AIG appoints officer for general insurance unit

insurancebusinessmag | June 07, 2019

AIG has named John Cusano chief business & technology operations officer of general insurance.
In his new role, Cusano will be in charge of enhancing the general insurance units business and technology operations infrastructure. He will also align end-to-end processes with target operating models and will report to AIG general insurance president and CEO Peter Zaffino while serving on the general insurance executive leadership team, as well as the AIG Global Technology Council.

Spotlight

Let’s talk trends!  What are the main trends that you are following in the area of innovation? In this talk, Sandor Weyers, CEO of Sandor Weyers Elite Coaching chats with Scarlett Chen (Managing Director of Ecosystems and Regional Director of Strategic Partnerships and Investments, Prudential PLC Asia).

Spotlight

Let’s talk trends!  What are the main trends that you are following in the area of innovation? In this talk, Sandor Weyers, CEO of Sandor Weyers Elite Coaching chats with Scarlett Chen (Managing Director of Ecosystems and Regional Director of Strategic Partnerships and Investments, Prudential PLC Asia).

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LIFE INSURANCE

Resolution Life acquires Voya Financial’s Individual Life in-force Business

Resolution Life | January 05, 2021

Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business. The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks. Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business. Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost. Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding the acquisition of Voya's individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores. The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story. Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said: “We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises. There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.” About Resolution Life Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.

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INSURANCE TECHNOLOGY

Mosaic Insurance and DXC Technology Launch Innovative Technology Platform for Specialty Insurance

DXC TECHNOLOGY | August 20, 2021

Mosaic Insurance and DXC Technology today announced the successful launch of an innovative new insurance technology platform that increases the speed at which specialty insurance is sold, underwritten and serviced. Together with DXC’s business-process expertise and technology, Mosaic, a next-generation global specialty insurer, will refine underwriting, simplify transactions, and process claims and assess risks faster. Mosaic also streamlines end-to-end processing and provides real-time access to data. “Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage” “Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage,” said Mitch Blaser, Mosaic’s Co-Founder and Co-CEO. “This open platform also delivers the benefit of leveraging the latest technology that’s very modular. You can look at what’s available in the market, put it on your platform because it suits your needs, and modify it easily. Overall, this allows for better decision-making and lower expense ratios.” Combining Mosaic’s IP, expertise, and proprietary workflows with DXC’s best-in-class technology, the platform differentiates Mosaic from competitors through use of disruptive technologies, including analytics and artificial intelligence (AI). The platform is 100-percent cloud native, supporting Mosaic’s tenet of an open architecture and Lloyd’s of London’s vision for “data-first” and “automation everywhere.” Mosaic’s structural centerpiece is Syndicate 1609 at Lloyd’s - the world’s leading insurance market, providing specialist services to businesses in more than 200 countries and territories. The new platform automates interactions throughout the risk life cycle with: Machine-learning algorithms and natural-language processing that enhance underwriting in Mosaic’s highly technical product lines, including transactional liability, political violence, political risk, financial institutions, professional liability and cybersecurity Blockchain (distributed ledger technology) infrastructure that provides transparent and instantaneous sharing of data across the platform among brokers, syndicated capital partners, reinsurers and regulators, Data transparency, open interfaces, robotics and AI that cut costs and streamline processes, including regulatory complexities required to operate a syndicate at Lloyd’s .“DXC is excited to play a critical role in launching Mosaic’s game-changing approach to specialty insurance,” said David Swift, President, Insurance and Business Process Outsourcing, DXC Technology. “Our relationship with Mosaic provides DXC with a unique opportunity to flexibly harness the capabilities of our offerings across the entire Enterprise Technology Stack and demonstrate how we are helping innovative enterprises succeed in the marketplace.” Significantly, Mosaic’s platform, delivered by DXC, will be at the forefront of using DXC-developed application programming interfaces (APIs) integrated with Lloyd’s—allowing systems to exchange data sources for claims processing and seamless receipt of submissions from multiple broker partners. The architecture creates a digital ecosystem offering customers faster coverage and claims payments. “Our patent-pending insurtech operating model addresses key frailties in the market today,” said Mosaic’s COO Krishnan Ethirajan. “The platform enables a seamless interaction with broker partners for electronic placements, algorithms for risk selection, triaging, pricing, and claims settlement across our highly-specialized lines.” About DXC Technology DXC Technology helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services across the Enterprise Technology Stack to drive new levels of performance, competitiveness, and customer experience. About Mosaic Mosaic is a next-generation global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world.

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INSURANCE TECHNOLOGY

Transverse Insurance Group Chooses Cloverleaf Analytics for BI Solutions

Transverse Insurance Group, Cloverleaf Analytics | December 10, 2020

Cloverleaf Analytics, an insurance-prepared, enterprise business intelligence (BI) and analytics solution provider, is pleased to announce Transverse Insurance Group (Transverse) has selected the Cloverleaf business intelligence (BI) solution. Princeton, New Jersey-based Transverse is a property and casualty (P&C) insurance company specializing in program business and providing an expansive scope of commercial and personal lines products through partnerships with program managers and reinsurers. Launched in 2018, Transverse provides conceded and non-conceded solutions and actively collaborates in all phases of program organization by drawing in a group of insurance professionals with different backgrounds of technical abilities including endorsing, product development, actuarial and financial examination, compliance, and claims organization. “You can’t manage what you can’t see,” said Robert Zerafa, COO for Transverse. “It seems simple to say, but to compete and to continue adding unique value to our customers in the best way we possibly can, we needed access to more information. The Cloverleaf implementation will give us insights into opportunities within our existing book of business, help steer us away from unnecessary exposures, deliver cost savings through recommendations for operational efficiencies, and provide direction for development of new products which may be advantageous to our current and potential customers.” New challenges presented by the human, economic, and political chaos of the worldwide Coronavirus pandemic face all guarantors today. Cloverleaf's comprehensive BI solution provides access to constant analytics for discovering patterns and bits of knowledge across the whole enterprise and empowering proactive business decisions that would not in any case be possible. Customers can jump start more educated decision-production processes, ramp up new business, and understand a quick quantifiable profit (ROI) utilizing Cloverleaf's natural interface to access up-to-the-minute pattern examination, 100+ pre-assembled reports, dashboards, alarms and much more. “We are literally finding new ways of accessing and interpreting data for our insurance company clients every day,” said Robert Clark, president of Cloverleaf Analytics. “We look forward to working closely with our new friends at Transverse in the months and years to come.” About Cloverleaf Analytics Cloverleaf Analytics (Cloverleaf) delivers a comprehensive business intelligence (BI) solution which reduces risk and improves profitability and performance for P&C insurance companies. Cloverleaf consolidates enterprise data for real-time analytics and visualizations which drive underwriting efficiency, claims optimization, and better enterprise performance management through pre-built and ad hoc reporting capabilities. About Transverse Insurance Group Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA and reinsurance markets with offices in New York, New Jersey and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. Solutions oriented carrier providing multi-lines of business with risk management, underwriting, claims, reinsurance and compliance to fit the objectives of their partners.

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