What:
Connected Analytic Services, LLC (CAS), has expanded its partnership with Toyota Motor North America, adding new product offerings to enhance the ownership experience for owners of enrolled Toyota vehicles.
Why:
CAS processes data from Toyota vehicles, including advanced driver assistance systems information, to develop innovative products that cultivate greater customer satisfaction, refine the insurance pricing process, and help encourage and reward safer driving.
How:
- CAS, an affiliate of Toyota Insurance Management Solutions USA, LLC (TIMS), has built an agile, flexible, and secure vehicle data platform.
- As Toyota’s data aggregator, CAS provides telematics and vehicle build data to insurance companies on behalf of Toyota customers who want to use their driving data to receive potential insurance savings.
- CAS partners with insurance carriers to provide customers with the ability to use their driving data to price their insurance more accurately.
- Drivers of Toyota vehicles interested in receiving potential insurance savings can opt-in to Insure Connect, Toyota’s connected service.
- CAS also recognizes that data privacy is a top concern for customers.
- Vehicle telematics data and driver information is shared only at the express request and direction of Toyota customers.
- CAS employs security software and protocols to ensure the safety of all vehicle and driving data and driver information.
- When a customer opts-in to share their vehicle and driving data, there is a multiple-step process in place to provide the necessary security.
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What:
Steadily has partnered with TurboTenant to streamline landlord finances.
Why:
This new integration gives users easy to understand and valuable protection, saving them time and money so they can focus on what matters: their rental property business.
How:
- The new integration with Steadily adds to the substantial suite of existing tools, which includes marketing, rental applications, lease agreements, rent payments, and expense tracking.
- Steadily offers an easy, fast, and affordable online insurance product for rental property owners.
- By making the process digital they are able to offer the most competitive rates available in the market.
- Like Steadily, TurboTenant is built by landlords, for landlords. – The free platform helps landlords manage their rental properties online with ease.
- The two companies have partnered together to get landlords instant quotes in-platform.
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What:
To help improve the safety of America’s roadways, Nationwide is teaming up with NoCell to curb distracted driving among trucking fleets.
Why:
Compared to personal motorists, commercial truck drivers are 23 times more likely to cause an accident when texting at the wheel, seven times more likely when reaching for their electronic devices, and six times more likely when dialing a phone.
How:
- Nationwide commercial fleet customers will have access to NoCell’s distracted driving management platform.
- The technology helps remove distraction risks by disabling disruptive apps and cell phone capabilities while drivers are rolling, enabling employers to more effectively carry out their custom mobile device policies with their fleets.
- NoCell’s user data shows a more than 70% reduction in phone handling events after 10 days of use with customers.
- Fleet managers will have the ability to choose which apps their drivers have access to while the vehicle is in motion.
- The NoCell solution – compatible with both Android and iOS – uses an app on the driver’s device, a non-intrusive NoCelltag connected to the vehicle, and a back-end system to detect when vehicles are in motion, disable unauthorized mobile phone capabilities, and alert fleet managers when phone handling events take place.
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What:
Carefull announced a pilot program with Nationwide and their Innovation team, leveraging access to Carefull’s safe money monitoring technology.
Why:
In using its technology to support the 45 million US adults who coordinate and protect daily finances for an older parent, Carefull will join Nationwide’s broader effort to offer on-demand solutions for the “uncharted territory” often navigated by its members who are actively caring for an aging loved one.
How:
- Carefull’s artificial intelligence platform will help participating Nationwide caregivers by analyzing checking, savings and credit card accounts for more than 30 issues that can affect finances of older adults, such as late or missed payments, behavior change and mistakes, unusual banking activity, cash transfers and charitable contributions that unknowingly recur.
- Users of the technology—including seniors, select family members, and caregivers who support them—can receive notifications if any fraud or issues are detected.
- Nationwide hopes to support and augment the efforts of financial caregivers while enabling their aging family members to better maintain daily financial independence.
- Going beyond typical monitoring, the Carefull service will also enable robust communication among family members who are involved in the financial safeguarding process.
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What:
With Impact+ Motor Insights, Swiss Re, in partnership with TNEDICCA, gives insurers the ability to see traffic crash intelligence data in 41 US states plus the ability to integrate their own data for a more comprehensive view.
Why:
Using Impact+ Motor Insights, Swiss Re clients can see how various risk factors are contributing to their loss experience, such as where customers drive, what they drive and how much they drive; then they can adjust their underwriting pricing accordingly.
How:
- The impact of such an analysis on an insurer’s bottom line can range anywhere from a $2.5 million increase on a stable $100 million portfolio to a $7.5 million increase a year on a new $100 million portfolio.
- When an insurer obtains this better understanding of risk components, the insured often benefits from expanded coverage.
- Insurers are already seeing the advantages, including:
- Faster recognition of emerging risks to inform rate and coverage changes.
- Ability to benchmark a portfolio against the entire market to identify areas of adverse selection or premium leakage.
- Potential for strategic growth through the identification of risk segments that align with an insurer’s competitive advantage.
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What:
Muc-Off has partnered with insurance intermediary NextGen, to launch bike insurance, offering a number of features and benefits.
