Reinsurance broker JLT Re (North America) and personal auto insurtech firm Pact Insurance have partnered to develop a digital insurance solution to address established and emerging mobility risks.
JLT Re is a part of UK-based insurance and reinsurance broker Jardine Lloyd Thompson (JLT) while the US-based Pact Insurance has developed an instant car insurance to cover traditional and modern mobility.
The insurtech company offers fully digital product experiences that fit the lifestyle choices made by the modern consumers.
Pact Insurance CEO Paul Lee said: “Consumer lifestyles are increasingly digital and dynamic, growing the divide between one size fits all coverage and consumer behavior. We’re pleased to be partnering with JLT Re in bringing to market a modern take on mobility risks.
“JLT Re continues to deliver tremendous end-to-end value to our program.”
The insurtech company is said to combine consumer behavior with instant coverage technology to create insurance coverage that suits consumers’ lives.
Headquartered in San Francisco, Pact Insurance’ auto insurance is also available in Ohio and is expected to expand in additional markets.
JLT Re executive vice president and insurtech practice leader Gregg Holtmeier said: “We are excited to partner with Pact as they bring to market digital auto insurance solutions. In a space as mature as personal auto, programs must excel with data to compete.
“Pact has a level of data and underwriting granularity that is rare amongst new entrants. Pact takes data to another level in its plans to distribute to niches of underserved risks.”
JLT Re claims to be among the top five reinsurance brokers in the world with nearly 800 professionals in 38 locations across 18 countries who offer risk analysis and risk transfer solutions.
The company provides broking and consultancy services to its clients in all classes of treaty and facultative reinsurance such as life accident and health, marine and energy, aviation, trade credit, terrorism and political risk, cyber, workers compensation and structured products.
JLT Re’s parent company JLT had entered into an all-cash deal worth $5.6bn in September 2018 to be acquired by Marsh & McLennan Companies. The transaction is slated to be wrapped up in spring of 2019.