Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Insurance Agencies Can Beat Writer’s Block By Pre-Planning Online Content. This week we’re bringing you:
New insurer focuses on sharing economy*
CSAA Insurance Group on Tuesday launched Mobilitas Insurance Co., a commercial insurer focused on the sharing economy and mobility sector that has partnered with Lyft Inc. to provide ride-sharing coverage in 11 states from Oct. 1.
Mobilitas, which is based in Glendale, Arizona, and a wholly-owned subsidiary of CSAA, will create customized insurance coverages available online or via an app for businesses and individuals in the sharing and mobility space, CSAA said in a statement.
Under the partnership with Lyft, Mobilitas will provide a blanket auto policy for Lyft drivers in Colorado, Idaho, Minnesota, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, Wisconsin and Wyoming.
Aon offering intellectual property cover*
Aon PLC is offering coverage for intellectual property used as collateral in a loan, the broker said Tuesday.
The first deployment of the coverage was in a deal involving Indigo Ag, an agriculture technology company, which is borrowing over $100 million from a lender utilizing its intellectual property as collateral, the Aon statement said.
The value of that collateral is insured by a group led by Markel Specialty, using an insurance-linked security structure. Hudson Structured Capital Management was the largest capacity provider, the statement said.
Jim Gray, executive underwriting officer of professional liability at Markel Specialty, said the insurer “looks forward to building this new market with Aon in the future.”
Edouard von Herberstein, the partner at HSCM Bermuda, said, “We believe there are significant and growing opportunities and interest in that sector.”
“As an innovative company using microbial and digital technologies to facilitate the positive transformation of the agriculture system, Indigo sought to find a way to collateralize its extensive IP asset portfolio,” said Jim Young, Indigo’s chief financial officer, said the deal allowed his company to “collateralize its extensive IP asset portfolio.”
Walmart announces plan to sell insurance*
Walmart is making its first foray into the health insurance space, with its newly established insurance brokerage selling Medicare insurance plans in time for this year’s enrollment period.
The retail corporation’s brokerage, Walmart Insurance Services, will be participating in this year’s Annual Enrollment Period for Medicare insurance plans, which runs from October 15 through December 07 annually.
Walmart Insurance Services will provide Part D, Medicare Advantage, and Medicare Supplement plans at launch. These plans are offered by major health insurance carriers, including Humana, UnitedHealthcare, Anthem Blue Cross Blue Shield, Amerigroup, Simply Health, Wellcare (Centene), Clover Health, and Arkansas Blue Cross and Blue Shield. The brokerage also hinted in a statement that more carriers may be added in the future.
“We want customers to feel confident in selecting a Medicare plan that best fits their needs, budget, and lifestyle,” said Walmart Insurance Services general manager David Sullivan. “And we want to be a trusted partner on their healthcare journey. Helping customers select the right Medicare insurance plan to meet their needs aligns with Walmart’s mission of helping people save money and live better.”
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