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Insurtech

Nationwide and Petco launch pet insurance: Insurtech news

January 29, 2024 6:12 AM
Members work on laptop computers in a common room at the Embarcadero WeWork Cos Inc. offices in San Francisco.
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Nationwide and Petco launched a co-branded pet insurance product. The Petco and Nationwide pet insurance provides customizable coverage and customers can build a policy directly on petco.com. 

"We're thrilled to pair our most flexible pet protection solution with Petco's veterinary services to offer convenient, unified care within Petco's complete ecosystem," said Mariel Devesa, head of growth, expansion & development for Nationwide pet insurance, in a statement.
Chubb's smart water monitoring and leak detection company, StreamLabs, launched Scout. A new point-of-leak sensor that alerts people with an audible alarm to the presence of water. Scout also sends real-time alerts about the presence of water including changes in temperature and humidity levels. 

"Water damage is the number one source of non-weather-related property damage, which includes plumbing system failures, burst pipes or leaking appliances," said Hemant Sarma, SVP, head of Internet of Things (IoT) at Chubb, in a statement.
FloodFlash expands to support more U.S. states. The insurtech is offering sensor-enabled parametric flood insurance to an additional 10 states.

FloodFlash CEO Adam Rimmer said in a statement: "We've identified that sensor-based parametric insurance is the best way to provide affordable flood insurance in locations and sectors where many providers are reducing their flood offering. This expansion renews our mission to help more American businesses and communities recover from catastrophic flooding using parametric insurance. I'd like to extend a thanks to our capacity and broker partners for supporting those efforts."
Cybersecurity and insurance platform Upfort has partnered with Parker, Smith & Feek and the Washington Hospitality Association to administer a cyber insurance and security risk management program. Parker, Smith & Feek is the insurance partner for the association.

With the partnership, association members will get a solution to proactively manage cyber risk. The members will be able to use Upfort's platform to access training, phishing simulations, monitoring, a firewall, email defense and quotes for cyber insurance. The partnership program is also backed by Arch Insurance.
Risk automation solution provider UnderwriteMe is collaborating with ExamOne, a health data solutions company, to offer life insurers a new underwriting assessment engine using real-time data.

The companies' goal with the collaboration is to improve processing rates and provide underwriters with better tools for risk assessment. UnderwriteMe's engine, applied to data about life insurance applicants collected by ExamOne, generates a risk assessment for insurers. These assessments clearly explain contributing factors and apply debit and credit classifications to help insurers evaluate an individual's insurance risk.
International brokerage and consulting firm, NFP, has acquired Advanced Insurance Consultants Limited (AIC), an independent insurance broker based in Hemel Hempstead on the outskirts of London. "AIC is well respected by its clients, peers and partners, and has a brilliant team of insurance professionals supporting their operation," said Matt Pawley, regional managing director, NFP in Europe in a written statement. "This acquisition will bolster the client base of both organizations and increase our ability to deliver integrated and specialized solutions. AIC will be a great addition to NFP as we help clients tackle their risk mitigation."
Insurtech Internet of things Property and casualty insurance Cyber security Automation Brokers