CLAIMS, RISK MANAGEMENT
Shift Technology | March 16, 2023
Shift Technology, a leading provider of AI-driven solutions for the insurance industry, announced on March 15, 2023, that General Insurance Association of Singapore (GIA) would be expanding its use of Shift Claims Fraud Detection to assist its member insurers in detecting travel insurance fraud.
This strategic expansion is a testament to the success of General Insurance Association of Singapore's (GIA) Fraud Management System (FMS). This move comes at an opportune time, with global travel gradually returning to pre-pandemic levels. Shift and GIA have been working together since 2017 to combat insurance fraud. Initially, the collaboration involved the use of Shift Claims Fraud Detection to identify suspicious motor and travel insurance claims. However, due to the significant success achieved in both areas, the solution's use has been expanded to include the detection of various types of travel insurance fraud.
Kai Weng Ho, Chief Executive of GIA, stated, "Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximize the potential of the travel module and comes at an opportune time of rising global travel."
He added, "Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector's existing fraud detection and management efforts."
(Source - Cision PR Newswire)
Jeremy Jawish, CEO and Co-Founder of Shift Technology, remarked, "Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful."
He added, "Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what's happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all."
(Source - Cision PR Newswire)
About Shift Technology
Shift Technology offers AI decisioning solutions to insurance companies and their clients as one of its many services. These solutions automate and optimize decision-making processes from underwriting through claims, resulting in improved client satisfaction, higher operational efficiency, and lower costs for insurance companies.
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CORE INSURANCE, COMPLIANCE
PRnewswire | April 21, 2023
BrokerTech Ventures (BTV), the industry's first broker-led convening platform and accelerator program, today announced the addition of its newest industry-leading insurance wholesaler partner, Jencap Group.
"We could not be more pleased to announce the addition of Jencap to our wholesaler community network. We view our carrier and wholesale partners as integral in terms of our overall strategy in building out BrokerTech Ventures — and specifically, our Innovation Tower," said Dan Keough, Holmes Murphy chairman and CEO and co-CEO of BTV. "Insurance companies are individually spending multi-millions of dollars each year in innovation, and we believe that BTV can be the convening platform to provide access into the unknowns, idea-sharing, investing, and distribution for the benefit of all."
The addition of these renowned insurance brands brings the BTV industry portfolio to 13 of the most sizable and innovative brokerage firms in North America and 16 of the most notable and respected insurance companies and wholesalers with both domestic and international presence.
"Jencap is committed to employing innovative technology solutions that improve our speed to market, operational efficiencies, data analytics, and the overall platform experience of our partners," said John LaCava, Jencap's Chief Operational Officer. "We look forward to collaborating with BTV members and insurtech companies to maintain our position in the marketplace as industry leaders."
In addition to its expansive broker and carrier partner portfolio, BTV now also represents 60 insurtech startups from around the world, inclusive of those in the U.S., Israeli, and Latin American accelerator programs, with investments and commercial engagements with many.
About BrokerTech Ventures
Based in the insurance nucleus of Des Moines, Iowa, BrokerTech Ventures (BTV) is the first broker-led convening platform and accelerator program focused on delivering innovation to the insurance broker industry. Founded in 2019, BTV provides a venue for the best minds in insurance and technology to collaborate and bring to market leading-edge ideas and solutions. BTV invests in the research and testing for each of the chosen startups, provides access to veteran industry mentors, and helps scale the technology to market through broker distribution channels.
About Jencap Group
Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 20,000 independent agency partners.
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CORE INSURANCE, INTELLECTUAL PROPERTY
PRnewswire | March 21, 2023
NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Sequoia Reinsurance Services, LLC, IOA Re, LLC and its divisions Rockport Benefits and Insurance Resources and Auditing Services, LLC, subsidiaries of ELMC Risk Solutions, LLC ("ELMC"), a portfolio company of J.C. Flowers & Co. ("J.C. Flowers"). J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry.
"We're entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability," said Bill McKernan, President of NSM Insurance Group. "We're excited about the synergies we have with the individual teams and the significant growth potential for each business. Our team is committed, motivated and laser focused on driving the continued growth and innovation of these three businesses."
"J.C. Flowers is proud to have supported ELMC's growth over the years to include some of the most well-respected managing general underwriters in the industry," said Eric Rahe, Managing Director and Co-President of J.C. Flowers. "This is a positive outcome, and we believe these companies will continue to thrive as part of NSM."
Richard Fleder, CEO of ELMC added, "Sequoia Re, IOA Re and Rockport are remarkable MGUs with terrific management teams. We are very happy to have found a great home for them!"
The acquired businesses are industry leaders in the field of medical stop loss insurance and managed care insurance — delivering robust and innovative insurance solutions to their clients and broking partners.
"We're thrilled to join the NSM family of best-in-class insurance offerings that truly lead the way in delivering comprehensive products to our distribution partners," said John Parker, President and CEO of IOA Re. "NSM is well respected throughout the industry for building successful businesses and their unparalleled expertise, resources and capacity will help take our collective businesses to new heights."
Dan Bolgar, President and CEO of Sequoia Reinsurance Services added, "The Sequoia team is delighted to join forces with NSM. Not only is this validation of what the team has built over our short history, but we are joining a firm whose very foundation is delivery of product and consistent value to its risk partners. We know NSM can help us navigate marketplace change while we continue to enhance and innovate our product offerings."
Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy, industry veterans with extensive experience in the medical stop loss industry. "We are truly energized about partnering with NSM to expand our presence in the marketplace," said Ms. Argeros and Ms. Herlihy. "As a highly-respected and reliable managing general underwriter known for delivering unparalleled service and creative stop loss solutions, we believe the future is very bright with NSM."
Over the past 32 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. These acquisitions complement NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance.
About NSM Insurance Group
NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.
About J.C. Flowers & Co.
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has approximately $4 billion of assets under management. J.C. Flowers has offices in New York, London and Palm Beach with a 21-person investment staff who have a combined 300+ years of experience. Over its 25-year history, J.C. Flowers has invested more than $17 billion of capital in 65 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. For more information, please visit www.jcfco.com.
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