Allstate to payback $600 million to auto insurance customers amid coronavirus pandemic

Allstate | April 07, 2020

Allstate, one of the largest auto insurance companies in the United States, has today announced it will return more than $600 million to auto insurance customers amid the COVID-19 pandemic. Personal auto insurance customers of Allstate, Esurance and Encompass (two subsidiaries of Allstate) will be reimbursed approximately 15% of their monthly premium in April and May through a Shelter-in-Place Payback. They will get the money through a credit to their bank account, credit card or Allstate account. “Allstate has been helping customers overcome catastrophes for 89 years since our purpose is to make sure they are in Good Hands. We have learned to move quickly and put people first,” said Tom Wilson, chair, president and chief executive officer. “This crisis is pervasive. Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback of more than $600 million over the next two months. This is fair because less driving means fewer accidents.”

Spotlight

Life insurance is often overlooked, but it is important to have a policy with appropriate coverage in place. Having life insurance is beneficial because it can be used to pay final costs, provide financial security to beneficiaries, offer the chance for charitable contribution, pay estate taxes, and cover unpaid debt. When choosing a life insurance plan, you should consider the purpose of your life insurance policy and choose a policy that is at least 5 to 10 times your annual salary. In the following infographic, United Systems and Software has provided everything you need to know about life insurance.

Spotlight

Life insurance is often overlooked, but it is important to have a policy with appropriate coverage in place. Having life insurance is beneficial because it can be used to pay final costs, provide financial security to beneficiaries, offer the chance for charitable contribution, pay estate taxes, and cover unpaid debt. When choosing a life insurance plan, you should consider the purpose of your life insurance policy and choose a policy that is at least 5 to 10 times your annual salary. In the following infographic, United Systems and Software has provided everything you need to know about life insurance.

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INSURANCE TECHNOLOGY

GoodTrust partners with C&J Financial to empower grieving families with digital legacy management

C&J Financial | October 15, 2021

GoodTrust and C&J Financial are excited to announce a new partnership that helps pre-need and at-need families easily and securely take care of their digital legacy. "Grieving families shouldn't need to worry about preserving the priceless online content of their loved ones, We also want to allow any C&J clients to plan ahead so their legacy is treated according to their wishes." - Rikard Steiber, CEO and founder of GoodTrust, the leading digital legacy and end-of-life planning platform. The partnership offers all new and existing C&J Financial clients, at no cost, the GoodTrust Premium Plan for 3 months with a free will-maker-tool and VIP service to take care of accounts like Facebook and LinkedIn after someone passes away. GoodTrust also makes it possible for anyone to secure their online life with a digital vault. Users can also create their will for free in less than 15 minutes and share stories and memories like animated photos or Future Messages. "We are thrilled to be partnering with GoodTrust to help our clients take care of this important need in today's connected world by ensuring their digital legacy," - Jamie Meredith, Executive Vice President, C&J Financial. Funeral homes will be able to activate this offer for their families starting on Oct. 20 at the 2021 National Funeral Directors Association (NFDA) International Convention and Expo in Nashville, TN. About C&J Financial Founded in 1996, C&J has become the largest provider of insurance assignment funding in North America. For a quarter of a century, C&J and it's affiliates have been providing financial and administrative solutions to the funeral industry and have funded 735,000+ funerals providing more than $4.4 billion in assignments to thousands of funeral homes and cemeteries. C&J currently funds in excess of 56,000 funerals and provides $415,000,000+ in assignments to more than 3,000 funeral homes and cemeteries annually. About GoodTrust GoodTrust is the leading digital legacy and end-of-life planning platform. It allows anyone to manage memories and digital assets for the "afterlife," designate who should have access, and create innovative ways to connect the stories of the past with the future. GoodTrust also helps families who have lost someone take care of the deceased person's digital assets through memorialization, asset management or shutting down accounts. The GoodTrust will-creation tool is free and only takes 15 minutes.

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INSURANCE TECHNOLOGY

Builders Insurance Holdings S.A Plans to Transform its Legacy Growth Plans with Sapiens

Sapiens | March 08, 2022

Sapiens International Corporation announced that Builders Insurance Holdings S.A is transforming its legacy growth plans with the end-to-end solutions of Sapiens. Sapiens International Corporation is a supreme global provider of software solutions for the insurance industry, and Builders Insurance Holdings S.A is a top P&C insurance and reinsurance service provider. According to the news, Sapiens IDITSuite and Sapiens Intelligence will transform Builders' numerous legacy systems of its insurance business. In addition, the modern solution of Sapien will provide Builders with its most modernized functionalities to facilitate digital operations and would empower the plans of business extensions. Sapiens offers a leading core solution to meet our needs and to the industry knowledge and expertise to help us grow our business and accompany us in our journey. With its global footprint and industry expertise, Sapiens is an invaluable partner in all our endeavors." On this, Fabrice Volkaerts, Group COO of Builders. Sapiens IDITSuite is a core software solution that comprises policy, billing, and claims solutions. In addition, IDITSuite supports end-to-end core operations and short-term or non-life insurance processes that include renewals and claims. Sapiens Intelligence is an out-of-the-box solution with a full industry-standard data management model. Sapiens is delighted to serve as a trusted partner in Builders' growth plans and to accelerate their short- and long-term needs as a specialty line customer. We are fully aligned with Builders' vision to onboard to the latest technology, In addition, Sapiens is pleased to allow Builders to integrate all of their data into a complete insurance hub, gaining operational insight to finetune critical processes across the entire life insurance value chain." Roni Al-Dor, President and CEO of Sapiens

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RISK MANAGEMENT

KBRA Assigns Insurance Financial Strength Rating to Tower Hill Insurance Exchange

Kroll Bond Rating Agency, LLC (KBRA) | December 29, 2021

Kroll Bond Rating Agency (KBRA) assigns an Insurance Financial Strength Rating of BBB+ with a Stable Outlook to Tower Hill Insurance Exchange (THIE). THIE was formed as a Florida reciprocal exchange and will begin writing residential property insurance in Florida within its first year of operation and continue to expand in the Florida market over the subsequent two years. The rating reflects its sound initial capitalization, conservative investment portfolio, and reasonable business plan. THIE will benefit from the established market presence, distribution, and risk management of the Tower Hill Insurance Group (Tower Hill) - a privately owned organization comprised of three Florida-domiciled direct writers, an affiliate offshore reinsurer, a managing general agency (MGA), and two claims services companies. Tower Hill is one of Florida’s largest residential property insurers with approximately 6% market share. Balancing these strengths are THIE’s exposure to natural catastrophes, and a lack of geographic and product diversification. THIE’s revenues and earnings are expected to be concentrated in Florida, a state exposed to both natural catastrophes and significant legal challenges for residential property insurance writers. In addition, initial capital is solely funded through surplus notes with annual interest expenses of approximately $16 million. This is somewhat offset by THIE’s low start-up costs versus more typical start-ups. About KBRA Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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