Business News: Kemper, Munich Re, AIR Worldwide

Kemper Corporation announced a refresh of its core brand elements. The rebrand elevates the focus on the company’s strength, stability and transformation, and includes a new logo, positioning and product line architecture.

The new bold and vibrant logo in navy blue and red embodies the characteristics of the company’s committed team of employees and the qualities of trust, strength and reliability. Kemper’s new brand positioning – “Affordable protection in an ever-changing world” – builds upon a rich history of providing insurance solutions to growing markets that meet customers’ unique needs for reliable coverage options while keeping their costs down.

Additionally, over the next 15 months, the company’s businesses will transition to four sub-brands that best represent their core products: Kemper Auto, Kemper Personal Insurance, Kemper Life and Kemper Health. This new structure aligns and combines the strengths of every line of business within Kemper.

Munich Re America,BriteCore Partner to Offer Inland Flood Coverage in the U.S. to Insurers

A personal lines flood endorsement from Munich Reinsurance America, Inc. (Munich Re America) is now available in the U.S. to insurance carriers and their agency partners that use BriteCore, a modern web-based insurance administration platform.

The endorsement is available to homeowners who live outside of a SFHA and it protects their homes and personal property. The BriteCore policy administration system will indicate if a policyholder’s home is located in a SFHA based on its address. If a home is not in a SFHA, agents will automatically be offered the opportunity to select Munich Re America’s personal lines flood endorsement as they build an insurance program for their personal lines clients.

AIR Develops Advanced Probabilistic Model for Global Cyber Risks

Catastrophe risk modeling firm AIR Worldwide announced it has developed a probabilistic model for cyber risk capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. The new model will be included in the latest release of ARC (Analytics of Risk from Cyber), AIR’s cyber risk modeling and analytics platform, due for general release on October 31, 2018. AIR Worldwide is a Verisk business.

AIR’s probabilistic cyber model estimates the likelihood, severity, and economic and insurance impact of security breach and cloud service provider downtime incidents; cloud service provider downtime incidents are one of the most likely forms of aggregation risk for cyber. The new AIR cyber model has been calibrated with public, commercial, and insurance claims data that includes information on more than 60,000 worldwide incidents and the cybersecurity profile of over 100,000 organizations globally.

In addition to the probabilistic model, the latest version of ARC features functionality to help insurers understand their additional risk due to GDPR, the expansion of AIR’s cyber industry exposure database to regions globally, and many other enhancements.