What:
The carrier, which is also an investor in Roost, is providing its over 13 million members nationwide with the Roost Security360 Solution, which includes 24/7 professional monitoring.
Why:
This partnership will empower USAA members with the latest in home security technology, providing peace of mind and financial benefits simultaneously.” – Roel Peeters, Roost CEO and Co-Founder.
How:
- The system, addressing major homeowner risks like theft, water, and fire, offers a nine-piece, holistic home security package for protection.
- USAA members can access the Roost Security360 system with 24/7 monitoring by signing a 36-month agreement.
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What:
Allianz has partnered with helmet manufacturer Abus to introduce a new helmet protection offering in Germany.
Why:
It is annoying when the new helmet breaks after just a few months and a new quality helmet is needed. Abus wants to provide customers with insurance to help in the event of an accident, even after an accident.
How:
- Buyers will receive Allianz helmet protection for one year with selected bicycle helmet models from ABUS. During this period, ABUS pays the insurance premium for the customer.
- Insurance coverage is simply activated after purchasing the helmet: There is a tag on the helmet with the customer’s personal activation code – this is entered on the Allianz website. From then on, the new helmet is insured for twelve months against a variety of dangers that can affect it from the outside.
- ABUS includes a selection of high-quality helmets in the insurance at the beginning.
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What:
Nubank announces Nu Vidas Juntas, its newest product in the insurance market, in partnership with Chubb Seguros. The new insurance model allows customers to acquire their own policy and gift another Nu customer with a second policy. There is no need to prove a family bond between the two people.
Why:
To increase the life insurance culture in our country, multiplying the protection and care of our loved ones.
How:
- Nu Vidas Juntas can be contracted through the Nubank app in a 100% digital flow.
- With a competitive average annual cost, the simulation and confirmation of the service take less than a minute, directly in the app.
- The insurance policy price is not adjusted by age during the first five years.
- If the person who receives the second policy as a gift does not activate their individual policy, the contracting party receives a proportional refund.
- The customer who purchases the insurance is eligible for coverage in the event of death and funeral, as well as daily accident coverage (DIT). In other words, if the person experiences an accident that prevents them from returning to work, the insurer will provide a payment within a specified time frame to assist with everyday expenses. To activate the DIT, simply submit a medical certificate that proves temporary incapacity and explains the cause of the accident.
- When someone receives the insurance policy as a gift, they will have access to death and funeral coverage. They will begin managing the policy separately from the moment they accept it, according to the terms and conditions outlined in the contract. The use of the coverage will be possible as long as the original policyholder who purchased and gifted the insurance maintains the contract.
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What:
AXA XL, in partnership with ClimateSeed, a company that provides premium carbon removal and avoidance projects, has launched an Excess Emissions Insurance product to help marine clients manage their environmental footprint and support actions on carbon emissions.
Why:
Shipping companies are working hard to reduce the carbon intensity of international shipping, and while carbon credits do not cancel out emissions, projects that generate voluntary carbon credits do contribute to the overall goal of global carbon neutrality. The Excess Emissions Insurance aims to play an additional role in helping marine clients to support global net zero ambitions.
How:
Excess Emissions Insurance indemnifies a vessel’s carbon output in the event of an unforeseen extended journey, caused by a covered risk, which results in additional emissions. Following such an event, the policy pays out with voluntary carbon credits equal to the amount of excess emissions emitted.
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What:
Builders & Tradesmen’s Insurance Services, Inc. (BTIS), an insurance intermediary, announced the launch of VETA, an exclusive General Liability insurance coverage option designed to meet the niche needs of construction remodelers and artisan contractors.
Why:
Remodeling expenditures in the United States amounted to $418 billion in the third quarter of 2022 – an upward trend of spending that has been rising since 2015. As the demand increases for insurance coverage on these projects, it is crucial to address the liability concerns unique to this market.
How:
- More than 35 classes of construction trades are offered – including two separate remodeling classes, Interior and Interior & Exterior – to provide a tailored approach to different remodeling exposures.
- Bundled class codes and easy-add tool packages are one of the distinct features.
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What:
Travel Insurance provider battleface today announced its partnership with BringFido to provide pet travel insurance coverage. Designed specifically to protect pets and their owners while traveling domestically or internationally, the partnership will offer BringFido customers with protection options if the unexpected happens to pets and their owners while traveling together.
Why:
There has been a huge surge in pet ownership in the U.S in recent years, with 70% of households owning some type of pet1. As pet owners increasingly consider their furry friends as part of their families, it is no surprise that more and more people are choosing to take their pets with them when they travel. As exciting as it is to bring your pet on a trip, it’s important to be prepared for unexpected, costly accidents or illnesses.
How:
- Pet Travel Insurance: This package includes Trip Cancellation, Trip Interruption, and Pet Medical coverages. Pet Medical provides up to $2,000 in veterinary benefits (after $100 deductible), and $500 in Pet Return coverage to bring your pet home in case you get sick while traveling and cannot accompany them. The Trip Cancellation and Trip Interruption coverages include a unique covered reason that allows you to cancel or interrupt the trip in the event your pet becomes critically ill or dies, before or during the trip.
- Pet Damage Protection: If, while staying at a vacation rental home or hotel, your pet accidentally causes damage to the room, Pet Damage Protection provides up to $1,500 worth of coverage. Accidental damage caused by humans is also covered.
