Great American Insurance and offers D&O to startup companies with security
The Executive Liability Division of Great American Insurance Group and Insurtech Assurely announced an agreement to offer Directors and Officers Liability (D&O) insurance to private companies raising capital through technology platforms or portals and the Internet.
The target market for the new TigerMark insurance program includes, but is not limited to, companies utilizing the Jumpstart Our Business Startups (JOBS) Act via Regulation Crowdfunding (Reg CF). Insurance protects companies raising capital and the platforms that support them, while providing an advantage for their investors.
Under the terms of the agreement, Assurely will act as the managing general agent for Great American.
Jane Kornesczuk, divisional manager, Great American Executive Liability Division, said Assurely represents an opportunity for her company to participate in the “rapidly growing segment of small businesses that are using technology-driven solutions for their capital raising and insurance purchasing needs.”
The program is not new. TigerMark has been supporting startups and companies that want to raise capital via the internet for two years. However, with the Assurely announcement, Great American said it had expanded the program.
“Companies and projects that raise capital, their investors, and the online platforms that support them all benefit from TigerMark,” commented Ty Sagalow, Assurely’s co-founder and chief insurance officer.
Tractable’s AI property assesses home damage from disasters
Tractable, a company that has been developing artificial intelligence (AI) for visual assessment and disaster recovery since 2014, has launched AI Property, a new platform that assesses damage to buildings caused by hurricanes, floods and other natural disasters.
AI Property enables anyone with a smartphone to assess the external condition of a damaged property through a mobile-friendly, web-based app. It does this by taking photos and sending them to Tractable’s AI platform, which aims to alleviate the challenge of having experts on site to assess damage after a disaster.
The AI, trained on a large damage and property damage database, makes an instant estimate of the amount of damage and forwards it to the homeowner’s insurer.
In Japan, Tractable has partnered with insurer MS&AD Insurance Group to use AI Property to help homeowners in Japan during the 2021 typhoon season in the country. The technology has already been used to process real claims from Typhoon Mindulle in October.
After a typhoon, MS&AD policyholders can use AI to take pictures of high-frequency, wind-induced damage to a fence, wall, or other outdoor area with their smartphone and send them to their insurer for assessment. In the future, MS&AD and Tractable expect to expand AI coverage to interior damage like water leaks and smoke.
For now, MS&AD will only use the AI for large-scale disasters like typhoons, and the estimates calculated by the AI will be verified by humans.
Pie Insurance Adds Pay-As-You-Go Feature for Workers’ Comp
Technology-enabled workers’ compensation insurer Pie Insurance has launched a pay-as-you-go billing program for its small business customers.
New Pie policyholders can pay for their workers’ compensation insurance policy on their individual payroll cycle, eliminating the need for an initial deposit. Pie works with clients and their payroll providers to ensure accurate premium payments throughout an insurance term.
By adopting the pay-as-you-go option, Pie says small businesses can reduce upfront costs, improve overall cash flow, and simplify their employees’ comp audit experience.
Pie aims to offer small business owners more affordable insurance. Since 2017, Pie has raised over $300 million in funding, grown his gross written premium to over $100 million and partnered with more than 1,000 agencies nationwide.
subjects
InsurTech Tech Data Driven Startups
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