Here’s a round-up of February’s insurance industry-related M&As and partnerships:
Ford collaborates with State Farm
State Farm and Ford launched a usage-based insurance product called Drive Safe and Save Connected Car, that will allow Ford drivers to share data with the insurer for better premiums. This collaboration comes from a partnership between the two companies back in 2020, and offers customers an opportunity for a significant auto discount depending on their driving behavior. This product has been rolled out in Alaska, Idaho, Montana and Oregon.
Travelers acquires Trov
Travelers announced that it would be acquiring tech assets from Trov, an insurtech that created micro-duration policies and evolved into an embedded insurance specialist solution. The technology includes on-demand insurance, claims-chat and public APIs and will be positioned within Travelers’ Personal Insurance segment to enhance the customer experience for policyholders.
State Farm partners with Disney
State Farm announced a new marketing partnership with Walt Disney and is now the sponsor for the 2023 Walt Disney World Marathon Weekend. The leading carrier will also sponsor two venues at the resort complex, as well as sponsor a podcast for Disney visitors who need help planning their trip to the resort.
Cruise partners with Mobilitas
Cruise and Mobilitas Insurance announced a partnership that would provide commercial insurance for Cruise’s fleet of all-electric, zero-emission self-driving vehicles. Mobilitas created a custom insurance program for this partnership, and the program marks an important milestone as Cruise prepares for commercialization.
Slide enters the Florida insurance market
Due to the volatility in the state, several legacy insurers have stopped writing new homeowners policies and even dropped customers in Florida. In response, Slide, a Tampa-based carrier founded by Heritage Insurance, is taking over policies across the state.
Nationwide partners with Labrador
Nationwide announced a partnership with robotics company Labrador Systems to explore how robots could support caregivers. The companies are collaborating on a new pilot program that will see how the Labrador Retriever personal robot could empower people to live more independently, in response to the increasing share of America’s population reaching over 65 years of age.