Markets/Coverages: Falvey’s Cyber Cover for Cargo; PHLY’s New Commercial Line; CoverEase’s Workers’ Comp; Mile Auto’s Telematics

Markets/Coverages: Falvey’s Cyber Cover for Cargo; PHLY’s New Commercial Line; CoverEase’s Workers’ Comp; Mile Auto’s Telematics

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Falvey Cargo Underwriting Offers Cyber for Cargo

Falvey Cargo Underwriting announced its latest product offering, Cyber for Cargo, to help address broad cyber exclusions that apply to nearly all cargo insurance policies.

The coverage protects against physical loss or damage to goods while in the ordinary course of transit and/or while in storage caused directly or indirectly by the operation of any computer, computer system, computer software program, malicious code, computer virus, computer process or any other electronic system; that are otherwise excluded under the LMA 5403 Cyber Endorsement – a universal marine market exclusion.

“Every day we read about a new cyberattack! It’s critical that our brokers on behalf of their clients find coverage for these threats within the end-to-end supply chain. Something as simple as a misdirected shipment into the wrong hands could cause significant financial loss, and we now have a solution.” Graeme Schultz, vice president at Falvey Cargo Underwriting.

The coverage is available as an add-on for all new and existing Falvey Cargo marine and stock throughput policies, and features:

  • Limits up to $5,000,000
  • Cost effective premiums with low minimums
  • Ability to purchase mid-term

Falvey is offering the product with Chaucer Group.

Rhode Island-based Falvey Cargo Underwriting underwrites marine cargo coverage in three cargo industry segments: General Cargo, Life Sciences, and Technology. Founded in 1995, Falvey Cargo Underwriting is a cargo covernote holder at Lloyd’s of London.

Philadelphia Insurance to Launch New Small Commercial Line Using Duck Creek

Philadelphia Insurance Companies has selected Duck Creek Policy and Duck Creek Producer technology products to launch a new line of small commercial insurance in North America.

Philadelphia Insurance Companies, a member of the Tokio Marine Group, is preparing to enhance its new U.S. commercial business offerings in 2023.

The Duck Creek technologies promise to make it easy to launch products using a templated, low-code configurations and allow the insurer to enhance existing distribution channels.

Philadelphia will be offer a simple, low-touch policy that leverages third-party content, as well as pre-fill and straight through processing tools.

“We identified a market opportunity and a need in the small commercial market that we wanted to address rapidly, which meant standing up an offering without any back-end constraints or integration challenges,” said Bob Pick, chief information officer of PHLY.

CoverEase Launches Workers’ Compensation Platform

Digital insurance brokerage CoverEase announced the launch of its digital platform that uses artificial intelligence to automate underwriting and compare workers’ compensation policies.

The company said that in three minutes businesses can shop the insurance marketplace and receive quotes from top-rated insurance companies.

CoverEase shops the workers’ compensation marketplace, and also quotes business property and liability, cyber liability, and for California businesses, group health insurance, comparing pricing and coverages from top-rated insurance companies including The Hartford, Travelers, Liberty Mutual, Markel, Berkshire Hathaway Guard, Employers, AmTrust, Anthem, Kaiser Permanente, United HealthCare and Cowbell Cyber, among others.

CoverEase, headquartered in Livermore, California, with offices in New York, was built on the same technology that its sister company’s pay-go workers’ compensation agency, E-COMP NOW! Both companies were founded by Shawn Marie Edgington.

MGA Mile Auto Adds Verisk Telematics

Atlanta-based Insurtech Mile Auto has integrated telematics from Verisk to help low-mileage drivers access car insurance that is priced on how much they drive.

The managing general agency is using two Verisk products: Discount Alert and DrivingDNA Mileage. With Discount Alert, Mile Auto will be able to use anonymized telemetry data to target low-mileage drivers of connected cars and provide a prompt to request a Mile Auto quote. With DrivingDNA Mileage, Mile Auto will be able to access verified odometer readings.

Mile Auto use computer vision and decision analytics to support its pay-per-mile auto insurance offerings. It claims to help drivers save as much as 40% off their current auto insurance rates by collecting and validating odometer data without the need for extra hardware, mobile apps or GPS tracking. Mile Auto’s pay-per-mile insurance programs are currently active in Arizona, California, Georgia, Illinois, Ohio, Oregon and Texas, with several additional states expected to be added in 2022.

“The evolution of commuting and travel patterns has resulted in many people driving less and seeking to reduce their insurance premiums,” said Fred Blumer, CEO of Mile Auto. “But it’s often been a challenge for insurers to identify and determine how much individuals are actually driving.”

DrivingDNA Mileage will help Mile Auto access verified mileage information from a broad network of automakers in North America. Collected directly from connected cars, this verified mileage data is delivered upfront in the quote flow, eliminating the need for eligible applicants to install third-party hardware or mobile apps to collect such mileage information.

“Mileage information and odometer readings are highly predictive but have been notoriously difficult for insurers to access or trust,” said Joe Wodark, general manager of Verisk’s telematics business. “The verified data we provide through DrivingDNA Mileage will help overcome those challenges, supporting Mile Auto’s pay per mile insurance program and enhancing their customer experience.”

Workers’ Compensation
Commercial Lines

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