Drivers can understand if their driving can result in a lower car insurance rate before they sign up with Ride Along from Metromile. (Business Wire: Graphic)

Drivers can understand if their driving can result in a lower car insurance rate before they sign up with Ride Along from Metromile. (Business Wire: Graphic)

SAN FRANCISCO–(BUSINESS WIRE)–Oct 14, 2020–

Metromile, the leading pay-per-mile car insurance company in the U.S., today announced the launch of Ride Along, a free new way for drivers to understand if their driving can result in a lower car insurance rate before they sign up. More than 124 million Americans could be overpaying for car insurance, missing out on as much as $947 a year in savings because they do not pay per mile, according to a recent survey of new customers who saved with Metromile.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005336/en/

Drivers can understand if their driving can result in a lower car insurance rate before they sign up with Ride Along from Metromile. (Business Wire: Graphic)

Drivers can begin a Ride Along after downloading the Metromile app and entering some basic information. Then, the Ride Along begins with no obligation to purchase from Metromile. Drivers go about their routines and have their smartphone in the vehicle when they drive. After about two weeks, drivers will see how much they drove and their expected monthly bill. They can then switch and start their coverage with Metromile to lock in their rates and any savings — all within minutes.

“The majority of Americans drive 10,000 miles or fewer every year and could save with pay-per-mile car insurance, but they do not realize it; as a result, drivers overpay for car insurance by hundreds of dollars a year,” said Metromile CEO Dan Preston. “Ride

PETALUMA, Calif., Oct. 14, 2020 /PRNewswire/ — Tangram Insurance Services, Inc. (“Tangram”), a Managing General Agency, and Markel Corporation on behalf of its affiliated insurance companies  (“Markel”) today announces the launch of a program to provide excess liability above Tangram’s current program in propane and fuel distribution niche.

Tangram’s program provides comprehensive insurance solutions for dealers and distributors of fuel oil, propane, diesel and gasoline. The additional excess liability capacity that Markel provides will make Tangram a one stop shop for this niche. With the additional capacity, Tangram’s program now has the ability to provide General Liability, Property, Commercial Auto, Workers’ Compensation, Environmental Liability and Excess Liability cover up to $15 million.

“Our downstream energy program is our fastest growing niche.  Tangram’s focus for the past 5 years has been to provide our specialty brokers with meaningful coverage and services from a single source.  With the addition of Markel’s capacity, commitment and experience in the energy space, our brokers and customers have an even more compelling reason to partner with us for the long term,” said Rekha Skantharaja, Tangram’s President & CEO.

Tracy Bernard, Tangram’s Head of Program Development noted, “We are excited to partner with an industry powerhouse like Markel to provide excess liability to this niche. By providing this additional capacity we continue to demonstrate our commitment to the Fuel Distribution industry, providing a full suite of coverages for our broker partners and insureds operating in these challenging times.”

“Tangram provides an excellent underwriting platform for risk analysis, and they have a long history in this insurance space. We’re looking forward to building a solid partnership with Tangram in this line of business and sharing in mutual success and profitability,” said Tim Pasik, Managing Director, US Excess Casualty at Markel.

About Tangram Insurance Services,

UK personal lines insurers will need to adjust their pricing models in response to the Financial Conduct Authority’s proposed remedies surrounding the pricing of policies for renewing customers, according to a new AM Best commentary.

The Best’s Commentary, “Strong Brands the Likely Winners of UK Insurance Pricing Review,” states that as insurers will need to increase the prices applied to new business to offset the impact of lower renewal premium on earnings, other aspects of their business profile will likely play an increasing role in the decision-making process of potential and established customers.

This suggests that brands currently enjoying high levels of recognition and customer satisfaction will be best positioned to take advantage as policyholders begin to take more notice of a company’s customer service levels, the experiences of other policyholders (expressed via online channels), and metrics such as claims approval ratios.

To access a complimentary copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=302026.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201014005665/en/

Contacts

William Keen-Tomlinson
Senior Financial Analyst
+44 20 7397 4395
[email protected]

Catherine Thomas
Senior Director, Analytics
+44 20 7397 0281
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Richard Banks
Director, Industry Research – EMEA
+44 20 7397 0322
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Edem Kuenyehia
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+44 20 7397 0280
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Source Article

Global Atlantic Study Highlights Shifting Financial Priorities and the Need for Planning Amid Pandemic

New research from Global Atlantic Financial Group found that more than eight out of ten Americans (83%) say making sure their loved ones are financially protected is important to them right now, yet two in five (43%) have no life insurance and only one third (33%) believe they have enough life insurance or other assets to protect their family in the event of their own death.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005264/en/

(Photo: Business Wire)

The “Perceptions of Life Insurance During a Pandemic” study was conducted in August by Artemis Strategy Group on behalf of Global Atlantic, among 1,065 American adults to examine their views on life insurance, estate planning and shifting financial priorities.

Aside from contracting Covid-19 personally or having a family member or close friend contract the virus, the top concern among those surveyed was to ensure their family’s financial wellbeing.

A full two thirds (67%) of Americans say the Covid-19 pandemic has made them think about their own mortality, while seven in ten (69%) have reassessed at least one financial aspect of their life during the pandemic. These areas include their emergency savings situation (54% have reassessed), long-term savings and investments (49%), employment situation (39%), and life insurance (28%).

When asked how many years of income they would replace with life insurance in the event of an early death, nearly six out of ten (57%) said at least two years. More than half of those with $150K or more in household income would replace five or more years of income (54%).

Only one third of Americans had a will in place before the pandemic, but nearly three out of ten either made changes to it during the pandemic,

  • Many firms have noted double-digit increases in the number of life insurance policies they’ve sold during the Covid-19 pandemic relative to last year. 
  • The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality, experts said.
  • Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.





© Provided by CNBC


Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.

Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.

That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.

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For example, what if the breadwinner of a family dies unexpectedly from Covid-19? Insurance is meant to plug that immediate gap in household income.

“It’s forced the idea of financial protection and mortality to the top of mind for consumers in a way very few events have,” said Jennifer Fitzgerald, the CEO and co-founder of Policygenius, an online marketplace for life insurance.

‘Panic buying’

Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.

But Google Search traffic for “life insurance” jumped 50% between March and May this year compared with the same period in 2019, said Fitzgerald, whose firm gets a large share of business from such internet