Markets: Liberty Mutual Covers ‘Last Mile’ Delivery; Roamly Serves RV Rental Firms; Next Targets Auto Repair Industry

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""Markets: Liberty Mutual Covers ‘Last Mile’ Delivery; Roamly Serves RV Rental Firms; Next Targets Auto Repair Industry

Liberty Mutual Motor Cargo Product Serves ‘Last Mile’ Delivery Market

Liberty Mutual Insurance has launched a motor cargo product to serve the emerging last mile and gig economy delivery segments, including the regional operators and individual proprietors that transport goods from a distribution hub to its final delivery destination. With lowered limits, a comprehensive base contract and a broad set of proprietary coverage options, the insurer says this new offering is the most flexible motor truck cargo product on the market today.

“As delivery surged during the pandemic, e-commerce businesses began relying on small operators and gig economy drivers more than ever to complete the final mile and ensure goods make it onto the customer’s doorstep,” said Liberty Mutual Chief Product Officer Luke Bills. “Last mile delivery is one of the most complex and costly parts of the supply chain.”

According to an April 2021 report from the World Economic Forum, business-to-consumer parcel delivery rose 25% in 2020. With 36% more delivery vehicles expected to be on the roads by 2030, the growing demand for e-commerce delivery is a trend that is likely to persist.

Local and regional delivery operators are accustomed to relying on the same insurance as traditional long-haul trucking operations, which often includes excess limits and unnecessary coverages. Now, Liberty Mutual says small commercial customers have access to a product that is sophisticated enough for larger last mile delivery trucking operations, and flexible enough for the previously underserved regional box truck and independent gig operator segments.

The Motor Cargo product is available through Liberty Mutual-appointed agents and brokers, and was designed to serve fleets with fewer than 50 vehicles that deliver within a radius of less than 500 miles. It is currently available in Florida, Kentucky, Maryland and Utah with plans to roll out to 27 additional states in February. Most other states will follow later in the year.

Roamly and Wheelbase Partner to Offer RV Insurance to Professional Rental Operators

The insurtech company Roamly announced its insurance product for the growing market of professional recreational vehicle rental companies worldwide. Wheelbase, a software product for RV fleet operators, will embed Roamly into its software to make insurance simple and economical.

The new partnership offers Roamly, a tailored RV insurance product, directly to commercial RV rental operators, tour companies, and booking agencies. In addition, Roamly is made available directly from the software for any consumer who books trips and vacations through a rental company utilizing the Wheelbase software.

Roamly also includes trip cancellation coverage and interior damage coverage for renters. along with benefits that reimburse travelers for unused, prepaid, and non-refundable insured travel arrangements.

Next Targets Auto Service and Repair Industry

Next Insurance, an insurtech focused on small business insurance, is expanding its insurance coverage to businesses in the auto services and repair industry.

The company is offering its fully-digital general liability, workers compensation, commercial auto and commercial property lines to six new classes of business: auto repair shop, auto body shop, car wash, oil change station, tire shop and auto parts store.

Next leverages new technology like machine learning to deliver fully digital, tailored and affordable products that serve small businesses. This expansion comes after the company tripled its gross written premium in 2021, reaching a $650 million run rate, and secured a $250 million funding round at a $4 billion valuation.

Topics Auto

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Source: https://www.insurancejournal.com/news/national/2022/02/10/651400.htm" width="100%" height="800" frameborder="0">
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