INSURANCE TECHNOLOGY

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

Insurance Navy | April 18, 2022

Insurance_Navy_Names
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.


Spotlight

Financial advisors often ask us about the right time to discuss insurance with their clients. The short answer is that there are two obvious opportunities: while onboarding a new client and during an annual financial review. But a longer, more useful answer is that there are many other moments when insurance can and generally should be raised. We’re referring to non-scheduled, informal conversations with clients when the talk is about what’s happening in their lives and with their families.


Other News
INSURANCE TECHNOLOGY

IMG Launches iTravelInsured Essential, an Economical Travel Insurance Product

IMG | May 27, 2022

International Medical Group® (IMG®), an award-winning global insurance benefits and assistance services company, is excited to introduce iTravelInsured Essential, a new cost-effective travel insurance offering ideal for price-conscious travelers seeking only the most vital trip protection benefits. IMG's lowest-priced travel protection program, iTravelInsured Essential allows travelers, such as U.S. residents traveling within the U.S., to protect their prepaid, non-refundable trip costs with the most fundamental travel insurance benefits. We are thrilled to introduce our new iTravelInsured Essential plan to travelers that have been long awaiting an economical travel insurance option in the market, Customers who purchase iTravelInsured Essential are able to attain essential coverage at a reasonable price and can still have the same Global Peace of Mind® that comes with the other travel and health safety solutions we offer." Grant Hayes, IMG Director of International Sales – Travel. The iTravelInsured Essential plan provides limited travel protection with coverage for trip cancellation and interruption, travel delay, and accidental death and dismemberment. The plan also includes access to IMG's 24/7 emergency non-insurance travel assistance service. With this service, travelers are just a call away from IMG's world-class customer service team that can help with lost luggage, emergency translations, emergency cash transfers, and much more. The iTravelInsured Essential plan is a fantastic addition to IMG's market-leading travel insurance product suite, We know that some travelers want coverage for a select few scenarios, and the iTravelInsured Essential plan provides exactly that." Amanda Winkle, IMG Chief Commercial Officer. About International Medical Group® (IMG®) International Medical Group® (IMG®), a SiriusPoint company, is an award-winning global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. The preeminent provider of travel and health safety solutions, IMG offers a wide range of insurance programs, including international private medical insurance, travel medical insurance, and travel insurance, as well as enterprise services, including insurance administrative services and 24/7 emergency medical, security, and travel assistance. IMG's world-class services, combined with an extensive product portfolio, provide Global Peace of Mind® for travelers, students, missionaries, marine crews, and any other individuals or groups traveling, working, or living away from home.

Read More

HEALTH INSURANCE

HealthSmart® Launches Houston SmartCare™ Health Plan

HealthSmart | June 02, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of Houston SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to Houston-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to leading hospitals, facilities and providers in Greater Houston through Employers Health Network (EHN). Houston 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, Houston 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 Greater Houston area is another 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 the Houston area control their health benefit costs by providing deeply discounted access to the area's top hospitals and providers through EHN. This is big news for small and medium employer groups and Houston 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. About EHN Employers Health Network (EHN) embraces a high-performance network model that helps employers provide exceptional quality healthcare benefits at lower cost. Our unique network model helps both employers and members save immediately and save over time through a sustainable model with our high-quality and accountable network partners. About Elan Insurance Group ELAN Insurance Group is a group of companies headquartered in Miami collaborating to bring competitive, cutting-edge health insurance products to the marketplace. From traditional comprehensive plans to self-funded plans, ELAN tailors its offering to meet the needs of employers and individuals across the Caribbean and the United States.

Read More

RISK MANAGEMENT

Bubble Launches Online Embedded Insurance for Housing Industry in the Wake of $1.75M in Funding

