Toyota launches car insurance; Kinetic Insurance hires executive team: Roundup

December 17, 2021 7:15 AM

Akio Toyoda, president of Toyota Motor Corp., second right, speaks while Simon Humphries, head of Toyota and Lexus Global Design, left, Koji Sato, chief branding officer of Toyota Motor Corp. and president of Lexus International Co., second left, and Masahiko Maeda, chief technology officer of Toyota Motor Corp., listen during a news conference at the company's showroom in Tokyo, Japan, on Tuesday, Dec. 14, 2021. The world’s biggest carmaker is planning to invest 4 trillion yen ($35.2 billion) to supercharge its EV push, with a target to sell 3.5 million units annually by the end of the decade, according to Toyoda. Toyota will roll out 30 electric models by 2030, a step up from a prior plan to introduce 15 EVs globally by 2025. Photographer: Kiyoshi Ota/Bloomberg — Akio Toyoda, president of Toyota Motor Corp., second right, speaks while Simon Humphries, head of Toyota and Lexus Global Design, left, Koji Sato, chief branding officer of Toyota Motor Corp. and president of Lexus International Co., second left, and Masahiko Maeda, chief technology officer of Toyota Motor Corp., listen during a news conference at the company's showroom in Tokyo, Japan, on Dec. 14, 2021.

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

Toyota Insurance Management launches Toyota Auto Insurance

Toyota Insurance Management Solutions has launched Toyota Auto Insurance, its first branded product. The auto insurance is currently available in Arizona, Illinois, Indiana, Ohio and South Carolina, with more states being added soon. The product, which is customizable and has rideshare and pet passenger coverage options, is underwritten by Farmers Insurance. Consumers can purchase the insurance via the Toyota mobile app, participating dealerships and the website. "We are excited to bring our flagship auto insurance product to market. With Toyota Auto Insurance, we can truly enhance the complete Toyota ownership experience for our customers," said Will Nicklas, chief operating officer of Toyota Insurance Management Solutions, in a statement. "We look forward to expanding this product even further, including empowering Toyota owners to seamlessly use their driving data for additional insurance discounts."

Kinetic Insurance hires executive team

Kinetic, a wearable technology company, announced the appointment of three executives that will lead its insurance offering, which is underwritten by Nationwide’s E&S/Specialty division and provides smarter workers’ compensation insurance. Gerritt Graham will assume the role of EVP, growth strategy, he will lead the go-to-market strategy, marketing and distribution. Ronnie O’Dell, vice president, will lead business development and broker relations. Steven Schafer will serve as vice president of underwriting. “Kinetic Insurance is pioneering a whole new approach to workers’ compensation insurance that harnesses innovative technology to proactively prevent injuries, proven to reduce claims costs up to 50% in high-risk strain and sprain environments like manufacturing and warehousing,” said Haytham Elhawary, co-founder and CEO of both Kinetic and Kinetic Insurance, in a statement. “Gerritt, Ronnie and Steven were hand-picked to lead Kinetic Insurance through a high growth launch, as we expand the benefits of wearable safety tech from enterprise deployments to more widespread industry adoption.”

Chubb announces employment practices liability insurance

Chubb has launched an insurance offering to help companies with employment-related lawsuits related to wrongful termination, breach of contract, retaliation and other work-related issues. The Chubb Primary Employment Practices Liability Insurance policy includes loss prevention consultant services and access to ChubbWorks, an online resource of tools for employment and employee-related issues. "Employers are facing an increasingly dynamic employment liability environment, and any company can be targeted with an employment lawsuit," said Kristen Poplar, senior vice president, EPL product manager, Chubb North America Financial Lines, in a press release. Chubb also recently appointed Fran O’Brien as the deputy chief risk officer.

Car subscription platform enters U.S. market

FINN, a car subscription platform in Europe, has expanded into the U.S. FINN allows users to change vehicles every six to 12 months. The service includes a broad selection of vehicles, insurance through Liberty Mutual and maintenance. Cars will first be available in the Philadelphia area and New Jersey. The company plans to expand into several other states in the coming months. The launch of the subscription service includes partnerships with Tesla, Jeep and Chevrolet. "Consumers are increasingly seeking subscription models across all industries," said Max-Josef Meier, CEO & founder of FINN, in a statement. "FINN is applying this concept to cars by offering flexible car subscriptions with everything included but fuel. By subscribing, FINN makes driving a car as convenient as watching a show on Netflix."

