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Socotra Chosen as Core Platform to Power Aioi Nissay Dowa’s

Socotra Chosen as Core Platform to Power Aioi Nissay Dowa's

AUSTIN, Texas, Feb. 25, 2022 (GLOBE NEWSWIRE) — Aioi Nissay Dowa Insurance and MS&AD Ventures—subsidiaries of MS&AD Insurance Group—announced today that the advanced software development company, MOTER Technologieshas chosen Socotra to power a new telematics-based commercial fleet insurance product.

Aioi Nissay Dowa Insurance is a telematics technology pioneer with over one million policies written for its pay-how-you-drive personal auto insurance product in Japan. A subsidiary of Aioi Nissay Dowa Insurance and a member of MS&AD, MOTER (Mobility on the Edge in Real-Time) is a data analytics platform that can measure driver and vehicle performance down to the mile by leveraging edge computing and connected technologies. The company provides advanced insights to OEMs, fleet owners, and insurance companies to better manage risk, protect assets, and develop data-driven products and services.

Socotra is the first cloud-native core platform with open APIs empowering both global insurers and insurtech startups to rapidly develop and distribute products with minimal effort and costs. With Socotra’s advanced rating and billing capabilities, insurers can quickly and easily integrate telematics data to build complex usage-based insurance products.

MOTER is launching an insurtech managing general agency (MGA) in the US and has partnered with Socotra, a portfolio company of MS&AD Ventures, to create better and more convenient commercial fleet insurance products for medical fleets, last-mile delivery, and carsharing. These growing markets have higher risk compared to traditional commercial auto insurance, which is why current offerings are limited. By combining expertise in insurance and data analysis, MOTER plans to deliver better pricing, accident prevention, and claim handling. Socotra will enable MOTER to build an efficient and scalable infrastructure that centralizes end-to-end insurance operations for rating, underwriting, policy administration, billing, reporting, and claims.

“MOTER seeks to understand risk better than other insurance companies by using the latest algorithms and optimal risk calculations,” said Craig Lozofsky, Chief Operating Officer at MOTER. “To take advantage of the vast array of next-generation data, we’re partnering with Socotra, which delivers a highly efficient and scalable core platform that will enable MOTER to offer more personalized and digital-first insurance products that better meet the needs of our customers.”

“I applaud the ambitious team at MOTER for their mission to reimagine the mobility industry,” said Dan Woods, Founder and CEO of Socotra. “MOTER and their parent company, Aioi Nissay Dowa, are demonstrating how telematics technology can benefit consumers. I’m pleased that Socotra can power MOTER’s usage-based insurance product and support the launch of their MGA business in the US”

About Aioi Nissay Dowa

Aioi Nissay Dowa Insurance Co., Ltd. is engaged in non-life insurance business in Japan and overseas with the aim of becoming a unique and distinctive company where bright and energetic employees fully support customers. In addition, as a pioneer in telematics automobile insurance, we are working to promote safe driving by utilizing driving behavior data and visual data in the event of an accident. We aim to contribute to the realization of a safe and secure mobility society by utilizing the know-how cultivated in telematics technology in our data business to advance a future autonomous driving society. To learn more, visit aioinissaydowa.co.jp/english.

About MOTER Technologies

MOTER Technologies, Inc. is a software development and data science company based in Los Angeles, CA. The company’s focus is on efficiently using connected car data to understand driving risk and produce insights into driving and safety. To learn more, visit moter.ai.

About Socotra

Socotra is bringing transparency and accessibility to insurance technology. With Socotra’s modern core platform, global insurers and MGA insurtechs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.

Moira Sim
[email protected]


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Are Medical Expenses Covered by Car Insurance?

Dept. of Defense Sends Medical Teams to Minnesota

If you get into an accident and you’re covered by your auto insurance, you still have to pay for any medical expenses above that “liability limit.”

When you get in a car accident and your medical expenses exceed your car insurance coverage, you will need to file a claim with your medical insurance for the rest of the bills.

