Boosting the Economy: A Top Policy Priority

Mrunmayee Honrao | July 12, 2022 | 196 views | Read Time : 04 min

Boosting the Economy
Americans consider boosting the economy a top policy priority over dealing with COVID-19 as the coronavirus outbreak enters its third year.

The decrease in the percentage mentioning the pandemic has been particularly sharp: from 78% last year to 60% this year, dealing with the coronavirus is now seen as a top policy priority. This comes at a time when Americans see various issues as lower priorities than they did a year ago.

Republicans and Democrats disagree on the significance of the majority of policy priorities, but for 11 of the 18 issues covered by the survey, the partisan divide has grown significantly. This includes double-digit increases in partisan differences on addressing issues like immigration, the political system, improving the job market, and the criminal justice system.

Changing Public Priorities: The Economy, Coronavirus, Jobs

The percentage of Americans, particularly Democrats, who see the economy as a significant policy issue has decreased, despite the fact that it still ranks first on the public's list of priorities. From 75% a year ago to 63% now, the percentage of Democrats and independents leaning toward the Democratic Party who believe that improving the economy should be a key priority has decreased.

Republicans and GOP learners, meanwhile, have seen almost no change in their opinions (85% top priority then, 82% today).

Democrats are also less inclined than they were in January of last year, before President Joe Biden's inauguration, to rank addressing the employment situation as their top priority. 71% of Democrats said jobs should be a primary priority a year ago; today, only around 50% of Democrats agree (49%). The Republicans' slide has been more subdued (from 63% to 55%).

As a matter of policy, solving the issues of the poor has lost priority. Democrats continue to prioritise this policy area significantly more than Republicans, although Republicans are now less likely than Democrats to see dealing with the issues low-income families confront as a key concern (25% now vs. 35% then; 58% now vs. 68% then).
Additionally, there has been a reduction in the public's opinion that strengthening the political system ought to be a major priority for policy, mostly due to Republican efforts. The proportions of voters in each party who said that reforming the political system should be a high priority were essentially the same as they were the previous year (64% of Democrats and 60% of Republicans). Now, only 40% of Republicans and 61% of Democrats believe that this should be a high priority.

Spotlight

Florida Farm Bureau Insurance

Florida Farm Bureau Insurance has been providing local agents, adjusters, and support staff, great rates, and friendly service throughout Florida. For 75 years, Farm Bureau Insurance has solidified itself as fiscally responsible, innovative, and competitive, all of which is confirmed through a superior rating of A+ from A.M. Best Company, a distinction held by less than 20 percent of property and casualty companies. We offer our policyholders products like auto insurance, home insurance, flood insurance, and more.

OTHER ARTICLES
INSURANCE TECHNOLOGY

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 19, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

Read More
AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

The role of AI in enhancing claims experience for Insurance customers

Article | December 19, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More
INSURANCE TECHNOLOGY

5 Deep Learning Use Cases for the Insurance Industry

Article | August 9, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More

DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

Read More

Spotlight

Florida Farm Bureau Insurance

Florida Farm Bureau Insurance has been providing local agents, adjusters, and support staff, great rates, and friendly service throughout Florida. For 75 years, Farm Bureau Insurance has solidified itself as fiscally responsible, innovative, and competitive, all of which is confirmed through a superior rating of A+ from A.M. Best Company, a distinction held by less than 20 percent of property and casualty companies. We offer our policyholders products like auto insurance, home insurance, flood insurance, and more.

Related News

CLAIMS, LIFE INSURANCE

Constellation Partners with SS&C to Bolster Mortgage Operations

Constellation Insurance | March 10, 2023

On March 9, 2023, SS&C Technologies Holdings announced that Constellation Insurance, Inc. has chosen SS&C Precision LMTM to assist in handling its expanding portfolio of commercial mortgages. Precise LM software for loan origination and servicing will help track pipelines, service loans, account for assets, manage regulators, and report on its increasing commercial mortgage portfolio on a single platform. Vice President of Mortgages and Real Estate at Constellation, Timothy Biggs, expressed, "We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology." Timothy Biggs added, "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented." (Source – Cision PR Newswire) Constellation thinks the new system will make the lending process faster and more accurate, bring in more money, and help the company manage risks better. Additionally, the cloud-based platform that Precision LM offers will help reduce the workload for Constellation's IT division. Bhagesh Malde, General Manager and Global Head of SS&C GlobeOp, remarked, "SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies." "This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients," he concluded. (Source – Cision PR Newswire) SS&C's Precise LM software also helps more than 130 banks, insurance companies, real estate investment trusts, and debt funds with lending. About Constellation Insurance Constellation Insurance, Inc., a leading insurance holding company, serves consumers and small business owners in the US and Latin America through its insurance subsidiaries - Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company, and other affiliated (re)insurance entities in Latin America and the Cayman Islands. As of September 30, 2022, its insurance firms managed about $34 billion in assets. Furthermore, Constellation's equal partners, CDPQ and Ontario Teachers', oversee a combined net asset of roughly C$660 billion. This includes over C$140 billion in private capital investments.

