Insurer Lemonade Seeks to Raise $286 Million in IPO

Lemonade | June 25, 2020

Insurance startup Lemonade Inc., which is backed by SoftBank Group Corp., said on Thursday it was looking to raise up to $286 million in its U.S. initial public offering (IPO), as the IPO market gains momentum after COVID-19 put many debuts on hold.
Lemonade’s public listing comes amid a strong appetite for new stock offerings, especially those with an online-focused business against the backdrop of the pandemic.

Spotlight

The term is used in many different ways, varying from institution to institution, organization to organization and sometimes within institutions and organizations as well. It can be hard to pin down, but there are some central features common to all good policy: it states matters of principle
it is focused on action, stating what is to be done and by whom


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INTELLECTUAL PROPERTY

Sun Life introduces employer community to ThrivePass to help manage workplace vaccine verification and testing for COVID-19

Sun Life U.S. | January 19, 2022

Sun Life U.S. has reached an agreement with ThrivePass to help employers with vaccine and testing verification, including a dashboard for employers to holistically view the vaccination and exemption status of their employee population. The ThrivePass Vaccine Verification Solution is a turnkey solution that offers real-time reporting, automated tracking and ongoing employee communications in a HIPAA (Health Insurance Portability and Accountability Act)-secured platform. "Employers continue to express interest in employee vaccine and testing, and are seeking out solutions that make their lives easier in maintaining a safe workplace, We are pleased to refer employers to ThrivePass, which can help them ensure the wellbeing of their employees." -Sheila Sokolski, assistant vice president, Sun Life Product Management. ThrivePass offers a "self-serve" format for employees to report their vaccination or test results, which are then verified by ThrivePass. Vaccine exemptions can be customized, and testing verification provides employees with personalized profiles that track their results history. Employers can access an administrative dashboard that tracks real-time employee data. "We are thrilled to have the support of Sun Life, As we broaden our market reach with this important solution that so many employers need right now, working with Sun Life provides us with an opportunity to help more employers navigate this uncertain time." -Dave George, sales executive, ThrivePass. 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. About ThrivePass ThrivePass is an innovative technology company dedicated to improving the world of employee benefits. Founded in 2014, they work with clients worldwide to provide a holistic benefits suite that supports employee well-being throughout the employment lifecycle. Other ThrivePass offerings include lifestyle accounts, tuition reimbursement, COBRA, HAS, FSA, HRA and commuter benefits.

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INSURANCE TECHNOLOGY

Pinpoint Predictive Announces Partnership With Ohio Mutual Insurance Group

Pinpoint | April 21, 2022

Pinpoint Predictive is pleased to announce a new partnership with Ohio Mutual Insurance Group, through which the two organizations will use applied data and analytics to more accurately predict and evaluate loss risk for the mutual insurer. Industry experts estimate that the average U.S. family pays up to $700 in extra insurance premiums each year to account for the $80 billion in losses experienced due to fraud and premium leakage (underpriced policies due to both intentional and inadvertent mischaracterization of a customer’s insured risks). Pinpoint Predictive offers a unique, turnkey solution that allows carriers to leverage the predictive power of behavioral economics, big data, and deep learning for risk selection and determination of customer journey, while maintaining the highest standards in privacy safeguards. These cutting-edge capabilities enable insurers to more precisely identify loss and other unreported/underreported risk, and to create more satisfactory customer experiences for the majority of customers. This new tool offered by Pinpoint Predictive is a promising approach, and we believe it’s an innovative way for us to be even more precise in our identification and mediation of circumstances where loss is more likely to occur. Through the thoughtful application of this technology, we hope to ultimately create even more equitable experiences and products for our members.” Ohio Mutual Chief Analytics Officer Susan Kent. We are excited about working with Ohio Mutual and deploying the predictive power of Pinpoint to identify premium leakage and avoid unnecessary loss, We are proud to add a forward-thinking organization such as Ohio Mutual to our growing list of insurers and MGAs who are leveraging the Pinpoint platform for unmatched risk selection.” Scott Ham, CEO of Pinpoint Predictive. About Ohio Mutual Insurance Group Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, partners with nearly 400 independent agencies to distribute quality property and casualty insurance products throughout Connecticut, Indiana, Maine, New Hampshire, Ohio, Rhode Island, and Vermont. Ohio Mutual has maintained a rating of “A / Stable” from A.M. Best Co. for 29 consecutive years and has been named to the Ward’s 50® eight times since 2009. About Pinpoint Predictive, Inc. Pinpoint Predictive brings individualized intelligence to insurers by applying deep learning, big data and behavioral economics to accurately predict risk propensities at the top of the funnel and pre-renewal process. This AI-powered platform has revealed $100s of millions in bottom-line value for Top 10 insurers by assessing key actionable areas for loss ratio improvement, including predictions of loss cost, premium leakage and SIU referral as well as an individual’s likelihood of early cancellation, likelihood to commit fraud, or litigiousness.

