Around the P&C insurance industry: October 26, 2022
Insurance industry news from Ahoy, Gradient AI, Compre and more.
Ahoy partnered with Vantage Recreational Finance, Inc., a financial solutions company for the marine and recreational vehicle industry, enabling boat buyers who finance their purchase through VRF to have easy access to an Ahoy! boat insurance policy directly through VRF’s financing platform. The embedded insurance program will include technical integration to offer VRF customers insurance quotes through a “click to buy” model as well as to bind the policy on the spot.
Gradient AI and Duck Creek Technologies announced integrated AI workers’ compensation solutions and their first joint customer, Builders Mutual Insurance. The joint offerings bring Gradient AI’s state-of-the art AI solutions to insurance carriers that leverage Duck Creek’s platform for their operations. This powerful combination allows underwriters and claims adjusters to uncover and analyze key drivers of workers’ compensation policy and claim risks, better assess them and minimize their claims exposure, within the platform they already use.
Workers Compensation Research Institute will host a free 30-minute webinar on Thursday, Nov. 17, 2022, at 2 p.m. ET on its study Trends in the Delaware Workers’ Compensation System, 2015–2020.
Compre acquired the Irish subsidiary of Covéa, Medical Insurance Company DAC, which provided general liability insurance covering professional medical malpractice risks. MIC entered into run-off in 2015. The transaction represents a further significant step in Compre’s ambition to build a center of excellence for medical malpractice in Europe. The transaction remains subject to appropriate regulatory approvals.
Frost & Sullivan recognized Agero with the 2022 North America Product Leadership Award. Agero is a leading provider of roadside assistance, accident management, consumer affairs and connected vehicle technologies for stakeholders across the automotive industry with a rich history of innovation and experience.
Cover Whale partnered with IPFS to deliver an enhanced premium finance platform for agents and policyholders. The partnership includes greater financing capacity that accelerates the growth of Cover Whale’s book of business, customizable financing terms for drivers and fleet owners, and IPFS’s investment in developing technology and pursuing continued innovation in the insurance industry.
NLADA Insurance Program has relaunched as NLADA Mutual Insurance Co., a Risk Retention Group. With the transition, NLADA Mutual will take control of underwriting policies with an effective date of January 1, 2023 and later, over time, will enhance insurance products and services to meet the evolving needs of the equal justice community. As a mutual insurance company, NLADA member-insureds will own the company and for every dollar they spend on insurance, proceeds will feed directly back into the work of NLADA and the equal justice community as a whole.
AmTrust Financial Services, Inc. acquired DUAL North America, which includes its underwriting team and renewal rights to the portfolio. As part of the transaction, seven DUAL professionals will join AmTrust’s EXEC unit.
Actuarial Risk Management Ltd. launched its Data and Modeling Institute, an actuarial modeling center of excellence. DMI enables ARM to transform insurers’ actuarial functions and address the industry’s supply and demand imbalance for actuarial talent by offering managed actuarial services.
NFP partnered with the National Hockey League’s New York Islanders. Sharing a strong commitment to the community and longstanding New York roots, NFP and the Islanders will work together to drive progress in the metropolitan area.
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