Home > Resources > Articles > Sole proprietorship vs. LLC: What you need to know

Sole proprietorship vs. LLC: What you need to know

How you classify your business is a decision that could affect your exposure to risk and how you pay taxes. The differences can be subtle, but it’s important to know the benefits of sole proprietorship versus a limited liability company before you start your business. What’s the difference between a sole proprietor and an LLC? A sole proprietor is defined by the IRS as a person who owns an unincorporated business. Any person who does business but isn’t registered as a corporation, partnership, or limited liability company is a sole proprietor by default. A sole proprietor is personally liable for any debt accrued by the business, including lawsuits and other business obligations. If a sole proprietor owes money from a lawsuit judgment or any other debt and the business assets are not enough to cover it, creditors could go after personal assets. A person who owns a business alone can also file for LLC status. If an LLC owes money that it can’t pay, the owner’s personal assets are protected and creditors won’t be able to reach them.

Spotlight

Professional Benefit Administrators, Inc.

PBA is a third-party administrator offering benefits management services to self-funded companies and Taft-Hartley Funds throughout the U.S. We are committed to continually bringing new ideas and innovative concepts to our clients and providing our self-funded employer groups, Taft Hartley Funds, brokers and plan members the information needed to proactively manage their healthcare costs.

OTHER ARTICLES
Insurance Technology

Time to Overcome Barriers in Your Decision-Making with Data Analytics

Article | August 9, 2022

A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries. These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics. The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model. The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process. Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020. Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation. Bring Data to These Key Levels of Departments Marketing Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data. Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative. Sales Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently? CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as: Acquisition and management of leads Lead segmentation Sales funnel optimization There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers. Operations Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run. Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations. Begin with Overcoming Barriers to your Decision-Making Process Use Data to Identify Customer Patterns Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns. What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now! As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales. According to research by McKinsey and Company, automation saves 43% of insurance employees’ time. Segmenting Sales Plans Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent. Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check. When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics. CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.” Pricing & Savings Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI. Keep Improving with Data to Stay Abreast with The Decision-Making Process Better data organization in your business boosts productivity." Warren Buffett, an American business magnate, investor, and philanthropist. This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions. Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving. Frequently Asked Question How are data analytics used in insurance companies? Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement. What does data analytics mean in insurance? Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth. How are insurance companies using data? Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

Read More
Insurance Technology

Cybersecurity Material for Private Companies

Article | July 19, 2022

Cyberattacks are one of the world's most pressing concerns. In fact, they were ranked among the top ten risks in the World Economic Forum's Global Risk Reports for 2020 and 2021. 1 According to the reports, cybercrime-as-a-service is becoming more affordable, accessible, and sophisticated. Though previously regarded as a technological issue, cybersecurity is now a growing ESG concern for private companies, investors, regulators, and consumers. Why cybersecurity is material for private companies Cyberattacks are significant issues for both private and public companies because they increase the risk of exposing confidential company information or sensitive customer data, disrupting supply chains, increasing regulatory scrutiny, and/or causing reputational harm. In 2021, the average cost of a data breach (including ransom payments and customer compensation) was $4.24 million per incident (the highest level in 17 years),8 and the global cost of cybercrime is expected to be $10.5 trillion annually by 2025. 9 Companies with marketable client or intellectual property information face increased financial risk as a result of the impact that data has on both their value and brand loyalty. Furthermore, firms that rely heavily on real-time operations can expect high per-minute costs of lost opportunity and revenue if a denial-of-service (DoS) attack occurs. As a result, while some attacks may result in no direct material loss, these risks can have a significant impact on a company's valuation by influencing brand perception and operating costs. Private companies should consider these potential risks when evaluating cybersecurity investments, as underspending can significantly increase long-term costs. Cybersecurity is a widespread and rapidly growing issue that has significant material impacts on private companies.These risks are especially relevant as private companies prepare to enter public markets, where strict oversight controls are regarded as good governance. Companies, in our opinion, must have the necessary expertise and infrastructure to navigate these significant risks and the corresponding increase in regulation and disclosure expectations.