If you know that my medical expenses exceed my car insurance coverage, what should I do?

Please submit a claim with both your auto and medical insurers to ensure they both cover their proportional share of the expenses. If one company pays more than they’re supposed to, we’ll make sure their overpayment is refunded appropriately. This will help keep things fair for you and all other members on each plan.

How long will it take to get paid?

It can take as little as 15 days to as long as 90. Depending on your claim and the state in which you live, the process is different. Please call your medical insurance for specific information on how long your claim process takes.

Will this cover me if I get hit by a car? No, only medical bills for you or someone in your family are covered by this. If it’s not a medically related accident, like being hit by an automobile, you’re out of luck. “I was rear-ended and I’ve never been in a car accident before—is my first injury covered by my auto insurance?” Yes. When you turn a certain age, most states require you to prove bodily injury coverage (BI).

How to make claim after an accident?

To make a claim, please first contact your medical insurance to determine which company is responsible for paying for the medical expenses. Next, seek independent financial and legal advice from an experienced attorney regarding the necessary steps to take.

If you get into an accident and you’re covered by your auto insurance, you still have to pay for any medical expenses above that “liability limit.”

Photo by Vidal Balielo Jr. from Pexels

“I’ve been in several car accidents, and I really don’t remember much about them. Is my medical insurance up to date?” Probably not. Ask your doctor or a licensed attorney competent in automobile injuries to review your health records.

Use Legal Assistance for Car Insurance Claim

You must choose an experienced car accident attorney to handle your claim. A good West Palm Beach Car Accident Lawyer can help you submit an insurance claim after the accident. You should contact your health insurance company and follow the necessary steps to get your medical expenses covered.

Most car insurance companies have a liability limit, which is the amount they will pay to cover injuries sustained in an accident they caused. If you exceeded this limit, you should go to a personal injury attorney who can help you collect what’s left of your medical bills.

If you have been injured in an automobile accident, there are some steps you can take right away to make sure that everything goes smoothly with regard to getting the compensation that belongs to you.

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Insurance technology news round-up: February 25

Insurance technology news round-up: February 25

Uniphore, a conversation automation technology company focused on insurance and other industries, raised a massive $400 million financing round.

March Capital led the Series E round, though other new and existing investors also participated. Including the new cash infusion, Uniphore has raised $610 million to date. Its valuation has now reached $2.5 billion.

The California-based company will use the money to propel its voice AI, computer vision and tonal emotion technology, as well as an expansion through North America, Europe and Asia-Pacific.

Uniphore claims to have developed “the most comprehensive and powerful” conversational automation platform, combining conversational AI, workflow automation and robotic process information with a business user-friendly experience.


Digital insurer Lemonade (LMND) lost more than $70 million in the 2021 fourth quarter, or negative $1.14 per share. That compares to a nearly $34 million loss, or negative $0.60 per share in the 2020 fourth quarter.

Driving the results: higher loss ratios stemming from sales increases of newer products including home and pet insurance. Lemonade also spent more on marketing, and on hiring to support the launch of its auto insurance business.

Lemonade continues to scale up its business, so profitability remains a future goal.

Along those lines, Lemonade reported more than 1.4 million customers at the end of Q4 2021, compared to just over one million in the same period a year ago.

The company earned $266 in premium per customer during the quarter, up from $213 in the same, year-ago quarter.

Lemonade reported $1.1 billion in cash, cash equivalents and investments on hand at the end of 2021, compared to $578 million at the end of 2020.

Lemonade’s stock traded on the NYSE at $21.86, down close to 4% in late morning trading.


Root (ROOT) reported a nearly $110 million loss in its 2021 fourth quarter, or negative $0.44 per share, an improvement over a more than $133 million loss, or negative $0.72 per share, a year ago.

The Ohio-based insurtech announced in January that it would slash 330 employees as part of “an organizational realignment” stemming from major loss cost increases, supply chain and inflationary pressures and more. Layoffs targeted the company’s claims and sales departments.

