MassMutual’s Haven Life partners with Lantern, Sun Life announces net-zero by 2050: Roundup

November 8, 2021 7:10 AM

A traveler exits Union Station in Toronto, Ontario, Canada, on Wednesday, Oct. 6, 2021. Prime Minister Trudeau announced new rules Wednesday requiring passengers age 12 or older on planes, trains and cruise ships within the country to be fully vaccinated as of Oct. 30. Photographer: Cole Burston/Bloomberg — A traveler exits Union Station in Toronto, Ontario, Canada, on Oct. 6, 2021.

The following news stories were curated and condensed by the Digital Insurance team.

Sun Life Financial announces net-zero goals

Sun Life Financial announced a goal to achieve net-zero greenhouse gas emissions by 2050 for its investments and operations. The company is moving forward with several focused initiatives related to data management and governance, engagement, business integration and investment solutions like calculating emissions for portfolios and establishing net-zero targets and plans to achieve them. Sun Life’s climate action plan with interim targets will be announced next year and will include a roadmap to 2030. "Climate change is the defining issue of our lifetime," said Kevin Strain, president and CEO of Sun Life, in a statement. "Our purpose of helping our clients achieve lifetime financial security and live healthier lives cannot be achieved without serious action to address climate change and support a transition to a lower-carbon future. That is why we're committed to integrating climate strategies across our investment businesses and working collaboratively with our clients, stakeholders, and the industry at large, towards this common goal."

Allstate's Arity driving risk scores available on Transparent.ly platform

Arity, a mobility data and analytics company founded by Allstate in 2016, announced that its driving risk score data is exclusively available on Transparent.ly, a digital platform that helps auto insurance marketers segment and target shoppers. The data gives auto insurance marketers an opportunity to be smarter about leads using telematics insights from nearly 100 million drivers. “This integration is a unique and valuable solution that empowers auto insurance marketers to bid smarter for the most valuable shoppers like never before,” said Fred Dimesa, head of advertising and data solutions at Arity, in a statement. “At a time when insurers are looking to grow their business with high-intent customers, the ability to tailor lead efforts (not sure what “lead efforts” means) based on how people are driving on the road is critical to profitability.”

Haven Life partners with Lantern on end-of-life planning

MassMutual’s Haven Life is partnering with Lantern, an end-of-life planning platform that offers educational tools, to make end-of-life planning easier for eligible policyholders. Through Haven Life Plus, policyholders can access the Lantern tools including pre-planning and after-loss planning tools, as well as a one-to-one-after-loss consultations, at no cost. "While end-of-life planning has long been viewed as a taboo topic, people are actually eager to talk about it. In fact, more than two-thirds of our customers recently told us that they would be interested in a service that helped with end-of-life planning, with 77% saying they would be most interested in using the service for pre-planning purposes," said John Latona, general manager at Haven Life, in a statement. "In partnering with Lantern, our goal is to emphasize that end-of-life planning should be celebrated. It is one of the most selfless things you can do for your loved ones and we want to make this process as easy for our customers as it was for them to purchase life insurance through Haven Life."

Survey shows Millennials inclined to purchase insurance via app

KoverNow, an insurtech based in Singapore, released a survey that included responses from 500 Millennials about their attitudes toward insurance services. The majority of respondents report having health insurance and life insurance and many would be willing to purchase insurance using a mobile app. "The results of this research offer compelling evidence that millennials are open to buying insurance using an app if it can be made easy and straightforward for them,” said Stephan Kaiser, CEO of KoverNow, in a press release. “Historically complex transactions from front-to-end, such as insurance, have not been possible using an app, but our research shows that millennials are prepared to use this channel. They are also willing to spend money to insure what is important to them, but they are looking for the kind of digital service they are used to getting from their bank. Insurance is the digital laggard in the financial services industry, and as long as it remains out of touch with digital natives it will fail to attract the hearts, and wallets, of this vital demographic."

Cart.com teams up with Extend

Cart.com, an ecommerce solutions provider, is partnering with Extend, a provider of extended warranty and product protection plans, to offer its merchants access to protection technology directly through the Cart.com platform. "Like Cart.com, Extend is fixing the fractured ecommerce ecosystem by providing a truly innovative, effortless, and easy-to-understand service for both merchants and their customers," said Omair Tariq, Cart.com co-founder and CEO, in a statement. "By creating seamless solutions to serve brands, we empower them to focus completely on their customers. The partnership with Extend fits squarely in this view; anyone who has wrangled with extended warranty claims in the past understands the friction involved. Extend is rewriting the rules for product protection and customer service while Cart.com takes care of everything from the factory floor to the customer door. Through this partnership with Extend, we're now seamlessly covering the post-purchase experience too."

