ACA enrolment deadline extended due to high demand
The enrolment deadline for those buying health insurance to start on Jan 1 through ACA marketplaces, has been extended until midnight Monday with officials highlighting an “extraordinary volume of customers.”
The decision was taken late Thursday night as it emerged nearly 1 million customers had given contact details to join a virtual waiting line for access to the health.gov marketplace and call centers.
The Washington Post reports that almost 4 million had enrolled by the start of this week. Those who enrol after Dec 19 will not be covered until after New Year’s Day.
XL Catlin backs insurtech start-up
Global re/insurance firm XL Catlin is providing its underwriting expertise for an insurtech business called Stonestep.
The Swiss start-up has raised $4 million to offer “microinsurance as a service” and plans to launch in Myanmar before a wider roll-out in Asia. The funding is from insurance-focused venture capital fund XL Innovate which utilises XL Catlin’s experience in the sector.
Stonestep’s founder and CEO Brandon Mathews is no stranger to insurance either having worked for
AIG, building its micro and mass insurance offerings in Brazil and India; and formerly leading
Zurich’s global emerging markets division.
The investment in Stonestep gives XL Catlin additional exposure in Asia’s emerging markets, where digital insurance products are less challenged by a traditional brokerage model due to low penetration.
Germania partners with tech firm for auto telematics
Texas-based insurer Germania Insurance has announced a partnership with Cambridge Mobile Telematics to develop and launch a telematics auto insurance program.
The SafeScore app allows drivers to monitor mileage, smoothness, time of day, road type, and phone movement for every trip taken; and provides data on both vehicle and driver. There is also automatic collision detection and impact alerts.
"Our goal is to engage our policyholders to think about their driving behavior and not just drive out of habit,” said Kelleen Arquette, Director of Actuarial at Germania. “Through regular contact with the app, push notifications and emails, we want to make safe driving fun and rewarding. In addition, it will be a wonderful tool for correcting unsafe cell phone usage as well."
