What Does It Mean to Be in a No-Fault or At-Fault State?

Each state sets laws determining who handles paying for an accident after it occurs. When two parties collide, determining fault is not always the goal. In some states, each person’s insurance pays for the losses. How does this work? Are you in a no-fault or at-fault state? Here is a breakdown of what this means to you. What Is a No-Fault State? In a no-fault state, drivers maintain insurance to cover losses they suffer during a car accident. This type of car insurance covers your own injuries and the damage you suffer. Fault does not matter in this situation. In some states, individuals need to buy PIP coverage as well. This helps cover the medical costs associated with your injuries during an accident. In some states, individuals can still file a lawsuit against the responsible party if the amount of damage is severe. If the amount of loss exceeds the amount of car insurance available to cover losses, you may be able to file a claim against the responsible driver to recoup your losses. Not all states allow this, however.

Spotlight

Careington Benefit Solutions

Careington Benefit Solutions, an affiliate of Careington International Corporation, is a nationally licensed insurance agency and Third Party Administrator that provides a range of competitive insurance product options and comprehensive suite of administration services, including claims administration, individual and group billing, premium collection, enrollment, policy fulfillment, custom product manufacturing and more to support our many diverse clients, including large insurance companies. Our flexibility in the level of administrative support we provide allows us to customize any client solution as an a-la-carte scenario or a complete turnkey option as a single-source product, service and administrative solution. Careington Benefit Solutions includes a direct-to-consumer brand, QuoteSavant, created to help consumers navigate the complex process of buying insurance. Our licensed agents shop top plans and provide quotes to help individuals find coverage to fit their budgets.

OTHER ARTICLES
Insurance Technology

Artificial Intelligence Meets the Insurance Industry

Article | July 19, 2022

Through machine learning and deep learning, artificial intelligence (AI) can meet industry expectations. As artificial intelligence becomes more deeply embedded in the insurance industry, industry leaders must position themselves to respond to the changing business landscape. Every day,various factors contribute to the industry's changing landscape. AI is becoming more assertive in insurance, particularly in cost savings, customer service and experience, product innovations, and marketing initiatives. With this understanding, market leaders can develop appropriate revenue-generating strategies, embrace new AI horizons and implement them to develop the perspective required to succeed in the futuristic insurance industry. AI-related Action for Better Forecasting Among insurance executives who have already invested in AI, many new businesses are reaping significant benefits. They have gained the advantages of using AI to improve the customer experience (CX). According to a Deloitte study, approximately 65% believe AI assists in decision-making. Furthermore, according to PwC specialists working with insurers on AI initiatives, businesses are increasingly using AI to: Customize products and services for consumers and other businesses Establish a loyalty framework and upsell among customers Automate more data from social media and other sources for better forecasting Automate more aspects of claim processing Improve fraud detection methods Beginwith customer segmentation to target As a result of these findings, AI investments will benefit insurance companies more than ever before. How Insurers Can Accelerate AI The following points can help insurance businesses accelerate AI and achieve faster ROI. Centralize Business Functionalities Deploying AI into the process aids in the automation of resources, the alignment of tasks, the use of analytics to nurture data, the improvement of governance, and the scaling of solutions. Focus On Data AI in insurance aids in collectingand combining relevant data from consumers and future customers. AI-assisted data collection is faster and more accurate at the appropriate time. In this manner, marketers can plan for future marketing campaigns that will increase engagement and bring in more money. Reduced Risks AI is the most effective at reducing business risks. Also, AI works best for insurers to minimize risks such as data breaches, fraud detection, correct cost segmentation, and budgeting hazards. Some Insights into AI Investment: A Key Decision to Make! As technology continues to empower the insurance sector, let's take a look at how other insurance companies are investing in AI so that you may make the vital decision to incorporate AI into your organization as soon as possible. 65% of businesses found better ways to establisha customer experience base with the help of AI post-2020 49% of businesses have improved their internal decision-making process after adopting AI 56% of businesses were able to reinvent their products and services through AI 47% of businesses operated their business functions more efficiently with AI and increased productivity. 45% of insurance businesses saved substantial costs using AI algorithms 35% ofinsurance businesses have successfully reduced risks associated with their businesses after the deployment of AI. 53% of insurance companies have seen a significant revenue increase by incorporating AI into their processes. These figures are based on a Deloitte’s research study conducted by insurance industry specialists worldwide. Some Possible AI Risks for Businesses Every technology helps businesses gain benefits, but technology installation has to be done correctly to avoid consequences. As a result, insurance companies must exercise caution when implementing AI in their business processes. The possibility of faulty AI implementation could lead to: New cyber hazards New privacy threats Workforce shortages New legal liabilities and reputational risks Customer distrust More complex business modules The lack of AI abilitiesismore challenging, which can affect the entire business sphere, especially the functions that are associated with AI.

