Navigating on-the-road peace: The comprehensive car insurance solution by Bajaj Allianz General Insurance

Bajaj Allianz General Insurance Comprehensive Car Insurance stands out for its high claims settlement ratio and hassle-free renewals.

By Kris Maccini, Head of Digital Distribution, Triple-I

Dale Sharpe Jenkins, M.S., CIC, AINS, principal/owner, The Jenkins Agency Incorporated, is quick to point out that she didn’t choose a career in insurance – insurance chose her. A first-generation college graduate, Jenkins sought a profession that would provide her and her family with opportunities. She began her career in life insurance at a small company in Columbus, Ohio before moving on to Progressive Insurance and opening its first claims office in Phoenix, Arizona. 

“Insurance plays an important role in our lives. The insurance industry has allowed me to make a great living and help people with their needs at the same time.” 

Eventually, Jenkins moved into a senior construction underwriter position at St. Paul Insurance Companies (now Travelers) and made the shift from claims to underwriting. While it was a rewarding position, Jenkins started a family and wanted more flexibility in her career. In 1998, she leveraged her experience in construction to build The Jenkins Agency Incorporated, an independent agency based in Arlington, Texas, specializing in commercial underwriting for construction, religious organizations, and other non-profits. 

“We write property/casualty, life, health, and group benefits. Most of our customers are small Black-owned businesses, and we are minority certified. I’m proud of what our agency has been able to do for the Black business community. Their success is our success.” 

Diversity has been at the epicenter of Jenkins’ career. The Dallas Black Chamber has recognized the agency for its work in the Black community; the Dallas-Fort Worth (DFW) Airport named The Jenkins Agency Incorporated as its Diversity Champion of 2023 at the SOAR Awards this year; and Business Insurance Magazine has also acknowledged the agency for its diversity efforts.  

In 2008, Jenkins joined the National African American Insurance Association (NAAIA), where she was a member of the founding Board of Directors and served as president of the Dallas chapter for three years. Since 2011, the NAAIA DFW Scholarship Foundation has provided financial awards to high school and college students interested in careers in insurance, finance, and marketing. 

“I’m very focused on providing [insurance] industry awareness to young people starting out or trying to discover a career for themselves. I was on the receiving end early in my career, and it’s nice to give back now.” 

The Jenkins Agency Incorporated celebrates its 25th anniversary this year. Reflecting on the past two decades, Jenkins feels blessed to be in her current position. She founded her company on her own without a book of business and built it from the ground up, relying on referrals. Her husband, Jeff, joined the business in 2000. 

“In the early years, we were in survival mode. We realized if we could make it to five years, we could make it to 10. Hiring our first employees was a highlight, and most of them have been with us for over a decade.” 

Like every small business, The Jenkins Agency experienced challenges in its initial years. Jenkins remembers the difficult transition from working in a large company to running her own business and maintaining a work/life balance. 

“Whether working for yourself or others, flexibility is very important when you are working and raising a family. Having my own business granted me that flexibility. I was able to work around my daughters’ schedules and still manage responsibilities at the office. Having your own business doesn’t mean you work less; in my experience, you work more but with the advantage is being able to manage your day.” 

To this day, Jenkins cites her two daughters as inspiration, along with other up-and-coming professionals. Both of her daughters have successful careers–her youngest daughter as a risk manager for a municipality in Texas and her oldest daughter as a business owner in California and a college professor. Entrepreneurship runs in the family. Jenkins’ father was also a business owner.  

Jenkins, who teaches risk management at the University of Texas in Arlington, is also motivated by her students. “My inspiration comes from the younger generation and how they embrace diversity and balance work and home. I’m also impressed with their talent.” 

Regarding the ongoing efforts to push for diversity, equity, and inclusion in the industry, Jenkins is cheering on this generation and asks young Black professionals not to lose ground.  

“My generation had to maneuver in a different way. We tried to fit in in any way we could–from hair to speech. This generation has a voice, and they are not afraid to be heard. To them I say…Keep your skills sharp so there is no question whether you can do the job and be proud of who you are.” 

Looking to participate in discussions around addressing disparities and working towards a more inclusive and equitable insurance landscape? Sign up for Empowering the Community: The Importance of Insurance in the Black Community, hosted on September 12 by The Black Insurance Industry Collective (BIIC).

Dale Sharpe Jenkins, M.S., CIC, AINS is an academic member of the Insurance Information Institute through her affiliation with the University of Texas at Arlington. 

By Mary Sams, Senior Research Analyst, Triple-I

Impact Re Ltd. – a member-owned captive fronted by Zurich North America – brings together companies from a variety of industries that share an interest in both risk management and sustainable business practices.

The captive is a partnership between Zurich North America and Innovative Captive Strategies (ICS). In addition to being one of the largest providers of commercial insurance products and services in the United States and Canada, Zurich North America is part of global insurer Zurich Insurance — a company widely recognized for its commitment to sustainability. 

Group captives enable companies with similar risk profiles to reduce their insurance costs by pooling risk and simplifying risk management. Typical structures include committees managing risk control, finance, and underwriting.  Impact Re adds a sustainability committee and will offer members greater control and management of auto, general liability, and workers compensation programs, as well as providing access to management services focused on sustainability from Zurich Resilience Solutions (ZRS).

