AIG upgrades group travel insurance app with safety score function

AIG | December 19, 2019

AIG has revealed that its Travel Assistance App has been upgraded, allowing business travelers insured through a group AIG business travel policy to view detailed safety information on their destinations. The insurer has partnered with GeoSure, a developer of a real-time safety measurement platform. GeoSure’s platform uses a combination of big data, AI, crowd-sourced reporting, and geospatial intelligence to aggregate risk conditions of locations around the world. It then uses statistical algorithms to create detailed safety ratings down to neighborhood level. GeoSure’s algorithms can issue safety scores for each location across categories such as physical harm, women’s safety, theft, LGBTQ+ safety, political freedoms, health & medical, as well as a statistical average score for overall safety.

Spotlight

All hospital cover will be classified into four tiers. Benefits may be offered if you travel long distances for hospital treatment. Improved access to mental health treatment in hospital. Better cover for women’s health services. Insurers can now offer discounts for under 30s.

Spotlight

All hospital cover will be classified into four tiers. Benefits may be offered if you travel long distances for hospital treatment. Improved access to mental health treatment in hospital. Better cover for women’s health services. Insurers can now offer discounts for under 30s.

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RISK MANAGEMENT

Applied Underwriters Sets Acquisition of Catlin Specialty Insurance Company

AXA XL | February 24, 2022

Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company ('A+' rated) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies ('A' rated) in a move intended to bolster Applied's operating capabilities in support of its strategic partners as the E&S market hardens. The transaction is scheduled to close during Q2 as anticipated regulatory approvals are received. Mr. Jamie Sahara, President of Applied Underwriters, characterized the acquisition as a major advantage to Applied, its emerging E&S market leadership and its growing collaboration with channel partners in the sector: "Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market." -Mr. Jamie Sahara, President of Applied Underwriters Mr. Steve Menzies, Chairman of Applied Underwriters, noted that the structure for the transaction drew upon a business transfer process used in Oklahoma that is based upon the successful Part VII transfer procedure used in the UK and the EU: "We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act's regulatory process and its regulators' application of it. Uniquely, the IBT process permits insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both the transferring and assuming companies an efficient, transparent and straightforward process, while also realizing a legal finality. Our deal was complex and the Oklahoma regulatory format really helped facilitate this." -Mr. Steve Menzies, Chairman of Applied Underwriters According to Mr. Menzies, the transaction required the redomestication of the company: "The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of surplus lines authorizations. To effect the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, so that Oklahoma's IBT process could be used. We thank the regulators involved in these states in acting to benefit the sector and, ultimately, the clients we serve." Formed in the 1950s, the Company that is Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company became part of what is now AXA XL. Catlin Specialty Insurance Company currently holds an 'A+' rating from AM Best. The North American Casualty companies are rated 'A' by AM Best. About Applied Underwriters Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska. About AXA XL AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. AXA XL partners with those who move the world forward.

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FastTrack, Insuretech leader announced its migration to a cloud computing platform.

Cision PR Newswire | September 04, 2020

FastTrack, a leading provider of insurtech solutions for the Life & Disability insurance industry, announced today the completion of their migration to a cloud-computing platform. The project resulted in a transition to Microsoft Azure for their entire suite of solutions and was completed without any service disruption to its customers. Leveraging the hosting platform's ability to handle the multiple coding languages employed by FastTrack demonstrates their continued dedication to using all resources at their disposal to create a flexible, easy-to-use platform for their client base without compromising on security. The new model also allows for a system that will seamlessly scale computing needs to match the growth of FastTrack, who has seen a 60% increase in insurance claims under management over the last 12 months.

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CORE INSURANCE

Ameritas announces whole life insurance product revisions

Ameritas | January 17, 2022

Ameritas has introduced enhancements to its whole life insurance products, creating additional options to help meet client needs while maintaining current product competitiveness. The four new whole life insurance products are Ameritas Access Whole Life, Ameritas Growth Whole Life, Ameritas Growth 10-Pay Whole life and Ameritas Value Plus Whole Life. The products are issued by Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. in New York and became effective Jan. 1. "We are excited about the reprice of the Ameritas whole life products, as the entire portfolio has been updated to include enhanced and consistent features,The purpose and performance of each product has been positioned to complement one another. Whether you're looking for early access to guaranteed cash value, long-term cash value accumulation or low cost guaranteed death benefit protection, Ameritas has strong options." -Craig Schommer, vice president, individual product development. Ameritas has introduced enhancements to its whole life insurance products The products were repriced to address the lower guaranteed contract rate and utilize a range of contract rates to accomplish different goals for each product. Ameritas Access Whole Life maintains strong early guaranteed cash value performance. A clear choice for clients seeking long-term accumulation, Ameritas Growth Whole Life. Ameritas Growth 10-Pay Whole Life offers improved long-term current cash value accumulation with a 10-year short pay. Ameritas Value Plus Whole Life is staying focused on low-cost death benefit protection while remaining competitive with other options available in the market. Additional features include a non-direct recognition for dividends when using variable loans, a more flexible funding range using the Flexible Paid-Up or Level Term riders and the Care4Life Accelerated Death Benefit Rider can now be used across all four whole life insurance products. About Ameritas Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; asset management; and public finance. Securities offered through affiliate Ameritas Investment Company, LLC., member FINRA/SIPC and investment advisory services offered through affiliate Ameritas Advisory Services, LLC.

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