Nationwide partners with Phyn to expand IoT programs: Insurtech news

December 22, 2024 2:41 PM

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Nationwide expands fire and water detection sensor programs

Nationwide has partnered with one technology provider to offer water leak detection sensors to policyholders, and expanded its program with another tech company that provides fire detection sensors.

Nationwide's partnership with Phyn is geared to serve new policyholders with high-value homes, offering a 15% discount on Phyn's services.

"Water damage is one of the most common and costly issues homeowners face," said Mark Teets, Nationwide's Associate Vice President of Personal Lines Underwriting Strategy. "With Phyn, we're providing our customers with access to cutting-edge technology to help detect and prevent leaks, reinforcing our commitment to innovative solutions that safeguard their homes and properties."

Also, Nationwide is expanding its Ting fire prevention program to provide free sensors to more new and current policyholders. Ting's sensors monitor home electrical systems to detect fire hazards before they become dangerous. In the program, policyholders also get free detection service for five years and $1,000 toward the cost of repairing any electrical hazards the sensors identify.

"Since launching our Ting program two years ago, we've seen firsthand how much members value the increased protection Ting provides," said Sarah Jacobs, SVP Personal Lines Product and Underwriting at Nationwide. "During this time, Ting has significantly reduced fire claims, increased customer loyalty, and demonstrated a clear positive ROI. This latest expansion is an exciting step forward in our five-year commitment to helping protect members from devastating electrical fires. The Ting program is a winner for Nationwide and our members."

Nationwide also announced a partnership with TrustLayer. Customers will be able to have commercial insurance policy details verified and validated.

AIG announced a new reinsurance syndicate at Lloyd’s

AIG announced the launch of a new reinsurance Syndicate 2478 at Lloyd's, which will start underwriting January 1. The syndicate will be managed by Talbot Underwriting Limited at Lloyd's and will be supported by third-party capital from funds managed by Blackstone through Lloyd's London Bridge 2 PCC structure. Blackstone will also act as investment manager of syndicate assets. Evercore, Aon and Debevoise & Plimpton acted as advisers for AIG.

Lloyd's of London also announced the launch of a cyber insurance consortium in collaboration with HITRUST, a company focused on cybersecurity assurance used in risk management and compliance.

Sure and CU Financial announce digital insurance partnership

Sure, an insurtech, is partnering with CU Financial Group to launch SimpleQuote, a solution for credit unions to offer members access to insurance.

Christian Marrder, vice president of sales and operations at CUFG, said in a statement:

"At CUFG, our network of credit unions looks to us to tailor their insurance programs to fit their individual member needs. What we were lacking was the technology and distribution platform to remove the friction from this experience and offer the first fully digital insurance experience ever available to credit union members."

EigenRisk, Smarty partner to improve property assessments

Risk management solutions provider EigenRisk has partnered with address data solutions provider Smarty, making its location intelligence and geocoding resources available through the EigenPrisk risk management platform.

"Insurers and brokers using our platform can access a full spectrum of underwriting, risk management and response tools and resources – from industry-leading providers of location, property and geocoding data to state-of-the-art data sources and modeling solutions for climate, weather, flood, fire and seismic risks – to conduct rapid and thorough assessments of commercial and residential properties throughout the U.S. and worldwide," said Deepak Badoni, president of EigenRisk.

Bold Penguin adds Rainbow restaurant insurance

Bold Penguin, a digital commercial insurance platform, has added Rainbow, a managing general underwriter specializing in restaurant insurance, to its platform. Rainbow's business owners policy and excess liability coverages are now available to agents who use the platform, including markets such as California and Texas. Bold Penguin's platform has more than 24,000 users.

"As the restaurant industry has evolved, so have the demands to protect their unique risks. From fast-casual restaurants to ghost kitchens, and wine bars to new ventures, Rainbow understands what these businesses need to get protected. We are pleased to announce this partnership that will benefit our agents and the restaurant entrepreneurs they serve," said Nicole Farley, Vice President of Carrier Operations at Bold Penguin.

Ping and ACORD streamline property risk assessments

Ping Data Technology and ACORD Solutions Group have partnered to improve assessments of property risks based on property value statements (SOVs). Ping uses AI-driven data ingestion, cleansing and geocoding to produce SOVs. Paired with ACORD document processing, Ping's SOVs can be fed into catastrophe models.

"By integrating our advanced data ingestion and data-driven underwriting capabilities with ACORD's standardized forms processing, we're creating additional value for carriers, MGAs and brokers," said Stuart Mercer, CEO of Ping.

"This ongoing partnership brings together a groundbreaking solution powered by a tremendous depth of property insurance subject matter expertise across both Ping and ACORD Solutions Group," said Chris Newman, president, international, ACORD Solutions Group. "This is an exciting example where industry owned capabilities combined with innovative technology is producing transformative changes."

VIU by HUB acquires Insuritas

Insurance brokerage platform VIU by HUB has acquired Insuritas, an embedded insurance provider for financial firms, the companies announced on December 4.

The acquisition will help VIU expand the reach of its digital platform to new customers.

"With strong partnerships in the financial institution space, this acquisition marks a significant milestone in VIU by HUB's mission to provide consumers choice and neutrality throughout their purchasing journey," said Bryan Davis, President of VIU. "We are excited to build upon the momentum of Insuritas by combining their expertise with our enhanced digital capabilities and customer experience, empowering financial institutions to drive revenue and improve retention."

Climate and risk analytics provider Zesty AI signs Oklahoma insurer

American Farmers & Ranchers Mutual Insurance Company (AFR), an Oklahoma based rural insurance company, announced it will use Zesty AI climate and property risk analytics.

AFR will use Zesty AI aerial imagery and risk modeling solutions to assess property risk and streamline underwriting.

"While our primary focus was aerial imagery, we quickly realized that ZestyAI's solutions for assessing peril-specific risks like wind, hail, and wildfire made them a multifaceted underwriting solution," said Kimball Lynn, director of underwriting and operations at AFR. "In Oklahoma, where wind and hail are constants, their severe convective storm risk-scoring capabilities stood out."