Business News: RiskBlock Alliance, QBE North America, Travelers

The Institutes RiskBlock Alliance, the risk management and insurance industry’s first enterprise-level blockchain consortium in the U.S. RiskBlock today announced that 18 top risk management and insurance companies have joined their ranks to develop solutions on the blockchain that will revolutionize how the industry functions.

Partners include big national and global insurers, agencies, brokerages and reinsurers:

American Agricultural Insurance Company

Horace Mann Insurance Company

Penn National Insurance

American Family Insurance

Liberty Mutual Insurance

RCM&D

Chubb

Marsh

RenaissanceRe

Erie Insurance

Munich Reinsurance America, Inc.

State Automobile Mutual Insurance Company

Farmers Insurance

Nationwide Insurance

United Educators

The Hanover Insurance Group

Ohio Mutual Insurance Group

USAA

This partnership is significant: it shows how important these companies feel blockchain will be to the industry and it validates the need for a collaborative, industry-wide approach to developing new blockchain applications.

RiskBlock released its first blockchain application – a digital proof of insurance – with Nationwide in December. Next up are applications for first notice of loss, subrogation and parametic insurance.

QBE North America, an integrated specialist insurer, announced a strategic program underwriting alliance with Huntersure LLC, to offer its Professional Liability coverage for small to mid-size architectural, engineering and contractor businesses nationwide through Huntersure. This coverage will be provided on a non-admitted basis through QBE North America’s A.M. Best “A” rated insurance companies.

Huntersure has over 10 years of experience offering a wide array of insurance products in the professional liability space. Huntersure will underwrite these risks and offer coverage for these accounts through a variety of specialized distribution sources including retail and wholesale partners.

The program appetite includes professional liability insurance products for architects, engineers, surveyors, planners and other design professionals. In addition, professional liability insurance is offered for contractors operating in the agricultural, residential, commercial, institutional, industrial, heavy civil, and environmental sectors.

The Travelers Companies, Inc. announced the launch of Quantum Home 2.0 (QH2.0), an enhanced homeowners insurance product with tailored pricing and more flexible coverage options, all on simpler policy documents. Travelers offers QH2.0 through an updated platform that allows agents to seamlessly quote and bind coverage.

Travelers’ new home insurance product includes features such as:

• Decreasing Deductible and loss forgiveness options that recognize customers for their loyalty.
  New discounts for customers who pay on time and for those with smart-home protective technology, including fire, burglar and water alarms.
• An enhanced water package that can cover sewer backups and hidden water damage.
  Equipment breakdown coverage for appliances and water heaters, etc.
• QH2.0 is available in Colorado, Oregon and Wisconsin, with additional states rolling out the product in mid-2018.

To find an agent or for information about home insurance from Travelers, visit www.travelers.com.