Why:
The launch comes at a time when the number of bikes purchased, and in turn, the number of bikes being stolen has soared following the recent global pandemic. In a recent study undertaken by Direct Line Insurance, it was found that between March and November 2020, over 32,700 bikes were stolen in the UK.
How:
- Benefits such as insurance premiums that never increase on renewal for the same risk, as well as up to £100 free upgrade cover, meaning riders can upgrade their bikes to more expensive models, and their policy may not increase in price.
- Typical offerings such as theft cover, home and away, plus a multi-bike discount of up to 25%.
- Offers for those who pay annually to save up to two months of insurance premium, there’s a no-claims discount, and European and worldwide cover are all included in premiums as standard.
- Beyond insuring their bike, riders also get £15,000 of personal accident cover in the event that they seriously injure themselves whilst out riding, plus every policy comes with third-party liability cover up to £1m.
- Cyclists are also covered in the event of accidental damage to their bike or accessories, and if repairs are needed, riders can choose to get an estimate from a repair shop of their choice, subject to them being authorized.
- Riders will even receive a temporary hire bike for up to 10 days so they can get back on two wheels as quickly as possible.
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What:
NTUC Income launched FlexiTravel Hourly Insurance, a travel insurance that enables travelers to purchase travel protection as needed by the hour.
Why:
Spontaneous weekend getaways have always been popular with Singaporeans, but travelers find it expensive or a hassle to purchase travel insurance for such short trips as they are perceived to be less risky, and many often end up traveling uninsured.
How:
- Available for those traveling only to Bintan, Batam, and Malaysia, FlexiTravel Hourly Insurance helps travelers insure themselves for short or impromptu regional trips by land or sea that range from a few hours to a full weekend.
- FlexiTravel Hourly Insurance charges a minimum of SGD 1.80 for six hours of protection, with the option for travelers to add on coverage at a rate of SGD 0.30 for every additional hour, capped at a maximum charge of SGD 3 per day.
- Accessible via the ‘My Income’ mobile app, travelers can activate and stop their FlexiTravel Hourly Insurance coverage anytime.
- With its geolocation feature, FlexiTravel Hourly Insurance makes traveling safe as the app pushes notifications and reminds travelers to activate their FlexiTravel Hourly Insurance plan when it detects that they are departing Singapore and to terminate their plan upon arrival in Singapore.
- Alternatively, travelers can update their travel details manually on the app to terminate or extend their travel insurance plan without turning on the geolocation feature.
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What:
OneDegree Hong Kong has announced a partnership with Munich Re to launch OneInfinity, a digital asset insurance product.
Why:
OneInfinity is an insurance and technology product offering designed specifically for digital asset trading platforms, custodians, asset managers and technology providers.
How:
- OneInfinity, the digital asset insurance product, is targeted toward digital asset trading platforms, custodians, asset managers, and technology providers.
- Under this partnership, Munich Re will provide reinsurance capacity and support OneDegree’s technical underwriting.
- OneInfinity bundles insurance with the Cymetrics solution. Cymetrics helps companies examine cyber, blockchain and digital asset risks from the perspective of hackers and insiders. Cymetrics is a separate product offered by a sister company of OneDegree Hong Kong.
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What:
Samos Insurance offers a first-of-its-kind accidental death insurance product that covers planned surgical procedures.
Why:
Samos aims to provide Canadians and their families with peace of mind at a time when they need it most with surgeries by giving an additional layer of protection and assurance that the family would be provided for.
How:
- Samos covers planned surgical procedures such as scheduled cesarean sections, joint replacement, heart surgery, and common cancer diagnostic procedures.
- It requires no medical exam and it’s available to patients who may not qualify for other insurance products (including those who are excluded for pre-existing medical conditions).
- Typical policies cost less than a monthly cell phone bill: between $90 and $150.
- It offers up to $100,000 in benefits should a planned surgical procedure result in death.
- The premium for Samos Insurance is based on three things: the risk related to the procedure being covered, the age of the patient, and the amount of coverage the patient desires.
- It takes just five minutes to apply, at least 48 hours ahead of admission, and requires answers to a few quick questions.
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What:
Zurich Australia has launched a mobile health app that enables life insurance customers with diabetes to monitor their blood sugar levels and self-manage their diabetes.
Why:
Pops Diabetes Care is one of the ways Zurich collaborates with the start-up community under their LiveWell strategy, to source new ideas that help improve customer wellbeing. Pops can replace traditional testing kits currently in use by many Australians.
How:
- Pops is a first-of-its-kind integrated health management system consisting of a glucose meter that attaches to a smartphone.
- Paired with the Pops app and AI health coach, it wirelessly records blood sugar results.
- The real-time app also features an AI virtual coach, Mina, to:
- Identify trends, enabling the user to take a more active role in managing their condition.
- Keep track of HbA1c (blood sugar) goals.
- Set health targets and provide guidance and tips on how best to achieve them.
- Provide conversation and education on diabetes.
- To get started, recently underwritten Zurich and OnePath Life customers with diabetes loading on their life insurance policy can download the Pops app by searching “Pops Rebel” in their smartphone app store. A PIN will then be provided by Zurich Australia.
- The program was made available on a free-trial basis to first 100 Zurich customers, who will received the Pops glucose meter and welcome kit in the mail.
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