Insight Risk, ChainThat | July 05, 2022
ChainThat, an Xceedance company specialising in software-as-a-service (SaaS) platforms for the global insurance sector, today announced that Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform.
Based in Westport, Connecticut, U.S.A., Insight Risk is a technology-driven, builders’ risk-focused managing general agency (MGA). To reinforce organisational growth, the company sought a core platform capable of rapid, full product deployment and policy lifecycle change management. Another key requirement was a flexible, adaptable framework to support the evolving priorities of the business, its customers, and fronting partners. Insight Risk identified BPA from ChainThat as the most comprehensive fit to meet the company’s operational needs and expansion objectives.
“Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk.
“Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.”
The advanced and secure technical framework of the BPA platform is built on a modern micro-services architecture. BPA provides full API access to all policy administration system (PAS) components as well as a modern, drag-and-drop interface to deploy, manage, and update both standard and complex insurance products in near real-time. The system supports the end-to-end policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that is configurable to meet the data analytics needs of any insurance organisation.
“Insight Risk’s innovative technology deployment approach — to boost underwriting performance, reduce losses, and focus on customer service — is exactly what we had in mind when designing BPA as a SaaS platform that complements and flexes with the business needs and growth of insurers,” said David Edwards, ChainThat CEO. “As the insurance MGA market expands and continues to gain momentum, the organisations in this space need to differentiate themselves effectively. BPA helps our clients level the technology playing field so they can focus on their unique business sectors and product offerings.”
For more information about the Beyond Policy Administration platform from ChainThat, visit chainthat.com/bpa.
About Insight Risk
Insight Risk Technologies is a technology-focused Builder’s Risk MGA that bundles Internet of Things (IoT) water damage prevention solutions, sound underwriting, and proactive risk management to reduce water damage losses by up to 90%. By owning the IoT technology solutions, we remove a major barrier to a safer and better-connected jobsite, helping leading brokers, contractors, and owners/developers avoid losses and minimise the impact of unforeseen events. For more information, visit www.insightrisktec.com.
ChainThat, an Xceedance company, provides innovative SaaS-based insurance technology products that allow brokers, carriers, and MGAs to realise the full potential of their business. For more information, visit www.chainthat.com.
SAS | June 28, 2022
Global AI and analytics leader SAS has acquired Honolulu-based Kamakura Corporation. Privately held Kamakura provides specialized software, data and consulting that helps financial organizations across the spectrum – banks, insurance companies, asset managers, pension funds and more – manage a variety of financial risks.
SAS' investment decision comes as post-pandemic optimism is shadowed by war, unyielding supply chain disruption, and the end of many pandemic-era financial and social safety-net programs. Rising inflation and recession rumblings have emerged as dark clouds on the global economic horizon, signaling potential turbulence ahead – a time for financial services organizations large and small to closely examine the liquidity risk and other risks in their portfolios.
This acquisition is an extension of tremendous investments already made in SAS' cloud-ready risk management platform and integrated solutions, It signals our intent to advance market-changing risk solutions to solve the most pressing challenges our financial services customers face. We foresee that the resulting strength of SAS technology, paired with Kamakura's risk analytics and credit models, will prove far greater than the sum of its parts."
SAS co-founder and CEO Jim Goodnight.
In acquiring Kamakura, SAS aims to deliver an unparalleled suite of integrated risk solutions, particularly around asset liability management (ALM), and serve additional facets of the financial services industry.
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.
Patriot Growth Insurance | July 01, 2022
Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, announces a new partnership with Massachusetts' McCormick & Sons Insurance Agency. McCormick & Sons Insurance, based in Avon and Waquoit, has been serving the communities of Norfolk and Barnstable County as an independent agency since 2007.
McCormick & Sons, led by David McCormick, offers personal and commercial insurance to over 2,000 customers. The McCormick agency will merge with FBinsure, a Patriot partner agency, and the entire customer service team will continue to serve their clients with the same high-level professional care they have come to expect.
It was important for us to ensure our clients would be able to work with the same familiar faces they have trusted for years, all while increasing their access to additional products and services. This partnership is right for our clients and employees, and the benefits will be felt for years to come."
David McCormick, President of McCormick & Sons.
We are delighted to welcome McCormick & Sons Insurance Agency to the FBinsure family. We are delighted that, as a well-known agency in a new community, they have chosen Patriot and FBinsure to propel their agency forward while maintaining critical client relationships. We are confident that their clients will notice a difference in their future experiences."
Russ Martorana, President and CEO of FBinsure.
This is Patriot and FBinsure's fifth collaboration in the last year. Tino's Insurance Agency joined in January, followed by the Durand Insurance Agency of Seekonk, Exchange Insurance, and Paul B. Sullivan Insurance.