9.6% Permanent rate decrease in auto insurance policies for all State Farm Insurance policyholders

State Farm | July 07, 2020

The Louisiana Insurance Commission has approved a 9.6% permanent rate decrease in auto insurance policies for all State Farm Insurance policyholders in the state, commissioner Jim Donelon announced on Monday. This marks the fourth occasion State Farm has reduced rates in recent times. In 2018, the insurer slashed 4.5% off auto insurance rates, followed by a 6.5% cut in 2019 and a 2.3% reduction last March. The company has decreased rates by a total of 23% in the last two years.

Spotlight

It’s that time again; the Pacific Prime State of Health Insurance Report is back! Now in its second year of existence, the report returns, in a slightly different form, to better let the world know what has been going on in the world of international private medical insurance over the past year. 2018 has come to a close, but that doesn’t mean that we shouldn’t look back at all of the developments that took place over the year.

Spotlight

It’s that time again; the Pacific Prime State of Health Insurance Report is back! Now in its second year of existence, the report returns, in a slightly different form, to better let the world know what has been going on in the world of international private medical insurance over the past year. 2018 has come to a close, but that doesn’t mean that we shouldn’t look back at all of the developments that took place over the year.

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INSURANCE TECHNOLOGY

Innoveo Skye® Selected by 5th Largest Insurer in UAE, Emirates Insurance Company

Innoveo | February 11, 2022

Innoveo, a global technology firm and a pioneer in enterprise no-code solutions today announced that Emirates Insurance has selected Innoveo Skye® to create a digital experience for its brokers that sell their personal lines of insurance, starting initially with motor insurance before expanding into other lines. After its founding in 1982, Emirates Insurance has grown their commercial and individual insurance business, making them now the 5th largest insurance company in the UAE based on Gross Written Premiums. To keep pace with the ever-changing demands of its consumers in the fast-growing UAE economy, they turned to no-code to rapidly expand their digital presence, automate manual processes, and improve efficiencies throughout the policy lifecycle. "We selected Innoveo Skye® to deploy this new customer experience across all our distribution channels. It allows our whole network to better serve customers, providing a quicker, more intuitive sales and endorsement experience, Our investment in no code digital technologies emphasizes our commitment to providing a modern digital experience, and we'll continue to innovate across all lines of insurance as our business transforms." -Jason Light, Chief Executive Officer at Emirates Insurance "We're excited that Emirates Insurance has selected Innoveo Skye® for their digital transformation journey, Innoveo Skye® is now used by five leading Middle East enterprises across insurance and banking which is a testimony to our understanding of the nuances of that market and its customer demands. Innoveo continues to grow exponentially as enterprises around the globe turn to no-code to solve some of their biggest business and technology opportunities." -Vinod Kachroo, CEO at Innoveo About Emirates Insurance One of the pioneering insurance companies in the region, Emirates Insurance Company was established by virtue of law No 6 of 1982 issued by Sheikh Zayed Bin Sultan Al Nahayan. The company opened its doors with only a handful of staff from its only branch in Abu Dhabi. After 40 years of dedication, outstanding service, and commitment to all our stakeholders, Emirates Insurance Company, a semi government company, now operates from more than 25 offices across the country and employs more than 275 staff. Listed on the Abu Dhabi Securities Market and now rated among the best insurance companies, not only in the United Arab Emirates, but the whole GCC region, Emirates Insurance Company has come a long way since its inception in 1982. EIC is now the 5th largest insurance company in the UAE based on Gross Written Premium and carries the well-respected "A-" Rating from international credit rating agency, Standard and Poors. About Innoveo Innoveo is a cloud-based SaaS company and a pioneer in no-code technology. With our functionally rich no-code platform, Innoveo Skye® and our robust set of solution accelerators, we enable anybody across the enterprise to build their own applications in weeks - not months. Our mission is to empower enterprises in complex and regulated industries to re-imagine application development. Innoveo has a proven track record of enabling enterprises to unlock innovation, simplify technology landscapes, harness digital ecosystems, accelerate speed to market and deliver winning digital experiences at a fraction of a cost and without writing a single line of code. Innoveo has delivered over 500 applications and processed 1+ billion dollars' worth of transactions globally.

