Around the P&C insurance industry: March 9, 2022
News from Privilege Underwriters, Pathpoint, Sureify and more.
Aioi Nissay Dowa Insurance and MOTER Technologies have chosen Socotra to power a new telematics-based commercial fleet insurance product. Socotra is the first cloud-native core platform with open APIs empowering both global insurers and insurtech startups to rapidly develop and distribute products with minimal effort and costs. With Socotra’s advanced rating and billing capabilities, insurers can quickly and easily integrate telematics data to build complex usage-based insurance products.
Trager Reznitsky Insurance acquired the property casualty division of Stronghold Insurance LLC, a full-service agency supporting clients with employee benefits, personal products and services and more.
Privilege Underwriters, Inc. and its subsidiary PURE Specialty Risk Management, LLC announced the formation of PURE Specialty Exchange, an Arizona-domiciled Domestic Surplus Lines insurer dedicated to helping PURE members and other responsible high net worth families with higher-risk, complex exposures that fall outside of the admitted market.
Pathpoint released its new restaurants offering, giving agents the opportunity to access comprehensive non-admitted coverage solutions for restaurant owners. Pathpoint’s restaurants product covers any restaurants operated by concessionaries, including BYOB establishments, restaurants that don’t serve alcoholic beverages and those with alcohol sales less than 75% of total sales. Appetite includes general liability from $500k – $2M and property TIV up to $2.5mm.
Sureify and Socotra, a truly modern core platform for global insurers and insurtech MGAs, joined forces to strengthen digital technology to improve speed to market and customer experiences for mutual life insurer customers. The partnership between Sureify and Socotra offers notable synergies. Sureify is well-known across the life insurance industry for its configurable, intuitive and quick-to-implement Lifetime platform, which brings value to the front- end of the equation by providing accelerated product development and reduced implementation and maintenance costs.
Duck Creek Technologies collaborated with CoreLogic to help connect critical touchpoints for a seamless underwriting experience. Insurers use CoreLogic’s highly accurate and comprehensive risk analytics solutions to help guide smart decision-making. The growing relationship enables customers to obtain a deeper level of business intelligence, where decisions can be made in real-time.
Duck Creek Technologies partnered with Glia, provider of Digital Customer Service. Duck Creek will offer Glia’s DCS platform as part of the Duck Creek Suite under a new reselling agreement. This will allow insurers to engage digitally with policyholders and agents in real time, leading to a more collaborative, frictionless agent and policyholder experience.
BXS Insurance, Inc. and Altera Payroll & Insurance, Inc., both wholly owned subsidiaries of Cadence Bank, formerly BancorpSouth Bank, announced their merger. Effective March 1, 2022, Altera is a division of BXSI, expanding services available to BXSI’s clients.
Sierra Farm announced a new, exclusive farm and equine program from Sierra Farm. Sierra Farm has sole authority to rate, quote and bind in 48 states. This unique program combines E&S capabilities with P&C coverages and farm liability and equine under one policy with the more challenging-to-place farm and ranch accounts.
Talage announced $9 million in new venture funding. The round was led by Merus Capital, with participation by Calibrate Ventures, Hallador Financial, Advantage Capital, and Reno Seed Fund. The financing will broaden the Talage reach, increase brand awareness and help it become the go-to partner for carriers, agents and wholesalers that adopt its tools in the commercial insurance industry.
Orion180 integrated with IVANS Download. Integrating with rating systems such as IVANS increases the visibility of Orion180 to a wider broker audience and provides existing agency partners with more efficient access to the company products.
Xceedance and Ultimate Risk Solutions partnered to deliver enterprise risk management (ERM) modeling and actuarial and analytics services to insurance organizations worldwide.
Related: