AmTrust enters transfer renewal rights agreement with Safeco Insurance

AmTrust | March 06, 2020

AmTrust enters transfer renewal rights agreement with Safeco Insurance
AmTrust Financial Services has entered into an agreement with Safeco Insurance to offer personal lines agents with Republic General Agency an opportunity to transition their policies from AmTrust to Safeco in the third quarter of 2020. A release said that AmTrust made the strategic decision to exit personal lines products written through its Republic carriers – pending regulatory approval. AmTrust said that it is focused on leveraging its strengths to provide commercial P&C products and services globally, “where it can differentiate its offering and bring added value.” The agreement will provide transition for Republic personal lines policyholders in Texas, Louisiana, Oklahoma, Arkansas, Mississippi and New Mexico.

Spotlight

The high productivity level of the Japanese labor force is a primary source of international competitiveness for the Japanese manufacturing and services sectors, and a key reason that many foreign companies choose to invest in Japan. Faced with an aging population, more and more attention is shifting to the question of how to invest in health in a way that increases labor productivity and economic competitiveness. It is now more important than ever for the government, healthcare practitioners and private corporations in Japan to focus on promoting wellness and the prevention and early detection of chronic and infectious disease.

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INSURANCE TECHNOLOGY

Sedgwick acquires Temporary Accommodations

Sedgwick | November 22, 2021

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced it has acquired Temporary Accommodations, which provides high-quality, temporary housing and related services to displaced policyholders. As part of this strategic transaction, Temporary Accommodations joins Sedgwick's property Americas division and further builds on the company's end-to-end claims services from intake to field adjusting to temporary housing to building repairs, with solutions that enable insurers to fully support their policyholders. Founded in 1996 and headquartered in Atlanta, Temporary Accommodations locates temporary housing options for displaced insurance policyholders and helps to manage additional living expenses during home insurance claims following fire, water, wind and storm damage and emergency evacuations. As one of the largest providers of claims-related housing services, Temporary Accommodations focuses on cost management and stress reduction for a better customer experience, negotiating preferential housing and hotel rates and reducing insurers' indemnity spend. "The Temporary Accommodations team is well-known by insurance professionals and homeowners for their dedication to service and solutions for displaced homeowners, They are often on the front lines when disaster strikes, providing care and comfort to displaced families. Temporary Accommodations is a natural fit with the Sedgwick team, and joining forces will allow us to work together to support the entire claims journey and recovery process. We look forward to this partnership and to providing clients with end-to-end property claims solutions." - Steve Powell, Sedgwick executive vice president. "Our company grew from humble entrepreneurial roots into one of the largest providers of temporary housing services in the insurance space. Joining an industry leader like Sedgwick will take our work to the next level, Moreover, our 'TA cares' motto perfectly aligns with Sedgwick's 'caring counts' philosophy. TA's mission has always been to operate with unsurpassed empathy, integrity, service and attention to detail, and we will continue to do so as part of the Sedgwick family." - Aaron Wilson, founder, president and CEO of Temporary Accommodations. About Sedgwick Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to our clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of more than 27,000 colleagues across 65 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact the bottom line. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders.

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NFS modernized flood insurance space by launching Trident

National Flood Services (NFS) | May 20, 2020

National Flood Services has modernized the flood insurance space with its recent launch of Trident. The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents and claims examiners. Another benefit of Trident is that users receive a full array of pricing and coverage options. Leading flood insurance solution provider National Flood Services (NFS) has modernized the flood insurance space with its recent launch of Trident. The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents, write-your-owns (WYOs), claims examiners and back office operations staff. By digitalizing every step of the flood insurance process, Trident enables end-to-end quoting, applications, policy management and claims. Trident also provides agents and policyholders improved educational resources on flood insurance. Simple and fast access to flood insurance is critical to ensure people have the support they need to rebuild their lives after a flood. - Danny Rosenthal, chief operating officer at NFS. On the policy side of the flood insurance equation, applications have historically required property owners to answer many specific questions, which often is a new experience for clients and their agents, particularly if they’re not writing flood frequently. Trident’s aim is to simplify the process of policy issuance. “We have simplified something that was complex,” said Rosenthal, with 85% of property owners in the US – those that are eligible for the lower-risk PRP policy – now being guided through seven questions and receiving an instant quote through Trident. “We’ve also made the form adaptive so that in order to get to a quote, we only ask the number of questions you need to receive a quote. This streamlines the experience for the insurance agents and the end consumer.” Whereas it previously took over five minutes to complete an application, Trident makes it possible in just 40 seconds. Another benefit of Trident is that users receive a full array of pricing and coverage options, allowing the end customer to purchase the policy that’s right for them. The platform also provides a flood risk score and average claim size based on the property’s location to help them make a decision, and make sure the coverage is tailored for the individual customer’s needs. Read More: HGGC opens up on PCF Insurance acquisition On the claims settlement side, Trident is also focused on efficiency. In fact, the platform aims to cut the average claim processing time approximately in half from 29 to 15 days by providing instant, reliable access to claims workflows and streamlining communications between agent, customer and staff. As a result of its modernization of flood insurance, Trident intends to address the coverage gap which leaves millions of Americans exposed to the risk flooding. This can be delivered with the new simplicity that Trident brings, increasing quoting, conversion and renewal rates for agents writing this product. Agents can also benefit from the educational resources provided through the platform that demystify the flood insurance space and thus reduce barriers to entry. As Rosenthal and the NFS team map out the future of flood insurance, they already have plans on how to expand Trident’s capabilities, with the goal of making the NFIP product even more accessible. The team has already implemented virtual adjusting since FEMA made it acceptable as part of their response to COVID-19, and started making its first virtual adjusting claims checks within five days of announcement. Digitizing elevation certificates and identifying other sources of data that can help fill out flood insurance applications are just a few of the functions that are top of mind looking ahead. Read More: Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity Currently, 1,500 agents are using Trident as part of the platform’s beta testing and NFS plans to roll it out to an additional 4,000 agents in the next month. “As we roll more companies on to Trident and [expand its functionalities], the impact [on the flood insurance market] will compound and I’m sure we’ll be able to change the face of this industry,” said Rosenthal. AboutNational Flood Services (NFS) Our guiding principle at National Flood Services is to make a difference in people’s lives by helping protect what’s important. As a leading flood insurance vendor, we service more than 2.4 million flood policies and $2 billion flood insurance premiums each year. We take pride in knowing that flood insurance provides a critical protection against the world’s most catastrophic and costly natural disasters and is essential to helping rebuild lives devastated by flood. Our 550 colleagues across the U.S. are passionate about building valued partnerships with the industry’s largest Write-Your-Own (WYO) carriers, educating insurance agents through the complexities of flood insurance, and providing innovative solutions to meet the changing needs of today’s property owners.

