What:
MetLife Pet Insurance is introducing a rewards program – in partnership with LifeBalance, to provide pet parents access to discounts and offers on pet care essentials.
Why:
Pet parents are spending more than $4,500 annually on pet care, according to MetLife and OnePoll research, with more than half of pet parents today worrying about their pet’s health more than their own.
How:
- The MyPets rewards program will allow pet parents to access discounts on pet care purchases at select businesses to help care for their pets’ health and well-being.
- Eligible pet parents will be able to redeem available discounts and offers across a range of pet care categories (e.g., pet sitter, monthly pet supply subscriptions).
- Eligible MetLife Pet Insurance policyholders can redeem up to 5 rewards per calendar year with a maximum value of $25 per reward, helping them to save on everyday pet needs and services (e.g., groomers, toys, and cleaning supplies).
- New rewards are added throughout the year, giving pet parents access to a variety of rewards that best fit their pet’s needs at no additional cost.
- Policyholders can view and redeem the rewards through their MyPets account in the Rewards Center.
- This new program complements MetLife’s expanded pet insurance offerings.
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What:
PayMaya Philippines has introduced Buyer Protect, an online shopping protection insurance provided at no additional cost, underwritten by AIG.
Why:
The launch of Buyer Protect is part of PayMaya’s thrust of making digital transactions more convenient and safer for more Filipinos while supporting the country’s e-Commerce Roadmap goal.
How:
- Through this service, customers shopping online using their PayMaya account can get a reimbursement of up to P8,000 per claim, with annual coverage of P16,000, for undelivered, incomplete, or damaged purchases from eligible online sellers.
- Buyer Protect is automatically provided free of charge to upgraded PayMaya users.
- Coverage applies to a minimum spend of P100 from legitimate online sellers with their own websites or official stores on Lazada, Shopee, Instagram, Facebook Marketplace, Carousell, and similar sites with payments done through PayMaya virtual or physical card, mobile number, or QR code.
- Once customers download and fill out the claim form from the website, valid claims will be processed by AIG Philippines, and reimbursement will be credited directly to the customer’s PayMaya account in 7-10 working days.
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What:
Amica Insurance has teamed up with TV show “This Old House” to help homeowners make best home improvement decisions.
Why:
Amica knows consumers need guidance and advice they can trust. Some consumers are unsure if they’re making the right decisions as they improve, maintain and protect their property. But “This Old House,” will be a resource as consumers make these important decisions.
How:
- Amica, the insurance company, and “This Old House,” a long-running home-improvement show, have collaborated on several videos featuring Amica employees alongside the show’s on-air talent.
- These short videos will help viewers decide whether home projects should be DIY or not, learn how proactive inspections can prevent damage, and understand key insurance concepts that make a difference in how they’re protected.
- As the official 2021-2022 sponsor of “This Old House,” Amica television spots will air during the show’s broadcasts on PBS.
- Ads will also be featured in “This Old House” magazine, and Amica will serve as the program’s category-exclusive sponsor on Roku.
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What:
Family First announced a collaboration with MetLife Legal Plans to provide comprehensive support for employees navigating the emotional, social, clinical, and financial challenges of caring for a loved one.
Why:
Family caregivers are burned out by their responsibilities, with over 71% experiencing mental health challenges, 82% experiencing stress, and 62% suffering from depression during the pandemic. Caregiving is also negatively impacting careers.
How:
- Family First works with caregivers to solve their urgent and complex caregiving needs.
- Through this collaboration, MetLife Legal Plans enrollees and their families will have ongoing access to Expert Care Teams comprised of nurses, physicians, social workers, and mental health professionals, backed by AI and a content library.
- Care Teams uncover and work with the entire family ecosystem to resolve the most complex challenges.
- Family First’s comprehensive approach addresses mental health, family dynamics, logistics, legal issues, financial challenges, difficult decision-making, and other needs.
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What:
The partnership aims to galvanize the availability and advancement of parametric cyclone insurance products by combining Descartes’ ability to incorporate technology into its parametric product design with Reask’s wind speed data.
Why:
Wind storms are a threat to businesses, communities, and public entities, with cyclone-driven economic loss reaching USD 78 billion worldwide and 68% of losses (USD 53 billion) not covered by insurance; last year alone. This partnership will address the insurance protection gap by expanding global cyclone parametric coverage.
How:
- The consistent global coverage of Reask’s tropical cyclone product, Metryc, enables the expansion of parametric insurance policies into regions and geographies where data limitations impeded previous coverage.
- Reask’s ability to augment scarcely available ground-level observations and deliver high-resolution wind hazard intensity metrics within days following an event supports the deployment of Descartes’ parametric products.
- Descartes Underwriting has worked in collaboration with Generali Global Corporate & Commercial since 2020 to improve corporate uptake of parametric risk transfer solutions globally.
- As Nat Cat & extreme weather risks evolve due to climate change, the inherent difficulties in obtaining accurate data due to the destructive nature of cyclone activity are also likely to be accentuated.