Read More

LIFE INSURANCE, INSURANCE TECHNOLOGY

In Force Data Solutions from MIB Provide Unique Insights to the Life Insurance Industry

PRnewswire | March 20, 2023

MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry. The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members. The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks: The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims. Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers. Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America. Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more." "Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward." About MIB MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.

Read More

CORE INSURANCE, INTELLECTUAL PROPERTY

NSM Insurance Group Acquires ELMC Subsidiaries from J.C. Flowers to Establish Platform in Medical Stop Loss and Managed Care Space

PRnewswire | March 21, 2023

NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Sequoia Reinsurance Services, LLC, IOA Re, LLC and its divisions Rockport Benefits and Insurance Resources and Auditing Services, LLC, subsidiaries of ELMC Risk Solutions, LLC ("ELMC"), a portfolio company of J.C. Flowers & Co. ("J.C. Flowers"). J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. "We're entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability," said Bill McKernan, President of NSM Insurance Group. "We're excited about the synergies we have with the individual teams and the significant growth potential for each business. Our team is committed, motivated and laser focused on driving the continued growth and innovation of these three businesses." "J.C. Flowers is proud to have supported ELMC's growth over the years to include some of the most well-respected managing general underwriters in the industry," said Eric Rahe, Managing Director and Co-President of J.C. Flowers. "This is a positive outcome, and we believe these companies will continue to thrive as part of NSM." Richard Fleder, CEO of ELMC added, "Sequoia Re, IOA Re and Rockport are remarkable MGUs with terrific management teams. We are very happy to have found a great home for them!" The acquired businesses are industry leaders in the field of medical stop loss insurance and managed care insurance — delivering robust and innovative insurance solutions to their clients and broking partners. "We're thrilled to join the NSM family of best-in-class insurance offerings that truly lead the way in delivering comprehensive products to our distribution partners," said John Parker, President and CEO of IOA Re. "NSM is well respected throughout the industry for building successful businesses and their unparalleled expertise, resources and capacity will help take our collective businesses to new heights." Dan Bolgar, President and CEO of Sequoia Reinsurance Services added, "The Sequoia team is delighted to join forces with NSM. Not only is this validation of what the team has built over our short history, but we are joining a firm whose very foundation is delivery of product and consistent value to its risk partners. We know NSM can help us navigate marketplace change while we continue to enhance and innovate our product offerings." Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy, industry veterans with extensive experience in the medical stop loss industry. "We are truly energized about partnering with NSM to expand our presence in the marketplace," said Ms. Argeros and Ms. Herlihy. "As a highly-respected and reliable managing general underwriter known for delivering unparalleled service and creative stop loss solutions, we believe the future is very bright with NSM." Over the past 32 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. These acquisitions complement NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance. About NSM Insurance Group NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; staffing; and workers' compensation. For more information on NSM, visit nsminc.com. About J.C. Flowers & Co. J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has approximately $4 billion of assets under management. J.C. Flowers has offices in New York, London and Palm Beach with a 21-person investment staff who have a combined 300+ years of experience. Over its 25-year history, J.C. Flowers has invested more than $17 billion of capital in 65 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. For more information, please visit www.jcfco.com.

