COVID-19 insurance, agent tech partnerships: Insurtech roundup
August 31, 2020 3:27 PM
AXIS Insurance has partnered with AllDigital Specialty, an MGA, to launch a low-touch digital platform for quoting and binding small private company management liability coverage in the U.S. AXIS will provide paper and capacity as the underwriter for D&O and EPL policies, distributed through its wholesale broker network. “We’re pleased to partner with AllDigital, a company that is leveraging the opportunities presented by the specialty commercial insurance marketplace, which is a highly dynamic market that is ripe for innovation,” said Zach Powell, Head of AXIS Digital Ventures, the company's insurtech partnership unit.
Thimble has been selected to the Lloyd's Lab innovation accelerator program to develop solutions specific to COVID-19. It will develop low-limit parametric contingent business interruption coverage to protect businesses from this and future pandemics. Its goal is to make insurance a "first line of defense" that pays small businesses immediately if specific criteria are met, "while governments figure out the rest.
"No private company can maintain a balance sheet big enough to pay those claims and survive. We can, however, sell smaller policies with lower limits, that would pay out programmatically and instantly if criteria are met-- for example, if all the businesses within a certain ZIP code are forced to close. We're thrilled to have the support of Lloyd's on this vitally important program, as we chart the course for recovery and renewed confidence for our small business partners," said Jay Bregman, CEO and Founder of Thimble.
More than 140 applications were received from across the world for the fifth cohort of the Lloyd's Lab, which begins on September 7.
"No private company can maintain a balance sheet big enough to pay those claims and survive. We can, however, sell smaller policies with lower limits, that would pay out programmatically and instantly if criteria are met-- for example, if all the businesses within a certain ZIP code are forced to close. We're thrilled to have the support of Lloyd's on this vitally important program, as we chart the course for recovery and renewed confidence for our small business partners," said Jay Bregman, CEO and Founder of Thimble.
More than 140 applications were received from across the world for the fifth cohort of the Lloyd's Lab, which begins on September 7.
Bloomberg Creative Photos/Bloomberg
Mercury Insurance is offering New York and New Jersey homeowners policyholders self-service inspection services in partnership with Flyreel. A new app in the Apple and Google stores guides homeowners through a self-inspection of their property and gives them the option for a contactless experience, in compliance with social-distancing practices. New Mercury homeowner policyholders will be emailed a link to download the app and complete the self-inspection using AI, high-definition video and a conversation feature to streamline the experience. It also helps catalog belongings and building materials in case of a claim.
Kin, a home-insurnace insurtech, is using Snapsheet for claims management from electronic first notice of loss through settlement. Kin, which leverages thousands of property data points to customize coverage and prices through a digital distribution model, targets homeowners in areas of severe weather. It has customers across Florida and plans to extend to California.
Talage, a provider of digital distribution software for commercial insurance, has partnered with four regional Independent Insurance Agents & Brokers of America (IIABA) organizations to provide digital tools to its members “Independent agents and brokers face an extremely heavy lift in terms of acquiring new insurance customers today," saidAdam Kiefer, CEO of Talage. "By partnering with IIABACAL, IIABA of Nebraska, IIABA of New Mexico, and OIA, we are reaching a large number of agents who can focus on higher value tasks as many manual, administrative tasks are automated. We truly believe that the ability to offer existing and potential policyholders products and services in a digital environment is a game changer for independent agents and brokers.”