SageSure, a provider of catastrophe-exposed property insurance, and Goosehead, an independent personal lines insurance agency, announced the launch of a new reciprocal exchange, Elevate, to protect homeowners in coastal states. Elevate is domiciled in Texas.
Exclusively available for distribution by Goosehead producers enrolled with SageSure, Elevate homeowners insurance is developed, underwritten and serviced by SageSure and is now available in Texas. Elevate’s expansion into additional coastal states is imminent, according to a press release.
Structured as a reciprocal exchange, Elevate is owned by its policyholders and operated by an insurance management team. Elevate currently offers homeowners in Texas, including SageSure’s recently launched optional private flood coverage.
Falcon Risk Services, a U.S. financial, professional and cyber lines managing general agency, announced the launch of four new primary products: public company directors and officers, private company directors and officers, lead side A DIC, and investment management liability.
Along with the launch of these new primary products, Falcon has expanded its capabilities to include multinational D&O solutions for U.S.-domiciled clients for both public and private companies. The company can offer controlled master programs with local D&O underliers in more than 30 countries worldwide.
Andrew Menger leads Falcon’s Public Company Management Liability team; Danielle Cirillo leads the Private Company Management Liability team; and Tim Barry leads the Financial Institutions team. The Management Liability team is led and overseen by David Lynders.
Falcon Risk Services was formed in 2021 by Craig Landi alongside Griffin Highline Capital LLC and HDI Global Specialty SE. The company started underwriting risk in January 2022 and provides a full suite of financial, professional and cyber insurance products and services.
CerebrumX Lab Inc., an artificial intelligence-driven automotive data services and management platform, announced it will incorporate Ford connected vehicle data to support its data-driven usage-based insurance-as-a-service model for insurers.
This model aims to offer a quicker and more cost-effective implementation of UBI programs by using embedded telematics for eligible Ford and Lincoln connected vehicles.
For customers that opt in, CerebrumX’s Augmented Deep Learning Platform collects and analyzes data directly from eligible Ford and Lincoln vehicles to generate a driver and a vehicle score with no additional hardware or apps required. This score aims to help insurers better assess risk and build more accurate, personalized policies for their customers, such as Pay As You Drive and Pay How You Drive, to support safe driving and optimize loss claims, according to a press release.
The UBI-as-a-service model acts as a one-stop solution and seeks to make it easier for insurers to launch UBI programs that bundle automotive data, AI-powered scores and insights with handheld assistance in adherence to regulatory policies. CerebrumX also seeks to accelerate the implementation of end-to-end services such as consent handling, integration of the driver score with existing generalized linear models, state filing services support, driver coaching and UBI performance evaluation.
Sources: SageSure, Falcon Risk Services, CerebrumX Lab