Around the P&C insurance industry: January 25, 2023
Insurance industry news from NFP, InsurTech Corridor, FloodFlash and more.
NFP acquired Jess S. Morgan & Company, Inc., a business management consulting firm located in Los Angeles, California. Jess Morgan will join NFP’s recently rebranded Ground Control Business Management, the Los Angeles-based firm serving high net worth individuals, entertainment industry executives, entertainers and professional athletes, among others. The Jess Morgan transaction closed in November 2022.
NFP acquired Direct Safety Solutions Ltd, a U.K.-based health and safety consultancy. The acquisition will allow NFP to integrate bespoke health and safety offerings with its existing commercial insurance, employee benefits and human resources services, which will benefit clients and their employees.
Insurance professionals can now get highly detailed, real-time data about the impact of hail and tornadoes with Verisk’s latest weather enhancements, Hail Impact Energy and Tornado Probability. With the addition of Hail Impact Energy and Tornado Probability to Verisk’s Respond weather solutions, insurance professionals can get detailed insight into potential damage from hailstorms and tornadoes to help efficiently deploy resources and more accurately forecast claims after a severe weather event.
InsurTech Corridor initiative, launched in March 2022, is a partnership between the U.K. government’s Department of International Trade and the Connecticut Insurance and Financial Services trade association, the State of Connecticut’s Department of Insurance, the MetroHartford Alliance, InsurTech U.K. and the state of Connecticut’s lead economic development agency, DECD, and provides support to insurtechs at no cost.
insured.io announced the availability of a new payment processing feature, Payment Center, which is seamlessly integrated into the company’s Insured Portal.
The Hartford and UPMC are Catalyst Award winners to be honored at the Catalyst Awards Conference & Dinner on March 30, 2023. The 2023 Catalyst Awards Conference & Dinner — the premier gender equity conference and awards event for advocates of diversity, equity and inclusion — will take place in person at the Hilton Midtown in New York City as well as online.
FloodFlash, the first insurance provider to pay catastrophic flood claims as fast as four hours entered the U.S. insurance market. After a devastating hurricane season in the U.S., policyholders have been left waiting weeks, if not months, to receive claims to be able to rebuild their businesses and revive local economies. In addition, in the wake of Hurricanes Ian and Nicole, traditional insurers are hesitant to reinsure, leaving businesses without many options and contributing to the $58 billion flood insurance gap in the U.S.; the largest in the world.
Embroker introduced ONE by Embroker — a universal application that utilizes AI and machine-learning technologies to generate business insurance products tailored to specific industry needs. The streamlined process focuses on critical business information and removes the need for unnecessary and redundant questions, enabling brokers and startup founders to get quotes for a comprehensive bundle of products instantly.
Coverdash, a fully-digital business insurance startup, announced the company’s official launch and the closing of an oversubscribed seed funding round. Coverdash simplifies the process of buying and managing business insurance for e- commerce merchants, gig workers and all other types of businessowners. The company offers a broad range of commercial insurance products, including liability, property, workers’ compensation, and cyber.
Related: