American Property Casualty Insurance Association reveals coronavirus focus

American Property Casualty Insurance Association | March 24, 2020

As the COVID-19 pandemic forces the closure of businesses throughout the US, the American Property Casualty Insurance Association (APCIA) has issued a statement saying that as a trade group representing P&C insurers, its members will continue to serve consumers in these difficult times. “During this unprecedented era, we remain focused on our promise to our customers — paying claims for motorists, injured workers, homeowners, renters, and businessowners,” said APCIA president and CEO David Sampson in a statement. Sampson added that many insurers are implementing contingency and continuity plans to protect their employees and reduce interrupted service to customers. Some companies have also implemented new flexible payment solutions for policyholders to help those customers experiencing financial stress in the face of the outbreak, the chief executive said.

Spotlight

Most of us did not pay a monthly Part A premium in 2018, and those of us who did paid up to $422 on average every month. In 2019, average monthly Part A premiums will increase to $437.
When it comes to your Part A hospital inpatient deductible, youll be paying $1,364 for each benefit period, up from $1,340 in 2018. For the first 60 days in the hospital, your insurance co-pay will remain at $0, but after that you can expect costs to increase. For days 61 to 90, daily coinsurance will be $341 per day during each benefit period. After 91 days, your coinsurance for each lifetime reserve day will be $682. This figure applies for up to 60 days over the course of your life, and youll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.

Spotlight

Most of us did not pay a monthly Part A premium in 2018, and those of us who did paid up to $422 on average every month. In 2019, average monthly Part A premiums will increase to $437.
When it comes to your Part A hospital inpatient deductible, youll be paying $1,364 for each benefit period, up from $1,340 in 2018. For the first 60 days in the hospital, your insurance co-pay will remain at $0, but after that you can expect costs to increase. For days 61 to 90, daily coinsurance will be $341 per day during each benefit period. After 91 days, your coinsurance for each lifetime reserve day will be $682. This figure applies for up to 60 days over the course of your life, and youll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.

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CORE INSURANCE

NAU Country Launches Grain Cart Reporting with Agrimatics™

NAU Country Insurance Company | September 08, 2021

NAU Country Insurance Company, one of the largest crop insurance providers in the U.S., and Agrimatics, a leading agricultural software technology company, announced a partnership to help their customers – the American Farmer – more efficiently report production for their crop insurance policies. This partnership certifies the digital file output from Agrimatics' Libra Cart is compatible with NAU Country's EASYwriter Pro® processing and adjusting suite of software. This certification means that farmers now can transfer their on-farm storage production information easily from field to truck to their crop insurance agent or adjuster. In turn, that data will be imported into NAU Country's system where the agents and adjusters will associate it to the corresponding unit and location. As always, farmers have complete control on what information (if any) will be shared with NAU Country's system. Agrimatics' Libra Cart is a tablet and smartphone-based grain cart weighing and data management system. The Libra Cart hardware device mounts directly onto a grain cart and wirelessly communicates with the Libra Cart app running on a compatible mobile device in the tractor cab. Libra Cart's patented technology simplifies and streamlines harvest data management, providing load tracking from field to truck to destination. NAU Country is America's original Multi-Peril Crop Insurance (MPCI) company and one of the largest federal crop insurance providers in the United States, specializing in MPCI, Crop-Hail, and Named Peril insurance products. The company is part of QBE Insurance Group Limited, a global insurance leader focused on helping customers solve unique risks worldwide. "We're about keeping crop insurance simple," said NAU Country Chief Marketing and Technology Officer, Michael Deal. "NAU Country thrives on creating agricultural risk management tools through the use of technology and customer service," added Deal. "The integration with Agrimatics empowers our insureds to utilize technology to efficiently report production data while in the office, in the field, or on the go. Creating happier customers and agents." About Agrimatics™ Agrimatics is Bitstrata Systems' agriculture brand, which focuses on creating smarter, simpler equipment monitoring, control, and data management solutions for farmers and their farms. Located in Saskatoon, Saskatchewan, Bitstrata rests in the agricultural heartland of Western Canada. The Bitstrata team has decades of collective experience creating and delivering products for the tough environments of the agricultural, telecommunications and weighing industries worldwide. About NAU Country NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 800 field and office staff across the country. As a division of QBE Insurance Group Ltd., a leading global insurer, NAU Country has the financial strength for today's insurance environment.

