Insurance - FinTecBuzz https://fintecbuzz.com Fintech News Fri, 13 Sep 2024 16:59:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://fintecbuzz.com/wp-content/uploads/2019/04/cropped-Original-black-FinTech-512-32x32.png Insurance - FinTecBuzz https://fintecbuzz.com 32 32 Matt Grimm Joins ISC as Senior VP of Transportation https://fintecbuzz.com/matt-grimm-joins-isc-as-senior-vp-of-transportation/ Fri, 13 Sep 2024 16:59:13 +0000 https://fintecbuzz.com/?p=64896 Veteran transportation insurance expert to lead underwriting operations, drive growth at ISC’s Paramount brand

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Carlsbad, California-based Integrated Specialty Coverages (“ISC”), a leading, multi-line program administrator that builds end-to-end insurance products utilizing advanced artificial intelligence (AI) engineering, data analytics, and predictive modeling, is pleased to announce that Matt Grimm has joined our company as Senior Vice President of Transportation. In his role, Matt will oversee the underwriting operations for Paramount, focusing on expanding and enhancing the company’s transportation products, particularly in the trucking sector. His appointment marks a significant step in ISC’s ongoing commitment to delivering market-leading solutions in the transportation insurance sector. ISC purchased Paramount, based in Tyler, Texas, in 2019.

ISC CEO Matt Grossberg commented on the new appointment: “We are excited to have Matt join our team. His extensive experience and deep understanding of the transportation industry will be invaluable as we continue to expand our capabilities and deliver innovative solutions to our clients.”

“I am thrilled to join ISC Transportation at such an exciting time,” said Matt. “I look forward to leveraging my experience in transportation underwriting to help elevate Paramount’s offerings and continue the company’s tradition of excellence. The opportunity to work with a best-in-class team and contribute to the company’s growth aligns perfectly with my professional goals.”

With over 25 years of experience in transportation insurance management, including a decade in private law practice specializing in personal injury cases involving the trucking industry, Matt brings a wealth of knowledge and expertise to ISC and Paramount, positioning the company for continued growth and success. Matt’s extensive career in the transportation insurance industry includes leadership roles at several prominent organizations. Most recently, he served as President of Greenwich Transportation Underwriters, Inc., where Matt was responsible for the operations, profitability, and growth of the transportation managing general agency and program administrator specializing in truck insurance and a leading provider of products and services to the logistics industry.

Before his tenure at Greenwich, Matt was the President of Vanliner Insurance Company, overseeing the company’s operations and leading initiatives that strengthened its position in the moving and storage insurance market. He began his transportation insurance career at Great West Casualty Company, initially serving as a Claims Attorney before advancing to Underwriting Manager for the Southeast Region.

Throughout Matt’s career, many major industry associations have sought his subject matter expertise, including the American Trucking Association, the American Bus Association, the American Moving and Storage Association (now part of the ATA), and the National Home Delivery Association.

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SBLI Welcomes Yaron Ben-Zvi to Board of Directors https://fintecbuzz.com/sbli-welcomes-yaron-ben-zvi-to-board-of-directors/ Thu, 12 Sep 2024 14:30:53 +0000 https://fintecbuzz.com/?p=64796 Entrepreneur and executive's expertise in financial services and technology will help life insurer innovate and expand offerings

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SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) is pleased to announce the appointment of Yaron Ben-Zvi to its Board of Directors. Ben-Zvi brings a wealth of experience in financial services, technology, and innovation, which aligns perfectly with SBLI’s mission to provide simple, affordable life insurance solutions to individuals and families across the United States.

A seasoned entrepreneur and executive with a proven track record in leading and scaling companies in the financial technology sector, Ben-Zvi is currently the general manager and COO of Surety at Tinubu, the global insurance software development firm. Previously, Ben-Zvi was the co-founder and CEO of Haven Life, the groundbreaking life insurance company backed by MassMutual, where he played a pivotal role in transforming the life insurance landscape by leveraging technology to offer a seamless and customer-centric experience.