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What:
Tokio Marine Kiln (TMK) has launched its first Life Sciences insurance product, IntelliMed, to address coverage gaps.
Why:
As Life Sciences companies grow, they can be exposed to increased cyber and IP risks. This could be through holding high volumes of patient records or developing novel ideas and products that could become the subject of IP rights and ownership challenges from third parties.
How:
- IntelliMed offers specialist and bespoke coverage for Life Sciences risks, ranging from traditional medical devices and pharmaceuticals to novel smart MedTech products and telemedicine services, and new apps in development.
- It is believed to be the first Life Sciences product in Lloyd’s market to provide comprehensive Cyber and Intellectual Property (IP) coverage, in addition to coverage for Products Liability, Professional Indemnity, Medical Malpractice, Public Liability, and Clinical Trials, under one policy.
- IntelliMed is designed for small Research & Development start-ups through to larger and more well-established businesses operating worldwide.
- Clients that could benefit include companies specializing in medical devices, pharmaceuticals, biotechnology, clinical trials, skincare, nutraceuticals, veterinary drugs, MedTech, apps, and telemedicine services alongside clinical research organizations.
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What:
Intangic MGA has been launched with backing from AXA XL to offer cyber insurance cover for large public corporations headquartered in the UK.
Why:
Companies struggling to manage the financial impact of cyber attacks have, on average, a 250% higher probability of suffering material losses compared to peers who have better cyber attack management.
How:
- Intangic MGA has worked with AXA XL for its cyber policy, CyFi™, which is underwritten by AXA XL Insurance Company UK Ltd.
- CyFi™ was designed to address the problem of cyber threats as early as possible and lower the probability of losses from attacks.
- CyFi™ provides smart parametric cyber cover that strengthens rather than replaces existing cyber indemnity policies.
- The policy has two parametric triggers: the level of malicious activity targeting a company, and a subsequent loss in value.
- The triggers ensure that all parties have a dashboard for the real-time monitoring of risk activity – a first for an underwriter in the cyber insurance market.
- There is no claims adjustment.
- When both triggers have been met, the claim is paid in days to get the business running again.
- Intangic offers public corporations a cover of up to $15 million (£ 12.5 million) in the UK market to cover losses from material cyber breaches.
- Plans are underway to extend this offering to the US market.
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What:
Chubb Workplace Benefits (CWB) has launched Cancer Advocate Plus, a first-of-its-kind cancer-specific, genetics-based insurance program.
Why:
The ability for average Americans to obtain cancer-related genetic testing has been challenging largely due to reimbursement, awareness, and cost issues. Chubb’s Cancer Advocate Plus makes it accessible for today’s workers.
How:
- Cancer Advocate Plus provides tools and resources for an individual to proactively understand their risk of cancer, more effectively manage a cancer diagnosis, and offers insurance protection to help with the potential financial impact of a cancer diagnosis.
- Through an agreement healthŌme™, the Chubb Cancer Advocate Plus program offers policyholders tools and support across the cancer continuum, including:
- Screening: Genetics-based testing to identify inherited genes that increase cancer risk, as cancer is a genetic disease. In case of elevated risk, healthŌme genetic counselors can develop a personalized action plan for reducing risk. Policyholders also have access to Pharmacogenomic Testing to better understand how an individual will respond to commonly prescribed medications.
- Cancer Management: In case of cancer diagnosis, policyholders get access to personalized support, tools, and resources for complex illness navigation:
- Molecular Diagnostic Tumor Testing – Genetic evaluation of an individual’s specific cancer to guide and optimize treatment.
- Expert Medical Review by Molecular Pathologists and an Oncology Nurse Advocate to provide the individual’s physician with a Precision Treatment Report and, if applicable, assistance with clinical trial enrollment.
- Cancer Recovery: Continued support during remission, including access to blood-based cancer recurrence monitoring which enables earlier detection than traditional medical testing.
- Insurance Protection: Guaranteed issue insurance benefit that complements employees’ existing medical coverage by paying benefits directly to the insured in three lump sum payments during the first year of a covered cancer diagnosis.
- Ongoing Education and Empowerment: Opportunity to learn about genetics and its relationship to cancer and receive and store genetic test results in a HIPAA-compliant Interactive User Portal.
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What:
Hub International Limited (HUB) has launched HUB Shopping Center Insurance for multi-tenant shopping centers in the U.S.
Why:
Shopping center facilities encounter many risks, including property damage from natural disasters, vandalism, vacancies, business interruption due to equipment failures, and the growing shift from traditional retail to a larger share of non-retail, non-food tenants and even difficult-to-insure tenants. So, there is a growing need to go to multiple carriers to find suitable and adequate coverage, potentially driving insurance costs and gaps.
How:
- HUB provides a comprehensive solution that combines tailored insurance solutions with proactive risk management advice and claims expertise to effectively manage its real estate clients’ risks and needs.
- HUB Shopping Center Insurance is a proprietary insurance solution for owners and operators to secure property insurance, general liability, and workers’ compensation tailored to their needs.
- It offers owners and operators, especially retail shopping centers with sound risk management practices and multiple types of coverage through Swiss RE Corporate Solutions.
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