Allstate makes leap into personalized auto insurance pricing

Allstate | March 30, 2020

Allstate has done it again. The forward-thinking, tech-savvy firm has become the first insurer to offer auto insurance pricing that fluctuates from week-to-week. This new option, referred to as personalized pricing, is the latest iteration of Allstate’s popular Milewise pay-per-mile insurance policy, which launched in 2018. Milewise is a telematics-based insurance program that uses a plug-in OBD2 dongle to collect driving data, which is then transmitted back to Allstate and presented to customers on the Allstate mobile app. The device records how many miles a driver has travelled and then deducts a set amount of premium for every mile driven using a prepaid system of billing. The program was initially aimed at drivers with low annual mileage, for example stay-at-home parents, retirees, and telecommuters, under the premise that they would achieve cost savings by opting for pay-as-you-go insurance.

Spotlight

Content—and how brands use it to interact with buyers at all stages of the engagement journey—has fundamentally reshaped every business’ go-to-market strategy. This shift has been particularly challenging for “top-of-the-funnel” demand generation marketers, most of who are under tremendous pressure to produce results. One study found that 70% of marketers surveyed expect their demand generation budgets to increase in 2018, with one-third expecting them to increase by more than 20%.1 Of course, generating demand is the job of marketing writ large. Marketers make markets. They work to create groups of viable buyers where none existed before.

Spotlight

Content—and how brands use it to interact with buyers at all stages of the engagement journey—has fundamentally reshaped every business’ go-to-market strategy. This shift has been particularly challenging for “top-of-the-funnel” demand generation marketers, most of who are under tremendous pressure to produce results. One study found that 70% of marketers surveyed expect their demand generation budgets to increase in 2018, with one-third expecting them to increase by more than 20%.1 Of course, generating demand is the job of marketing writ large. Marketers make markets. They work to create groups of viable buyers where none existed before.

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LIFE INSURANCE

Policygenius and CBIZ Announce Partnership to Expand Life Insurance Offerings and Empower Agents to Place More Term Life Coverage

Policygenius and CBIZ | October 04, 2022

Policygenius and CBIZ announced today a partnership to bring Policygenius Pro, a term life fulfillment platform, to CBIZ's extensive network of insurance professionals. Policygenius Pro is a turnkey partnerships platform that helps advisors accelerate and streamline life insurance sales. With this tool, advisors can refer their clients to Policygenius to take them through the process, from finalizing policy selection to placing coverage in-force. This partnership enables CBIZ to expand its term life insurance offerings by giving their clients access to Policygenius' wide variety of insurers and policy options, including accelerated underwriting offerings exclusively available on the Policygenius platform. CBIZ plans to harness Policygenius' award-winning services for term life cases that are a great match for these services, enabling them to better focus on other goals. This ultimately provides clients with the best service possible, while also helping CBIZ save time and make their term life production more profitable. "Policygenius Pro gives us a way to both expand and streamline our term life production, We trust Policygenius Pro to provide top-tier service to our clients while also empowering our agents to have more thorough and holistic conversations about life insurance." -Anne Long, RICP and President of Life Insurance Solutions at CBIZ The partnership is initially rolled out to CBIZ advisors who have each been equipped with unique landing pages and engagement tools to launch into life insurance conversations with their clients. They can take advantage of Policygenius' expansive carrier shelf to provide clients with a breadth of coverage options and confidently discuss how these may fit in with their larger financial plans. With Policygenius Pro, CBIZ agents and clients receive support from an expert staff of 200+ dedicated specialists for case management, underwriting, and product support. To date, the platform has helped partners cut placement times by half, on average, and reduced the average time an advisor spends on an application from 2.5 hours to about 15 minutes. Advisors often shy away from placing term life coverage for their clients because it can be so time- and cost-intensive. CBIZ is different. They've made it their mission to provide both robust and personalized financial guidance for their clients, including the right life insurance coverage, We're thrilled to be able to partner with such a forward-thinking organization that values the customer experience and trusts us to be the life insurance fulfillment partner for their customers,said Jennifer Fitzgerald, CEO and co-founder of Policygenius. About Policygenius Pro Policygenius Pro is a turnkey partnerships platform that helps independent agents and financial advisors accelerate and streamline life insurance sales. With this program, Policygenius provides its one-stop-shop insurance solution to financial advisors, independent agents, community banks, credit unions, and more, with the goal of helping partners' clients get the insurance coverage they need. Partners receive access to a wide variety of insurers, coverage types, and policy options, including accelerated underwriting offerings exclusively available on the Policygenius platform. About Policygenius Policygenius transforms the insurance journey for today's consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $170 billion in coverage. About CBIZ CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services, including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company's services are provided through more than 100 Company offices in 33 states. About CBIZ Life Insurance Solutions CBIZ Life Insurance Solutions, Inc. is a full-service brokerage general agency with a 40-year legacy. We offer solutions utilizing life insurance, annuities, long-term care, disability, executive benefits and life settlements. We take advantage of our unique access to seasoned professionals servicing other products lines within the broader CBIZ organization. In addition, we continue to support and grow our legacy relationships with independent producers. Our industry intelligence is carefully integrated to help ensure the most favorable result is obtained.

