Roundup: COUNTRY's UBI launch, State Farm and wealth management
July 22, 2021 7:46 AM
COUNTRY Financial is partnering with Cambridge Mobile Telematics to launch an app-based UBI program called COUNTRY Financial DriverIQ. The app measures speeding, sharp turns, acceleration and phone distraction and is expected to be available in 18 states by the end of the year. Upon enrollment, the customer will receive a 10% discount and could receive up to a 25% discount based on driving. “We’re using this innovative technology to keep families safe on the roads and provide feedback to make every driver that uses the app better. This performance-based program provides drivers data on their driving behavior, truly putting our clients in the driver’s seat when it comes to positively impacting their community, as well as their premium,” said Felipe Teixeira, National Auto Product Director at Country Financial, in a statement.
State Farm selected intelliflo as a partner for a digital wealth platform. State Farm agents, via the platform, will be able to recommend products for brokerage and advisory accounts based on customer needs and preferences. Intelliflo offers risk mapping tools and goal-based planning capabilities. “Their expertise in delivering digital financial services solutions resulted in a partnership that is going to positively transform how our agents serve customer needs in more ways than ever before," said Sarah Mineau, vice president, Operations – State Farm Investment Planning Services in a statement.
Alfa Insurance, in a partnership with Roost, will offer free water-leak sensors to select policyholders in Alabama, Georgia and Mississippi. The companies aim to have less frequent and severe claims and to increase customer engagement. The detector can be placed in areas of homes prone to leaks-- near sinks, toilets, water heaters, etc.-- and will alert the policyholder via app notifications.
Aite Group LLC and Novarica Inc. have merged to form Aite-Novarica Group. The advisory firm focuses on helping executives from banks, payment providers, insurers, securities firms and their respective service providers respond to changes in technology, markets, operations and regulations. “We have a tremendous opportunity to leverage our subject-matter experts’ hundreds of years of collective industry experience to advise financial services executives on their most critical decisions,” said Kurt Reisenberg, a former Corporate Executive Board (CEB) executive who is the new CEO of the combined company, in a statement.
Koffie Labs, an insurtech focused on trucking and transportation markets, announced a partnership with Sutton National Insurance Company and its reinsurance panel to offer its product. Boost Insurance will be the program administrator. The insurance products for trucks will be available in ten states by the end of the year and will be initially focused on small fleets. “We know the trucking industry is ripe for innovation in insurtech,” said Shane Haverstick, CEO of Sutton National, in a statement. “Koffie offers competitive rates and an excellent product for fleets that prioritize driver, fleet, and vehicle safety. We’re excited to watch Koffie’s forward-thinking approach to technology shape this challenged market in the months and years to come.”
AmeriLife has hired Brad Shelton as senior vice president, Product Innovation. Shelton will oversee sourcing carriers for new product development opportunities; creating strategies for new health, life and annuity products; helping with proprietary product opportunities; and working on special projects with the corporate actuary. "I am eager to get started and look forward to contributing to the continued growth of the company," said Shelton in a statement. "I believe my industry background and prior experience will be a key component in progressing our product innovation efforts."