“Yaron’s deep expertise in financial services and his passion for leveraging technology to deliver experiences that consumers love make him an excellent addition to our board,” said Jim Morgan, president and chief executive officer of SBLI. “We are confident that his insights and leadership will contribute significantly to SBLI’s ongoing efforts to innovate and expand our offerings while maintaining our commitment to providing reliable and affordable life insurance solutions.”

In addition to his entrepreneurial achievements, Ben-Zvi has held leadership positions at several other financial institutions and technology companies, where he has consistently driven growth and innovation. His forward-thinking approach will be invaluable as SBLI continues to navigate the evolving insurance landscape and seeks to better serve its policyholders.

“I am honored to join SBLI’s Board of Directors at such a dynamic time for the company and the industry,” said Ben-Zvi. “I look forward to working with my fellow board members and the executive team to help guide SBLI’s strategic initiatives and to contribute to the company’s continued success.”

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Markel announced the launch of FintechRisk+ https://fintecbuzz.com/markel-announced-the-launch-of-fintechrisk/ Tue, 10 Sep 2024 16:30:03 +0000 https://fintecbuzz.com/?p=64686 Markel, the insurance operations within Markel Group Inc., announced the launch of its new FintechRisk+ insurance policy, underlining its long-term commitment to provide market-leading coverage and service solutions for fintech companies in an increasingly complex market. Markel’s FintechRisk+ policy provides financial services and technology liability, directors and officers (D&O) liability, theft and cyber protection for UK and international fintech businesses with limits up to USD $20 million. The policy offers enhanced business interruption (BI) coverage, as...

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Markel, the insurance operations within Markel Group Inc., announced the launch of its new FintechRisk+ insurance policy, underlining its long-term commitment to provide market-leading coverage and service solutions for fintech companies in an increasingly complex market.

Markel’s FintechRisk+ policy provides financial services and technology liability, directors and officers (D&O) liability, theft and cyber protection for UK and international fintech businesses with limits up to USD $20 million. The policy offers enhanced business interruption (BI) coverage, as well as several new cyber extensions, including betterment, crypto jacking, reward coverage and telecom fraud.

UK policyholders taking out FintechRisk+ will also have unlimited access to Markel’s Tax and Legal advisory services, which include a 24/7 help line for business and employment matters, debt recovery support, contract reviews, as well as help with grants, funding and R&D tax relief consultancy, among other benefits. In addition to those services, insureds can access online cyber training and a cyber risk management toolkit via Markel’s eRisk Hub, so they can manage their risk exposures effectively.

Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel, commented: “Risks in the cyber and fintech markets have evolved rapidly since the inception of our original Fintech policy eight years ago. The pervasive issue of ransomware poses a significant problem for day-to-day cyber security where threat actors have netted millions in ransom payments from businesses who have fallen victim to their attacks.”

He elaborated: “We believe that it’s more important than ever, businesses have insurance providers who not only deploy capacity, but also act as trusted, long-term risk management partners when it comes to the identification and mitigation of risk. That’s why we’ve been actively looking at ways to enhance our offering to fintech companies by providing both enhanced insurance coverage, as well as value-add services for our insureds, backed by Markel’s award-winning claims service and best-in-class underwriting.”

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Coalition Announces Reinsurance Intermediary Coalition Re https://fintecbuzz.com/coalition-announces-reinsurance-intermediary-coalition-re/ Mon, 09 Sep 2024 15:00:58 +0000 https://fintecbuzz.com/?p=64607 Coalition Re to Offer Active Cyber Reinsurance via Two Products Supported by Aspen-led Capacity

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Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, announced the creation of its reinsurance intermediary, Coalition Re, to provide capacity for cyber reinsurance treaties and expand on its mission to protect more unprotected businesses.

Coalition Re provides capacity for non-proportional cyber reinsurance treaties, as well as a white-labeled cyber insurance product with up to 100% quota share support for cedants seeking to offer cyber insurance as an endorsement to an existing insurance product offering. Both are available globally and supported by a robust panel of capacity providers led by Aspen, a leading specialty insurer and reinsurer.