Next by Pacific Life | January 14, 2022

Bubble, the company that has made getting tailored home and life insurance an instantaneous online process, today launched its turnkey Insurance-in-a-Box offering on the heels of $1.75M in pre-seed funding anchored by The House Fund with participation from Tuesday Capital, Correlation Ventures, and North Coast Ventures. With Bubble, real estate and mortgage companies are able to embed digital homeowner's and life insurance seamlessly into real estate transactions. This enables people buying a home or refinancing a mortgage to easily – often in just a few minutes online – protect their homes as well as their families' futures at the same time as making a home/loan purchase. Bubble's Embedded Insurance-in-a-Box offering includes widgets, APIs, white-labeled or co-branded consumer sites and referral URLs that real estate companies can use to embed accurate home and life insurance quotes into home and loan purchase flows. Combining data from home and mortgage transactions with its own extensive database and proprietary analytics, Bubble delivers custom-tailored quotes in real-time. Through Bubble's online portal, customers can further personalize their coverage, maximize discounts, complete their applications, and have their policies approved and issued in a matter of minutes. Bubble integrates directly with top-rated insurance companies to match customers with customized policies instantly online. Its AI-guided recommendation engine, Bubble LifePal, currently finds the products with optimal coverage from Stillwater for homeowner's insurance along with SBLI and Pacific Life for term life, and integrations with other insurers are forthcoming. Customers are presented with transparent, personalized insurance packages, and often are able to get underwriting decisions and have their policies issued, all online in minutes. "We are excited to offer our range of home insurance products on Bubble's all-digital platform, Bubble's intuitive online flows demystify the process while giving users the flexibility to customize coverages to their needs. Together with Bubble, we're making insurance buying as easy as pie." -Stillwater VP of Inside Sales and Sales Systems, Alisa Ruenprapan. Recognizing that home ownership is a key catalyst to life insurance purchase, Bubble pairs two unique term life products especially suited for younger home buyers: Next by Pacific Life & SBLI's Simplified Issue Term Life. "With Next Term Life, you don't have to anticipate the future and buy more life insurance than you need, You start with the coverage you need today and can increase or decrease at key life events, such as buying a house, without additional underwriting. It's an innovative product that lets you 'lock in' your health rating, typically when you're young and healthy. Bubble's online platform that integrates life insurance at this key milestone is the perfect entry point for Next Term Life." -Joe Kordovi, AVP of Innovations at Pacific Life. The other term life product by SBLI offers a completely fluid-less (i.e., no medical test) underwriting process and provides instant online decisions in minutes, a perfect complement for busy home buyers that already have their hands full. "SBLI is very happy to work with Bubble and offer a unique and simplified issue digital term insurance solution to Bubble customers through this valuable partnership. This strategic collaboration supports SBLI's continued commitment to build diversification in both our product and digital distribution areas," said Denis Clifford, SVP of Sales & Distribution at SBLI. "Bubble streamlines the natural flow of life events: starting a family, buying a home, insuring it, and insuring everyone living there, Millennials especially stand to reap the benefits of bundling life and home insurance while they're young and healthy. They can lock in a great rate for the next several decades. Our mission is to make it as simple and straightforward as possible for them to do that." -Bubble Co-founder & CEO Avi Gupta. Bubble's digital Insurance-in-a-Box helps real estate companies minimize friction and speed transactions by enabling customers to quickly get insurance when they're buying a home. Lenders and loan servicers also mitigate the risk of default with term life policies covering borrowers. These companies in the housing ecosystem can even monetize insurance by sharing commission splits or referral fees with Bubble under certain circumstances. Dan Zettler, partner at Barnstable Mortgage Group, noted: "As mortgage brokers for nearly 20 years, partnering with Bubble allows us to leapfrog our offerings into the digital world with a completely online experience for personalized home and life insurance. Taking the pain and hassle out of insurance purchases is a no-brainer!" About Bubble Bubble's mission is to help homeowners protect their homes, loved ones and everything under their roof with the right insurance coverages, at the right time for the right price. By embedding online insurance into the path of a home or mortgage purchase, Bubble's sophisticated AI algorithms combine data from the real estate transaction with its own extensive library, to streamline the process of buying insurance, from an online quote to application to instant approval. About Next by Pacific Life Next by Pacific Life was created to provide a better, seamless digital experience for the modern customer. Offering an innovative insurance product built for customer engagement, Next by Pacific Life easily integrates with key digital distribution partners like Bubble. About SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) For over 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, they offer dependable protection, at a fair price.

Read More

Conning--Small Business Insurers Weather the Pandemic Storm

Conning, Inc. | December 29, 2021

The small commercial insurance market is riding out the COVID-19 pandemic in a determined manner positing approximately 4.2% compound growth between 2017-2020, according to a new study by Conning. Additionally, the market continues to be attractive for insurers on the national, regional, and specialty levels. The sheer number of firms and multiple dimensions to split the market—including revenue, industry, and employee count—mean almost all insurers can find at least one niche to participate in. "The impact of the recession on the small business community was severe, and small business tends to be overrepresented in the hardest–hit sectors of the economy, such as retail, hospitality, and food services, Our analysis of the market, however, shows much more favorable results than might have been anticipated, with strong support from the Treasury during the depths of the crisis and a sharp rebound in the small business segment in the second half of 2020 that was stronger than for either the midsized or large segments." -Alan Walters, a Vice President, Insurance Research at Conning. The Conning study, "Small Commercial Insurance: Weathering the Pandemic Storm," analyzes the small commercial insurance marketplace, including insurer market share, key insured segment trends, insurer responses to the pandemic, and evolving go-to-market strategies. As in prior editions of the study, quantitative market analysis of statutory data coupled with in-depth-interviews of key market participants provide the foundation of the research. "The small commercial market remains a compelling segment due to the lack of a clear market leader, and the ongoing entrepreneurial spirit and competitive intensity of market participants, The pandemic served to accelerate innovation in this space, driving greater and faster adoption of technology for sales and service, while also continuing to focus on agents and brokers as the primary distribution channel for the segment." -Steve Webersen, Head of Insurance Research at Conning.

Read More

Spotlight

Financial advisors often ask us about the right time to discuss insurance with their clients. The short answer is that there are two obvious opportunities: while onboarding a new client and during an annual financial review. But a longer, more useful answer is that there are many other moments when insurance can and generally should be raised. We’re referring to non-scheduled, informal conversations with clients when the talk is about what’s happening in their lives and with their families.

Resources