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Insurance Technology

The Influence of AI on Insurance

Article | August 9, 2022

As AI becomes more deeply integrated into the industry, carriers must position themselves to respond to the changing business landscape. Insurance executives are expected to understand the factors driving this shift and how AI in insurance will impact claims, distribution, underwriting, and pricing. They can start to learn the skills and talent they need, embrace new technology in the insurance industry, and build the culture and perspective they need to be successful in the future insurance market with this grip. While there are four types of levers that might help with productivity efforts—functional excellence, structural simplification, business transformation, and enterprise agility—insurers typically focus on the first two. Those levers are the foundation of efficient and effective operations, it isn't easy to leapfrog them. Traditional industry barriers are dissolving while technology advances and customer expectations vary dramatically. Ecosystems, which are groups of services that work together in a single integrated experience, are becoming more common across industries. Platforms that connect offerings from different industries are also becoming more common. In an interview with Media 7, Darcy Shapiro, COO of Americas at Cover Genius, talked about the changing expectations of consumers in the insurance industry. “Consumers expect brands to provide the same high-quality day-to-day experiences directly within the digital platforms they use most. Insurance should be no different.” Darcy Shapiro, COO of Americas at Cover Genius The Increasing Acceptance of Parametric Insurance In contrast to traditional policies, which are paid based on actual loss incurrence, metric insurance has been around for a while, providing payouts when a specific event exceeds an agreed-upon threshold. Previously being used specifically for natural disaster coverage and supplied to countries and large corporations, parametric insurance is making a comeback today. Advancements in sensor technology, data analytics, and Artificial Intelligence (AI in insurance) create broader information indexes on various levels, which opens up parametric risk applications in novel ways. A reinsurance company recently introduced a parametric water-level insurance product to shield businesses from the financial consequences of high or low river water levels. The program considers measured water levels at specific river gauges and agrees to pay a fixed amount for each day that the index remains below a predetermined threshold value. Other new-generation parametric solutions include terrorism protection for cities and airports, protection for retailers when transit strikes cut down on pedestrian traffic, and help for hotels when there are outbreaks. The advantages of parametric insurance include faster delivery and avoiding lengthy claims investigations. Furthermore, since parametric products have less uncertainty than traditional insurance, premiums can be significantly lower. In terms of technology, parametric insurance is best suited to blockchain technology, with smart contracts that pay out automatically when certain parameters are met. A Flood of Data from Connected Devices Fitness bands, home assistants, smartwatches, and other smart devices are rapidly becoming a part of our daily lives. In addition, smart clothing and medical devices will soon join the fray. Sensor-equipped equipment has long been common in industrial settings, but the number of connected consumer products is expected to skyrocket in the coming years. Existing gadgets (such as automobiles, fitness trackers, home assistants, smartphones, and smartwatches) will continue to grow. In contrast, new and expanding categories (such as clothing, eyewear, home appliances, medical devices, and shoes) will join them. According to analysts, interconnected devices will reach one trillion by 2025. The data generated by these devices will result in a flood of new data that carriers can use to understand their customers better, resulting in new product categories, more customized pricing, and an increase in real-time service delivery. The insurance industry can mine the data generated by these smart devices to better understand their customers’ preferences. This information can also assist insurers in developing new and more personalized product categories. The Rise of the Insurance Ecosystem According to McKinsey, insurance ecosystems will generate 30% of global revenue by 2025. With an expanding array of data sources and a data-driven culture, many insurers will soon be able to plug into and exploit data from complementing firms. These agreements are evolving to involve traditional insurers as well as technology companies. For example, an insurance firm in Europe teamed up with a smart-home technology vendor to improve its home insurance. The latter's technology can detect smoke and carbon monoxide, preventing losses. In addition, a global initiative of a major reinsurance company is developing an ecosystem for InsurTech start-ups and digital distributors. Recent McKinsey research also shows that the insurance business has been having a hard time making efficiency gains for a long time. Moreover, the operating expense disparity between the best and worst performers in P & C and life has widened over the last decade. Functional excellence, structural simplicity, business transformation, and enterprise agility are four productivity levers that insurers often focus on. Those levers are essential to efficient and productive operations. Ecosystems, which are groups of services that work together, are formed across industries and platforms that connect offerings from different sectors. Insurers may use ecosystems to integrate their products into seamless client experiences. Ecosystems are essential in today's interconnected world, whether you want to build direct relationships with customers or work with companies that act as the customer interface. Advancements in Cognitive Technology Cognition is a critical component of AI in insurance. AI cognitive technologies mimic how the human brain functions. In addition, new technology may make it easier to process huge amounts of data, especially from active insurance products that are linked to specific people. Carriers can constantly learn and adapt to the world thanks to cognitive technologies. As a result, it can enable insurance companies to introduce new product categories and engagement techniques and respond in real-time to changing underlying risks. In addition, convolutional neural networks and other deep learning technologies, which are currently used primarily for image, audio, and unstructured text processing, will be used in various applications in the future of insurance industry.

