Pet insurance launch, QBE rolls out cyber products: Insurtech roundup

June 27, 2022 6:30 AM

Bowie the sheepadoodle at an apartment in the Dumbo neighborhood of the Brooklyn borough of New York, U.S., on Sunday, Oct. 17, 2021. Pets famously provided solace for isolated Americans during the height of the Covid-19 pandemic. Photographer: Allison Hess/Bloomberg — Bowie the sheepadoodle at an apartment in the Dumbo neighborhood of the Brooklyn borough of New York on Oct. 17, 2021.

New Jersey-based cloud insurance software platform Majesco announced the launch of Physicians Mutual Pet, the first pet insurance product within the Physicians Mutual suite of insurance services. Physician’s Mutual Pet marks the company’s first foray into the property and casualty market, a move that follows the trend of insurance companies adopting pet insurance – which according to Aon, is one of the nation’s fastest-growing insurance products – growing by nearly 30% in 2020. “We are excited to be rolling out our new pet insurance offering for dogs and cats,” Bill Horan, assistant vice president of pet insurance at Physicians Mutual, said in a statement. “We understand the needs of pet owners and have added coverage options that are unique to the marketplace along with a user experience that is easy to understand and clear from start to finish. Majesco has helped to provide the components and solutions that support our vision as we continue to advance our capabilities and focus on the customer experience.”

Hippo Insurance announced the expansion of its mortgage partner channel – a move that will allow Hippo’s mortgage partners, which include loan originator and servicer partners, to expand coverage to Massachusetts. The move increases Hippo’s coverage to over 7 million households in 40 states. Scott Braun, chief growth officer at SimpliSafe, a smart home device partner with Hippo, said in a press release: “As a Boston-based organization, we’re thrilled to see Hippo expand into Massachusetts and be able to offer the benefits of our Smart Home Insurance program to local homeowners. Together, we’re helping to provide consumers with peace of mind and protection from potential damages.”

QBE is set to roll out a range of products from CyberCube, a leading cyber risk analytics firm. QBE will begin to utilize CyberCube’s Account Manager, software that, according to the press release, “enables underwriters to make efficient data-driven decisions'' and CC’s Portfolio Manager, which “enables risk professionals to develop insights for their senior leadership and teams.” Staff at QBE will also utilize CyberCube Academy for training operations. Dave Gillmore, CyberCube’s head of global sales, said in a statement: “As one of the world's leading international (re)insurers, QBE understands the growing significance of cyber risk. We are delighted QBE has selected CyberCube to partner with in order to further enhance its cyber capabilities. Direct access to our in-house cyber experts will assist in the growth and development of QBE’s global underwriting teams.”

Charlotte NC-based Jet Insurance becomes the first to offer pay-as-you-go surety bonds. The company, which is licensed in 37 states, provides on-demand security bonds through the use of its innovative application. According to the press release, “Jet Insurance Company's streamlined application produces an immediate quote, allowing its customers to purchase and print a copy of their bond in a matter of minutes.”

Novidea, an insurance software solution company, and Certificial, an insurance verification platform, announced a technology partnership that will streamline Novidea’s agency management platform, which will allow for certificate issuance to run more efficiently. According to a company statement, “Novidea users will eliminate 90% of the time they spend issuing and managing COIs without ever leaving the Novidea cloud-based platform. Commercial lines policyholders will benefit as well by gaining access to the most up-to-date COI at all times, delivering an improved customer experience and access to modern technology through their Novidea agent or broker.”

Denver-based Pie Insurance, a worker’s comp insurtech, announced the company’s expansion into Alabama and Oregon. The move is set to expand Pie’s network to 38 states and Washington, DC. The move increases Pie’s coverage to 89% of small businesses in the United States. "Small business owners in Alabama and Oregon make up 992% of total businesses in their state, so it's critical they keep their businesses and employees safe and healthy," said Dax Craig, co-founder and president of Pie, in a press release. "Our mission is to enable small businesses to thrive with simple and affordable workers' comp insurance. Small business owners in Alabama and Oregon can now spend less time and money on their insurance, and instead focus on growing their businesses."

Starting in July, Ando, a sustainable digital banking service, will plant 100 trees for every customer policy it opens with Allstate and Nationwide. Ando plans to offer insurance policies where no premiums will be used to invest in fossil fuels, giving climate-conscious customers an alternative option to traditional carbon-promoting insurers. "Ando was founded on the understanding that the best way to fight climate change is by making sure our money isn't going to the fossil fuel industry," said JP McNeill, president and CEO of Ando, in a press release. "We've tackled this issue with our banking services and now we are breaking entirely new ground by opening the door to clean insurance. With this program, our customers have the opportunity to be active participants in pushing for historic change in how the insurance industry does business."