ACORD launches platform to digitize insurance lifecycle

insurancebusinessmag | June 14, 2019

ACORD, the global standards-setting body for the insurance industry, has announced the launch of ACORD iConductor, a global data-exchange service. The service operationalizes ACORD standards to transform, orchestrate, and validate all bureau and non-bureau messaging data. The service means that any part of the global insurance industry can move data more swiftly and accurately between stakeholders, ACORD said.

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Ecommerce insurance is a necessity for Amazon sellers but unfortunately, not a lot of them are aware of it. To help us understand this concept and how it can reduce the liabilities for sellers, we have Ashlin Hadden of Ashlin Hadden Insurance, sharing her two cents in our latest session of SellerSPEAK. learn how to safeguard your Amazon business with e-commerce insurance.

Spotlight

Ecommerce insurance is a necessity for Amazon sellers but unfortunately, not a lot of them are aware of it. To help us understand this concept and how it can reduce the liabilities for sellers, we have Ashlin Hadden of Ashlin Hadden Insurance, sharing her two cents in our latest session of SellerSPEAK. learn how to safeguard your Amazon business with e-commerce insurance.

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CORE INSURANCE

Liberty Mutual Insurance Joins MIT-led Global Alliance on Innovation to Combat Climate Change

Liberty Mutual Insurance | August 03, 2022

Liberty Mutual Insurance today announced its membership to the MIT Climate and Sustainability Consortium (MCSC), supporting the acceleration and implementation of large-scale, real-world solutions to address climate change. Liberty Mutual joins 17 other member companies in the Consortium's efforts to inspire transformative climate progress across industries and the globe. We believe collaboration is a critical component to combatting climate change, As an insurer we continually see and learn more about climate change, and we're eager to bring this knowledge to MCSC and help advance the Consortium's important, urgent work, said Liberty Mutual Chief Sustainability Officer Francis Hyatt, who will serve on MCSC's industry advisory board. Liberty Mutual will participate in several workstreams that support MCSC's key objectives: To accelerate the introduction of large-scale, feasible solutions to address the threat of climate change. To advance proposals regarding sustainability opportunities, training for innovators, regulatory policies, and the development of business models across sectors. To catalyze links between academic innovations and commercial scalability. To materialize sustainable practices that are action-oriented and incorporate social justice, economic equity, and respect for the environment. "We are excited to welcome Liberty Mutual to the MIT Climate and Sustainability Consortium and look forward to the perspective and expertise they bring from the insurance and risk management industry, Liberty Mutual will contribute to the dialogue and solutioning currently underway within the Consortium." -Jeremy Gregory, PhD, Executive Director of the MCSC As two renowned organizations in Massachusetts, Consortium membership is just the latest step in Liberty Mutual's long-standing relationship with MIT. In 2019, Liberty Mutual launched an artificial intelligence research collaboration with MIT Quest for Intelligence, is a member of the MIT Industrial Liaison Program, and is one of the founding members of the MIT Mobility Initiative. About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2021 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue. We employ over 47,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

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INSURANCE TECHNOLOGY

Johnson & Johnson All Set to Expand Its Footprint Into Texas and Oklahoma

Johnson & Johnson | June 07, 2022

By acquiring the assets of Midlands Management Corporation's Wholesale Brokerage & Binding and Managing General Underwriting businesses, Johnson & Johnson will expand its footprint into Texas and Oklahoma. Safety National Casualty Corporation's subsidiary Midlands is a completely owned subsidiary of Safety National Casualty Corporation. The transaction is expected to close on April 29, 2022, according to the parties. Midlands' WB&B and MGU units, which were founded in 1990, specialize in specialized lines of coverage for both personal and commercial lines of business, both admitted and non-admitted E&S. These units, which are led by an experienced management team, contain underwriting and operating teams with extensive product knowledge and service skills. Midlands' MGU unit serves as an underwriting manager for several insurance companies, specializing in ICOA insurance, Texas Non-Subscriber insurance, and other similar insurance products. For small-to-mid-sized commercial businesses and people, the WB&B segment provides admitted and non-admitted general, commercial, and personal property and casualty products. Johnson & Johnson, situated in Charleston, South Carolina, is a fourth-generation, family-owned Managing General Agency. Johnson & Johnson has a long history of offering outstanding service and products to Independent Agencies while keeping a family culture, having been founded in 1930. In Texas and Oklahoma, Johnson & Johnson will offer a diverse range of first-class products and services to agencies and insureds. This acquisition by Johnson & Johnson, a leading specialist in related businesses, will accelerate the growth in revenue and profitability of these business units and provide greater professional development and career advancement opportunities for the employees in these divisions. All Midlands' business outside of these units, including excess workers' compensation and related primary workers' compensation, specialty programs and claims administration, are not part of the transaction and will continue to operate under the Midlands name as a Safety National entity." Duane Hercules, President of Safety National. Adding the Midlands Management Corporation Team and their agency network to Johnson & Johnson will provide us with a terrific group of employees and agencies which will enhance our 'service first' approach to the Agents currently served by Midlands." Francis Johnson, CEO, Johnson & Johnson.

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CORE INSURANCE

ISG to Publish Report on Insurance BPO, ITO Services

ISG | July 16, 2022

Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes. The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA). Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients. Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.” ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are: Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits. Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe. BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator. Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience. Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report. An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors. A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study. All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback. About ISG Provider Lens™ Research The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types. About ISG ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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