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Insurance Technology

10 Most Impactful AI-based Insurance Innovations of 2019

Article | July 20, 2022

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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Insurance Technology

Insurance with AI – What the Future Unfolds

Article | May 13, 2022

When building a practical framework, AI holds tremendous potential for insurers. Insurance companies can use AI to make better business decisions and provide differentiated customer experiences. To take advantage of AI, insurers need to know and clear the air about what is possible to do with AI. Insurance with AI: Understand, Learn & Respond Here are the ways insurers must use AI in their workforce and build a workable model. Language: Insurers can use natural language processing using AI to extract legacy unstructured data and convert it into structured data. As a result, organizations can extract information and automatically classify it into different sections. In addition, AI can even learn and guide users to make decisions using machine learning and curtail errors. Management: AI has emerged as a game-changer in managing the workforce, risks, and insurance functionalities and augmenting flawless products and services. While we talk about workforce management, AI puts tasks in one place, organizes them, and stores them under a data-proof model. So, no more scattered documents and pilling of files! AI is here, and it will transform and respond to businesses more efficiently with solution-driven aspects. Efficiency: Businesses need to be proactive by having a smart workforce that adds efficiency. Before, the insurance sector had a sloppy work platform. But now, with the passing of time, they need to overcome and be more efficient at work. Using AI in your business will save a lot of time, energy and money. It will lead to faster processes that are error-free, accurate, and predictive, encourage crystal clear communication, and have fewer chances of fraud. Insights on AI’s Role in Insurance Existing and start-up insurance businesses will be fortified with the help of AI use cases. Let’s get some insights into AI's potential for businesses. The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027. The inclusion of AI in insurance records a growth of 56% until 2021. AI has the potential to save insurance companies up to $390 billion by 2023. In 2021, more than 40% of insurance businesses increased their expenditure on AI use cases and projects. Source: PWC These statistics show that AI in insurance is only going to get bigger. Investments in AI are high on the priority lists of decision-makers. The Futuristic Hold The insurance industry is under enormous pressure in terms of digital transformation. The rate of transformation is consistently accelerating. This paints the future of the insurance industry with AI to be more progressive with improved products and services, which will eventually host numerous opportunities for exponential expansion and reach globally.

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Spotlight

Careington Benefit Solutions

Careington Benefit Solutions, an affiliate of Careington International Corporation, is a nationally licensed insurance agency and Third Party Administrator that provides a range of competitive insurance product options and comprehensive suite of administration services, including claims administration, individual and group billing, premium collection, enrollment, policy fulfillment, custom product manufacturing and more to support our many diverse clients, including large insurance companies. Our flexibility in the level of administrative support we provide allows us to customize any client solution as an a-la-carte scenario or a complete turnkey option as a single-source product, service and administrative solution. Careington Benefit Solutions includes a direct-to-consumer brand, QuoteSavant, created to help consumers navigate the complex process of buying insurance. Our licensed agents shop top plans and provide quotes to help individuals find coverage to fit their budgets.

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.

Read More

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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