Aon confirms huge number of nat cat losses not insured

Aon | January 22, 2020

Aon has published its latest catastrophe report, which points to a gaping insurance hole for 2019. According to the broking giant’s Weather, Climate & Catastrophe Insight: 2019 Annual Report released today, last year’s 409 natural catastrophe events equated to $232 billion in economic losses. Of this figure, however, only $71 billion was covered by insurance – be it government-sponsored programmes or coverage from the private sector. What this translates to is a whopping 69% global protection gap in 2019. A faint silver lining is the fact that the percentage of uninsured nat cat economic losses in the period, while significant, is the sixth-lowest since 2000.

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Exdion provides domain-led consulting to Brokers, Management Agencies (MGA) and Insurers. We help Insurers and Brokers realize significant cost savings through technology solutions including Robotic Process Automation (RPA), e-BOTs, Artificial Intelligence (AI), Machine Learning (ML) and Analytics, tailored to improve efficiency and drive business growth.

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Exdion provides domain-led consulting to Brokers, Management Agencies (MGA) and Insurers. We help Insurers and Brokers realize significant cost savings through technology solutions including Robotic Process Automation (RPA), e-BOTs, Artificial Intelligence (AI), Machine Learning (ML) and Analytics, tailored to improve efficiency and drive business growth.

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Harford Mutual Insurance Group Taps One Inc’s ClaimsPay® for Fast and Easy Reimbursement Experience

Harford Mutual Insurance Group, One Inc. | July 26, 2022

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CORE INSURANCE

Tokio Marine establishes strategic partnership with Arbor Ventures to accelerate innovation in the insurance industry

Tokio Marine and Arbor Ventures | August 12, 2022

Tokio Marine Asia Pte. Ltd. today announced a strategic partnership with Arbor Ventures, a leading global Fintech / InsurTech-focused venture capital firm, headquartered in Singapore. This partnership, established through its Innovation Lab in Singapore, marks Tokio Marine's commitment to accelerating the digital transformation of the global insurance industry. The Tokyo-headquartered insurance group has been promoting transformational digital initiatives on a global basis, leveraging on collaborations with startups and service providers with key strategic capabilities. To accelerate the identification and development of new business models, Tokio Marine Holdings, Inc. (Tokio Marine Holdings) has announced earlier in April 2022 on the launch of its corporate venture capital (CVC) fund partnering with World Innovation Lab, Tokio Marine Future Fund, to invest in early-stage startups. Tokio Marine will identify and invest directly in high-growth potential startups through the CVC Fund in addition to partnering with Arbor and other leading VCs for unique insights and access to promising startups leading the digital transformation in Insurance. Arbor's addition to Tokio Marine's group of collaborative VCs significantly heightens its future opportunities. Arbor is a global FinTech/InsurTech-focused VC with offices in Singapore, USA, Japan as well as a presence in EMENA. Arbor's global connectivity and portfolio as well as its engagement in local markets will further enable Tokio Marine group's innovation labs, spread across seven cities, including Singapore, to collaborate broadly with synergy beyond borders. "Arbor's target to create the future of FinTech resonates with Tokio Marine's digital strategy. With Arbor's network and astute scouting of startups with strong potential in the FinTech space, it will greatly complement Tokio Marine's collaborative efforts to serve innovative products and services in insurance industry and beyond." -Masashi Namatame, Group Chief Digital Officer at Tokio Marine Holdings Melissa Guzy, Managing Partner of Arbor Ventures, similarly commented: Tokio Marine is a world-renowned leader that Arbor is proud to add as a strategic partner in building the future of FinTech / InsurTech. Arbor looks forward to building the next generation of transformational InsurTech startups together. About Tokio Marine Group Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions in 46 countries and regions worldwide. About Arbor Ventures Founded in 2013, Arbor Ventures is a global investment firm focused on companies that leverage advanced technologies such as artificial intelligence, cloud computing, composable service offerings and blockchain applications to facilitate, broaden or fundamentally change the way financial services are served, consumed, and managed. Arbor uses its global vantage point, extensive network and deep sector knowledge to identify key trends and partner closely with leading entrepreneurs to build transformational companies. Notable investments include Paidy, True Accord, Forter, Nomi Health, Tabby, Fundbox and HiBob.