Read More
Automobile Insurance, Insurance Technology

Digital Transformation in Insurance Industry

Article | December 19, 2022

Insurers of the future will play more of a risk avoidance role and less of a risk mitigation one. The seemingly effective yet simple ideas of Netflix, Uber, Ola, Amazon, and many other ideas have forever transformed their industry segments. Digital transformation in the insurance industry is embraced in various ways to address the complex challenges posed by consumers, regulatory, and digital landscapes. To keep up with insureds' demands, insurers have had to digitize various aspects of their operations. Any company that wants to stay competitive in today's market must meet customers where and when they need it. Insurance's digital transformation, powered by artificial intelligence, machine learning, predictive analytics, mobile services, live chat, and other technologies, enables insurers to do just that and will continue to change the industry for years. Insurance Companies to Look at Value Chain through a Digital Lens: Gain First-Mover Advantage: Product introduction to gain a potentially sustainable competitive advantage. To achieve the first-mover advantage, the insurer should have two crucial capabilities: the ability to pinpoint unmet customer needs to guide product development and quickly adapt existing products to market forces. Reduce IT costs to fund innovation: When insurance companies refactor monolithic applications into modular micro services, application maintenance costs are reduced. Grow revenue by differentiating the customer journey: Electronic document capture and processing, robotic process automation (RPA), and robo-advisors improve serviceability and help businesses gain a competitive advantage. Despite market participants' claims that the insurance industry was not an early adopter of digital transformation, new players, business models, and demanding customers are forcing the industry to embrace digital technologies. As a result, the global insurance market is expected to grow by 45% between 2022 and 2025. Modern digital engineering does not occur in a vacuum; new products must be compatible with existing technologies and processes. Ascertain that the development team understands legacy insurance applications and the data required to integrate them with new, digitally engineered products.

Read More
Insurance Technology

3 Signs Your Policy Management Software is Not a Good Fit

Article | August 9, 2022

Policy management assists insurance companies in staying on track to meet their client objectives by selling more policies and collecting more premiums. However, organizations using inadequate or fractured policy management software may be leaving a lot on the table. According to a study by Accenture, automation could save the insurance industry a cumulative $5-7 billion. Are you facing hurdles in processing policies? Are some of the tasks like policy renewal, policy issuance, policy binding etc., that are supposedly automated still taking up time and resources away from the company? If so, it might be time to rethink your policy management. Here are three signs to look out for when this happens. There are Hiccups in Your Policy Processing Processes Being able to make universal changes and synergize different processes is a crucial aspect of policy management. If your insurance policy management tool isn’t able to keep up with the information or automate tasks like making updates and syncing information in real-time, it may be time to reconsider it and seek a solution that integrates Robotic Process Automation, or RPA. RPA tools enable organizations to reduce processing time for issuing, updating and cancelling a policy. The Underwriting Stage Takes Up a Lot of Time Underwriting can be a tedious, time-consuming process. With modern policy management solutions, it is possible to automate a number of tasks within underwriting. If your application is contributing to negligible or no reduction in the time it takes for underwriters to process everything. From the applicant’s credit history and scores to savings and loos-run reports, the underwriter needs to manually process this data. However, before that, the data needs to be reached in a streamlined manner. If your platform doesn’t support intelligent automation, digitalizing the underwriting process isn’t possible, in turn hampering the ability to access information when needed. It is Difficult to Keep Up with Claims Processing Claims management is an integral part of any insurance workflow, and its automation adds immense business value. If your claim settlement process is slow, filled with bottlenecks, and is impacting consumer experience, your existing platform isn’t doing any favours. Advanced claims processing solutions let you integrate features that align with the workflows of the insurer. Customer Experience Isn’t Up to the Mark Poor policy management processes are always reflected in the overall customer experience. Are you inundated with customer complaints, feedback about slow processing, and injured employee morale from poor performance and higher work load? The key is to take a good look at your current workflow and how it is affecting the end consumer. In a high-stress service like insurance, nothing less than an impeccable customer experience is a base expectation. The lack of responsiveness in your communication can result in a high customer churn rate. With a good policy management solution, your teams are able to stay on track and automate tasks when needed in order to keep customers updated. Final Word The insurance sector is a fast-paced business world and requires insurtech solutions that can handle the tremendous pressures and demands of customers. The four signs indicate that it might be time to introspect and, if needed, jumpstart your digital transformation journey.