AgentSync acquires Finvera

AgentSync, an insurance software provider, announced the acquisition of Finvera, an identity verification platform for licensed brokers. Finvera creates a faster, more secure verification process for both brokers and carriers and stores personal data and credentials in a secure cloud identity passport. The technology will complement AgentSync’s licensing compliance tool to ensure the highest standards of compliance are met and maintained, according to the press release. Cameron Nordholm, founder of Finvera, will join the AgentSync team as head of product. “We’re doubling down on our promise to develop the insurance industry’s best platform for producer management, and Finvera accelerates our efforts to improve the broker experience,” said Niji Sabharwal, co-founder and chief executive officer of AgentSync, in a statement. “In addition to improving the producer management process for carriers and agencies, AgentSync is committed to building tools that empower the brokers who play a critical role in the insurance ecosystem, ultimately driving efficiencies and raising the bar for compliance across the entire industry.”

SkyWatch launches usage-based insurance with Global Aerospace

SkyWatch, an aviation insurtech, announced the launch of its usage-based insurance product for rented aircraft. The product is in collaboration with Global Aerospace, a provider of aviation insurance and risk management solutions for the industry, and will be available in most U.S. states for pilots and partners. Global Aerospace will provide the underwriting and claims handling. SkyWatch offers yearly, monthly, weekly and daily coverage options. "Together with Global Aerospace, we're providing pilots with flexibility and freedom through this usage-based insurance product," said Tomer Kashi, CEO and co-founder of SkyWatch, in a press release. "SkyWatch is committed to providing the best value to all aviators and leveraging data is key to offering flexible and cost-effective insurance options. The difference we make for aviators inspires us to keep innovating on all fronts."

Verisk’s next-generation rating solution launches

Verisk, a global data analytics company, launched a new cloud-based version of its ISO Electronic Rating Content solution. The ERC is accessible via smart APIs and makes it easier for insurers to use, integrate and test. It is available for commercial property, commercial auto, business owners, general liability and workers compensation, with the remaining lines to be rolled out soon. “In the rapidly evolving commercial lines market, many insurers are looking for ways to rate risks with increased speed, reliability and flexibility," said Mark Sheehan, head of ISO Rating Solutions, in a statement. “The next generation of ISO ERC responds to that need. We are very excited to help our customers by offering improved efficiency and accelerated speed to market.”

Guardian Group selects Sapiens for underwriting, automation

Sapiens International Corporate, a provider of insurance software, announced that Guardian Group is integrating Sapiens’ solutions for accelerated underwriting of its life and health operations in several countries. The solutions include leveraging artificial intelligence to accelerate the underwriting process and automating several manual processes. "Guardian Group's goal is to innovate and disrupt how policies are underwritten and to transform the consumer/agent experience. Sapiens is empowering that mission by enabling us to accelerate the future through innovation," said Naresh Mongroo, Guardian Group chief data officer, in a press release.

Hylant partners with Obsidian on a pay-as-you-go insurance program

Hylant, an insurance brokerage, announced the launch of its RoadPilot, a pay-as-you-go program designed for the food delivery industry. The program uses telematics to monitor driver behavior and driving miles to price premiums. RoadPilot is an app that drivers can install on their phones. William Jewett, CEO of Obsidian Insurance Company, said in a statement: "We are thrilled to partner with a highly respected program partner that has strong and proven expertise in the restaurant and food franchise industries. The RoadPilot program brings a much-needed product to the food delivery segment and has developed an innovative approach to more accurately price risk with the incorporation of telematics. We look forward to a long-term partnership with Hylant as well as the strong panel of reinsurers supporting the program."

Sayata collaborates with Cowbell Cyber

Cowbell Cyber, an AI-powered cyber insurance provider, is partnering with Sayata, a broker platform, to provide instant quoting for cyber insurance coverage through a digital process. "We are proud to serve cyber insurance applicants with one of the fastest turnaround times on quotes and policy issuance in the industry. Applicants immediately benefit from the wealth of risk management resources that makes Cowbell Cyber a true business partner for those proactively seeking to reduce their cyber risk exposures," said Erin Dyer, manager of strategic accounts at Cowbell Cyber, in a press release. "Sayata has already demonstrated a unique ability to deliver large volume. Their large distribution flow, seamless integration, and our shared vision of digitizing the placement process make them an ideal partner."