Hippo insuretech agrees to $5 billion merger with Reinvent Technology Partners Z

Insurance News Hippo insuretech has announced that it will be merging with SPAC #insurancenews

This makes the insurance business the latest of many to fuse with special purpose acquisition companies. Hippo insuretech has announced that it will be merging with special purpose acquisition company (SPAC) Reinvent Technology Partners Z. The deal has valued the Californian insurance technology company at about $5 billion. Hippo Enterprises first launched in 2015. The Hippo insuretech sells homeowners insurance directly to consumers, promising fast quotes in a minute or less and the ability to purchase a policy within 5 minutes. Once the transaction closes, the insurance technology company will…

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USAA and State Farm blockchain platforms go live

USAA and State Farm blockchain platforms go live - business - digital

The insurers have launched this new form of processing all subrogation claims. The USAA and State Farm blockchain platforms have gone live for processing all subrogation claims. They are hopeful that other US carriers will also choose this strategy throughout this year. Many large insurance companies have been investigating blockchain platform strategies. The State Farm blockchain interest first started in 2018 in investigating its potential for subrogation. The partnership between that insurer and USAA started in 2019. The two companies represent a combined 12 percent of the $620 billion American…

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Insurance customers prefer conversational AI and digital messaging communication

Conversational AI - person using computer

New research shows that customers would shop more from insurers if they communicated in this way. A survey conducted to better understand insurance customer attitudes and behaviors with insurers has found that conversational AI and online messaging are highly appealing methods of communication. The results of the research were published in the 2020 Survey of Consumer Preferences Around Insurance. The survey was conducted in October 2020. It involved the participation of over 2,500 respondents in the United States, United Kingdom and Australia. This small, preliminary research indicated that the majority…

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Insurance agency business lessons from the COVID-19 pandemic

insurance agency business

Businesses of virtually every size were unprepared for these changes, but here’s what to learn. As owners and staff of an insurance agency business, you make a living by making sure your customers are prepared for the unexpected.  That said, 2020 has made it clear that even experts in the unexpected can be taken off guard. There have been many lessons that owners and staffers have learned throughout this year. To make sure your insurance agency business is more than just surviving but is continuing to thrive as the pandemic…

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CSG Actuarial Announces Availability of It’s Newest Tool Supporting Insurance Agents: Client Manager

insurance agents technology

CSG Actuarial is well known in the insurance industry for its technology product portfolio supporting agencies with clients in the senior market. They just announced a new product, Client Manager, with features that allow users to upload client lists, create segments and run multiple insurance quotes at one time. The new tool saves valuable time by searching multiple senior market product solutions at one time. It is also built to enhance client retention by offering features for proactive filtering of their client data to target specific groups with different product…

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New FTJ/FLS Vice President To Lead Technology Efforts

insurance industry news

KANSAS CITY, Missouri (August 3, 2020) – Forrest T. Jones & Company, Inc. (FTJ) and Fidelity Security Life Insurance Company (FSL) have appointed Chayan Dasgupta as vice president overseeing information technology (IT). Dasgupta, who goes by “CD,” will provide strategic leadership as a member of the FTJ/FSL executive team and manage a department of nearly 50 IT professionals. He will report to Brad Jones, FTJ/FSL Vice President. Dasgupta joins FTJ/FSL after more than 12 years at Overland Solutions, a leading provider of underwriting support services in the property and casualty…

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Lemonade IPO takes off by 132 percent in first day of trading

Lemonade IPO - Stocks

The tech-driven insurance company’s initial public offering proved to be a great success. Investors proved highly enthusiastic over the Lemonade IPO that took place on Thursday, sending the company’s share up by more than 130 percent on its debut trading day. The newly public firm is a tech-driven insurance company focused on digitizing the customer experience. The Lemonade IPO placed the spotlight on this insurer that has provided consumers with a fully digitized experience for purchasing and managing various forms of coverage. The company has Softbank’s backing and had originally…

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