ZRS will conduct a sustainability assessment of the member company’s carbon footprint and energy consumption. The assessment is not designed to exclude non-conforming companies from membership but to provide baseline data against which members can measure their progress toward their own sustainability goals. The objective is to quantify the business benefits of sustainability and communicate those benefits to stakeholders.

Impact Re is among the winners announced in the Business Insurance 2023 Innovation Awards.

Learn More:

Group Captives Offer Cost-Sensitive Companies Opportunities to Save in Face of Inflation

Pandemic Fuels Growth in Captive Insurance

Triple-I Paper Takes a Detailed Look at Member-Owned Group Captives

In India, road tax is levied by both the Centre and state governments. However, road tax is essentially a state-level tax since the cost of maintenance of local roads is borne by the state governments. Road tax can be paid both offline and online in India. Vehicle owners must note that without producing an active vehicle insurance policy, individuals are not allowed to make road tax payments.

Add-on covers are usually additional benefits that you can add to your comprehensive car insurance policy by paying an extra amount. To protect different parts of your car, there are specific add-on covers. If you don’t understand what part of your car is protected by which add-on cover and jumbled them up while filing an auto insurance claim, your insurance company may refuse to bear the cost. To solve this, Bajaj Allianz General Insurance has come up with a new motor insurance plan that offers a plethora of add-on covers together. Let’s understand how it works

Having a comprehensive bike insurance policy with cashless claim benefits is important to protect your two-wheeler from potential risks on the road. Cashless claims allow you to get repairs done at authorized network garages without any upfront payments, as the insurer directly settles the payment.

By Mary Sams, Senior Research Analyst, Triple-I

“Embedded insurance” – often described as “B2B2C insurance” – has long been touted as a path toward innovation and growth in the traditional insurance market. However, it has been slow to mature.

The term refers to the integration of insurance products and services into retail transactions. The objective is to offer insurance solutions at the point of sale or as part of a package of products or services. This requires that the products and processes be simplified so that the consumer can make an informed purchase. Complex commercial insurance products are not likely to succeed using the embedded insurance model.

Six years ago, according to a report published by global investment management firm Conning, embedded insurance was frequently cited as a use case for distributed ledger technology or blockchain. Blockchain is a complex, ledger-centric technology that has a multitude of benefits, such as enhanced data security, immutability, and optimized data sharing.

More often than not, these benefits are overshadowed by cryptocurrency’s somewhat lackluster reputation. This complexity – and the more recent travails of crypto — may have contributed to the slow adoption of this technology for embedded insurance.

 “We’re overwhelmed by the insurance industry’s curiosity in network-based technologies, such as blockchain,” says Brendan Picha, head of outreach for the RiskStream Collaborative. “We have several initiatives, some global in scope, that are reaching a welcomed point of maturity within the enterprise. This is happening at an interesting intersection with developments of other emerging technologies. The industry is now looking carefully at how these technologies could work together and RiskStream is well positioned to support and usher in this exploration.”

RiskStream – like Triple-I, an affiliate of The Institutes – is a member-led non-profit that aims to create an ecosystem using blockchain to streamline data flow and verification, reduce operating and vendor costs, drive efficiency, and enhance customer experience.

Many applications for embedded insurance have used open APIs and microprocesses to scale applications with retail partners. These technologies have helped support the growth of embedded insurance in travel insurance, personal auto, homeowners, and extended warranty products.

However, for most traditional insurance products, embedded insurance poses a challenge. These products are “sold, not bought,” and moving the purchase to a simplified platform and linking it to the retailer offers customers choices they may not be prone to make without a sales pitch.

Private equity investment companies have been attracted to companies seeking to expand into embedded insurance, attracting $3.5 billion since 2015, according to Conning. Gartner, a large research and consulting firm, has positioned embedded insurance at the heart of what it predicts will become the dominant insurance business model.

Growth in online sales since 2020 has increased the opportunities presented by embedded insurance as consumers have become more engaged in all types of online transactions. Financial services companies have grown and expanded tremendously during this time. Consumers have engaged in buying and selling automobiles online and have expanded the OEM relationship.

However, online sales of insurance have not seen similar growth. In 2017, Tesla launched a full-stack insurance business direct to consumers. While this technically is not embedded insurance, it illustrates the benefits of sharing telematics data from vehicles in underwriting the insurance program.

Expectations for embedded insurance are varied. Personal lines insurance with $400 billion in premium and small business with $100 billion in premium continue to be the greatest targets, according to Conning. Simplifying the insurance application, growing premium, lowering expense ratios, and narrowing protection gaps are all opportunities. The realization of these benefits and successes will depend on their being embraced by the carrier-retail partners.

The ministry announced the proposed rates via a notification on the E-Gazette website on June 14, 2023. There has been no change proposed in the premium rates for third-party motor insurance for FY2023-24.

Car insurance add-ons: Some of the must-have add-on covers during monsoon season are — engine protection cover, zero depreciation cover, 24×7 roadside assistance, return to invoice and consumable covers. Before you buy add-on covers, you must take a look at how much they cost and how much you will save during monsoon. Read on

Unless you have certain specific add-on covers, your insurer will not pay a penny to fix your car engine if damaged due to waterlogging. Add-ons are optional coverage that can be added to a comprehensive car insurance policy to enhance its coverage and provide additional protection. Here are the four add-ons that are a must during the monsoon season.