Business News: Frankenmuth, Next, Tokio Marine, Chubb

November 1, 2018

Frankenmuth Insurance Introduces Photo-Based Estimating

Frankenmuth Insurance’s Michigan policyholders will now be able to take photos of vehicle damage and submit them for estimate creation, without the need for a physical inspection or shop appointment. The new service allows the insurer to deliver more efficient claim resolution. Most claims that qualify for photo-based estimating can be adjusted in less than one business day.

The service will be used for minor damage claims where damage is apparent. It will also be used for cases where the vehicle is an obvious total loss and the policyholder still has access to the vehicle. The process begins with a text message and/or email, which is sent directly to the vehicle owner. Once photos are submitted, a follow-up email with estimate is then sent.

Photo-based estimating will be rolled out in Michigan first with other states to follow.

Next Insurance Launches Industry’s First General Contractor Insurance Available Entirely Online

California-based Next Insurance, a digital insurance carrier for small businesses, announced the launch of a new general contractor insurance policy. Next Insurance is the first national carrier to offer general and professional liability insurance for general contractors entirely online.

Next Insurance now offers three coverage plans for general contractor insurance starting at $62.50 per month: Basic, Pro, and Pro Plus. All plans include general liability coverage, which includes bodily injury, property damage, and libel, slander, and defamation claims. Pro and Pro Plus plans also include professional liability insurance coverage. Plans offer varying limits and low deductibles.

The launch of general contractor insurance comes on the heels of the recent launch of Next Insurance’s commercial automotive insurance rollout. In July, Next Insurance raised $83 million in a Series B funding round, bringing its total funding to $131 million in two years. In May 2018, Next Insurance announced its shift towards becoming a national insurance carrier.

Tokio Millennium Re to Be Acquired by RenaissanceRe Holdings Ltd.

Tokio Millennium Re AG announced that RenaissanceRe Holdings Ltd. has entered into an agreement with their parent company, Tokio Marine Holdings, Inc., to acquire Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited (collectively, “TMR”).

This transaction is subject to regulatory approvals and expected to close in the first half of 2019. Until then TMR and RenaissanceRe will continue to operate as separate companies.

Chubb Introduces Small Business Insurance for Manufacturers through Its Expanding Digital Marketplace

Chubb now offers Small Commercial Insurance (SCI) solutions to cover the risks faced by small manufacturers. This coverage is available through the insurer’s expanding digital platform – the Chubb Marketplace, which features a broad and customizable suite of products for manufacturers.

With this launch, Chubb SCI now offers coverage for more than 160 manufacturing class codes, including food; machinery and equipment; metal, plastic and wood; textiles and clothing; advanced technology; and clean technology.

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