RISK MANAGEMENT, INSURANCE TECHNOLOGY
Embroker | February 24, 2023
Embroker, a digital insurance platform that makes it easy to insure a business, just released a new malpractice and cyber bundle that is specifically made for legal practices.
This package, the company's first vertical offering built on its new ONE by Embroker platform, makes it easy for law firms to obtain customized malpractice and cyber coverage.
Ben Jennings, Chief Revenue Officer at Embroker, stated, "Regardless of size, law firms don't just want to 'tick' the insurance box; they need a strategic partner to create products where risk is dynamically modeled and tailored to their biggest exposure areas."
He further added, "This law liabilities and cyber bundle does exactly that, and represents the first of multiple vertical-specific bundles we'll be launching on ONE by Embroker in the coming months."
(Source – Business Wire)
Law companies' databases include massive volumes of personal and sensitive customer data, making cybersecurity breaches severe. After answering a few questions, law firms can identify their coverage needs and receive customized liability and cyber policy quotations. Custom product packaging, level pricing transparency, and one application for various coverages let them receive the proper coverage faster and easier.
ONE by Embroker uses AI and machine learning to synthesize and mix business insurance solutions depending on industry demands, simplifying the insurance buying process. Embroker's ONE by Embroker universal application and strong vertical expertise create a unique, streamlined shopping experience for legal professionals in this law package. It's suitable for companies of all sizes, but those with 25 attorneys or fewer are the most underserved by conventional brokers and carriers.
Due to these expanding concerns, many organizations are now carefully assessing their cyber exposure and adding cyber insurance to their cyber hygiene activities.
Embroker simplifies smart business insurance. It saves time and money by integrating technology and broker knowledge. Embroker, the largest internet insurance broker, wants to improve the $800 billion P&C insurance market. The company services customers in all 50 states from its San Francisco, Chicago, and Boston headquarters. According to Goldman Sachs and CB Insights, it is one of the innovators shaping the future of finance.
CORE INSURANCE,INSURANCE TECHNOLOGY
Alera Group | January 05, 2023
Alera Group, a national insurance, wealth, and retirement plan services provider, has acquired The Ascent Group and allied firms. The deal adds $1.5 billion to Alera Group Wealth Services' RIA business and $1.3 billion to Alera Group Retirement Plan Services.
The Summit Group in Virginia and Walsh & Nicholson Financial Group in Pennsylvania are connected to the Ascent Group. The Ascent Group has 42 employees, 15 of whom are financial advisors. By the end of 2022, Alera Group Wealth Services had $7.5 billion in assets, which included $1.5 billion in RIA assets and about $6 billion in AUM.
One of the most fundamental components of the Ascent Group's investment infrastructure is the turnkey asset management program (TAMP), which was created to lower the overall client expenses by bringing crucial operations in-house and eliminating vendors.
According to Alera Group, The Ascent Group is a good fit for the company's strategy of providing synergies and strategic benefits across its employee benefits and property and casualty verticals. It lets the company offer more complete solutions to clients, which can really help plan sponsors and participants come together. The organization is delighted to have the team join its expanding division in a role that will serve as a cornerstone.
Meanwhile, the terms of the transaction were not disclosed.
About Alera Group
Alera Group serves thousands of clients, offering various services such as employee benefits, P&C, wealth, and retirement plans. It merged 24 dynamic US offices. The organization blends national experience and resources with local, tailored service. It is the nation's 7th largest privately-held employee benefits firm, 15th-largest independent insurance agency, and 16th-largest privately-held insurance firm.
LIFE INSURANCE, INSURANCE TECHNOLOGY
MIB | March 20, 2023
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry.
The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members.
The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks:
The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims.
Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers.
Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America.
Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more."
"Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward."
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.