Great American Insurance and Assurely offer D&O to startups
Great American Insurance Group’s Executive Liability division and insurtech, Assurely, have announced an agreement to offer directors and officers (D&O) liability insurance to private companies that raise capital through technology platforms or portals and the Internet.
The target market for the new TigerMark insurance program includes, but is not limited to, businesses leveraging the Jumpstart Our Business Startups (JOBS) Act via regulatory crowdfunding (Reg CF). Insurance protects companies raising capital and the platforms that support them while providing a benefit to their investors.
The agreement involves Assurely acting as managing general agent for Great American.
Jane Kornesczuk, Division President, Great American Executive Liability Division, said Assurely presents an opportunity for her company to participate in the “growing segment of small businesses that use technology solutions for their capital raising and purchase of insurance”.
The program is not new. TigerMark has been helping startups and companies looking to raise capital on the internet for two years. However, with Assurely’s announcement, Great American said it has expanded the program.
“Companies and projects that raise capital, their investors, and the online platforms that support them all benefit from TigerMark,” commented Assurely co-founder and chief insurance officer Ty Sagalow.
Tractable’s AI property assesses disaster damage to homes
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 building damage caused by hurricanes, floods and other disasters natural.
AI Property allows anyone with a smartphone to assess the exterior condition of a damaged property through a mobile-friendly web application. This is done by taking photos and submitting them to Tractable’s AI platform, which aims to alleviate the challenge of having assessors on site to assess damage following a disaster.
The AI, which has been trained on a large database of claims and damaged property, makes an immediate assessment of the amount of damage it finds and forwards it to the owner’s insurer.
Tractable worked in Japan 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 actual claims from October’s Typhoon Mindulle.
After a typhoon, MS&AD policyholders can use AI to take photos of high-frequency wind-related damage to a fence, wall, or other outdoor space with their smartphone and send them to their insurer for assessment. In the future, MS&AD and Tractable plan to expand AI coverage to include interior damage, such as water leaks and smoke.
For now, MS&AD will only use AI for widespread disasters such as typhoons, and estimates calculated by AI will be verified by humans.
Pie Insurance adds pay-as-you-go functionality for worker compensation
Technology-based 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’ insurance policy on their individual pay cycle, avoiding the need for an upfront deposit. Pie works with clients and their payroll providers to ensure accurate premium payments throughout the life of the policy.
By adopting the pay-as-you-go option, small businesses can reduce upfront costs, improve overall cash flow, and simplify their employees’ compensation audit experience, according to Pie.
Pie aims to provide more affordable insurance for small business owners. Since 2017, Pie has received over $300 million in funding, grown its gross written premium to over $100 million, and has partnered with over 1,000 agencies nationwide.
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