The company said it has improved its bottom line, in part through cutting expenses and, reducing its cash burn rate. Marketing spending has also been slashed 62%.

Root said its gross written premium has grown 9% and its gross earned premium jumped 22%. There has also been a focus on diversifying the company’s distribution channels, resorting to fully embedded products and a greater embrace of independent agents.

The company’s stock traded on the Nasdaq at just under $1.60 late morning on Feb. 24, down about 10%.


Travelers Companies announced that it would acquire Trōv, an insurtech start-up that has gone through multiple iterations since it launched in 2012.

Neither side disclosed financial terms.

Trōv initially began as a direct-to-consumer mobile insurance platform, with a focus on allowing the purchase of on-demand insurance for specific items. It changed gears in 2019, shifting to a more business-to-business model, ending its consumer operations.

Recently, it rolled out an embedded insurance platform, public APIs and developer support tools.


Stable Insurance pulled in $3.3 million in new venture capital to fuel its business insuring rideshare, carshare and delivery vehicle owners.

MLTPLY, a company that helps insurtech entrepreneurs bring their ideas to market quickly, and Brooklyn Bridge Ventures co-led the round.

Stable’s platform provides insurance, tools and analytics to help owner operators with growing automobile fleets to run their businesses better. Analytics help identify risk levels and profitability metrics, among other services, according to the company.

Douglas Ver Mulm, Stephen Dekker and John Salvucci founded the company, which will focus initially on carshare and rideshare vehicle owners when it launches in Illinois and in other markets later in 2022.


Sneaker app Unboxed is teaming with digital MGA Assurely to offer insurance protection for sneaker collectors.

David Carpentier, CEO and co-founder of Assurely, said in prepared remarks that the partnership was appealing because of Unboxed’s “vision for addressing gaps in the sneaker world – evaluation, authentication, and now insurance.”


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Former Georgia Insurance Commissioner Oxendine seeks court dismissal of ethics case


When contacted Friday, Oxendine’s longtime lawyer, Doug Chalmers, said he had no comment. He has argued that the commission went beyond the state’s five-year statute of limitations to pursue the charges.

In the latest filing, Oxendine’s lawyers wrote, “Upon review of that initial decision (by the administrative law judge), the commission simply decided that it did not like that embarrassing result, one that made the commission look bad in a high-profile case with significant media coverage.”

David Emadi, the commission’s executive secretary, didn’t sound particularly surprised by the filing.

“Mr. Oxendine is doing what he has done at all points in this investigation: refuse to comply with the law and seek to delay justice and accountability through frivolous litigation,” Emadi said. “We look forward to moving forward and having a final hearing to resolve this matter once and for all.”

An earlier case against Oxendine when he ran for governor in 2010 — which was recently dismissed — remained largely dormant until a 2015 Atlanta Journal-Constitution investigation. The AJC found that Oxendine had never returned more than $500,000 worth of leftover contributions, and that he kept and spent money raised for Republican runoff and general election campaigns that he never ran because he lost in the 2010 GOP primary.

Following the story, Oxendine amended his reports in October 2015 to show more than $700,000 left over, including $237,000 in loans to his law firm, and the commission filed new charges.

Oxendine fought the commission’s subpoena for bank records all the way to the Georgia Supreme Court, further delaying the case.

He was eventually forced to show the commission his books, and in 2019, the panel moved ahead on allegations that Oxendine spent campaign donations on luxury car leases, child care bills, an athletic club membership and a down payment on a $965,000 house.

Under Georgia law, a candidate can’t collect contributions for a campaign and then use the money for things such as houses and cars for themselves.

Oxendine has spent most of the money that was left over in the 2010 gubernatorial account without returning it to donors or donating it to charity, two of the ways the law says he could dispose of the money. His end-of-2021 report showed $200,000 remained. He had spent about $235,000 of the leftover money with Chalmers’ firm on legal fees and expenses, as of the end of 2021, according to the reports, and has also paid another law firm on the case.

