Lemonade launches auto in Ohio, Hippo expands to NC with Ring: Insurtech roundup
June 13, 2022 3:05 PM
Lemonade has launched its car insurance product in Ohio. It's the third state for the product following Illinois and Tennessee . The usage-based insurance product can be bundled with the insurtech's renters, homeowners, pet and life products.
Hippo Insurance Services is also announcing a new launch in North Carolina. As part of that announcement, it's also announced a partnership with Ring: New customers who opt in to receive a complimentary Alarm Security Kit from Ring will also get a premium discount. The bundle includes the Ring Alarm 5-piece kit (2nd Gen), Ring Indoor Cam, Echo Dot (4th Gen), Flood & Freeze Sensor, and Smoke & CO Sensor. "By partnering with Ring, we can help more homeowners prevent small issues from becoming big problems and take a proactive approach to home protection,” said Rick McCathron, CEO and President of Hippo, in a statement. “We're excited to continue growing the insurance industry’s most widely adopted smart home program in North Carolina.”
Global insurance carrier Hiscox London Market has chosen PxPoint geocoding technology made by CoreLogic to provide structure-level location information covering all US residential properties, as well as some commercial property. With geocoding for a specific building, insurers like Hiscox can determine exactly how to insure that property from natural disasters such as floods, wildfires, hurricanes and tornadoes. PxPoint uses APIs to deliver real-time geocoding data. CoreLogic delivers PxPoint through its RiskMeter platform.
In new research findings, Cambridge Mobile Telematics (CMT) found that drivers of electric vehicles demonstrate acceleration risks much higher than drivers of traditional vehicles – research found that acceleration risk increases in range from 180% to 340% higher for electric vehicles than internal combustion vehicles. Ryan McMahon, Vice President of Strategy at CMT, explained in a statement, “Among the most compelling new findings are the comparisons between drivers who operate both an electric vehicle and an internal combustion vehicle, allowing for a better understanding of risk across vehicle platforms.” In order to further reduce risks, CMT suggests that the insurance industry and road safety professionals should offer incentives for drivers of electric vehicles that exhibit safe driving behaviors.
Nirvana Insurance, a telematics platform for fleet insurance, has named Bob Gadaleta as Head of Insurance. He will oversee insurance operations across business development, underwriting, claims, carrier and reinsurance relationships, risk management and more, the company says in a statement. He previously worked at Hiscox USA and AIG. “Bob’s 30 years of industry experience, building strong relationships with trading partners and helping businesses scale their operations, makes him a great fit for Nirvana. As our highly accurate and expedient digital platform grows rapidly, Bob will be a key player for us in all things insurance,” said Rushil Goel, Nirvana CEO and co-founder, in a statement.