Read More
Insurance Technology

3 Signs Your Policy Management Software is Not a Good Fit

Article | August 9, 2022

A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries. These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics. The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model. The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process. Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020. Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation. Bring Data to These Key Levels of Departments Marketing Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data. Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative. Sales Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently? CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as: Acquisition and management of leads Lead segmentation Sales funnel optimization There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers. Operations Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run. Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations. Begin with Overcoming Barriers to your Decision-Making Process Use Data to Identify Customer Patterns Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns. What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now! As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales. According to research by McKinsey and Company, automation saves 43% of insurance employees’ time. Segmenting Sales Plans Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent. Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check. When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics. CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.” Pricing & Savings Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI. Keep Improving with Data to Stay Abreast with The Decision-Making Process Better data organization in your business boosts productivity." Warren Buffett, an American business magnate, investor, and philanthropist. This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions. Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving. Frequently Asked Question How are data analytics used in insurance companies? Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement. What does data analytics mean in insurance? Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth. How are insurance companies using data? Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

Read More
Insurance Technology

4 Aspects of Cyber Insurance that SMBs Must Know

Article | July 19, 2022

Cyberattacks are one of the world's most pressing concerns. In fact, they were ranked among the top ten risks in the World Economic Forum's Global Risk Reports for 2020 and 2021. 1 According to the reports, cybercrime-as-a-service is becoming more affordable, accessible, and sophisticated. Though previously regarded as a technological issue, cybersecurity is now a growing ESG concern for private companies, investors, regulators, and consumers. Why cybersecurity is material for private companies Cyberattacks are significant issues for both private and public companies because they increase the risk of exposing confidential company information or sensitive customer data, disrupting supply chains, increasing regulatory scrutiny, and/or causing reputational harm. In 2021, the average cost of a data breach (including ransom payments and customer compensation) was $4.24 million per incident (the highest level in 17 years),8 and the global cost of cybercrime is expected to be $10.5 trillion annually by 2025. 9 Companies with marketable client or intellectual property information face increased financial risk as a result of the impact that data has on both their value and brand loyalty. Furthermore, firms that rely heavily on real-time operations can expect high per-minute costs of lost opportunity and revenue if a denial-of-service (DoS) attack occurs. As a result, while some attacks may result in no direct material loss, these risks can have a significant impact on a company's valuation by influencing brand perception and operating costs. Private companies should consider these potential risks when evaluating cybersecurity investments, as underspending can significantly increase long-term costs. Cybersecurity is a widespread and rapidly growing issue that has significant material impacts on private companies.These risks are especially relevant as private companies prepare to enter public markets, where strict oversight controls are regarded as good governance. Companies, in our opinion, must have the necessary expertise and infrastructure to navigate these significant risks and the corresponding increase in regulation and disclosure expectations.

Read More
Automobile Insurance, Insurance Technology

How the Blockchain is Revolutionizing the Auto Insurance Industry

Article | December 19, 2022

Insurers of the future will play more of a risk avoidance role and less of a risk mitigation one. The seemingly effective yet simple ideas of Netflix, Uber, Ola, Amazon, and many other ideas have forever transformed their industry segments. Digital transformation in the insurance industry is embraced in various ways to address the complex challenges posed by consumers, regulatory, and digital landscapes. To keep up with insureds' demands, insurers have had to digitize various aspects of their operations. Any company that wants to stay competitive in today's market must meet customers where and when they need it. Insurance's digital transformation, powered by artificial intelligence, machine learning, predictive analytics, mobile services, live chat, and other technologies, enables insurers to do just that and will continue to change the industry for years. Insurance Companies to Look at Value Chain through a Digital Lens: Gain First-Mover Advantage: Product introduction to gain a potentially sustainable competitive advantage. To achieve the first-mover advantage, the insurer should have two crucial capabilities: the ability to pinpoint unmet customer needs to guide product development and quickly adapt existing products to market forces. Reduce IT costs to fund innovation: When insurance companies refactor monolithic applications into modular micro services, application maintenance costs are reduced. Grow revenue by differentiating the customer journey: Electronic document capture and processing, robotic process automation (RPA), and robo-advisors improve serviceability and help businesses gain a competitive advantage. Despite market participants' claims that the insurance industry was not an early adopter of digital transformation, new players, business models, and demanding customers are forcing the industry to embrace digital technologies. As a result, the global insurance market is expected to grow by 45% between 2022 and 2025. Modern digital engineering does not occur in a vacuum; new products must be compatible with existing technologies and processes. Ascertain that the development team understands legacy insurance applications and the data required to integrate them with new, digitally engineered products.