“In reinsurance, there is often a breakdown of information where reinsurers know less about policyholders than the primary insurers. Combine that with a lack of cyber expertise and proper data usage among reinsurers, and the result is inaccurately priced reinsurance contracts and a misconception around how to measure cyber accumulation exposure,” said Shawn Ram, Head of Insurance at Coalition. “Coalition Re is a new type of reinsurance provider whereby we equip carriers with deeper insights into the cyber risk in their books, which adds value far beyond simply adding capacity. By democratizing Coalition’s industry-leading technology, we can better align interests with cedants and promote a more stable cyber reinsurance market.”

Coalition Re builds a bottom-up view to price non-proportional reinsurance contracts accurately, giving primary cedents the ability to learn more about their cyber insurance policyholders and gain visibility into key sources of risk within their portfolios. In addition, Coalition Re offers cedants a holistic, white-labeled product that includes the full suite of risk mitigation tools and services currently available only for Coalition’s standalone Active Cyber Insurance policyholders. Active Insurance helps underlying policyholders before, during, and after an incident, unlike existing policies that do not provide cyber risk mitigation and response.

“Unlike other reinsurers, Coalition doesn’t rely on historical or third-party data. We have built a robust and innovative approach to cyber reinsurance underwriting, leveraging continuous, internet-wide data collection, AI-enabled threat detection, and real-world security and insurance expertise,” continued Ram. “This allowed us to build the reinsurance industry’s most comprehensive picture of the cyber risk landscape and will set Coalition Re apart from other reinsurers.”

“We are thrilled to partner with Coalition on this innovative reinsurance offering to bring clarity to the increasingly complex and critical risk of cyber,” said Bobby Bianconi, Global Head of Cyber at Aspen. “We see a significant opportunity for this new capacity and the unique cyber risk insights that will complement the offer, with Coalition well-positioned to deliver these value-add services to cedants. We look forward to the continued work we will do with Coalition to bring market-leading cyber coverage to clients.”

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Allied Benefit Systems Announces Dina Tank as SVP, Sales, Western Region https://fintecbuzz.com/allied-benefit-systems-announces-dina-tank-as-svp-sales-western-region/ Mon, 09 Sep 2024 14:00:42 +0000 https://fintecbuzz.com/?p=64601 Allied Benefit Systems, LLC (“Allied” or the “Company”), the nation’s leading healthcare solutions company, announced the appointment of Dina Tank, CSFS, as Senior Vice President, Sales, for the United States Western Region. Dina brings over 30 years of experience in the health insurance industry and will be instrumental in expanding Allied’s presence in the Western market. Dina joins Allied from a national TPA, where she served as Vice President, West Coast Sales Division. With a...

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Allied Benefit Systems, LLC (“Allied” or the “Company”), the nation’s leading healthcare solutions company, announced the appointment of Dina Tank, CSFS, as Senior Vice President, Sales, for the United States Western Region. Dina brings over 30 years of experience in the health insurance industry and will be instrumental in expanding Allied’s presence in the Western market.

Dina joins Allied from a national TPA, where she served as Vice President, West Coast Sales Division. With a robust background in delivering self-funding solutions to hospital systems, school districts, sovereign nations, public entities, and large complex employer groups, Dina is well-positioned to drive growth in the Western Region. In her new role, she will lead a dedicated sales team in the West, focusing on securing new business and fostering strong relationships with clients and broker partners.

“We are thrilled to welcome Dina to the Allied team,” said Andrew (Drew) Rozmiarek, Chief Revenue Officer of Allied. “Dina’s proven record of success and great reputation on a national level, along with her strong ties to our valued broker partners, will be vital as we continue to execute our proven strategies in the Western market. Dina’s expertise and leadership will be key to driving our strategic initiatives and expanding our reach in this important region.”

Dina expressed her enthusiasm for joining Allied, stating, “I am excited to join a company with a strong commitment to fostering a healthy workplace culture and a collaborative team environment. I look forward to leading the sales team in the Western Region, leveraging my experience to secure new business and contribute to Allied’s ongoing success and growth.”