AIG appoints global head of strategy

American International Group has appointed Constance Hunter as executive vice president, global head of strategy & ESG. Hunter will assume the role in early 2022. She joins AIG from KPMG, where she was chief economist since 2013 and a member of the growth and strategy leadership team there. “I am very pleased to add someone of Constance’s caliber to our leadership team. She brings a data-driven mindset and deep economic insights informed by a broad view that will enhance our ability to anticipate and analyze market trends, capitalize on strategic opportunities, and continue to drive profitable growth. Constance has a unique understanding of the critical role corporations like ours play in the global economic and environmental ecosystem, particularly in addressing climate change by advising businesses as they transition to sustainable energy solutions,” said Peter Zaffino, president & chief executive officer, in a statement.

Cloudflare partners with cyber insurers

Cloudflare, a web infrastructure and security company, is partnering with several cyber insurance companies to help businesses manage risk. Customers can qualify for discounts and other benefits from insurance providers like At-Bay, Coalition and Cowbell Cyber if the company uses Cloudflare to protect websites, employees and corporate networks. “An insurance policy is an effective tool to articulate the impact of security choices on the financial risk of a company. By offering better pricing to companies who implement stronger controls, like Cloudflare’s Comprehensive DDoS Protection, we help customers understand how best to reduce risk,” said Rotem Iram, co-founder and CEO of At-Bay, in a statement. “Incentivizing our customers to adopt innovative security solutions like Cloudflare, combined with At-Bay’s free active risk monitoring, has helped reduce ransomware in At-Bay’s portfolio 7x below the market average.”

Amwins Global announces CEO

Amwins Global Risk, the international arm of the specialty insurance broker, announced the appointment of Nate Mathis as CEO. Mathis was appointed interim CEO in September. Mathis will oversee Amwins London business. "Nate's leadership and contributions in London have been invaluable, and I am thrilled to have him take this leadership role on a permanent basis," said Scott Purviance, chief executive officer of Amwins, in a press release. "We have incredibly talented brokerage teams across each of our specialties, and we are committed to growing our London platform."

Boatzon expands marine insurance

Boatzon Insurance Group announced the expansion of its insurance agency of marine insurance carriers in the U.S. and other countries. Consumers can research, get a quote and purchase an insurance policy online. Bryan Lenett, the co-founder of Boatzon Insurance Group, said in a press release: “We have not only launched throughout the United States, but our worldwide marine insurance carrier relationships have positioned our company to grow the Boatzon brand globally. Boat buyers in the U.S. and other countries will now enjoy an improved shopping experience.”

VYRD launches insurance for Florida homeowners

VYRD, an insurance company serving Florida homeowners, launched a venture with SiriusPoint, a specialty insurer and reinsurer, and Bolt, an insurtech. VYRD plans to use technology to offer more technology-enabled homeowner’s insurance solutions to Florida customers who have faced capacity issues and rising premium prices. "The timely launch of VYRD offers the homeowners of Florida much needed choice when protecting their homes," said Sid Sankaran, CEO of SiriusPoint, in a press release. "In partnership with bolt, we are responding to market needs and building on our commitment to investing in technology-enabled businesses that are game-changers in the insurance market."

LexisNexis Risk Solutions teams up with Shift Technology

LexisNexis Risk Solutions is partnering with Shift Technology, a provider of AI solutions for the insurance industry. Insurance carriers will now be able to incorporate the LexisNexis Claims Clarity data and analytics into Shift’s insurance AI models, which can create better fraud and risk prediction capabilities. "The effective use of AI requires access to high-quality, relevant data to fuel its models and we have made it our mission to ensure our solutions can make effective use of the many types of data available in insurers' environments," stated Drew Whitmore, head of partnerships, Shift Technology, in a statement. "Our alliance with LexisNexis Risk Solutions is an important milestone in helping our joint customers achieve the insights required to make the best claims decisions possible."

Lighthouse moves into insurtech space

Lighthouse, the LA-based software provider for landlords and tenants, is partnering with Topa Insurance Company to offer security deposit insurance, which could replace the need for high cash security deposits and create more affordable rental housing. Lighthouse is now a licensed insurance provider. "We're excited to partner with My Lighthouse in the launch of this innovative product," said Denise Pavlov, COO of Topa Insurance Company, in a press release.