- The partnership between Descartes Underwriting and Reask addresses these challenges as the scientific teams at both organizations collaborate and apply machine learning to improve tropical cyclone wind field and terrain interaction models.
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What:
WTW announced an affirmative cyber coverage product for cargo and stock throughput risks.
Why:
WTW recognizes that cyber risk exposure is an ongoing concern in the global supply chain. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following the widespread adoption of the LMA 5403 Cyber Endorsement.
How:
- WTW provides affirmative coverage for loss or damage to goods while in the ordinary course of transit and/or while in storage caused by the malicious use of a computer or computer system.
- The coverage “wraps” around the underlying cargo or stock throughput policy.
- It streamlines the underwriting and quoting process.
- The agreed program rating for $1,000,000 in limit, limits up to $5,000,000 may be available for select Insured’s subject to underwriting review.
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What:
Betterview announced the availability of its Defensible Space feature, which enables insurers to use the company’s Remote Property Intelligence Platform to better protect vulnerable properties against catastrophic weather damage.
Why:
With insurers forced to adopt new strategies in the face of climate change-driven weather events, the Defensible Space feature enables property insurers to make smarter, more decisive actions in loss control and move away from the reactive ‘repair and replace’ mindset.
How:
- Betterview’s Defensible Space feature includes a color-coded map and a numerical score for each structure.
- The map displays the amount of Defensible Space in each of the three zones surrounding the structure, as defined by CalFire and other disaster preparedness authorities.
- The score, similar to Betterview’s Roof Spotlight Index, shows the Defensible Space for each structure and how vulnerable it is to damage.
- In addition to this map and score, Betterview’s PartnerHub pulls in weather and catastrophe-specific third-party data from companies such as RedZone and Canopy Weather to further inform a property’s level of risk.
- It also proactively informs policyholders of vulnerabilities on their property, such as insufficient Defensible Space caused by encroaching vegetation.
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What:
Insurtech Roamly’s insurance for professional RV rental companies will be integrated into Wheelbase, an RV fleet management software for commercial RV operators.
Why:
This partnership allows consumers to protect their trips while enabling fleet operators to focus on customer operations without chasing insurance products through insurance carriers, which are often expensive and complex to purchase.
How:
- The new partnership offers Roamly to commercial RV rental operators, tour companies, booking agencies, and consumers who book trips and vacations through rental companies using Wheelbase software.
- With embedded digital insurance, commercial RV operators and their customers will no longer have to navigate insurance solutions that are costly, cumbersome, and complex.
- Roamly also includes trip cancellation coverage, interior damage coverage for renters, and reimburses travelers for unused, prepaid, and non-refundable insured travel arrangements – making for a seamless, worry-free vacation.
- In 2021, more than 240 new companies started using Wheelbase software to run their business.
- Operators utilizing Wheelbase software and Roamly insurance include Road Adventures by Mark Wahlberg.
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What:
CLARA Analytics has partnered with Nationwide to provide artificial intelligence (AI) technology in the commercial insurance industry for improving workers’ compensation claims operations using AI.
Why:
Nationwide will implement CLARA’s Triage and Treatment solutions, which use AI and machine learning to provide claims managers with insights to resolve claims more effectively and efficiently.
How:
- CLARA helps claims managers keep workers’ compensation on an optimal path toward resolution by validating low-risk claims early and distinguishing the higher-risk cases that may be causes for concern.
- Triage helps experienced claims managers monitor complex claims by ingesting new information and presenting key insights to better understand the risk factors.
- CLARA Treatment helps insurers identify the best health care providers for each claim, using AI and machine learning algorithms to score providers in different specialties and multiple geographies.
- CLARA Treatment determines which providers are most likely to resolve cases quickly and produce optimal outcomes that get injured workers back on the job.
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What:
Sensa launched its auto insurance offering in the U.S., including real-time help with Sensa’s smart sensor, by parent company MDgo’s technology, to automatically detect accidents, analyze the damage, and ensure assistance is dispatched.
Why:
The launch comes as U.S. car fatalities are on the rise, with the lack of real-time assistance contributing to 44% of avoidable deaths.
How:
- Sensa applies the medical ‘Point of Care’ doctrine to insurance, bringing “bedside” care to “roadside” assistance and treatment.
- It shifts the ‘moment of truth’ for insurance companies from the First Notice of Loss to the loss event itself.
- Personalized, professional help at the scene of an accident provides added value to policyholders, and real-time situational awareness mitigates damages and injuries.
- The Sensa sensor is activated only when the force of impact indicates a collision, guaranteeing policyholder privacy with no ongoing data collection or monitoring.
- Combined with easy installation and 24/7 support, the sensor’s adoption rate far stands at over 90%.
- Distributed exclusively through agents, Sensa gives policyholders a personal touch from the first contact.
- Sensa’s U.S. launch kicks off in Illinois, with a rapid rollout soon coming to the rest of the country.
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