With a strong expertise in self-funding and a deep understanding of the unique needs of diverse organizations, Dina’s leadership will further enhance Allied’s ability to deliver innovative solutions and exceptional service to its clients.

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Quandri Announces Renewal Intelligence Platform https://fintecbuzz.com/quandri-announces-renewal-intelligence-platform/ Fri, 06 Sep 2024 17:00:35 +0000 https://fintecbuzz.com/?p=64554 Quandri's AI-driven platform automates repetitive tasks, boosts agent productivity, drive higher retention rates and unlock insights from their personal lines book of business.

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Quandri Technologies, Inc. launched their Personal Lines Renewal Intelligence Platform, an AI-powered application that automates existing agent management system (AMS) workflows to help increase staff productivity, and provide agency management teams with data-driven insights on their existing book of business. Compatible with the Applied Epic AMS, the Quandri Platform analyzes data from multiple sources, including IVANs and Applied Epic activity data, in order to provide agencies with increased visibility into their renewals.

Jackson Fregeau, Quandri’s co-founder and CEO, highlighted the platform’s potential, stating, “Agencies are struggling under an increasing workload to manage their personal lines book of business and need help. Our platform addresses these challenges by turning a persistent issue into an opportunity for growth. Agents can now engage with clients more effectively, thanks to Quandri’s proactive, data-driven insights.”

Unlike other insurtech solutions that require agents to manually perform tasks, the Quandri platform offers a service-as-a-software model, automating task completion using AI and robotic process automation (RPA) without agent intervention. Additionally, the platform unlocks access to policy data so that agencies can easily identify trends across carriers, regions, and team performance, ultimately improving client servicing. The platform is designed for ease of use, enabling agencies to configure it using their unique renewal parameters.

“It’s no secret that personal lines remains a hard market,” says Chris Paradiso, owner of Paradiso Insurance. “Renewals are harder than ever, and they are the key to running a profitable agency. Quandri is building an essential technology for agents, and focusing on the right area to drive better outcomes for their clients and themselves.”

Designed with ease-of-use in mind, insurance agents can configure the Quandri Platform to meet their unique policy checking parameters at any time.

Policy Checking Key Features:

  • 14+ carrier integrations
  • 75+ habitational and auto attributes
  • Renewal summary (displayed directly in the Applied Epic client account); this summary identifies eight key insights, including major year-over-year changes, structural updates, new or open claims and missing coverages or discounts
  • Additional activity triggers can be configured in real-time to create and assign activities on select attributes
  • Agencies can segment their personal lines book of business to strategically prioritize/focus their renewal reviews

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Insurity announced partnership with Gain Life https://fintecbuzz.com/insurity-announced-partnership-with-gain-life/ Fri, 06 Sep 2024 14:00:55 +0000 https://fintecbuzz.com/?p=64535 This partnership enables Insurity to provide automated 24/7 guidance and support to claimants and policyholders, significantly enhancing operational efficiencies and reducing costs

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Insurity, the leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, announced it has partnered with Gain Life, a company specializing in improving the claims process through the integration of behavioral economics and AI. The partnership with Gain Life and use of its innovative claims communication platform will enable Insurity to offer automated 24/7 guidance and support to claimants and policyholders, making it the first major claims system to provide such a comprehensive solution.

This partnership will address the critical challenges faced by insurers, including the high administrative burden of claims processing and limited time of claims professionals to support clients.

This partnership empowers insurance companies to manage claims more effectively by providing claims professionals with the necessary documents and insights faster, reducing the administrative burden, and allowing them to focus more on client support. Insurers will also benefit from increased customer satisfaction, with Gain Life’s platform boasting an average cost savings of 25% on medical-only claims and over $18,000 per complex lost time claim, as well as saving more than 4 hours per claims professional per week.

Insurance stakeholders can anticipate a more streamlined and efficient claims process, reduced administrative costs, and improved customer experiences. Gain Life’s claims communication platform has already demonstrated its efficacy with an 8 out of 10 satisfaction rating from claimants and policyholders, engagement rates ten times higher than traditional portals, and ease of implementation, typically within four weeks from customer kickoff to go-live.

