XL Catlin has received approval to write insurance in Monaco. InsurTech Root’s new program offers policyholders free rides on dangerous driving days. CNA has added Aclaimant to its Allied Vendor Program. QBE North America has launched a new privacy and network security product.
XL Catlin has received approval from the Monegasque Minister of State to issue insurance policies in the Principality of Monaco through XL Insurance Co. SE (XLICSE).
The license allows XLICSE to offer its products on an admitted basis directly to local brokers and clients. The company said it is one of the few global insurers able to do so.
“There is significant opportunity for us in Monaco,” said Bruno Laval, regional manager, France & Southern Europe – Insurance. “The financial sector represents nearly 17 percent of the gross domestic product. Life sciences accounts for 50 percent of the local industry, and 30 percent of the population are considered high-net-worth individuals.”
He added that these are all strategic areas of focus for XL Catlin’s business.
Startup auto insurer Root, which uses data science to ensure it only insures “good drivers,” has launched a new program designed to keep policyholders from driving on risky days.
Root’s “Lyft on Us” program allows policyholders to take free Lyft rides on three of the most dangerous driving days of the year: St. Patrick’s Day, the Fourth of July and New Year’s Eve.
Policyholders will receive Lyft codes for each eligible day, covering up to $20 per round trip. Root said it targeted days associated with high traffic and drunk driving, but additional days may be added based on user feedback and driving outcomes data.
Root and the “Lyft on Us” program are currently only available in Ohio, with plans to expand to other states.
CNA has selected enterprise incident management system Aclaimant as the newest member of its Allied Vendor Program.
Aclaimant utilizes real-time, patent-pending technology to enable users to actively manage the incident workflow process and reduce the overall cost of claims.
“Workplace injuries are among the leading causes of missed time at work, and effectively managing them requires more than just reacting once they occur,” said Steve Hernandez, SVP of Commercial Risk Control at CNA. “CNA is pleased to offer our customers a solution that encourages active management to improve risk control and business operations, as employers who fail to maintain accurate records may find themselves facing regulatory citations and fines.”
CNA’s Allied Vendor Program provides policyholders with access to tools to strengthen their risk control programs and help mitigate costly exposures.
QBE North America has launched a new privacy and network security product that protects businesses when sensitive or protected data is compromised by cyber attacks.
The Solution for Cyber Risk can also assist customers in mitigating the risk of security breaches and help them respond quickly if such an event occurs. The new product suite includes access to QBE’s eRiskHub portal, which helps organizations combat cyber losses through online, mobile-friendly access to loss control expertise, risk management tools, cyber risk news and education, and breach response guidance.
Coverages contained in the new policy include:
Source: XL Catlin, Root, CNA, QBE