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CORE INSURANCE

Integrity Expands Life Insurance Distribution by Partnering with Richman Insurance Agency

Integrity Marketing Group and Richman Insurance Agency | August 10, 2022

Integrity Marketing Group, LLC, a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has acquired Richman Insurance Agency, an insurance marketing organization ("IMO") based in Dallas, Texas. As part of the acquisition, Rob Richman, President of Richman Insurance Agency, will become a Managing Partner in Integrity. Financial terms of the acquisition were not disclosed. Richman Insurance Agency has quickly become an influential leader in the markets it serves. With more than a decade of experience in the insurance industry, Rob Richman understands how to provide fundamental agent training so his team can best meet client needs. He guides the company's fast-growing network of agents to success through a proven system of in-depth coaching and support. Richman Insurance Agency provides $15 million in mortgage protection, life insurance and final expense products to a wide range of consumers, serving more than 20,000 Americans annually. "A great business needs great leaders, and Rob has proven he has the attitude and passion to make an impact on this industry, His hard work and dedication have built his agency into the success it is today, and his well-trained team is now ready for the next step forward. Adding Integrity's resources and technology will accelerate Richman Insurance Agency's growth path, allowing them to reach more people while enhancing our efforts to serve the life, health and wealth needs of all Americans. We're proud to welcome Rob and his team to Integrity — I'm confident their biggest successes are ahead of them." -shared Bryan W. Adams, Co-Founder and CEO of Integrity At Richman Insurance Agency, we specialize in helping agents maximize their potential, Adding Integrity's world-class support and services to our team's commitment and work ethic creates the perfect combination to supercharge our business. Integrity is pioneering the future of life, health and wealth protection, and we want to be part of it. When we see the group of industry leaders Integrity has assembled, we can't help but be thrilled to join their ranks. We know we're just getting started with what we can achieve,explained Richman, President. Integrity helps Americans prepare for the good days ahead by partnering with industry leaders and icons who come together as peers to optimize insurance processes and financial services. Unified by their common goal of improving insurance and financial services experiences for everyone, members of Integrity's partner network learn from each other and collaborate to design strategies that better protect the life, health and wealth of consumers. Rob has always done his utmost to help his team fulfill their goals — it's what makes him the type of leader we're thrilled to partner with, Richman Insurance Agency is ready to take a big leap forward and grow faster and serve more people than ever before. Partnering with the best minds in the business and gaining access to Integrity's cutting-edge technology and resources will springboard their future success. Richman Insurance Agency will be a great addition to the Integrity family. We're grateful they've chosen to be part of our mission to help more Americans plan for the good days ahead,explained Shawn Meaike, President of Family First Life and Managing Partner at Integrity. To take full advantage of Integrity's partner benefits and agent resources, Richman Insurance Agency will utilize Integrity's vast infrastructure of business services. Partners can streamline administrative functions through centralized areas, such as People & Culture, Technology & Innovation, finance, legal and compliance, and world-class advertising and marketing. In addition, Integrity offers partners access to proprietary technology through its omnichannel insurtech platform. These comprehensive insurance and financial services offerings include valuable agent resources, such as product development, quoting and enrollment systems and customer relationship management software. All these benefits are further accentuated by Integrity's Employee Ownership Plan, which offers employees the exciting opportunity for meaningful company ownership. About Integrity Marketing Group Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its nationwide distribution network. Integrity's nearly 6,000 employees work with approximately 500,000 agents and advisors who serve more than 11 million clients annually. In 2022, Integrity will help carriers place almost $20 billion in new sales and oversee more than $30 billion of assets under management and advisement through its RIA and broker-dealer platforms. 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