Insurance agency technology firm Vertafore has released a product it says puts the power of data and analytics into the hands of independent agencies.
The new offering, MarketTrends, helps agencies identify coverage trends, cross-sell opportunities and appropriate markets in an interface agents can use in their day-to-day interactions with clients.
Agencies can use the tool to explore carrier appetites, evaluate re-marketing opportunities and identify the best carrier partners to work with.
It allows agents to create targeted proposals for prospects that address their coverage needs and to show clients how their coverage compares to insureds with similar risks and needs.
An agency can also show its partners why it places certain lines of business and where it is competitive.
Vertafore’s latest offering gains insights from data from $135 billion in premium and 150 million policies that is updated every 24 hours.
“Being empowered with insights into real time premiums for specific industries in a geographic area allows us to win more new business and increase our renewals by demonstrating to our prospects and clients we are placing their business with the most competitive markets,” said Sean Ortega, senior executive of agency operations at United Western Insurance Brokers.
MarketTrends is included in the latest release of AMS360 enhancements.
Source: Vertafore
Mile Auto Raises $10.3 Million, Partners With Ford
Mile Auto, a telematics-driven auto insurance managing general agency, has $10.3 million in new funding and plans to partner with Ford Motor Co. to expand efforts to target customers who don’t drive a lot.
“With this funding, we will aggressively expand our footprint into new states, grow our team to best serve our customers, expand our network of automotive and enterprise partners, and accelerate the momentum we’ve gained so far,” Fred Blumer, CEO of Mile Auto, said.
Mile Auto said the money will help expand the availability of its insurance offering to half of the U.S. auto insurance market by the end of 2021.
In a related move, the company is also partnering with Ford to help Ford owners save on their auto insurance rates – a similar program to one it launched with Porsche Financial Services in 2019.
Investors in the seed round for Mile Auto include Ulu Ventures, Emergent Ventures, Thornton Capital, and Sure Ventures.
Hippo-owned Spinnaker Insurance is Mile Auto’s insurance underwriter, with reinsurance through Swiss Re.
Mile Auto leverages its patented computer vision and machine learning technologies to collect and validate odometer data without the need for extra hardware, mobile apps or GPS tracking. Mile Auto requires drivers to pay only for what they use, which the agency says may result in up to 60 percent savings.
Currently Mile Auto is available in Arizona, Georgia, Illinois and Oregon, with plans to expand into additional states within the next six months.
Launched in 2019, Mile Auto’s leadership team has experience in vehicle data and auto insurance, from building connected vehicle systems for Mercedes Benz to usage-based insurance programs for State Farm, the company said.
Mile Auto’s financing comes after a number of telematics-related financing, partnership and product launch news items items in recent weeks.
Upstream Security raised $36 million from Japanese carrier Mitsui Sumitomo Insurance as part of a strategic partnership designed to advance telematics in insurance. Arity, an Allstate-founded mobility data and analytics startup, debuted a new telematics tool designed to help insurers more efficiently leverage driving behavior for better pricing. The MGA Pouch also launched with a seed funding designed to help fund development of its telematics technology to reward small businesses for safe driving. There is also Loop, an MGA that plans to sell auto insurance policies with premiums priced by telematics-produced driving behaviors and AI-provided data on unsafe road conditions.
Source: Mile Auto
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