CORE INSURANCE,RISK MANAGEMENT
Munich Re and HSB | December 09, 2022
HSB, a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, today announced they will expand their suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric.
HSB and Schneider Electric, a global leader in digital transformation of energy management and automation, will distribute their respective solutions and technologies to each other’s clients.
Through their collaboration, the companies will bring their customers a combination of technology products and services for electrical and equipment risks.
HSB also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure™ Power solutions. In addition, the companies will explore new data products that benefit insurers and their policyholders.
“Schneider Electric’s class-leading solutions and expertise have the potential to change the traditional insurance paradigm, Together, we will deliver innovative IoT technologies, financial products, and data-driven solutions to help transform electrical and equipment risks across a variety of industries and geographies.”
-Greg Barats, president and chief executive officer of HSB and head of Munich Re’s global IoT business
ArcBlok™ Protection Backed by HSB
In their first joint effort, HSB will provide performance guarantees for Schneider Electric’s ArcBlok™ 2500 electrical risk management technology, which helps prevent and limit dangerous electrical arc flashes occurring within industrial motor control centers and electrical switchboards.
ArcBlok’s arc flash isolation technology includes innovative safety and loss prevention features, provides a low carbon footprint, and is designed to deliver a long lifecycle of protection.
HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient, As a global business we understand the challenges our customers are facing around the world because of the economic landscape. Munich Re’s world-class risk management products, when utilized with EcoStruxure based solutions powering innovations like ArcBlock, will drastically reduce asset exposure and facility downtime risk caused by catastrophic events, whilst also remaining economically viable,said Rohan Kelkar, executive vice president, power products, at Schneider Electric.
A Global Ecosystem of IoT Providers
The strategic alliance with Schneider Electric will serve as an anchor for expanding Munich Re and HSB’s IoT solution ecosystem, which spans risk management technologies for non-weather water, fire, and equipment failure.
We see Schneider Electric as a cornerstone partner in the ongoing extension of our global ecosystem of IoT solution providers, This ecosystem holds the potential for providing a full suite of IoT solutions that address the key perils of our valued insurance partners and end-customers, while providing a solid foundation to drive efficient IoT solution provider evaluation and integration, while also collaboratively developing innovative data monetization methods,said John Riggs, HSB chief technology officer and senior vice president of Applied Technology Solutions.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior).
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
CORE INSURANCE,INSURANCE TECHNOLOGY
Arbella Insurance Group and One Inc | December 09, 2022
One Inc, the leading digital payments network for the insurance industry, announced today that Arbella Insurance Group, a customer-focused, regional property, and casualty insurance company based in Massachusetts, has selected One Inc’s best-in-class suite of digital payment solutions with PremiumPay® and ClaimsPay®, for both inbound and outbound payments.
With the implementation of One Inc’s digital platform and the delivery of Duck Creek Technologies’ integrated core systems platform for P&C carriers, Arbella will be fully equipped with the payments features and functionality needed to digitally empower its agents and customers. The result will be the seamless handling of inbound customer payments paired with faster claims disbursal, improved customer service, and reduced operational costs.
“As our customers’ needs continue to evolve, we wanted a modern process payments solution with the flexibility to allow us to quickly adapt and respond, We believe that the integration of One Inc followed by the integration of Duck Creek will provide us a solution for our current needs, while also giving us the runway to scale as our business grows and our offerings become more inventive for our agents and regional customers.”
-Janet Corcoran, EVP and Chief Operating Officer, Arbella Insurance Group
We are thrilled to support Arbella’s commitment to enhancing the quality of their products and services through the modernization of their payment solution, We look forward to our partnership as Arbella transforms its business and realizes the benefits of modern digital payments,said Ian Drysdale, Chief Executive Officer of One Inc.
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments.
About the Arbella Insurance Group
Established in 1988, the Arbella Insurance Group is an A rated company by AM Best, with more than $800 million in revenue and approximately $1.8 billion in assets. Headquartered in Quincy, Massachusetts, Arbella is a customer-focused, regional property and casualty insurance company, providing commercial insurance products in Massachusetts, Connecticut, Rhode Island and New Hampshire, and personal insurance products in Massachusetts and Connecticut. Recognized as one of the Boston Business Journal’s “Best Places to Work” for 14 consecutive years, Arbella is deeply committed to maintaining high levels of employee satisfaction and supporting a positive and inclusive workplace culture. Arbella attributes its success to their dedicated employees, strong agent partnerships and community focus.
CORE INSURANCE,INSURANCE TECHNOLOGY
PCF Insurance Services | December 08, 2022
PCF Insurance Services (PCF), a top 20 U.S. insurance brokerage firm, has acquired Direct Dealer Services (DDS), an automotive finance and insurance (F&I) firm providing industry-leading technologies, products, solutions and training.
DDS offers national automotive dealers, agents, and lender partners innovative F&I programs that promote employee confidence, fewer regulatory risks, and improved customer sales and satisfaction.
"Direct Dealer Services has a strong foothold in a unique market, The experience and knowledge that DDS brings will help position PCF as a leader in the F&I space and continue our geographical expansion of these product offerings."
-Peter C. Foy, Chairman, Founder and CEO of PCF Insurance
PCF Insurance has enhanced market access to national and regional carriers, providing value for its Agency Partners through a full spectrum of insurance and risk management solutions and program capabilities. Through collaboration, Agency Partners can focus on what they do best, knowing there is a support network of skilled professionals bringing forth industry knowledge and experience to provide world-class benefits design, insurance and risk management services.
We are extremely pleased to become an Agency Partner of PCF Insurance Services, We look forward to continuing working with our customers while bringing substantial new resources, exciting new products, and an unmatched level of service,said Pat Kane, Principal of Direct Dealer Services.
About Direct Dealer Services
Headquartered in Hoffman Estates, Illinois, Direct Dealer Services, Inc. (DDS) was founded in 1992 to help dealers, agents, and lender partners across the U.S. realize their maximum profit potential by providing industry-leading technologies, products, solutions and training. Every product in its portfolio complies with applicable regulatory requirements, and all are underwritten by insurance carriers rated "A-" (Excellent) or better by A.M. Best.
About PCF Insurance Services
A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. Ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space.