The following news stories were curated and condensed by the Digital Insurance team.
USAA Life Insurance announces new digital product; Hippo partners with Socotra on HOA insurance: Roundup
January 13, 2022 7:12 AM
Hippo partners with Socotra
Hippo announced a partnership with Socotra, a technology company that builds cloud-based platforms for insurers. The partnership will support the expansion of Hippo's commercial lines homeowners insurance into new markets. The HOA product first launched in Arizona in August 2021 and has since expanded into over 15 states. “Since launching our HOA product, we have seen strong market demand for insurance policies that work in conjunction with homeowners or condo insurance. To meet that demand, we’ve developed a modern product that includes expanded coverage, customer support, and empathic claims concierges,” said JoAnne Artesani, VP of commercial lines at Hippo, in a statement. “Through Commercial Lines expansion, we are building a suite of highly tailored policies that supports product diversification, accelerates growth across new sales channels in more states, and reaches new customer bases for personal insurance lines. By partnering with Socotra, we’re able to bring our innovative approach to life and improve our speed-to-market for each state and product launch.”
USAA Life Insurance announces new digital product
USAA Life Insurance announced a digital life insurance product that requires no medical examination and is available in 47 states. The product, which requires the completion of nine health questions, is available to consumers between 21 to 35 years old, starts at $15 per month and includes a $100,000 policy that is instantly approved if the consumer is eligible. "We know that one of the biggest pain points in getting life insurance is a medical exam," said Rob Schaffer, vice president and general manager for life insurance at USAA Life, in a statement. "With this new product, we're making it easier for younger consumers to get the life protection they need." USAA also recently announced the appointment of Amala Duggirala as the company’s executive vice president and enterprise chief information officer. Jason Witty also joined USAA as the senior vice president and chief security officer.
Overhaul and Movingdots collaborate
Movingdots, a subsidiary of Swiss RE that develops data-driven mobility solutions for insurers, and Overhaul, an end-to-end supply chain visibility and security software provider, are partnering to provide motor carriers with data on driving behavior. Overhaul’s TruckShield platform will work with Movingdots’ telematics solution Coloride to gather data and use machine learning to detect and correct risky driving behavior. "Coloride technology can coach drivers to implement safer driving behaviors, preventing accidents on the road," said Donato Genovese, Movingdots' CEO, in a statement. "By joining forces with Overhaul, many more commercial fleets will get access to this technology. Drivers will see their trip details including risk events like excessive speeds and will have an overview on how to improve their driving style. We are thrilled to continue spreading safety and innovation in mobility through cutting-edge technology together with Overhaul."
Chubb appoints new executives
Zurich announces DEI Service
Zurich Resilience Solutions in North America collaborated with Inclusion Score, an organization that focuses on the global diversity and inclusion standards issued by the International Organization for Standardization, to develop a service to help businesses assess DEI in their organizations and work toward ISO standards. The Workplace Diversity, Equity and Inclusion Service will offer a DEI assessment and consulting service option for businesses. "Insufficient attention to diversity and inclusion has become a business risk that can have a direct impact both on an organization's financial performance and its workforce," said Thomas Fioretti, head of Zurich Resilience Solutions in North America, in a statement. "Recoveries in discrimination lawsuits are at all-time highs, and shareholder derivative lawsuits based on D&I are growing. Corporations need guidance when it comes to assessing and enhancing their DEI practices and policies, training their teams to address concerns and insuring themselves from business risks."
Insurity to provide free cloud-based payments to P&C
Insurity, a cloud-based software provider for insurance carriers, will provide free digital payments for P&C carriers through the end of the year. Insurity’s Sure Claims Payments software enables carriers to automate claims payments issuance through an existing integration with Insurity solutions or API. Carriers must agree to a three-year contract. “Sure Claims Payments addresses two critical challenges for insurers today – changing customer needs, and claims processes with multiple touchpoints. Sure Claims Payments can both streamline operations and elevate the policyholder experience,” said Sylvester Mathis, chief insurance officer, Insurity, in a press release. “P&C carriers can quickly scale to meet high claim volume by removing traditional check-issuance, while at the same time differentiating their claims experience and exceeding policyholder expectations with fast, modern payment options.” Insurity also announced recently that SteadPoint Insurance Group, a regional workers’ compensation carrier, selected Insurity’s Workers’ Comp Suite software to expand its business into all 50 states.
Vertafore names chief technology officer
Vertafore, an insurance technology company, has named Liz Nguyen as its chief technology officer. Nguyen has over two decades of experience and joined the company in February 2019 as vice president of product development. Previously, Nguyen spent 20 years at various organizations including Deloitte Consulting and P2 Energy Solutions. In the new role, Nguyen will lead the development and technology operations teams. "At Vertafore, the vision for our solutions is based on listening to our customers' needs, coupled with a deep understanding of the independent insurance channel," Nguyen said, in a press release. "I want to ensure that the insurtech we bring to market provides real value, along with stellar performance and a seamless user experience. We're developing our solutions to be there for our customers—both today and for years down the road as they grow and evolve."
HAI selects Betterview
HAI Group, a P&C insurer, selected Betterview, an insurtech, to accelerate its underwriting capabilities. HAI will use Betterview’s Remote Property Intelligence Platform. “Selecting solid risks when underwriting property has become more important than ever in the modern insurance landscape,” said Courtney Rice, chief communications officer for HAI Group, in a press release. “Betterview helps us cut through the noise; delivering us only the most relevant property data, and giving us a clear and actionable understanding of risk. We can see the quality of a roof and even whether the property itself is vacant. This streamlines our process and helps us determine when we need to send our team to inspect a property. The Betterview platform increases our efficiency and reduces our expenses.”