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INSURANCE TECHNOLOGY

NEXT Insurance Renews Commitment to Small Businesses with Integrated Strategic Rebrand

NEXT Insurance | September 16, 2021

NEXT Insurance, the leading digital insurtech company transforming small business insurance, today announced its strategic rebrand which will integrate small business owners from across the country into every part of the company's business, culture and ethos. NEXT's new brand ambition is inspired by the company's mission to help entrepreneurs thrive and is reflected through new creative work, still photography, visual assets, a website refresh and a commercial campaign to embolden small businesses to "Get Going." Additionally, the company will devote $4 million over the next three years to small businesses. NEXT's commitment to small businesses is more than just a tagline on our website. It's deeply ingrained into our culture, Beyond our visual rebrand, we've commissioned small business owners across the U.S. to develop our company apparel and team gifts like sweatshirts, notebooks, sustainable tote bags and custom patches. We've engaged independent photographers and videographers to help capture real small businesses for new visual brand assets and have worked with independent musicians to create custom on hold music. Small businesses are more than just our customers - they make up our identity. - Melanie Chase, Chief Marketing Officer at NEXT. A key aspect of NEXT's latest brand is to elevate small businesses and demonstrate the company's support in helping them "Get Going." To bring this to life, NEXT partnered with local black and female-owned small businesses, independent musicians and other small business owners for activations to support its strategic rebrand. For example, NEXT purchased its corporate apparel from Stuzo Clothing, a woman-owned gender neutral street wear brand in Los Angeles, and licensed its "on hold" music directly from independent musicians across the country. Customers who contact the company's call center will enjoy songs from independent musicians as well as an exclusive artist introduction to each song. Between the ongoing struggle of the legacy insurance industry's one-size-fits-all coverage and the immediate impact COVID-19 had on small businesses, NEXT's rebrand came at a critical time for small business owners. To better align the brand to its company ethos, NEXT partnered with independent strategy and design company COLLINS to bring to life and shape its small business-focused mission through a reimagined brand strategy, visual identity, logo, communications and website. Additionally, NEXT worked with global creative company BUCK and sound design company Barking Owl to create an animated advertising campaign to launch the new brand. About NEXT Insurance: NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 300K business owners, NEXT offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers.

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CORE INSURANCE

Majesco Acquires Utilant LLC

Majesco | June 17, 2021

Majesco, a global leader in cloud insurance software solutions platforms, announced today the completion of its acquisition of Utilant LLC, a U.S.-based InsurTech company that offers the industry-leading survey management SaaS product suite for Loss Control and Premium Audit surveys, as well as artificial intelligence (AI)/machine learning (ML) data and analytics. Utilant's cutting-edge SaaS solutions, contributory database, and AI/ML models provide the required next-generation technology to address important insurance trends and keep up in today's digital race. This acquisition broadens Majesco's extensive product offering and adds approximately 87 new clients in the P&C sector, including global insurance carriers and top risk engineering companies. Majesco is launching an innovative Data and Analytics business unit with this acquisition, merging Utilant technology with Majesco's current, market-leading data and analytics offering. Patrick Davis, Founder and CEO of Utilant has joined the Majesco Senior Leadership Team and will lead this new business. With proactive risk management, the new service expands Majesco's digital capabilities, creates operational value for insurers, and ultimately enhances customer experience. According to Adam Elster, CEO of Majesco, "the recent pandemic has pushed the timeline for insurers to implement essential technologies like AI/ML, digital core platforms, and data and analytics." "We are excited to provide our customers with advanced, embedded data and analytics capabilities, as well as next-generation insurance SaaS products that can provide them with a competitive edge, improve underwriting profitability, and accelerate their digital transformation journey." Utilant's financial advisor was Raymond James & Associates, whereas Majesco's financial adviser was Nomura Securities International, Inc., and Majesco's legal advisor was Sheppard, Mullin, Richter & Hampton LLP. About Majesco Majesco is the leading software partner for the P&C and L&A insurance industries, helping them to modernize, optimize, and innovate at scale. Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance. Our technology, expertise, and leadership assist insurers in innovating and connecting to create their business's future. We have an incredible track record of innovation and real-world results, with over 825 successful installations and over 65% of our clients on Cloud with Majesco platform solutions.

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