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IRS Posts Health Insurance Premium Tax Credit Guidance

IRS Posts Health Insurance Premium Tax Credit Guidance

What You Need to Know

  • Tax credit subsidy recipients who earn more than they predict normally have to repay some or all of the excess subsidies.
  • The new answers include updates of answers about eligibility, reporting and excess subsidy clawbacks.
  • The IRS has also added eight answers about the tax credit program and unemployment benefits.

The Internal Revenue Service is trying to help Affordable Care Act exchange plan users understand what the COVID-19 pandemic did to their income taxes.

More than 80% of exchange plan enrollees use ACA premium tax credit subsidies to pay at least part of their premiums.

To make sure that patients would have the means to pay for COVID-19 care, Congress made temporary changes in the premium tax credit program rules.

Now, the IRS has answered frequently asked questions, or FAQs, about the changes in a new batch of informal guidance, Fact Sheet 2022-13.

The Rule Changes

The ACA exchange plan program came to life in late 2013. It gives consumers a way to use federal premium tax credits to buy individual major medical coverage from private insurers.

The list of big providers of exchange plan coverage includes Centene, Molina, Anthem and many single-state Blue Cross Blue Shield carriers.

From Jan. 1, 2014 — when the first exchange plan coverage sold took effect — till Congress passed temporary COVID-19 emergency legislation — the tax credit program provided help only for people in families with income over 133% of the federal poverty limit and under 400% of the federal poverty level.

In 2022, in most of the United States, 400% of the federal poverty level is $51,520 for an individual and $106,000 for a family of four.

The new temporary COVID-19 emergency rules have made affordability calculations more generous, increased the size of the premium subsidies, and removed the 400% of federal poverty level eligibility cap. If calculations show that an exchange plan would cost too much to be affordable for an individual with income at 800% of the federal poverty level, that person could qualify for some premium subsidy help.

Congress also provided generous ACA premium tax credit subsidies for unemployed people, and it changed the law excess tax credit subsidy clawback rules.

Most tax credit users qualify for the subsidy by providing income estimates for the coming year. The recipients get the tax credit money in advance, while the tax year is still underway, and use the money to reduce what they pay out of pocket for health insurance premiums. For many users, cash payments for coverage are less than $50 per month.

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Calif. malpractice ruling will have minimal impact on insurance rates, lawyers say

 Calif.  malpractice ruling will have minimal impact on insurance rates, lawyers say

A new ruling, which affirmed California’s cap on medical malpractice damages, will not significantly impact providers’ insurance rates, legal experts said.

On Thursday, the California Supreme Court upheld a lower court’s decision to cut a $4.25 million malpractice award for pain and suffering to the $250,000 state limit for noneconomic damages.

Marisol Lopez, whose 4-year-old daughter died of melanoma, and her legal team argued that the physician assistants who “negligently overlooked” her daughter’s malignant mole operated outside of the scope of their license and were not properly supervised. Thus, the cap didn’t apply.

California Supreme Court Justice Goodwin Liu disagreed with that interpretation, claiming that allowing medical malpractice plaintiffs to avoid the cap in this way would be at odds with its purpose to “control and reduce medical malpractice insurance costs by placing a predictable, uniform limit on a defendant’s liability for noneconomic damages.”

“The opinion dealt with a very technical aspect of the law—it’s not like this was a case where there was a big constitutional challenge,” said Christopher Ryan, of counsel at Dickinson Wright. “I don’t think this decision, by itself, will have much impact on rates.”

Around half of US states have malpractice caps on either financial or noneconomic damages, ranging from $250,000 to around $3 million, depending on the severity of the injury. Many states have struck down caps after deeming them unconstitutional, which has led to higher severity and frequency of malpractice claims, said John Hall, founding partner of Hall Booth Smith.

“This case will help maintain California’s current insurance rates and insulate them from significant increases seen nearly everywhere else,” he said.

