CORE INSURANCE

Sentry Insurance launches Sentry Risk Factor

Sentry Insurance | August 30, 2021

Sentry Insurance has launched Sentry Risk Factor, its proprietary risk management tool. By gathering detailed information through quality conversations with dealers, the tool helps evaluate, identify, and measure a dealership's potential risks that could lead to a large loss, and potentially, temporary business closure.

"We know how hard dealerships work to build their business and reputation, and we want to do our part by actively helping them reduce their risks," said John Hyland, president of direct writer at Sentry Insurance. "With Sentry Risk Factor we can help a business measure risks, including the ones that are less obvious and often unforeseen, to help prevent devastating loss at a dealership."

The first, and most important, step in the process is to have an in-depth conversation with a Sentry representative to discuss current operations and the safety culture at a dealership. The conversation allows a Sentry representative to identify risks across five different categories: safety culture, auto risk, building and inventory risks, service practices, and premises observations. Based on information gathered during this initial conversation, Sentry representatives use Sentry Risk Factor to assign a dealership one of three rankings—best in class, average, or red flag.

Based on the overall rankings, Sentry Risk Factor generates a report that details the­ results and proposes steps to help a dealership mitigate risk. An additional benefit for customers includes recommended safety resources that dealerships can access via their online accounts. Sentry Risk Factor is available for current and prospective customers.

Sentry is a leading provider of commercial insurance programs to more than 3,000 dealers throughout the country. Sentry is also endorsed by John Deere and Harley-Davidson as the preferred provider of commercial insurance for their dealerships. Visit the Sentry Risk Factor page to learn more.

About Sentry
Sentry Insurance is a part of one of the largest and most financially secure mutual insurance groups in the United States, holding a Financial Strength Rating of A+ (superior) from AM Best, current as of June 2021. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries and affiliates sell property and casualty insurance, life insurance, annuities, and retirement programs for business and individuals throughout the country. Headquartered in Stevens Point, Wisconsin, Sentry employs more than 4,300 associates across the country.

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INSURANCE TECHNOLOGY

Relation Insurance Services Acquires the Assets of The Wills Agency

Relation Insurance | May 12, 2022

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INSURANCE TECHNOLOGY

Simply Business Partners with RLI to Offer Home Business Insurance

RLI | March 10, 2022

Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, today announced the launch of tailored insurance solutions for home-based businesses. The new offering, RLI Home Business Insurance, is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory. Adequate protection for these risks is not typically provided through standard homeowners' insurance policies. A record number of new businesses were established in the U.S. last year, and many of those are owned and operated from home, This new offering from RLI is yet another example of the way we listen to our customers' needs and respond with products that help protect, and ultimately grow, their businesses." David Summers, Group CEO of Simply Business. We are excited about our partnership with Simply Business, RLI has insured home-based businesses for more than two decades, and we believe the combined expertise of our organizations uniquely positions us to serve small business owners and help protect their livelihoods." Eric Raudins, Senior Vice President, RLI Transactional Insurance Solutions. RLI provides tailored home business insurance for a wide range of entrepreneurs, including bakers, photographers, artists, entertainers and more. Coverage is available in all 50 states with limits up to $100,000. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. About RLI RLI Corp. is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's subsidiaries are rated A+ "Superior" by AM Best Company.

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INSURANCE TECHNOLOGY

AM Best Affirms Financial Strength Rating of CopperPoint Insurance Company

CopperPoint | January 31, 2022

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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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