Lemonade, which was based within the US in 2015, is getting into the UK market by a long-term strategic partnership with UK insurer Aviva. It additionally operates in France, Germany and the Netherlands.
“We imagine hundreds of thousands of native renters will recognize what Lemonade has to supply,” Daniel Schrieber, Lemonade’s co-CEO and co-founder, mentioned in ready remarks concerning the UK enlargement.
The pitch is that clients can get a quote, buy insurance coverage, file a declare and receives a commission inside seconds. This may be carried out on any gadget.
Lemonade’s different pitch level is its Giveback program, by which it donates leftover premiums to non-profit organizations chosen by its clients, supporting causes similar to equality, local weather and poverty.
Majesco, a supplier of cloud insurance coverage software program services and products, acquired International IQX, an SaaS-based insurtech that helps insurers streamline, automate and rework their enterprise processes within the L&AH area.
Neither aspect disclosed monetary phrases.
For Majesco, the deal provides it 16 further clients and new know-how for a wide range of insurance coverage enterprise processes. The New Jersey-based firm added that the acquisition furthers its customer-centric development technique and helps make insurance coverage processes each quicker and simpler.
Adam Elster, Majesco’s CEO, mentioned combining International IQX’s know-how with its personal would assist present the L&AH insurance coverage market with higher and extra progressive know-how.
“We’re excited to have the proficient International IQX workforce convey their in depth data and market expertise offering vital depth and experience to our quickly rising buyer base,” Elster mentioned in ready remarks.
Joyn Insurance coverage
Joyn Insurance coverage, an insurtech MGA, has expanded into Utah, New Mexico and Oklahoma for property, common legal responsibility and extra protection.
Total, the New York-based insurtech now accepts submissions in 38 states and Washington, D.C.
The startup fashioned initially in late 2020 and launched formally in summer season 2021, targeted on business insurance coverage for small and center market clients. Joyn leverages information and know-how to supply a greater expertise for brokers and purchasers, utilizing cloud-based and data-centric know-how, with machine learning-augmented underwriting for every buyer till a human takes over.
The corporate’s founders and plenty of preliminary staff had been a part of Blackboard Insurance coverage, American Worldwide Group’s business insurance coverage know-how platform experiment that shut down in early 2020.
Insurtech MGA CoverTree is partnering with insurance coverage software program firm Socotra to launch reasonably priced insurance coverage for the manufactured dwelling market.
The insurance coverage product will goal house owners, renters and landlords of producing houses.
Socotra’s software program will assist CoverTree automate 92% of its purposes with straight-through processing, letting their clients buy a coverage on-line in lower than three minutes. The partnership can be designed to assist clients save as much as 40% in premiums.
CoverTree, primarily based in Detroit, focuses on bringing digital distribution, automated underwriting and data-driven pricing to specialty traces of non-public insurance coverage. The corporate’s manufactured dwelling product is offered in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois and Tennessee. Socotra’s core platform helps insurers and insurtech MGAs speed up product improvement, cut back upkeep prices and enhance buyer experiences.
Breeze, a web-based incapacity insurance coverage MGA, launched new paid parental depart insurance coverage for employers.
The protection is designed to assist staff who must take time away from work to care for his or her households. It enhances Breeze’s turnkey on-line platform, which already contains short-term incapacity insurance coverage, two sorts of long-term incapacity insurance coverage and demanding sickness insurance coverage.
Breeze, which relies in Omaha, calls the product “Go away by Breeze.”
Customers, staff, brokers and brokers are the goal clients for Breeze’s platform.
Cowl Whale Insurance coverage Options is partnering with Appalachian Underwriters to broaden their respective agent and buyer networks, capability, and trade impression.
Cowl Whale is an insurtech MGA targeted on the business trucking trade, and Appalachian is a full-service MGA and wholesale insurance coverage brokerage.
The brand new partnership is designed to assist Cowl Whale distribute its choices extra extensively and in addition increase its capability to serve extra US truckdrivers. In tandem with this, AUI will launch a product that helps its retail agent companions higher serve present purchasers and win new enterprise.
Cowl Whale’s protection is knowledgeable by know-how, underwriting and information, and it payments its course of for customers as providing “the trade’s most agent-friendly on-line quoting expertise.”