Reinsurance broker JLT Re North America is partnering with Pact Insurance, a personal auto insurtech company, to develop digital insurance products for mobility risks.
Pact is a managing general agency headquartered in San Francisco and currently offers low cost, on-demand auto insurance in Ohio. With Pact, customers tcan buy and manage their car insurance completely from their smartphone.
“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,” said Gregg Holtmeier, executive vice president and leader of the InsurTech practice for JLT Re.
Terms of the partnership were not disclosed.
“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,” said Paul Lee, CEO, Pact.
JLT Re is part of the Jardine Lloyd Thompson Group.
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