Read More

CLAIMS, LIFE INSURANCE

Constellation Partners with SS&C to Bolster Mortgage Operations

Constellation Insurance | March 10, 2023

On March 9, 2023, SS&C Technologies Holdings announced that Constellation Insurance, Inc. has chosen SS&C Precision LMTM to assist in handling its expanding portfolio of commercial mortgages. Precise LM software for loan origination and servicing will help track pipelines, service loans, account for assets, manage regulators, and report on its increasing commercial mortgage portfolio on a single platform. Vice President of Mortgages and Real Estate at Constellation, Timothy Biggs, expressed, "We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology." Timothy Biggs added, "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented." (Source – Cision PR Newswire) Constellation thinks the new system will make the lending process faster and more accurate, bring in more money, and help the company manage risks better. Additionally, the cloud-based platform that Precision LM offers will help reduce the workload for Constellation's IT division. Bhagesh Malde, General Manager and Global Head of SS&C GlobeOp, remarked, "SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies." "This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients," he concluded. (Source – Cision PR Newswire) SS&C's Precise LM software also helps more than 130 banks, insurance companies, real estate investment trusts, and debt funds with lending. About Constellation Insurance Constellation Insurance, Inc., a leading insurance holding company, serves consumers and small business owners in the US and Latin America through its insurance subsidiaries - Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company, and other affiliated (re)insurance entities in Latin America and the Cayman Islands. As of September 30, 2022, its insurance firms managed about $34 billion in assets. Furthermore, Constellation's equal partners, CDPQ and Ontario Teachers', oversee a combined net asset of roughly C$660 billion. This includes over C$140 billion in private capital investments.

Read More

LIFE INSURANCE, INSURANCE TECHNOLOGY

In Force Data Solutions from MIB Provide Unique Insights to the Life Insurance Industry

PRnewswire | March 20, 2023

MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry. The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members. The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks: The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims. Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers. Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America. Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more." "Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward." About MIB MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.

Read More

CORE INSURANCE, INTELLECTUAL PROPERTY

NSM Insurance Group Acquires ELMC Subsidiaries from J.C. Flowers to Establish Platform in Medical Stop Loss and Managed Care Space

PRnewswire | March 21, 2023

NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Sequoia Reinsurance Services, LLC, IOA Re, LLC and its divisions Rockport Benefits and Insurance Resources and Auditing Services, LLC, subsidiaries of ELMC Risk Solutions, LLC ("ELMC"), a portfolio company of J.C. Flowers & Co. ("J.C. Flowers"). J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. "We're entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability," said Bill McKernan, President of NSM Insurance Group. "We're excited about the synergies we have with the individual teams and the significant growth potential for each business. Our team is committed, motivated and laser focused on driving the continued growth and innovation of these three businesses." "J.C. Flowers is proud to have supported ELMC's growth over the years to include some of the most well-respected managing general underwriters in the industry," said Eric Rahe, Managing Director and Co-President of J.C. Flowers. "This is a positive outcome, and we believe these companies will continue to thrive as part of NSM." Richard Fleder, CEO of ELMC added, "Sequoia Re, IOA Re and Rockport are remarkable MGUs with terrific management teams. We are very happy to have found a great home for them!" The acquired businesses are industry leaders in the field of medical stop loss insurance and managed care insurance — delivering robust and innovative insurance solutions to their clients and broking partners. "We're thrilled to join the NSM family of best-in-class insurance offerings that truly lead the way in delivering comprehensive products to our distribution partners," said John Parker, President and CEO of IOA Re. "NSM is well respected throughout the industry for building successful businesses and their unparalleled expertise, resources and capacity will help take our collective businesses to new heights." Dan Bolgar, President and CEO of Sequoia Reinsurance Services added, "The Sequoia team is delighted to join forces with NSM. Not only is this validation of what the team has built over our short history, but we are joining a firm whose very foundation is delivery of product and consistent value to its risk partners. We know NSM can help us navigate marketplace change while we continue to enhance and innovate our product offerings." Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy, industry veterans with extensive experience in the medical stop loss industry. "We are truly energized about partnering with NSM to expand our presence in the marketplace," said Ms. Argeros and Ms. Herlihy. "As a highly-respected and reliable managing general underwriter known for delivering unparalleled service and creative stop loss solutions, we believe the future is very bright with NSM." Over the past 32 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. These acquisitions complement NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance. About NSM Insurance Group NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; staffing; and workers' compensation. For more information on NSM, visit nsminc.com. About J.C. Flowers & Co. J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has approximately $4 billion of assets under management. J.C. Flowers has offices in New York, London and Palm Beach with a 21-person investment staff who have a combined 300+ years of experience. Over its 25-year history, J.C. Flowers has invested more than $17 billion of capital in 65 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. For more information, please visit www.jcfco.com.

Read More

Events