Guy Carpenter said it is offering new services to clients who are members of U.S. public entity insurance pools. Berkley One has introduced a new excess flood product, among other product updates. Swiss Re’s Corporate Solutions unit launched a tool designed to create standardized master and local policies. Liberty Mutual’s National Insurance operation is partnering with a tech firm so it can use big data to more proactively target opportunities with individual brokers, and develop products and services for customers.
Guy Carpenter & Company, LLC said its clients who are members of U.S. public entity insurance pools will be able to get new services through the U.S. business of its affiliate Victor, a managing general underwriter.
The offered products will include a wide range of property and casualty insurance products and services not traditionally offered by the pools.
Public entity insurance pools provide property and casualty coverage to the majority of local governments in the United States. As part of its Public Entity Facility, Guy Carpenter provides highly focused consulting and reinsurance intermediary services tailored to address a pool’s operational and strategic risks. The offering from Victor will give individual local government pool members access to insurance products and services covering risks such as cyber liability, flood, and special events.
Victor U.S. works with insurance carriers to offer a wide range of products and programs, which are distributed through independent agents and brokers in all 50 states. Formed over 60 years ago, Victor U.S. is one of the largest underwriting managers in the U.S., Guy Carpenter said.
Berkley One, a W.R. Berkey Corp. startup insurance provider for high net worth individuals and families, has introduced a new excess flood product. The company also unveiled broader geographical capabilities with a launch in Vermont and deepening capabilities in existing states with the addition of auto coverage in Massachusetts.
With these additions, Berkley One’s footprint now reaches 14 states and more than two-thirds of the high net worth personal insurance market.
Excess flood, the newest addition to Berkley One’s product portfolio, adds an extra layer of flood protection for homeowners clients. It follows the release of Berkley One’s primary flood product in January 2019.
The new excess flood product includes both preferred and standard options. Excess flood is available in New Jersey, with other states to follow. Berkley One has also expanded its presence in the Northeast with the launch of Vermont and the addition of Auto Suite coverage in Massachusetts. In Massachusetts, Berkley One added auto coverage, including a roadside assistance endorsement.
Swiss Re Corporate Solutions launched ONE Form, a tool designed to create standardized master and local policies.
The ONE Form wording enables the closest possible alignment of master and local policies, while respecting local requirements and expectations, giving customers with international insurance programs increased contract certainty. At the same time, ONE Form facilitates tax and legal compliance worldwide.
ONE Form is embedded in the IT systems Swiss Re Corporate Solutions uses to manage international programs, thus automating master and local policy issuance to provide customers and brokers more accurate policies, faster. It is designed to offer customers coverage that follows an all risk approach, with master and local policies are designed modularly and, therefore, can be tailored to meet customers’ coverage and limits needs. In addition, International Program customers who use ONE Form can monitor their flood exposures via Swiss Re’s online client portal, PULSE.
ONE Form is available for accounts incepting Jan. 1, 2020 and beyond. It is currently offered in six countries as a master policy wording, in ten countries as a local policy wording and in two languages, English and Italian. It will soon be rolled out in five more countries as a master and in eleven more countries as a local policy wording as well as in six more languages: French, German, Japanese, Mandarin, Portuguese, and Spanish.
Liberty Mutual’s National Insurance operation said it is working with India’s Intellect SEEC to use big data to more proactively target opportunities with individual brokers, and develop products and services for customers.
Through the relationship, Liberty Mutual underwriters and risk managers gain automated access to thousands of third-party data sources including, court filings, industry data, government records, and social media content.
With deeper insights into risks, underwriters can rapidly leverage information to better understand risks and create product solutions that help customers better manage their exposures. Intellect SEEC cleans and structures this data to automatically deliver actionable information needed to more quickly identify, underwrite, and service potential accounts, Liberty Mutual said.
Sources: Guy Carpenter, W.R. Berkley, Swiss Re, Liberty Mutual