Around the P&C insurance industry: March 4, 2020
The latest news from NAIC, Munich RE, RPS, CARFAX and more.
The National Association of Insurance Commissioners (NAIC) has launched a Coronavirus Resource Center in an effort to help support the public, the business community and insurance professionals in their understanding and management of COVID-19 risks amidst the coronavirus outbreak. The resource page hosts information aimed to help manage the risks and impacts of coronavirus, including updates on the spread of COVID-19, links related to its impact on business and insurance, along with additional relevant resources from the NAIC.
HomeCare Connect has launched a free texting service for injured workers to connect with clinical care coordinators called TextConnect. During its initial contact with an injured worker, HomeCare Connect asks if they prefer to communicate via texts or phone calls: Approximately 72% choose texts. HomeCare Connect says TextConnect allows injured workers and their families to respond at their convenience and noted that while piloting the text service, the company found that texting improves patient engagement.
HomeCare Connect developed its TextConnect technology internally, integrating it into its proprietary, HIPAA-compliant CareLink platform that drives home health management services in workers’ compensation. Care coordinators text to check in with injured workers and answer their questions, and CareLink automatically texts injured workers regarding nursing visits, durable medical equipment deliveries, and updates on home modification and prosthetics.
Mitchell | Genex, a provider of cost containment technology, clinical services, and disability management, announced an agreement to acquire Coventry Workers’ Comp Services from CVS Health. Coventry Workers’ Comp Services provides care and cost management programs for workers’ compensation and auto insurance carriers, third-party administrators, and self-insured employers. It is currently a division of Aetna, a CVS Health company, and employs 2,000 workers. Following the closing of this acquisition, Coventry Workers’ Comp will continue to be led by Art Lynch, president and CEO, and operate under its brand. The acquisition is subject to customary closing conditions, including applicable regulatory approvals. The financial terms of the transaction are not being disclosed.
Risk Placement Services, Inc. (RPS) announced the launch of an online quote-bind-issue policy from BCS Insurance Company (BCS) for cyber coverage. Exclusive to RPS, the company says this cyber product for small businesses can be quoted, bound and issued online in under two minutes by answering just four underwriting questions on its website. This new cyber solution is currently available in 47 states, with plans to expand in 2020. Highlights of the cyber product include:
- The removal of policy aggregate limits for first-party coverages, effectively allowing per- claim limits to automatically “refresh” with each new unrelated incident in a policy year;
- The broadest business interruption limits and coverage grants in the industry;
- Enhancement of the social engineering (cyber deception) coverage, minimum premiums and retentions; and,
- Single annual retention, regardless of the number of incidents in a policy period.
CARFAX announced it has expanded its Vehicle History to help insurers more precisely identify a specific vehicle’s trim level and installed equipment, and thus more accurately underwrite and price auto policies. As part of CARFAX Vehicle History, insurers can now access information on over 530 unique OEM vehicle attributes categorized into five segments: Safety and Security, HMI and Infotainment, Comfort and Convenience, Chassis and Drivetrain, and Base Vehicle Characteristics. This VIN-level information gives insurance carriers insight into the factory and aftermarket equipment installed on a vehicle. A core segment of the VIN-level attributes data covers advanced driver-assistance systems (ADAS) that improve safety and security, such as blind spot monitoring and collision detection systems. Additionally, CARFAX can identify equipment installed on a vehicle such as integrated apps or customizable instrumentation that could distract drivers.
Munich Re has announced changes to its brand. Going forward, all autonomous brands will include the “A Munich Re company” endorsement line with their independent logo. The company says the goal behind implementing this ”new brand architecture” was to “create a clear framework that addresses market needs and strengthen the Munich Re brand.”
With this, Hartford Steam Boiler (HSB) announced its new logo and brand, now to be known as HSB, endorsed by its corporate parent, Munich Re.
Lloyd’s of London has launched a new insurance policy for cryptocurrency wallets out of its Lloyd’s Product Innovation Facility (PIF). Created by Lloyd’s syndicate Atrium in conjunction with Coincover, the new product protects against losses that arise from the theft of cryptocurrency held in online, hot wallets. Lloyd’s says the policy has flexible limits from $1,300 that can increase or decrease in line with the price changes of crypto assets, which the company says allows “the insured to always be indemnified for the underlying value of their managed asset, even if this fluctuates over the policy period.”
USI Insurance Services announced the acquisition of Franklin, Tennessee-based Full Service Insurance Agency, Inc. Founded in 1975, Full Service Insurance is an independent insurance agency specializing in commercial insurance, employee benefits and personal risk solutions for businesses and individuals. Terms of the transaction were not disclosed.
Blank Rome LLP’s Insurance Recovery Group has been named Benchmark Litigation’s 2020 Insurance Firm of the Year. The group was recognized at the eighth annual Benchmark Litigation U.S. Awards held on February 27 at The Pierre in New York. The award program recognizes attorneys and firms nationwide “that display the ability to consistently handle complex, high-stakes litigation and are highly recommended within the business and legal communities for the quality of their trial work.”
In the past three years, the Insurance Recovery group has expanded by more than 100% and has received significant recognition. Most recently, the practice was named one of Law360’s Practice Groups of the Year for 2019 for the second year in a row. The group was also recognized as one of The National Law Journal’s D.C. Litigation Departments of the Year in 2017. In addition, the group and its attorneys are consistently highly ranked in leading industry guides and publications.
Rent Yuh Ride (RYR), the Caribbean’s first peer-to-peer car rental platform, launched last week from its base in Kingston, Jamaica. RYR connects travelers to private car owners to facilitate car renting in a way the company says “is efficient, affordable and safe.” RYR promises a platform that will enable seamless transactions while also rewarding users with travel credits and incentivized bonuses. RYR announced plans to expand operations expand across the Caribbean, where over 22 million travelers visit annually. RYR has partnered with the Insurance Company of The West Indies (ICWI) to provide private rental insurance to car owners at a discounted rate and will use Jumio to authenticate users on the platform.
Burns & Wilcox announced the expansion and renovation of its Houston office. The strategic expansion allows for 20% more personnel and was designed to support day-to-day operations as well as training and talent development initiatives. Additional offices, a conference room, a collaborative workspace, an associate-centric cafe, and a wellness room were added to the footprint, complete with technology equipment upgrades.