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CORE INSURANCE

Majesco and Infosys Collaborate to Improve Digital Experience for Insurers

Majesco, Infosys | May 19, 2021

For insurance business transformation, Infosys, a world leader in next-generation digital services and consulting, and Majesco, a global leader in cloud insurance platform solutions, announced a strategic partnership today. Infosys and Majesco will collaborate to help joint customers drive their digital transformation journeys, allowing them to capitalize on emerging opportunities, meet the need for personalized customer experiences, operating efficiency, and digital adoption through the insurance business value chain. The insurance industry will benefit from Infosys' insurance domain and digital technologies, which will be integrated with Majesco's cloud-based next-generation suite of solutions, which includes the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st® Insurance on Majesco CloudInsurer®. Customers in the Life & Annuity (L&A), Group, and Property & Casualty (P&C) segments would benefit from the combined synergy, which would help insurers achieve efficiency and innovation at scale. About Majesco Majesco provides insurers with the technology, expertise, and leadership they need to modernize, innovate, and connect to develop the future of their business – and the future of insurance – at scale. The platforms bring insurance to individuals and companies in new, hyper-relevant, compelling, and personal ways. Majesco is changing the businesses of over 190 insurance companies worldwide in P&C, L&A, and Group Benefits by modernizing, optimizing, or creating new business models.CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform; Distribution. About Infosys Infosys is a global leader in digital services and consulting for the next generation. Clients in 46 countries depend upon it to help them manage their digital transition. It expertly guides its clients on their digital journey with nearly four decades of experience managing the systems and workings of multinational organizations. It has accomplished this by providing the enterprise with an AI-powered core that helps in the prioritizing of change execution. It also empowers the business with agile digital at scale, enabling it to achieve virtually unknown levels of success and customer delight. The never-ending learning agenda propels it forward by developing and transferring digital skills, expertise, and ideas from its innovation ecosystem.

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CORE INSURANCE

Equitable and Bestow Partner to Launch Digital Term Life Insurance Offering

Bestow Inc. | December 09, 2021

Life insurance technology company Bestow and Equitable, a leading financial services company and principal franchise of Equitable Holdings (NYSE: EQH), today announce a first-of-its-kind enterprise partnership and the launch of a new, entirely digital term life insurance offering called Term-in-10SM. "As one of the most respected life insurers in the industry, Equitable is the ideal first enterprise carrier partner for us at Bestow, We came together because of our joint commitment to build innovative solutions that expand access to financial protection. We're excited to deliver our unique product expertise and platform to Equitable Advisors, Financial Professionals and customers." - Melbourne O'Banion, Co-Founder and CEO of Bestow Powered by Bestow's industry-leading platform, Term-in-10SM was designed for Equitable from the ground up to combine the best of digital distribution paired with the tailored support of a financial professional. It is solely available through Equitable Advisors Financial Professionals who are agents of Equitable Network, LLC — providing a digital solution to existing customers and leveraging technology to reach and serve the next generation of customers. Existing and prospective Equitable customers work with a financial professional to determine their specific life insurance needs and then apply for a term life insurance policy entirely online. If approved, coverage begins immediately. Bestow's platform transforms the typical several-week term life insurance buying experience into one that is accomplished in about 10 minutes. Designed with simplicity, affordability and value in mind, Term-in-10SM never requires a medical exam and is available in robust coverage amounts up to $1 million and in 10, 15 and 20-year term lengths. "Insurance is personal. There are substantial advantages to using a financial professional and life insurance agent who understands the specific requirements each client needs to protect their family and provide them with a comprehensive financial strategy, We're excited about the relationship with Bestow as it allows us to provide a better more efficient experience for our current and prospective clients." - Dave Karr, Chairman of Equitable Advisors. Bestow's enterprise offering delivers a single source application, underwriting, and policy servicing experience that supports the entire end-to-end sale and administration of term life insurance — with more products to come. Leading carriers like Equitable Financial Life Insurance Company can license Bestow's platform to develop and launch digital solutions that serve new customers, enhance financial professional productivity and reduce substantial cost and time hurdles that come with the administration of term life insurance products. In addition to offering a full-stack solution, Bestow provides the expertise and resources needed to launch digitally optimized life insurance products. "The insurance space is facing unprecedented change and opportunity given tech-driven disruptions and rising consumer expectations coupled with cost and competitive pressures, We also recognize that the pandemic prompted interest in new protection solutions and the way Americans shop for these products as more folks shifted their attention to focusing on their holistic well-being over the past year. The partnership with Bestow is another important step in our strategy to help financial professionals serve the needs of their clients with innovative and tailored solutions designed with today's consumer in mind." - Hector Martinez, Head of the Life Insurance Business at Equitable. About Bestow Bestow is the leading life insurance technology company. As both a direct-to-consumer destination and an infrastructure provider, Bestow powers instant life insurance solutions for businesses of all sizes, across any channel. In a world full of unknowns, Bestow is on a mission to make life insurance accessible to millions of underserved families by creating the best possible products and experiences that serve future generations. About Equitable Equitable* has been one of America's leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.

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