How Melbourne Insurance Brokers Are Doing Business In A Pandemic.

Insurance Broker

COVID-19 has slowed down many things, and the insurance sector has certainly not been left behind. Do not think for a moment that your insurance broker will leave you alone during these turbulent times. As long as you choose the best one, you are on the right track because they will walk with you to the very end. However, it is good to point out that this is the new normal and things will barely go back to how they were; therefore, make adjustments where you can. The pandemic has…

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Pandemic forces Lloyd’s of London insurance contracts into review

Insurance contracts - Lloyd's of London building reflected in glass

The massive marketplace is re-examining the way coverage products are designed due to COVID-19. Lloyd’s of London has launched a new review of its insurance contracts, taking a new look at the way products are created and sold. The purpose is to develop simpler products in response to the COVID-19 pandemic. Insurers have suffered considerable reputational damage due to the complexity of their products. This complexity in insurance contracts has made it difficult for businesses to understand. The result has been a wave of court cases meant to decide whether…

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Progressive life insurance may be a future move, says CEO

Progressive life insurance - Doors - Future

The insurer is looking into moving into a new market as the CEO says there is “more to come.” It may not be too long before Progressive life insurance becomes a product available to consumers in the United States. Though the move is far from confirmed, the insurer’s CEO has indicated that it is being considered. “We actually are considering that,” said Tricia Griffith, chief executive officer, when asked about the potential for Progressive life insurance in the future. “We have a life-insurance company filed in Ohio. More to come…

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Employer sponsored health insurance costs are up 4 percent this year

Employer sponsored health insurance - health insurance costs

The Kaiser Family Foundation data also showed that they have risen by 55 percent in 10 years. Employer sponsored health insurance costs have been rising steadily for Americans, having increased by 4 percent to $21,342 this year, according to a recently published Kaiser Family Foundation (KFF) study. The annual KFF survey found that workers are paying almost $5,600 for their coverage this year. KFF’s annual survey determined that American workers are paying almost $5,600 int their employer sponsored health insurance for family coverage. In 2010, that figure had been closer…

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Walmart health plans for seniors available in time for 2021 open enrollment

Walmart health plans - Front of Walmart Store

The retail giant is selling the policies for Medicare medical and drug benefits that will begin next year. Walmart health plans are launching through a new brokerage that will make the policies available in time for seniors to enroll during the Medicare medical and drug benefit open enrollment for 2021. Seniors will be able to enroll in this coverage this fall throughout the open enrollment period. The retailer announced the move earlier this week, bringing Walmart health plans into heavy competition within an industry facing a rapidly increasing number of…

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Allstate and Liberty Mutual provide Lyft driver insurance in several states

The insurers are offering coverage to the rideshare company’s drivers in states including California. Lyft driver insurance is now available in a handful of different states through Allstate and Liberty mutual, including in California and Texas. Effective as of the start of this month, Allstate has started selling this commercial auto coverage. October 1 brought Allstate’s Lyft driver insurance to California Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies are issued by an Allstate subsidiary called North Light Specialty Insurance Co and are managed by Allstate Business Insurance. This commercial auto coverage is provided specifically throughout the Lyft trip’s entire cycle. It begins when a driver turns on the app, continues through until they pick up their customer, and runs until the completion of the trip. Allstate automatically protects riders at no additional cost when they are in a Lyft driver’s vehicle. The extent of the coverage varies from one state to the next and from one period of engagement to the next. This may extend to property damage and bodily injury liability, uninsured/underinsured motorist liability, collision, and comprehensive coverage. It is subject to deductibles, policy terms and conditions. Until now, Lyft driver insurance has essentially meant a reliance on a personal auto policy. That coverage is still applicable when the driver is offline or has not turned on the app. Some Allstate customers who drive for transportation network companies (TNC) also add additional ridesharing coverage, for instance the Ride for Hire coverage through Allstate. That protects them above and beyond what their personal auto policy would provide and what TNC commercial coverage protects. Drivers in Arizona, Michigan, New Mexico, Texas and Utah can now purchase their rideshare coverage through Liberty Mutual Insurance. That insurer’s program provides coverage specific to the needs of Lyft drivers within those states from the moment the app turns on to the moment it turns off. Lyft vice president of risk, Curtis Scott, explained that the new Allstate and Liberty Mutual Lyft driver insurance policies are a reflection of the rideshare company’s efforts to widen their coverage partnerships and form an auto carrier panel that will make it possible for the company to make sure there is claims handling specifically for this unique type of operation.

The insurers are offering coverage to the rideshare company’s drivers in states including California. Lyft driver insurance is now available in a handful of different states through Allstate and Liberty mutual, including in California and Texas. Effective as of the start of this month, Allstate has started selling this commercial auto coverage. October 1 brought Allstate’s Lyft driver insurance to California Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies are issued by an Allstate subsidiary called North Light Specialty Insurance Co and are managed by Allstate Business…

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Progressive Insurance company ads demonstrates shift from pandemic

Insurance company ads - Mask - Question mark

Companies across many industries have seen their advertising transformed due to the crisis. Advertisers are keeping a close watch on the mood of the country and Progressive insurance company ads are a direct reflection of the shift caused by the pandemic crisis. The insurer, like the other biggest brands across the nation, is seeking the right tone. A number of weeks ago, Progressive Corp’s advertising team got together to develop insurance company ads showing the company’s pitchwoman, Flo, running from a bowling alley to assist someone whose car was damaged…

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