Buckle, an insurtech targeting the sharing economy, has acquired Gateway, which was a division of Atlas Holdings. The tech company will recapitalize Gateway so that its MGA can provide Buckle auto insurance to the commercial auto market, including rideshare and delivery drivers, taxicab and limousine drivers, non-emergency para-transit drivers, and transportation network companies. “As this partnership drives down the costs of insurance, we are excited to continue advancing our goal of providing well-deserved support to the mobility ecosystem," says Marty Young, co-founder of Buckle. "Every time Buckle sells a policy, its TNC partner’s balance sheet improves as risk is moved from the TNC to the independent contractors.” Buckle last surfaced when expanding coverage for its rideshare drivers to include food delivery amid the coronavirus pandemic, when there were fewer rides but more deliveries.
Hiscox, Thimble join up for short-term business coverage
Thimble, an insurtech specializing in short-term micro-policies, has partnered with Hiscox to expand distribution of its products to more small businesses. Hiscox is backing short-term liability insurance, available by the hour, day or month, controlled via Thimble's app with ability to change length, pause coverage or expand insureds.
Snapsheet powering payments for Clearcover
Clearcover is expanding its use of Snapsheet technology to include disbursement of digital payments to claimants and vendors as well. An integration with J.P. Morgan’s Wholesale Payments APIs and processing capabilities increase automation and visibility of the payments process Kyle Nakatsuji, CEO and founder of Clearcover, says, “Through Snapsheet Payments and the built-in integration with J.P. Morgan, we can disburse funds faster through multiple digital payment options for accelerated service and an optimal claims experience.”