Business Wire | October 16, 2020
Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the version 11 R2 for the market-leading Majesco L&A & Group Core Suite Insurance Software, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. Nearly every insurance company is talking about transforming their business, recognizing the significant need to improve, both operationally and innovatively, to change the course to enable growth. Today’s customers want personalized experiences, and products aligned to their personal data – not aggregate data, and they want a product to encompass the risk product, customer experience and value-added services. However, as today’s digital customer seeks innovative digital experiences, they are met with traditional insurance approaches, creating a disparity between customer expectations and insurer’s ability to deliver. But opportunities for growth abound for those that embrace new core platforms that meet the changing demands of customers as noted in our research Rethinking Life Insurance: From a Transaction to a Life, Health, Wealth and Wellness Customer Experience.
Markel Corporation | November 16, 2021
Markel Corporation (NYSE: MKL) announced that it is winding down Lodgepine Capital Management Limited (Lodgepine), its retrocessional Insurance Linked Securities (ILS) fund manager based in Bermuda.
Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. In 2021, Lodgepine wrote a portfolio of property retrocessional business that consisted of approximately $230 million of initial limits. The Lodgepine Fund launched July 1, 2021 with initial investor capital of $98.9 million, including an initial investment by Markel of $18.9 million.
Despite best efforts and in light of headwinds in the retrocessional ILS market, including a challenging fundraising environment, Lodgepine will cease to write any new business and commence the orderly run-off of its existing portfolio and the return of capital to investors.
The company has entered into a consultation period with Lodgepine's 18 employees and will look for redeployment opportunities for these employees within Markel's operations.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.
Snapsheet | August 27, 2021
Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management software, today announced that NYCM Insurance, a leading personal lines insurance carrier serving customers in New York State, is tapping Snapsheet Payments software to enable digital payments for customers alongside its existing check option. In addition to digitizing payments, Snapsheet will also facilitate faster communication methods during the payments process, power automated workflows, and offer increased transparency into payment statuses. Further, Snapsheet is providing NYCM Insurance with access to a vendor network, enabling the carrier to electronically pay vendors, including third-party administrators, law firms, property contractors, and others.
NYCM Insurance prides itself on providing the outstanding service and security it was founded on more than 120 years ago in 1899. Snapsheet is dedicated to supporting the multi-line carrier as it embarks on its digital transformation journey.
"Our customers are our top priority, and we strive to do everything possible to make their experience as efficient, transparent, and easy as possible," said V. Daniel Robinson, President and CEO of NYCM Insurance. "By expanding our options for payment beyond the traditional check and enhancing our digital communication capabilities, we're able to provide our customers, employees, agents, and business partners a sense of control in an uncontrollable event."
Snapsheet Payments software seamlessly integrates with modern, legacy or multiple core systems with business line configurations to support multiple brands. The platform digitizes the payment experience for personal and commercial P&C to life, annuity, and disability insurance carriers to rideshare disruptors. The solution enables configurable workflows, built-in banking integrations and automated digital engagement capabilities and expedites digital disbursements for policy holders, vendors and third parties. In addition, the solution achieves greater payment status transparency and increased automation through financial integration within claims and treasury organizations, delivering greater consistency for everyone involved in the disbursements process.
"An established and trusted insurance carrier for more than 120 years, it's clear that NYCM Insurance values customer service and satisfaction," said Brad Weisberg, CEO and founder of Snapsheet. "Today, as customers have grown increasingly accustomed to the convenience and efficiency that comes with digital experiences, electronic payment options are a must-have. We are proud to pioneer the digital payments transformation for our clients across the globe, helping them better meet, and exceed, modern customer expectations."
Snapsheet transforms claims experiences for clients around the globe, from the world's largest insurance carriers such as Zurich, to insurtechs like Branch Insurance and Clearcover, to sharing economy disruptors like Outdoorsy and Getaround.
Snapsheet is the pioneer in virtual appraisals and a leader in cloud-native claims management software, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched software and processes to improve customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet Cloud software suite and Appraisal Services offerings. Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 125 clients, including many of the largest insurance carriers, third-party administrators, MGAs, insurtechs and sharing economy disruptors.
NYCM Insurance is a property and casualty insurance carrier that has been providing coverage to residents and businesses in New York since 1899. The company has grown tremendously over the last 120 years and is currently under the direction of founder VanNess Robinson's great grandson, V. Daniel Robinson II. Aside from the Edmeston headquarters, NYCM Insurance has three additional offices in Sherburne, Canajoharie and Orchard Park. With a team of over 850 employees, and a network of over 1,200 independent agents, NYCM Insurance is dedicated to providing superior service and a quality customer experience to their over 525,000 customers. Insurance lines include Home, Auto, Umbrella and Business. NYCM Insurance is rated A by A.M. Best Company.