The following news stories were curated and condensed by the Digital Insurance team.
Roundup: MassMutual gifts Boston University $1M; Labor study suggests insurance industry is hiring
September 3, 2021 7:15 AM
MassMutual gifts Boston University $1M
Massachusetts Mutual Life Insurance Company announced a $1 million gift to Boston University. The funding, which will be distributed over three years, will support faculty and infrastructure by providing money to teaching and research programs in data sciences organizing efforts to promote diversity, equity and inclusion, supporting faculty outside of academia and awarding externship stipends to undergraduate students. MassMutual has several existing higher education partnerships. “By focusing on our ongoing technological reinvention, including the talent that drives it, we are able to stay ahead of the curve in a rapidly changing world,” said Adam Fox, head of data, MassMutual, said in a statement. “We constantly look to what’s next and believe that the skilled pool of workers in Massachusetts can be a cornerstone of our internal data science program, helping best position us for the future.”
Labor study suggests insurance industry is hiring
The U.S. Insurance Labor Outlook Study found that 93% of respondents plan to increase employees in the next year. The study from The Jacobson Group and Aon suggests that companies are looking to increase staff. The report collects projections from carriers across all insurance sectors. “We’re seeing a lot of movement within the insurance industry, as professionals reevaluate their current roles and consider new opportunities,” said Gregory P. Jacobson, co-chief executive officer of Jacobson, in a press release. “According to our study, industry employment will continue to grow in the next year and recruiting has become more difficult across all functions. To stay competitive, it’s vital insurers are strategic, intentional and future-focused in their hiring and retention plans.”
Ash Brokerage, Ameritas, SCOR announce life insurance product
Ash Brokerage, a brokerage general agency, Ameritas, an insurance provider, and SCOR, a reinsurer, announced a new term life insurance product, Ash Instant term and a new platform Ash Term Express. The product and the platform enables advisors and clients to place a term life policy simply and quickly. “Ameritas is always focused on finding new ways to reach more customers,” says Bill Lester, Ameritas president and CEO, in a statement. “That’s part of our mission of fulfilling life through convenient, high-quality insurance and financial services. An instant-decision term life product accomplishes all that and more. A great collaboration.” Ash Instant is underwritten by Ameritas and reinsured by SCOR.
Discount Tire, Motorq offer data analytics platform
Motorq, a connected car data and analytics software platform, and Discount Tire, the tire and wheel retailer, announced a new connected vehicle data analytics platform for Discount Tire fleet customers. The platform offers live data and insights into connected vehicles and drivers. The information available includes vehicle location, vehicle health and maintenance and safety information like driver behavior. "Now more than ever fleet managers can benefit from data that makes their fleets more efficient, safe, and increases the health of fleet vehicles," said Chris Adams, vice president at Discount Tire, in a press release. "What's most exciting to us is the ease of getting started: no third-party hardware or software. We believe this is a big benefit for fleet customers of all sizes."
Roamly announces new hire, expansion plan
Roamly Insurance Group, an insurtech which provides insurance products for recreational vehicles, owned by Outdoorsy, an RV rental and travel marketplace, recently announced expansion and growth plans for the insurtech. Aaron Ammar, a former Y-Risk co-founder, has been named chief insurance officer. "The insurance industry had been making a clerical error regarding RV insurance for the past 30 years," said Outdoorsy's co-founder and CEO, Jeff Cavins, in a press release. "With Aaron in the driver's seat, we can all buckle up for our most anticipated journey yet — the continued build-out of Roamly and new RV insurance offerings. We know there's a problem to be solved in the RV insurance industry because we continue to hear these frustrated pleas from our customers." In addition to the hiring news, Roamly has expanded to Canada through a commercial agreement with Aon. Outdoorsy also recently announced $120 million in funding.
Otso, Assurely partner with Accelerant
Otso, a financial services company, and Assurely, an insurtech, are creating insurance for lease security. The policies are backed by Accelerant, an insurance platform. The insurance will allow landlords to reduce the risk of leasing. "It's exciting to see a new specialty insurance ecosystem emerging," Jeff Radke, CEO of Accelerant, said in a press release. "Commercial real estate's insurance policies have long lagged behind for lease security, much to the detriment of landlords and tenants across the country. That's why we're excited to partner with Otso and Assurely to bring innovation to this space and support policies that will reduce the risks of leasing."