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RISK MANAGEMENT

MetricStream and C-Risk Partner to Accelerate the Adoption and Value of Cyber Risk Quantification

MetricStream | November 01, 2022

MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), and C-Risk, a leading international authority in cyber risk quantification (CRQ), today announced a partnership to jointly offer MetricStream’s CyberGRC and C-Risk’s CRQ enablement and training services to customers. The combination of MetricStream’s CyberGRC that includes advanced CRQ and Simulation, and C-Risk’s enablement services will enable faster time to value and help operationalise CRQ initiatives for organisations. Cyber risk management has become a critical business issue for companies of all sizes and industries. However, decisions concerning insurance, controls to be implemented, investments in IT and security projects, tools, and resources are often made without understanding the plethora of risks that exists in each scenario and how a proposed solution can reduce those risks in monetary terms. CRQ, in particular the Factor Analysis of Information Risk™ (FAIR™) standard, allows modelling of risk scenarios and quantification of the financial impact using statistical and probabilistic techniques. "Cyber risk quantification is a decision support tool that helps organisations present risk in financial terms to general management, justify and prioritise cyber security budgets as well as optimise a company's cyber insurance. It is the obvious next step in the GRC program of any organisation wanting to improve its cyber security governance,” - Christophe Forêt, President of C-Risk CISO’s and cyber leaders across industries are looking to prioritise and address their cyber risks, as well as drive maximum ROI from their cyber investments, We are excited to partner with C-Risk to accelerate the value of MetricStream’s CRQ capabilities with targeted FAIR™ training and enablement,said Raghuram Srinivas, Senior Vice President, Product Management, MetricStream. About MetricStream MetricStream is the global SaaS (Software as a Service) leader of Integrated Risk Management and GRC solutions that empower organizations to thrive on risk by accelerating growth via risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise. Our ConnectedGRC and three product lines – BusinessGRC, CyberGRC, and ESGRC – are based on a single, scalable platform that supports you wherever you are on your GRC journey. MetricStream is headquartered in San Jose, California, with an operations and R&D center in Bangalore, India, and sales and operations support around the globe. About C-Risk: C-Risk provides solutions to quantify information security and technology risk in financial terms. We help organisations understand information risk in business terms, decide how to prioritize investments to improve cyber resilience and information security compliance. Recognized internationally for its expertise in cyber risk quantification (CRQ), C-Risk offers training on the FAIR™️ methodology, CRQ as a Service as well as Cyber Risk Quantification Enablement Services to help organization build their internal risk quantification capabilities and improve their overall information security governance.

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INSURANCE TECHNOLOGY

Milliman launches ALM software to help insurers of all sizes meet stochastic valuation requirements

Milliman | November 23, 2022

Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements. "The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence." -Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution. Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman. Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining. About Milliman Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

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