Technical Insurance Skills: Bold Penguin and Thimble, Vertafore and Nationwide, eMaxx

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

Keep abreast of technological developments in insurance involving Thimble and Bold Penguin, Vertafore and Nationwide, and eMaxx….

Insurtech Daring penguin makes it easier for agents and small businesses to get monthly or hourly coverage through a partnership with another insurtech startup, Of.

Thimble’s coverage options are aimed at businesses of all sizes, from startups that purchase insurance at work to mature organizations that want more control over their monthly and annual policies.

“Our secret sauce is that we sell these policies on all kinds of different time frames,” said the founder and CEO of Thimble. Carrier management earlier this year (BI Innovation Coming Soon: Low-Limit Policies from InsurTech Thimble).

Thimble insurance policies are underwritten by Markel Insurance Co.

Bold Penguin, a digital exchange used by insurance agents, brokers and other distributors to match, quote and link policies from insurers, will now have binding quotes from Thimble, which not only offers more policy terms. shorter than traditional insurers, but also offer modify, suspend or cancel policies instantly.

Bold Penguin and Thimble leverage their APIs to provide instant insurance quotes for small businesses.

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In the January interview, Bregman told CM that Thimble is working on a low-limit business interruption policy with a parametric trigger that will help businesses recover until they can get government assistance. during COVID-related closures.

Commenting on the Thimble-Bold Penguin partnership, Chris Cheatham, vice president of products, Insurance Intelligence at Bold Penguin, pointed out that the Bold Penguin platform enables traditional carriers and new entrants to innovate and launch products online. . As an example, he noted that travelers’ workers compensation insurance was recently brought into service on the Bold Penguin platform.

In January, American Family Insurance acquired Bold Penguin, marking the first 2021 deal that Carrier management reported in which a P / C transporter acquired an InsurTech.

In October 2020, Bold Penguin acquired RiskGenius, an InsurTech co-founded by Cheatham, which uses artificial intelligence and machine learning to read and compare insurance policies.

Vertafore and Nationwide

Giant In all the countries is the latest carrier partner to join the insurance technology provider Vertafore Commercial Quotes , makes it easier and faster for Nationwide agents to generate and compare business line quotes for clients.

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Commercial Quotes connect the end insured, agents and carriers for streamlined real-time quotes on commercial policies. The platform works within Vertafore’s agency management systems, enabling agents to reduce the tedious, repetitive and time-consuming process of listing commercial insurance coverage.

Nationwide said it plans to integrate all of its business lines products into the Business Quotes platform, starting in May with workers’ compensation, business owner policies (BOP) and general liability. .

Vertafore will later integrate Nationwide Commercial Automotive, Umbrella, and other commercial lines as made available through the API.

In 2020, Nationwide completed its transition to a fully independent agent model and is now aligned with over 11,000 independent agents to sell personal line, business, agribusiness, surplus and surplus and financial services solutions.

eMaxx

EMaxx Insurance Group, which offers insurance program administration, risk management and technology, has launched a platform for its captive variable cost programs. The platform provides a centralized source for clients to manage their own insurance and risk management program.

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EMaxx sister company Electronic technology services developed the technology platform and will be available to other insurance companies for licensing.

Through the platform, clients have access to insurance policies, program documents, historical exhibits, claim details including access to expert notes, real-time billing information and have the ability to make payments.

Clients who are members of captive variable cost programs can view the performance and profitability of their funds. Risk management capabilities include telematics rankings, driver record management, motor vehicle registration monitoring, and e-learning.

eMaxx Assurance Group of Companies has four operating companies: eMaxx Insurance Services (insurance program administrator), eCaptiv (captive insurance company domiciled in Vermont), eRisk Solutions (loss prevention, security, investigation and monitoring of claims and management litigation) and eTech Services (expense reduction technology systems and platforms, including telematics and e-learning).

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