Global specialty insurer SiriusPoint said it is investing in LuckyTruck Corp., a digital broker and aggregator specializing in commercial trucking insurance. The two did not disclose the investment amount.
LuckyTruck vows to make the purchase of insurance for trucking fleets more customized and convenient. Its streamlined process lets fleet managers complete their insurance transactions online in minutes. LuckyTruck hopes to expand its operations across the U.S., and initiate new partnerships to build out its digital distribution platform.
SiriusPoint said its partnership with LuckyTruck will generate insights and understanding into the small commercial trucking segment, and create opportunities for the companies to develop new insurance products in the space.
Devin Bostick, CEO and founder of LuckyTruck, said commercial trucking is undergoing a fundamental shift. “There’s a heavy infusion of capital in this area, that translates to a vibrant and growing logistics ecosystem,” he said.
Hiscox Using RMS Location Technology to Tailor Real-Time Quotes
Specialty insurer Hiscox is working with RMS, the catastrophe risk company, to expand its use of RMS Location Intelligence API technology to provide real-time tailored insurance quotes. RMS Location Intelligence provides modeling data with high-resolution, location-level hazard, risk, and loss metrics. The firms say the use of an application programming interface (API) to integrate RMS data directly into Hiscox systems allows real-time responses to coverholders. RMS Location Intelligence also provides a live view of Hiscox’s bound portfolio enabling active management of risk aggregation and opportunities for dynamic pricing.
Paul Butler, technology director, Hiscox, said that since working with RMS Location Intelligence API, his company’s FloodPlus book has doubled year on year and is now generating in the region of 20,000 quotes per week.
Jason Futers, managing director at RMS, said many carriers are now moving to live quoting of delegated business so that they can precisely tailor pricing to their view of risk and build a better book of business. “Being able to provide coverholders with real-time, fully automated quotes is a gamechanger that is driving increases to the quote-to-bind ratios, and improvements in the quality and quantity of underwritten policies,” he said.
Cybersecurity Startup ActZero Offers Measured Analytics and Insurance Coverage
ActZero, a cybersecurity startup whose AI-driven platform makes security accessible for businesses of all sizes, is adding cyber insurance to its offerings in a partnership with Measured Analytics and Insurance, a data and analytics-driven cyber insurance company.
ActZero and Measured aim to holistically address businesses’ cybersecurity needs by combining managed detection and response services designed to stop attacks and extortion with insurance services that position companies to mitigate potential losses.”
The ActZero platform combines antivirus protection, endpoint detection and response, extended detection and response technologies, and 24/7 automated and managed threat hunting capabilities.
Measured Analytics and Insurance, a licensed producer, sells comprehensive cyber insurance backed by the reinsurance companies. Measured uses proprietary data and machine learning algorithms to assess and price cyber insurance for small- and mid-sized businesses. Its standalone cyber insurance product, CyberGuard, backed by Lloyd’s syndicates, is targeted at businesses with up to $500 million in revenue, and is available in all 50 states
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