by Ibex Investors. The fast-growing digital insurance provider has developed the first technology stack for multi-family properties that dramatically streamlines the arduous, time-consuming process faced by landlords and condo owners associations seeking insurance. Moreover, Honeycomb's proprietary AI-driven technology also is the first to enable the delivery of bespoke, "right-priced" insurance coverages – instantly. The U.S. and Israel-based company, which only began writing U.S. policies in June of 2021, now operates in four states -- Illinois, Arizona, Michigan, and Ohio – with plans this year to launch in ten more states covering 60% of the country. Honeycomb expects to insure more than $1B of real estate assets by the end of Q1 2022. "Commercial lines insurance and specifically insurance for multi-family properties is ripe for disruption given the sheer complexity entailed in underwriting this class of risk, its manual processing legacy, and the absence of a leader in the market, At Honeycomb, we have succeeded in converting the institutional knowledge of our team of industry veterans into algorithms that parse deep, first-party, location-specific data to more accurately evaluate risk. As a result, we can perform more robust underwriting quicker and at a lower cost structure than previously possible," -Honeycomb's co-founder and CEO Itai Ben-Zaken. SiriusPoint Ltd, a global insurer and reinsurer, and Honeycomb's own lead underwriting capacity provider, will also participate in this funding round as a new investor alongside lead investor Ibex Investors, and existing investors Phoenix Insurance, Distributed Ventures (FKA NFP Ventures), IT-Farm, and Sure Ventures, all of which have increased their stakes. With this new round, Honeycomb has to date raised $19 million. "Honeycomb is poised to change the game of real estate insurance, Their platform uniquely leverages both first and third-party data to disaggregate risk in ways that are totally different from the rest of the industry. Honeycomb is growing at a rapid pace since its launch, and we believe they will become the dominant platform in this market," -Gal Gitter, partner at Ibex Investors. In a market segment estimated to be worth $26 billion in the U.S. alone, Honeycomb is the first multi-family property insurance provider to innovate simultaneously on 3 distinct fronts: (1) Streamlining the customer and broker experience; (2) Leveraging unique proprietary underwriting technology that accurately "right-prices" every individual risk and provides discounts no other provider gives, and; (3) Offering bespoke insurance coverage that adapts to ever-changing client needs. For example, Honeycomb allows for customized policies that hadn't existed within the segment's traditional "one-size-fits-all" approach. These include insuring properties with Airbnb rentals while offering enhanced Ordinance and Law coverage, distinct Business Income and Extra Expense coverages, and a right-sized approach to deductibles in risk-prone areas. Multi-family property owners, condo and homeowners associations that follow Honeycomb's guidelines and mitigation requests continue to get deeper discounts as time goes by. This model is a win-win because it encourages positive self-selection. Customers who take great care of their properties will receive prices with which other insurance providers can't compete. The company sells its policies directly via its own platform and through a hand-picked and growing group of best-in-class insurance brokers who enjoy distinct advantages. With Honeycomb, they can provide as many as 30 bindable quotes per hour, and in real time – a vast improvement over a process that historically took weeks with multiple "touches" and follow-ups to produce a single quote. This translates to greater profitability for brokers, and accounts for the extraordinary interest the company is now receiving from the brokerage community. About Honeycomb Honeycomb is a reinsurance-backed MGA providing simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. With offices in Denver, San Francisco and Tel Aviv, Honeycomb leverages proprietary user-generated data, advanced AI, and computer-vision to automate the normally arduous and costly underwriting process. Honeycomb significantly improves the customer experience and provides tailored coverage at a competitive price point and at improved profit margins through its real-time rate/quote/bind offering and its data-driven "right-pricing" advantage.

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INTELLECTUAL PROPERTY

illumifin to Acquire LTCG to Expand Third-Party Administration Capabilities

Hoplon Capital | February 28, 2022

illumifin, a leading insurance third-party administration and software provider, today announced it has signed a definitive agreement to acquire LTCG, a leading provider of administrative solutions and clinical services to the long-term care (“LTC”) insurance industry. The transaction is expected to close within the next 60 days. The strategic acquisition will make illumifin one of the largest insurance third-party administrators in the country with leading capability in underwriting, policy administration, health risk assessments and claims management. By combining illumifin’s third party administration and technology solutions with LTCG’s proprietary long-term care administration platform and claims capabilities, the company will be well positioned to advance digital capabilities across the market and provide end-to-end administration of next generation hybrid long-term care policies in addition to all the other products currently supported. “The integration of illumifin and LTCG will deliver superior value to customers through our deep insurance knowledge, technology innovation and operational excellence. The combined company will be a true market innovator with unparalleled depth and capabilities to assist insurers as they continue their digital transformations.” -illumifin’s CEO Phil Ratcliff “Given our 25-year history as the leading partner for long-term care insurers and our deep customer relationships, the integrated company will allow us to build more strategic partnerships with our clients and help them enhance the customer experience for both policyholders and distributors,” - Peter Goldstein, LTCG’s CEO. illumifin was formed in July 2021 by Abry Partners and Hoplon Capital to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. About LTCG LTCG is a leading provider of administrative solutions and clinical services to the long-term care and life insurance industry, with over two decades of experience in this space. The company addresses all types of customer needs and policy requirements—from application processing and underwriting of new business to claims and administration of open and closed blocks. LTCG’s advanced data analytics, actuarial and risk management capabilities and unmatched industry expertise can help organizations manage their business and develop emerging products such as hybrid life/long term care policies. In addition, LTCG provides clients with unique insight about risk management built upon the industry’s largest database of long-term care underwriting and claims outcomes. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds.