“We are thrilled to partner with Insurity and join their partner marketplace,” said Sean Eldridge, Co-founder and CEO of Gain Life. “This partnership will make it easier for Insurity’s existing and future customers to take advantage of Gain Life’s claims communication platform, leveraging behavioral economics and AI to proactively guide individuals through the claim process, identify potential delays, and suggest interventions for a more efficient process.”

“Partnering with Gain Life allows Insurity to provide an unparalleled claims experience by leveraging advanced AI and behavioral economics into our system,” said Chris Lafond, Chief Executive Officer at Insurity. “This partnership not only helps us better serve our existing customers but also sets us apart in the market.”

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GoHealth inks agreement to acquire e-TeleQuote https://fintecbuzz.com/gohealth-inks-agreement-to-acquire-e-telequote/ Wed, 04 Sep 2024 16:00:08 +0000 https://fintecbuzz.com/?p=64413 Investment further expands industry-leading shopping, enrollment, and engagement platform, delivering a differentiated experience and driving high quality outcomes while ensuring peace of mind in Medicare consumers’ healthcare decisions

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GoHealth, Inc., a leading health insurance marketplace, announced that it entered into a purchase and subscription agreement which will ultimately lead to the acquisition of e-TeleQuote Insurance, Inc., a distinguished name in the Medicare insurance marketplace. The transaction is expected to close on September 30, 2024. This strategic move represents a significant milestone in GoHealth’s mission to deliver unparalleled consumer-centric solutions while reinforcing the companies’ shared values of integrity, empathy, and accountability.

The investment in e-TeleQuote aligns seamlessly with GoHealth’s strategic vision and commitment to enhancing consumer experiences through innovation and operational excellence. Both companies bring to the table a deep reservoir of industry expertise and a complementary set of strengths that will drive mutual growth and deliver even greater value to consumers, especially as the upcoming benefit season expects to bring significant disruption and high demand for a high-quality shopping experience for Medicare consumers.

Complementary Attributes for Enhanced Value
GoHealth and e-TeleQuote share a dedication to putting consumers at the center of their operations. “GoHealth’s scale, proprietary technology and operational excellence combined with e-TeleQuote’s established talent and high-quality track record will create a mutually accretive relationship poised to drive better outcomes for and meet the evolving needs of our Medicare consumers,” said Vijay Kotte, CEO of GoHealth.

Consumer-First Orientation
“At the heart of this transaction is a shared commitment to a consumer-first approach. Both GoHealth and e-TeleQuote have consistently demonstrated a deep understanding of and responsiveness to consumer needs. We are excited to tap into the power of the proprietary technology at GoHealth, including the PlanFit Checkup, which will better serve our consumers while driving increased efficiency and effectiveness in choosing the Medicare plan that best meets their needs. By combining our resources and expertise, we are poised to collectively elevate our consumer experience and deliver even better tailored solutions that prioritize the well-being of our consumers,” said Craig Uchytil, CEO of e-TeleQuote.

Looking Ahead
“As we embark on this exciting new chapter, we remain committed to a seamless integration process that prioritizes the interests of our customers, team members, and stakeholders. We are confident that this acquisition will not only strengthen our market position but also enhance our ability to deliver exceptional value and service not only in this upcoming Annual Enrollment Period but for years to come,” said Kotte.

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APOLLO and Payquad Solutions Announced An Expanded Partnership https://fintecbuzz.com/apollo-and-payquad-solutions-announced-an-expanded-partnership/ Tue, 03 Sep 2024 18:35:04 +0000 https://fintecbuzz.com/?p=64357 APOLLO Insurance, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, has expanded its partnership with Payquad Solutions to embed tenant insurance directly into Payquad’s workflows, providing renters easy and seamless access to tenant insurance. APOLLO’s platform launched in 2019 and began serving Canadian consumers with fully digital insurance products. Since then, APOLLO has partnered with leading REITs, property management companies, proptechs, and other organizations to embed insurance products into...