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CORE INSURANCE

PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. ANNOUNCES PARTNERSHIP WITH BRP GROUP, INC.

Baldwin Risk Partners | January 11, 2022

Performance Bonding Surety & Insurance Brokerage, L.P. ("Performance Bonding") is pleased to announce that its business will now be operated within the BRP Group, Inc. ("BRP Group") (NASDAQ: BRP) family through BRP Group's previously announced Partnership, BRP Group's nomenclature for a strategic acquisition, with Wood Gutmann & Bogart Insurance Brokers and certain of its affiliates and related entities (collectively, including Performance Bonding, "WGB"), which closed on December 1, 2021. BRP Group is an independent insurance distribution firm delivering tailored insurance solutions. With a strong foundation in surety company underwriting criteria and practices, Performance Bonding provides contract, commercial and miscellaneous surety bonds across a broad client base, including general contractors, subcontractors, developers, service industry professionals, private equity firms and publicly-traded entities. "This Partnership with Performance Bonding through WGB will add critical bonding and commercial insurance expertise to our national practice, Performance Bonding is highly-respected in their industry, and we are thrilled to welcome their team of experts into the BRP Group family." -Trevor Baldwin, Chief Executive Officer of BRP Group. "Performance Bonding could not be more excited to be joining forces with the highly-respected BRP Group organization and their brokerage Partners, We believe this Partnership will enable Performance Bonding to continue to grow while providing expanded resources and expertise to our clients. We look forward to continuing the expansion of our National and Global Surety brokerage platform with an organization that shares a common culture and desire to provide best-in-class service to their Colleagues, Clients, and Carrier Partners." -Erik Johansson, previously President of Performance Bonding ABOUT BRP GROUP, INC. BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. ABOUT PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. Performance Bonding has a combined 60+ years of surety experience, and an extensive resume of managing bond programs for notable clients in various industries. They specialize in creating custom surety solutions for their clients and insurance brokerage partners. Performance Bonding is a full-service national surety brokerage offering surety solutions for commercial, contract, and developer bond needs for private equity-owned firms, publicly-traded entities, and closely held private companies. Founded in 2014 and headquartered in Orange County, California, Performance Bonding provides a complete range of surety products and services, with access to every major surety carrier in the nation.

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CORE INSURANCE

InsureMyTrip Reports Travel Insurance Claims Increase, Delays Possible

InsureMyTrip | February 23, 2022

Travel insurance companies have reported a significant increase in travel insurance claims in recent weeks, according to licensed travel insurance agents at InsureMyTrip. With an upsurge in recent claims submissions, travelers should anticipate possible delays. "Many trips were affected by the Omicron surge and other factors, especially during December and January. Those travelers, who have coverage, are likely in the process of submitting claims to their insurance company. This high volume may lead to subsequent delays," - InsureMyTrip Travel Insurance Expert Meghan Walch. When filing a travel insurance claim, InsureMyTrip says travelers can help prevent additional lag time by understanding requirements in advance and supplying the proper paperwork to the travel insurance company: Specific forms may be required for each benefit within a policy. If documents are missing, this may cause a claim to be delayed. Use your travel insurance company's online portal to submit a claim or check the status of an existing claim. Obtain and save all receipts and documents related to an incident to help verify a claim. Once you return home from a trip, it can be more difficult to obtain documentation from travel suppliers or medical facilities. For travelers seeking additional help, InsureMyTrip travel insurance customers have access to Anytime Advocates, a claims assistance service. About InsureMyTrip It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.

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Spotlight

The term is used in many different ways, varying from institution to institution, organization to organization and sometimes within institutions and organizations as well. It can be hard to pin down, but there are some central features common to all good policy: it states matters of principle
it is focused on action, stating what is to be done and by whom

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