California’s statutory cap stems back to the 1975 Medical Injury Compensation Reform Act, which states that damages for noneconomic losses shall not exceed $250,000 in any malpractice claim based on professional negligence.

It aimed to prevent doctors from leaving the industry or not performing risky procedures because they couldn’t afford alleged rising malpractice premiums. The law has drawn criticism from patient advocates, who claim that it’s unjust. In addition, more lawyers have refused to take on cases due to the cap, advocates argued. The evidence is mixed as to whether caps keep medical malpractice insurance rates in check, experts said.

“You could probably find an equal number of studies on both sides of the issue,” Ryan said.

As for the California case, there are reasonable arguments for excluding unsupervised PAs from a cap on noneconomic damages, Liu wrote in the opinion. But that would be up to the legislature to decide and out of the court’s purview, he said.

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New California rules aim to lower property insurance rates

Houses burn on Mountain Hawk Drive in Santa Rosa's Skyhawk Community as the Glass Fire rolls in from Napa County on Sept. 28, 2020. In all, 11 homes burned in the area, but firefighters saved hundreds of others.  (Kent Porter / The Press Democrat) 2020

SACRAMENTO — California’s insurance commissioner announced new rules on Friday aimed at lowering premiums for people who make improvements to their property to resist wildfires.

Ricardo Lara said the new rules will require insurance companies to factor property owners’ improvements into the pricing of residential and commercial coverage. He said the new rules could take effect this summer.

Friday’s announcement follows’s last week’s news that the state is setting new insurance standards. Those new standards include a fire-resistant roof, at least 5 feet (1.5 meters) of defensible space around a home, a clearly defined evacuation route in a neighborhood and removal of vegetation overgrowth.

“With more Californians rolling up their sleeves and reaching into their own pockets to protect their homes and businesses, insurance pricing must reflect their efforts,” Lara said in a news release announcing the regulations.

Mark Sektnan, vice president of state government relations for the American Property Insurance Association, said the association is still reviewing the proposed regulations. He said insurers support the use of science-based mitigation standards.

“It is more vital than ever for consumers to mitigate their properties and financially prepare for wildfires, especially given the rebuilding delays and inflationary cost pressures that are forecasted to continue,” he said.

State Sen. Bill Dodd, D-Napa, has been involved in legislation to streamline insurance processes and strengthen construction standards related to wildfires.

“I commend Commissioner Lara for taking this important step to accomplish the dual goals of reducing wildfire risk and enhancing access to affordable insurance coverage,” Dodd said in a statement. “This is important for my constituents and communities around the state. It’s also something I’ve discussed with the commissioner. Today’s action is another piece of the puzzle as we build a safer and more resilient California.”

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Statement by President Biden on 14.5 Million Americans Signing up for Health Insurance

Statement by President Biden on 14.5 Million Americans Signing up for Health Insurance

Health care should be a right, not a privilege, for all Americans. And one year into my Administration, we are making that right a reality for a record number of people—bringing down costs and increasing access for families across the country.

Today, I am proud to announce that since November 1st, 14.5 million Americans have signed up for quality, affordable health coverage, including more than 10 million who enrolled through HealthCare.gov—the highest numbers ever produced in an open enrollment period. New data from the Centers for Disease Control and Prevention shows that one in seven uninsured Americans got covered between the end of 2020 and September 2021, with lower-income Americans gaining coverage at the highest rate.

This did not happen by accident. The American Rescue Plan did more to lower costs and expand access to health care than any action since the passage of the Affordable Care Act. It made quality coverage more affordable than ever—with families saving an average of $2,400 on their annual premiums, and four out of five consumers finding quality coverage for under $10 a month. As a result, millions of our fellow Americans have now gained the security and peace of mind that dependent health insurance brings.

For Americans who live in California, Kentucky, New Jersey, New York, Rhode Island, and Washington, DC—places with their own health insurance marketplaces—the opportunity to secure that peace of mind extends through January 31st, and I urge you to take these last few days to sign up for quality, affordable coverage. In the meantime, as long as any American lies awake at night, wondering how they’re going to pay their medical bills, my Administration will keep fighting to lower costs and expand health coverage even more—including through my Build Back Better agenda.