Read More
Insurance Technology

3 Signs Your Policy Management Software is Not a Good Fit

Article | August 9, 2022

Policy management assists insurance companies in staying on track to meet their client objectives by selling more policies and collecting more premiums. However, organizations using inadequate or fractured policy management software may be leaving a lot on the table. According to a study by Accenture, automation could save the insurance industry a cumulative $5-7 billion. Are you facing hurdles in processing policies? Are some of the tasks like policy renewal, policy issuance, policy binding etc., that are supposedly automated still taking up time and resources away from the company? If so, it might be time to rethink your policy management. Here are three signs to look out for when this happens. There are Hiccups in Your Policy Processing Processes Being able to make universal changes and synergize different processes is a crucial aspect of policy management. If your insurance policy management tool isn’t able to keep up with the information or automate tasks like making updates and syncing information in real-time, it may be time to reconsider it and seek a solution that integrates Robotic Process Automation, or RPA. RPA tools enable organizations to reduce processing time for issuing, updating and cancelling a policy. The Underwriting Stage Takes Up a Lot of Time Underwriting can be a tedious, time-consuming process. With modern policy management solutions, it is possible to automate a number of tasks within underwriting. If your application is contributing to negligible or no reduction in the time it takes for underwriters to process everything. From the applicant’s credit history and scores to savings and loos-run reports, the underwriter needs to manually process this data. However, before that, the data needs to be reached in a streamlined manner. If your platform doesn’t support intelligent automation, digitalizing the underwriting process isn’t possible, in turn hampering the ability to access information when needed. It is Difficult to Keep Up with Claims Processing Claims management is an integral part of any insurance workflow, and its automation adds immense business value. If your claim settlement process is slow, filled with bottlenecks, and is impacting consumer experience, your existing platform isn’t doing any favours. Advanced claims processing solutions let you integrate features that align with the workflows of the insurer. Customer Experience Isn’t Up to the Mark Poor policy management processes are always reflected in the overall customer experience. Are you inundated with customer complaints, feedback about slow processing, and injured employee morale from poor performance and higher work load? The key is to take a good look at your current workflow and how it is affecting the end consumer. In a high-stress service like insurance, nothing less than an impeccable customer experience is a base expectation. The lack of responsiveness in your communication can result in a high customer churn rate. With a good policy management solution, your teams are able to stay on track and automate tasks when needed in order to keep customers updated. Final Word The insurance sector is a fast-paced business world and requires insurtech solutions that can handle the tremendous pressures and demands of customers. The four signs indicate that it might be time to introspect and, if needed, jumpstart your digital transformation journey.

Read More
MORE ARTICLES

Spotlight

Professional Benefit Administrators, Inc.

PBA is a third-party administrator offering benefits management services to self-funded companies and Taft-Hartley Funds throughout the U.S. We are committed to continually bringing new ideas and innovative concepts to our clients and providing our self-funded employer groups, Taft Hartley Funds, brokers and plan members the information needed to proactively manage their healthcare costs.

Related News

Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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Life Insurance

illumifin Acquires AmeriLife's Administrative Partners of America

PR Newswire | January 10, 2024

illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale. Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts." Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come." illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. About AmeriLife AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. About Hoplon Capital Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

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Core Insurance

Inszone Insurance Bolsters Missouri Presence with DeVoy Insurance Group Acquisition

Business Wire | October 10, 2023

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri. DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence. In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team. "We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients." When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service." Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.

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Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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Life Insurance

illumifin Acquires AmeriLife's Administrative Partners of America

PR Newswire | January 10, 2024

illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale. Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts." Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come." illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. About AmeriLife AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. About Hoplon Capital Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

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Core Insurance

Inszone Insurance Bolsters Missouri Presence with DeVoy Insurance Group Acquisition

Business Wire | October 10, 2023

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri. DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence. In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team. "We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients." When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service." Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.

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