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APOLLO Insurance, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, has expanded its partnership with Payquad Solutions to embed tenant insurance directly into Payquad’s workflows, providing renters easy and seamless access to tenant insurance.

APOLLO’s platform launched in 2019 and began serving Canadian consumers with fully digital insurance products. Since then, APOLLO has partnered with leading REITs, property management companies, proptechs, and other organizations to embed insurance products into their existing workflows. For property managers, the insurance purchase experience is embedded directly into the leasing and renewal workflows.

Payquad Solutions leverages decades of expertise in developing, owning, and managing residential rental properties to its user-friendly property management software, CRM and online resident portals. Through an expanded partnership with APOLLO, Payquad will now continue to provide seamless access to tenant insurance directly within its property management platform.

“Payquad is thrilled to deepen our partnership with APOLLO,” said PAYQUAD CEO David Janowski. APOLLO’s digital first and resident-centric approach has been well-received by our customers. By fully integrating tenant insurance directly into our portals and leasing workflow, we are making it even more convenient for renters to obtain the coverage they need.”

APOLLO integrates with property management systems to enable instant insurance transactions and automate compliance, with real time tracking and alerts for property managers. Earlier this year, APOLLO launched FinShore, a wholly owned buy now, pay later (BNPL) subsidiary, to provide a fully embedded monthly payment option to their customers.

“APOLLO is excited to partner with such an experienced and innovative property management software company,” said APOLLO CEO, Jeff McCann. “Payquad shares APOLLO’s commitment to making renters’ lives easier, by leveraging technology to simplify managing residential rental properties.”

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NYCM Insurance Enhances Digital Experience for Customer Convenience https://fintecbuzz.com/nycm-insurance-enhances-digital-experience-for-customer-convenience/ Mon, 02 Sep 2024 13:30:39 +0000 https://fintecbuzz.com/?p=64273 NYCM Insurance, trusted provider of home, auto, and business insurance within New York state, proudly marks its 125th year while making significant enhancements to its digital experience. Known for its long-standing dedication to customer care, NYCM is reinforcing its commitment to customer convenience. Since its founding in 1899, the company has remained committed to delivering genuine care to individuals and communities. As NYCM celebrates this significant milestone, it continues to evolve, now offering a comprehensive digital...

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NYCM Insurance, trusted provider of home, auto, and business insurance within New York state, proudly marks its 125th year while making significant enhancements to its digital experience. Known for its long-standing dedication to customer care, NYCM is reinforcing its commitment to customer convenience.

Since its founding in 1899, the company has remained committed to delivering genuine care to individuals and communities. As NYCM celebrates this significant milestone, it continues to evolve, now offering a comprehensive digital experience designed to meet the needs of their more than 600,000 policyholders, wherever they are.

“At NYCM Insurance, genuine care means being there for customers when they need it most—and that includes making it easy for them to access services on their own terms,” said Cheryl Robinson, President and CEO of NYCM Insurance. “We want to make the process of reporting a claim as seamless as possible, providing customers with the tools they need to protect what matters most, whenever and wherever they choose.”

To provide more accessibility, efficiency, and real-time transparency, NYCM Insurance has expanded their online claim reporting features for customers to process their home and auto claims. Customers now have access to report a claim online, view ID cards, view policy details, and more.

“Digital claim reporting offers greater sense of control by allowing customers to choose how they want to interact with us throughout the life of their claim.” Robinson continued. “Customers can report their home or auto claim, track the status, view in-network auto repair shops, and receive claim payment updates all through their My Account, either on their web browser or via their mobile app.”

To report a digital claim and view a personalized dashboard, customers should log in through their My Account. If customers don’t have a My Account, they can create one at www.nycm.com.

As NYCM Insurance looks to the future, they invite customers to explore their digital tools, offering greater convenience and accessibility for their home and auto insurance policies. For more information, visit www.nycm.com/myaccount or download the NYCM Insurance mobile app from the Apple App Store or Google Play Store.

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