INSURANCE TECHNOLOGY
Zurich Group Germany, Cognizant | July 07, 2022
Cognizant today announced that it has extended its relationship with Zurich Beteiligungs-AG, the German subsidiary of global insurance leader Zurich Insurance Group (Zurich), to help Zurich Germany deliver more digital services offerings to its clients and partners. As part of the new multi-year agreement, Cognizant will work closely with Zurich Germany to simplify, modernize, and manage and maintain the insurer's enterprise application landscape in the General Insurance domain. The partnership will establish joint DevOps teams and is designed to extend Zurich Germany's artificial intelligence (AI), data, software engineering and cloud capabilities.
By bringing together Zurich Germany's applications in its General Insurance domain under the joint management of inhouse IT and Cognizant as key strategic IT services provider, Zurich Germany is expected to reduce the total cost of ownership, speed up the time to market of new digital services and products, and lay the foundation for further digital and agile enablement of the enterprise.
"Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany.
"Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany.
The new agreement builds on and significantly expands the two companies' existing agreement, under which Cognizant successfully implemented and manage and maintain Zurich's General Insurance products on Guidewire.
"Innovative, forward-thinking clients like Zurich understand the importance of collaborating with a strategic IT partner to help them achieve their digital transformation and meet their business objectives," said Dr. Rolf Werner, head of Germany, Austria and Switzerland, Cognizant. "Cognizant is pleased to have been selected by Zurich to expand our successful collaboration, and we will apply our deep expertise in application modernization, development and maintenance, along with our in-depth knowledge of the insurance industry, to deliver even more value and help Zurich meet its customers' needs."
About Zurich Group Germany
Zurich Group Germany is part of the worldwide operating Zurich Insurance Group. With a premium income (2021) of about EUR 6.3 bn, investments of EUR 53 bn and about 4,500 employees, it is among the leading insurers in Germany with a wide range of property and life insurance products. Zurich offers innovative, powerful and sustainable products and solutions for insurance, prevention and risk management from a single source. Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.
Read More
COMPLIANCE
Counterpart, Aspen Insurance Holdings | July 21, 2022
Counterpart, the management liability insurtech, today announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation.
Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees.
This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.”
Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners.
“Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance.
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart.
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.”
To learn more about Counterpart’s Excess product, visit: yourcounterpart.com
About Counterpart
Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.
Read More
INSURANCE TECHNOLOGY
One80 Intermediaries | July 11, 2022
One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced the acquisition of SelmanCo, a leading third-party administrator and broker offering life, supplemental health and related products and services to associations, credit unions, banks, employers and insurance companies. Dowling Hales acted as the exclusive financial advisor to SelmanCo and Jones Day provided legal representation for the transaction. One80 Intermediaries was represented by Ropes & Gray. Terms of the deal were not disclosed.
SelmanCo has been in business for over 40 years and operates throughout the U.S. and Canada with headquarters in Cleveland, Ohio. The company enjoys long-term partnerships with over 55 insurance companies and maintains $300 million of annual insurance premium under administration. SelmanCo provides insurance services to more than 1.3 million customers, and serves over 800 financial institutions, 2,100 employers and 70 affinity groups.
“One80 Intermediaries is excited to further expand our presence in the affinity market. We have been impressed with the SelmanCo’s market leading administrative services in the employee benefit space, as well as the company’s supplemental health insurance offerings provided to retired members of the United States Armed Forces and their families,”
-Matthew F. Power, President, One80 Intermediaries.
We are pleased to join One80 Intermediaries as we are confident that our partnership will enable us to continue to grow in a nimble and efficient manner. Further, the One80 platform will provide enhanced opportunities for our employees and expanded services to our clients and customers with the continued adherence to the values that have made us successful, said David Selman, Managing Director at SelmanCo, a division of One80 Intermediaries.
About One80 Intermediaries
One80 Intermediaries is a privately held, national firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, financial lines, personal lines, cannabis, life insurance, medical stop loss, alternative risk, warranty, lender-based insurance, travel/accident and health risks. One80 serves commercial companies, non-profits, public entities, and individuals, and has access to all major insurance markets in the US, Canada and UK. Coverage spans all industry classes. One80 has offices in more than 35 locations in the US and Canada. For more information visit www.one80intermediaries.com
Read More