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INSURANCE TECHNOLOGY

InsurTech Carrot Enters Exclusive Partnership with Naver

Carrot | May 19, 2022

Carrot ("Carrot" or the "Company"), a digital insurance platform of South Korea, is pleased to announce that it has entered into an Exclusive Promotion and Distribution Agreement with platform giant Naver Financial Corp. (Naver), whereby Carrot has been appointed to exclusively supply shipment return insurance for the merchants of Naver's online shopping platform (Smart Store). Smart Store is the nation's largest ecommerce marketplace in terms of transaction volume as of current. Compensating for the cost of return shipping and handling of goods, the proposed insurance is a non-traditional product designed to meet the needs of the marketplace sellers, as well as the shoppers. Sellers who purchase the cover are expected to boost their revenue through added marketing advantage, as the online shoppers are provided with extra layer of peace of mind in case they want to return or exchange the purchased items. Likewise, resounding success has been recorded from the pilot test co-conducted by two parties for the duration of four months during the second half of previous year, affirming that Carrot's business model works. Thousands of vendors who implemented the coverage reported 15% jump in sales volume while achieving 31% growth in revenue on average. In addition to the users' overwhelmingly positive responses, a surge in demand for the insurance to cover more shopping categories has been observed. We are excited to be working alongside with Naver, We share Naver's vision of innovating on behalf of clients, and the launch of this service is one way how we address customers' pressing needs. We are distinctively positioned to develop and deliver digital insurance solution to Naver that will broaden access to small online business owners and help them grow and protect their businesses. We look forward to continually introduce series of platform integrated solutions through our long-lasting partnership." Speaking of the recent partnership announcement, Paul Jung CEO of Carrot. Carrot anticipates that the concept of integration of insurance services into e-commerce transaction will expand to other "ecosystem partners". 11th Street, the 2nd largest shopping and open-market platform of Korea has started distributing Carrot's shipping return cover since 2020 and has plan to promote for wider adoption by the vendors to bolster their profitability, according to the firm. Not to mention that Amazon last year has inked exclusive partnership with 11th Street to enter the lucrative Korean e-commerce market. About Carrot General Insurance Corp. Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.

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INSURANCE TECHNOLOGY

Polly Announces Technology Integration Partnership with All Mortgage Insurance Providers

Polly | May 17, 2022

Polly, a leading provider of innovative SaaS technology for the mortgage capital markets space, today announced its integration with the six primary mortgage insurance (MI) providers: Arch MI, Enact, Essent, MGIC, National MI, and Radian. These staple integrations come highly requested, not only by the mortgage originators that have contributed to the rapid adoption of Polly’s end-to-end capital markets ecosystem to date, but also by the principal companies leading the private mortgage insurance industry. By embedding each MI company’s quoting capabilities into its state-of-the-art Product and Pricing Engine (PPE), Polly streamlines the process of calculating, quoting, and comparing MI offerings across all providers to save valuable time and effort for the loan officer and mortgage lender, and ultimately, provide the optimal options to the borrower. Users receive a comprehensive list of rates, premiums, summaries on DNI impact, and more from each MI provider with the single click of a button. Polly’s cloud-native PPE will also provide an explanation when a quote is not provided, as well as actionable suggestions for changing parameters. When a quote is selected, the user will instantaneously receive documentation from the applicable MI provider. These integrations are part of Polly’s core service offering and demand no additional cost from the MI companies that populate in the search results. At MGIC, we are dedicated to enabling efficiencies for our customers and are thankful for the opportunity from Polly to meet our customers where they need us most." Leslie Malicki, Director-Partner Solutions at MGIC. Polly is proud to have established a strong partnership with each MI provider, and all share a mutual dedication to providing joint customers with a superior experience. This commitment to industry collaboration, paired with its team of experienced mortgage professionals and first-hand knowledge of the market’s evolution, will serve to further accelerate Polly’s goal to drive true transformation across the mortgage industry. We are committed to our customers’ success and equipping them with the right tools and workflow automation to navigate an ever-changing market, We often receive feedback that legacy processes remain cumbersome and time consuming, so we are thrilled to partner with all six essential MI providers to streamline the mortgage insurance process for lenders and borrowers." Adam Carmel, Founder and Chief Executive Officer of Polly. About Polly Polly is transforming the mortgage industry with its modern, data-driven capital markets ecosystem. Lenders trust Polly’s Product and Pricing Engine (PPE), Loan Trading Exchange, Analytics Platform, and Partner Platform to optimize performance from rate lock to loan sale and delivery, increase gain-on-sale execution, automate workflows, and provide actionable data and analytics. Polly was founded in 2019 by a seasoned team of technology and mortgage experts, and is based in San Francisco, California.

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Spotlight

Property insurance claims may have a mortgage company involved in the roof replacement process. Some mortgage companies require the homeowner and roofing contractor to be involved. Several tips and suggestions are given in this video to help prepare a homeowner on what to expect after filing a roof claim.

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