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INSURANCE TECHNOLOGY

Foxquilt Launches as a Full-Service Provider of Small Business Insurance

Foxquilt, Digital Partners, a Munich Re company | January 27, 2021

Foxquilt, a main insurance technology company zeroed in on engaging small businesses and B2B networks to save money on small business insurance, has partnered with Digital Partners, a Munich Re company, to empower the company to work as a full-administration insurance supplier and co-creator of new, end-to-end insurance items/programs for small businesses. "Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations. However, it requires building new architecture to support data-powered algorithms to afford such value. Our team built a dynamic underwriting platform that rewards business owners with an empowered value offering including simplicity, new products and savings. The progressive platform, Foxden, discerns the nature of the risk, underwrites and rates it, and directs it to a custom-made, proprietary product," said Mark Morissette, CEO and Co-Founder of Foxquilt. This Digital Partners collaboration furnishes the Foxquilt group with the autonomy and abilities to plan inventive items and underwriting and rating algorithms. "Our partnership with Foxquilt will be our first in Canada, and we are delighted to support them in the Canadian SME insurance market," said Dave Brune, President and CEO, North America, Digital Partners, a Munich Re company. "At Digital Partners, we continue to be excited to partner with insurtechs like Foxquilt who are leveraging smart data and machine intelligence to efficiently underwrite small business risks and adapt business coverage as clients grow." Foxden is a full-stack underwriting platform comprised of information layered, miniature help architecture. Every one of its administrations, including underwriting and rating, are powered by information algorithms to drive activities across the platform. Foxquilt is one of the first to fabricate a back-end platform zeroed in on productivity; most of insurtechs influence an outsider, vendor platform, don't claim the IP and are encumbered by impediments characterized by the vendor. The creative backend framework goes past customary insurance exchanges and empowers underwriting to interface and get changes to the market real-time. Skeptic to channel, (B2C, B2B, SaaS) the platform gets to new wellsprings of information and builds up moment feedback circles to profit the entire customer venture. Foxquilt is a pleased boss of small entrepreneurs and being powered by Foxden will permit the company to continue its central goal to become the main commercial insurance technology company in North America. In February, Foxquilt is dispatching their underlying commercial lines items in Canada guaranteed by Munich Re Innovation Syndicate in collaboration with Digital Partners, a Munich Re company. They will extend their contribution into the U.S. this Spring. About Foxquilt Foxquilt is an Insurance technology company focused on empowering small businesses and B2B networks to save on Small Business insurance. Our Insurance-as-a-Service platform is complemented by a unique data and machine learning underwriting infrastructure. Leveraging innovative technology and creating unique products, we make life easier for business owners. About Digital Partners, a Munich Re company Digital Partners provides insurtechs and digital distributors with a comprehensive, go-to-market partnership, built on the financial strength and expertise of Munich Re. Our partners bring excellence in customer engagement, technology, and brand while our support includes insurance capacity with experimental underwriting, alongside product expertise, data analytics, technology to manage data and carrier connectivity, execution and operational expertise.

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Spotlight

The high productivity level of the Japanese labor force is a primary source of international competitiveness for the Japanese manufacturing and services sectors, and a key reason that many foreign companies choose to invest in Japan. Faced with an aging population, more and more attention is shifting to the question of how to invest in health in a way that increases labor productivity and economic competitiveness. It is now more important than ever for the government, healthcare practitioners and private corporations in Japan to focus on promoting wellness and the prevention and early detection of chronic and infectious disease.