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Best’s Commentary: Economic Shocks From Ukraine Invasion Fallout to Pressure Global Insurance Industry

Best's Commentary: Economic Shocks From Ukraine Invasion Fallout to Pressure Global Insurance Industry

LONDON–(BUSINESSWIRE)–AM Best believes that Russia’s invasion of Ukraine likely will impact the global insurance industry substantially in the near to midterm, particularly given the significant fallout in the capital markets and potential for widespread cyber attacks.

In its Best’s Commentary, “Significant Implications of Ukraine Invasion on Global Insurance Industry,” AM Best notes that invasion has had an immediate negative impact on the stock markets worldwide; continued volatility remains likely, challenging efforts by the global central banks and the US Federal Reserve to contain inflation. In addition, sanctions against Russia may have severe knock-on effects not just on oil and commodity prices, but also tourism, as well as the economies of some of the world’s less resilient countries. “Further sanctions may impact the ability of international insurers and reinsurers to underwrite Russian risks or make it more difficult for them to service claims on existing policies,” said Anna Sheremeteva, financial analyst, AM Best. “Most affected would be those writing large energy and infrastructure risks, such as London Market insurers, and international reinsurers.”

“Sanctions also will affect the balance sheets of Russian insurers and their relationships with international partners,” said Todor Kitin, financial analyst, AM Best. “The valuation of investments would be affected by a prolonged equity market downturn, any increase in the Russian Central Bank’s policy rate or a widening of credit spreads. On the other side of the balance sheet, higher-than-anticipated inflation would impact claims costs, with potential implications for the adequacy of reserves.”

Additionally, the impact of an escalating global conflict may increase the risk of a systemic cyber attack and cause substantial economic and insured losses. Heightened risk perception could lead to higher prices in an already hardening cyber market.

To access the full copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=317816.

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

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Homeowners insurance and what you need to know to be sure you’re not underinsured

Homeowners insurance and what you need to know to be sure you're not underinsured

DENVER – The Marshall Fire was a wakeup call for Coloradans to check their own insurance policies and what they cover, as many homeowners are now realizing they were underinsured as they decide whether to rebuild their homes or move on.

If you haven’t looked at your policy in more than a year, think about calling your insurance agent.

The Rocky Mountain Insurance Information Association offered some tips for people concerned with their insurance levels.

First, avoid insurance minimums, which help save money each month. But the home itself is the largest investment and paying more monthly could save homeowners from a costly headache in the long run.

MORE: ‘There should have been a fail-safe’: Marshall fire victims say they are massively underinsured

The association advises people call their insurer if they do any home renovations or upgrades which add value to the home, because an increase in coverage might be necessary to cover the upgrades and new value.

Be wary of coverage for actual cash value, which is separate and different from a replacement policy. Those types of policies will only pay out for the current state of the home and deduct value based on depreciation.

“What you can sell it for with our market right now in Colorado could be a huge amount more than you could sell it for than what you bought it for,” said Carole Walker, the executive director of the Rocky Mountain Insurance Information Association. “What your insurance cares about is the cost to repair and rebuild your home in today’s dollars. Those are those rebuilding costs, not what you can sell your home for.”

In other words, if your home is 25 years old, the insurance plan will only pay you what the 25-year-old home is worth damaged or destroyed – not what it would cost to replace the entire structure.

And finally, people should calculate the replacement value of their home, which is typically the building costs per square foot. It could be higher now than in years past, as the cost of lumber climbed significantly in 2021 and remains “volatile,” according to Home Depot, a large lumber supplier.

The National Association of Home Builders estimates that could add up to $20,000 to a home build.

The Colorado Division of Insurance also has a host of information about insurance and resources for homeowners, including those who lost their homes in the Marshal Fire.


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