Risk & Insurance News and Notes: Lloyds Bank Partners with Previsico, New Genetic Disease Coverage And More
Lloyds’ Bank Partners with Previsico to Boost Flood Risk Resilience
Insurtech Previsico recently announced a partnership with Lloyds’ Bank Partners to collectively combat the risks of extreme weather conditions Lloyds’ customers may face. This collaboration comes at a particularly pressing time when extreme weather events are becoming more frequent and severe.
Previsico will be joining Lloyds’ Launch Innovation Lab, a 12-week initiative that produces solutions directly from customer data. The goal is for these solutions to be easily accessible when needed and able to serve future generations.
To help insureds prepare for the imminent possibility of flooding, for example, Previsico has developed technologies that alert customers of potential flood risk. These tools should give Lloyds’ customers the chance to prepare both themselves and their homes. For Lloyds’, the implementation of this technology will allow the company to better evaluate claims and allocate resources to most affected areas.
“We are delighted to join the ‘Launch Innovation Lab.’ It will give us invaluable experience, with unprecedented access to business leaders, designers, industry experts, and mentors, as we shape our solution to fit Lloyds’ specific needs,” said Lucy Coutts, Business Development Manager at Previsico.
OutcomeRx Announces New Coverage Product for Genetic Disease Treatment
OutcomeRx, a division of CareMetx designed to tackle issues in the cell and gene therapy market, is partnering with Crum & Forster Accident and Health and IronHealth to create a new insurance product that would provide coverage to customers in need of “high cost specialty drugs,” primarily for cell and gene therapy.
“Patient Access to Costly and Curative Therapies (PACCT),” will provide insureds with first-dollar coverage, including PBMs and health plans for receiving expensive treatment. The hope is that PACCT will greatly reduce the cost for patients who need treatment for specific genetic disorders.
Gene therapy is on the rise as a innovative solution to treat and cure disease, but its cost is high, ranging from $850,000 to $2.1 million per patient.
“We are excited to create this innovative reinsurance product in partnership with Crum & Forster to help ensure that families and patients needing these life-changing therapies are not hindered by the cost and coverage of treatment,” said Mark Hansan, President and CEO of CareMetx, LLC.
Beazley Continues Global Expansion with New Offering in Latin America
Beazley, a specialty insurer, recently announced plans to expand its offerings in Latin America, specifically Chile and
“In 2020, businesses have been adapting quickly to manage the uncertainty created by a global pandemic and recession,” said Najib Bousakr, regional manager for Latin America at Beazley.
“We are pleased to introduce this suite of policies to help companies in Chile and Colombia navigate this new risk landscape and position them for future growth. We look forward to working with brokers, clients and ceding companies to provide flexible underwriting solutions, backed by global claims expertise.”
Since the start of the pandemic, the use of virtual meetings and telehealth has become widespread. With the dependency on technology comes an overwhelming amount of risk. Beazley’s offerings include a team of underwriters working to develop new market products.
The company created Beazley Virtual Care, which strives to provide protection against any possible technology risk in the health care sector.
Additionally, Beazley’s medical malpractice cover will now be available to customers in both countries. In response to the possibility of cyber crime and ransomware attacks, Beazley constructed several products that Chilean business and senior executives can utilize.
Willis Towers Watson Announces Partnership with Wharton School’s Mack Institute
Willis Towers Watson announced a new partnership with the Wharton School of Business at the University of Pennsylvania. The company will be joining the Mack Institute for Innovation Management as a corporate partner.
The Mack Institute, which focuses on applying research to real-life settings, will allow Willis Towers Watson to use this new information to understand what challenges are prominent throughout the industry. This includes new material on the technology, media and telecommunications businesses as well as different ways to expand on “the perception of risk.”
Additionally, Willis Towers Watsons plans to take part in the Mack Institute’s Collaborative Innovation Program, which strives to identify potential challenges for the corporate risk sector.
“Willis Towers Watson’s TMT Risk Report, created with input from the Collaborative Innovation Program’s Wharton MBA team, will help companies strategically plan as well as mitigate the increasing risk implications brought about through the advancement of technology,” Sara Benolken, Global TMT Industry Leader, Willis Towers Watson, said.
“The research will allow us to help prepare and drive a new, more strategic role for Risk Managers and help prepare for the changing risk landscape facing global companies.” &