Farmers Insurance is expanding into more states with a billing product designed to make the workers compensation coverage process easier for small businesses. ISO launched an interactive dashboard designed to let insurance professionals visualize and benchmark their company’s results. U.S. Risk, LLC and Aspen American Insurance Co. formed a strategic alliance to offer a specialty insurance product for the marine industry.
Farmers Insurance said it is expanding the market reach of its new RealTime Billing option for small business owners, a product designed to boost the efficiency of validating payroll information for workers compensation coverage.
Farmers RealTime Billing is now available in California, Idaho, Montana, Nevada, Oregon and Utah, Farmers said. It been available in 25 other states, according to the insurer.
The product is designed to make workers compensation coverage simpler and more cost-effective for businesses by linking payrolls directly to workers compensation policy premiums, taking the guesswork out of estimating annual payrolls. Premiums are billed based on actual payroll, a change designed to help improve business cash flow and reduce exposure to large audit balances at the end of a policy term.
ISO is now marketing ISO Market Landscape, an interactive dashboard designed to let insurance professionals of multiple disciplines visualize and benchmark their company’s results with one of the world’s largest property/casualty insurance databases.
The product uses data visualization to benchmark insurer performance and spot specific segments and geographies with growth potential. By doing so, insurers can see where they might be underperforming or suffering from adverse selection, and then potentially find areas where they could expand their underwriting efforts.
ISO Market Landscape is available for business owners, commercial auto, commercial property, general liability and homeowners insurance.
ISO is a Verisk analytics business.
U.S. Risk, LLC and Aspen American Insurance Co., a subsidiary of Aspen Insurance Holdings Limited, will offer a specialty insurance product for the marine industry.
Their strategic alliance created a product that will provide comprehensive coverage for vessel-assist towboat operators, pilot vessel operators, sightseeing and dinner cruise charterers, passenger ferries and water taxis.
This coverage will be available on an admitted basis across all 50 states.
The new marine product with offer enhancements and an innovative policy form to meet customers’ needs, said Randall Goss, CEO of U.S. Risk, an international specialty lines underwriting manager and wholesale broker.
Sources: Farmers Insurance, ISO, U.S. Risk/Aspen American Insurance Co.