CORE INSURANCE, RISK MANAGEMENT
Globenewswire | May 23, 2023
World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced today that it acquired the business of Rubicon Benefits LLC (“Rubicon Benefits”) of Melville, NY on April 1, 2023. Terms of the transaction were not disclosed.
Rubicon Benefits was founded in 2000. Today they provide employee benefits to businesses in the New York metropolitan area, as well as across the country.
“Rubicon Benefits strives to become a strategic partner with employers, leveraging successful strategies in plan design so our clients can attract and retain top talent, and save money without reducing benefits,” says Adam Rosenfeld, President, Rubicon Benefits. “We look forward to continuing this approach as part of World.”
“It’s great to welcome Rubicon Benefits to the World family,” says Rich Eknoian, CEO and Co-Founder of World. “They successfully work with their clients to create innovative employee benefits solutions, and I know they will be a great addition to our Employee Benefits team.”
“We are delighted to welcome Rubicon Benefits to our World Employee Benefits Practice. Their expertise in developing tailored benefit solutions for clients will be instrumental in our continued growth and success,” says Jennifer Barton, Head of Employee Benefits.
Giordano, Halleran & Ciesla provided legal counsel to World, and Fortrust Diligence advised them on the transaction. Lauletta Birnbaum, LLC provided legal counsel to Rubicon Benefits, and Rosen Advisory advised them on the transaction. No other advisors, diligence or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and is a Top-50 ranked personal lines agency by Insurance Journal. For more information, please visit www.worldinsurance.com.
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CLAIMS, COMPLIANCE
PRweb | May 11, 2023
Guidewire (NYSE: GWRE) and Transcard announced that Transcard’s new Ready for Guidewire validated accelerator is now available to ClaimCenter users in the Guidewire Marketplace.
Customer expectations surrounding claims, specifically claims payments, continue to rise. Now, according to Aite-Novarica, customers expect to receive funds not only in a manner that is convenient to them, but also as quickly as possible. In fact, many customers want the option of “real-time payments” to “receive funds instantly” from their insurer. These high, modern expectations need to be met with modern solutions.
Transcard’s SMART Suite is a secure, all-in-one payments platform that helps insurers meet their customers’ modern payment needs. It allows policyholders to choose their preferred payment method from a wide variety of modern payment types, from ACH and card to PayPal and Zelle.
With the Transcard Accelerator for Claims Payments, insurers can:
Easily access the SMART Hub dashboard within ClaimCenter;
Quickly make or schedule payments to customers or suppliers; and
Automatically reconcile payments in Guidewire in real-time without manual labor.
Transcard’s technology works with any existing bank account, so insurers aren’t required to set up or pre-fund new bank accounts to disburse funds electronically. Additionally, it offers pre-configured workflows for claim payouts, lienholder payments, and other business applications. SMART Hub is Transcard’s all-in-one portal for managing payments. SMART Hub’s dashboard provides access to payment insights in real-time and insurers can track all incoming and outgoing activity via the SMART Hub dashboard.
“Our embedded payment solutions extend the value of Guidewire by making it easier for insurers to make, receive, and manage payments of any type from a single platform, without having to set up or pre-fund a new bank account,” said Greg Bloh, CEO, Transcard. “Connecting our technologies helps our shared customers drive operational efficiency and improve customer satisfaction.”
“We applaud Transcard on the release of its new ClaimCenter app,” said Will Murphy, Vice President, Global Solution Alliances, Guidewire. “Transcard’s SMART solutions enable better payment control and visibility for insurers, while fulfilling policyholders’ modern payment needs and enhancing their experience.”
About Transcard
We make frictionless payments a reality with comprehensive global payment solutions designed for banks, fintechs, and businesses of any size and in any industry. We deliver solutions for B2B payments, C2B payments, B2B2C payments, A2A automation, BaaS.
Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that 550 businesses and more than 200 banks trust us with their payments.
About Guidewire PartnerConnect ecosystem and Ready for Guidewire
Guidewire’s solution ecosystem is the largest in the P&C industry, with over 180+ solution partners providing over 195+ integrations in the Guidewire Marketplace. Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | May 16, 2023
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, announced it has partnered with VIPR Solutions with a focus on the London market and the U.S. domestic P&C market to improve program business efficiencies and remove the need to produce traditional bordereaux. Integrating Insurity and VIPR platforms will enable real-time data exchange for insurers, reinsurers, and brokers – globally, allowing them to make faster, more informed decisions that lead to better underwriting outcomes.
VIPR Solutions, founded in 2009 and headquartered in London, UK, is an award-winning technology company providing global insurance solutions to the program business sector. VIPR has a large portfolio of clients, processing in excess of 400,000 bordereaux per year while servicing over 40% of Lloyd's managing general agents and non-Lloyd’s customers across 7 global markets. Driven by an expanding client portfolio of carriers, brokers, MGAs, and TPAs, its combined product offering improves the management of underwriting portfolios. With state-of-the-art data analytic capabilities, VIPR’s platforms are designed to drive operational efficiencies, and addresses the ever-growing compliance and regulatory burdens global insurance brands face day by day.
Insurity and VIPR are committed to working closely with program writers to remove unnecessary barriers and drive efficient bordereau processing. Program underwriting and operations teams can analyze real-time performance to make informed decisions using secure data methods while ensuring a common and consistent view of risk, premium, and claims data. This will help simplify the distribution chain, something that has long been an ambition of the London market and beyond.
"We are thrilled to partner with Insurity and provide their customers with faster, automated data management," said Paul Templar, Founder and Chief Executive Officer at VIPR. "This collaboration reinforces our commitment to offering innovative solutions that enable our clients to manage and streamline their operations more efficiently. By integrating Insurity platforms with VIPR's digital ecosystem, we are paving the way for faster and more efficient data exchange with the end goal of empowering insurers, reinsurers, MGAs and brokers with operational excellence."
"VIPR has a proven, tried-and-tested model and is well respected within the program business industry. This partnership revolutionizes the way insurers overcome their program business challenges," said Sylvester Mathis, Chief Insurance Officer at Insurity. "Insurers will be able to capture data at source and reduce manual tasks on an end-to-end platform while maintaining the highest levels of security."
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About VIPR Solutions
Founded in 2009, VIPR Solutions is a leading insurance technology company that supports automation of back-office processes, particularly for program business and delegated underwriting authorities. VIPR platforms streamline bordereaux management and processing and coverholder management, as well as regulatory compliance, and provide users with powerful data insights capabilities for strategic analysis.
VIPR (pronounced "VY-per") was the first company of its kind to be approved by Lloyd’s London Market for direct reporting. Today, over 40% of Lloyd's syndicates use a VIPR product, as well as some of the world's best-known carriers and intermediaries in Europe and North America. Among VIPR's clients are a leading Swiss insurer, a top 10 US carrier, and the Canadian operations of two major international insurers, along with several smaller and startup Managing General Agents and Brokers. For more information, visit www.viprsolutions.com
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