Swiss Re Corporate Solutions teams up with Reask
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, announced the expansion of its parametric windstorm solution STORM, which was initially launched in the U.S. and the Caribbean, specifically areas prone to hurricanes. The company is teaming up with Reask, a risk analytics firm, to use its windspeed data to provide coverage to corporate and public entities. Reask’s Metryc, a modeling product, will be used in areas outside of the U.S. and the Caribbean by STORM to determine whether a policy is triggered. "Tropical cyclones continue to pose a major risk," said Martin Hotz, head parametric nat cat at Swiss Re Corporate Solutions, said in a statement. "Thanks to our collaboration with Reask, organizations around the world will have access to broader coverage, flexible use of funds and a speedier recovery with STORM.”
Firemaps releases wildfire solutions
Firemaps, a startup using technology to defend homes from wildfires, announced the availability of its platform across California. The company, which raised $5.5 million in seed, uses images from satellites and drones to create maps to analyze property risks. "As we speak, there are record-breaking wildfires throughout the western half of the USA, as well as in France, Spain, Turkey, Greece, Russia, and in Canada," said Jahan Khanna, CEO of Firemaps, in a press release. "Wildfire season is now all year. It will continue to threaten the lives of firefighters and destroy homes and communities. There are millions of homes in high-risk areas that need complex work done at an unprecedented scale, as quickly as possible. We created the Firemaps platform as a way to deal with the effects of climate change for the people who have to live with it." The company doesn’t charge homeowners but requires contractors to pay a fee to be included in the platform. The startup also helps homeowners apply for fire defense grants.
Cowbell Cyber releases API
Cowbell Cyber, an artificial intelligence cyber insurance provider, announced the release of APIs for streamlined digital distribution of cyber insurance. The APIs offer risk assessments and allow agents to obtain policy quotes without manually processing requests. "The entire insurance industry is reinventing itself through the adoption of a digital-first model," said Rajeev Gupta, CPO and co-founder at Cowbell Cyber, in a statement. "We're proud to be the first to open our rate-to-bind digital process for cyber to digital partners and deliver instantaneous coverage to small and mid-size businesses through our Cowbell Prime 100 admitted insurance program."
DealerPolicy partners with JM&A Group, Darwin
DealerPolicy, an insurance marketplace for automotive retail, is collaborating with JM&A Group, an insurance and finance product provider, and Darwin Automotive, a J.D. Power subsidiary that works in data analytics. The three companies will integrate DealerPolicy’s FastPass to deliver financial and insurance solutions to dealers across the U.S. "Our vision has long been to improve the car buying experience by seamlessly embedding the industry's only choice-based automotive insurance platform into the systems, processes and culture of automotive retail," said Travis Fitzgerald, co-founder and CEO of DealerPolicy, in a statement. "To be successful, we knew we had to work with other proven leaders in automotive finance and insurance such as JM&A Group and Darwin Automotive, to deliver the ultimate experience for dealers and consumers. We are honored to be the exclusive personal insurance partner for JM&A Group and to be fully integrated into the Darwin Menu, enabling a faster and superior process for everyone."
Joyn Insurance adds chief distribution officer
Uwe Schoberth was added to the team at Joyn Insurance, an insurtech, as the chief distribution officer effective Sept. 1. The role will focus on developing relationships with insurance, data and technology experts. Schoberth’s previous experience includes a global head of distribution role at Lloyd’s and various roles at Blackboard Insurance, QBE Group, XL Group, Winterthur International Insurance Company and Gerling. "Adding Uwe, his expertise, and his network of valued relationships will immediately enhance our ability to deliver a new standard to brokers," said Seraina Macia, CEO of Joyn Insurance, in a press release. "On top of that, his energy for building a business from scratch makes him even more of an asset. We are delighted to welcome Uwe to the team and, having worked together in the past, I have no doubt he will feel at home with us at Joyn."