Apollo Insurance partners with CHES Special Risk

Apollo Insurance | July 12, 2019

Apollo Insurance has struck a partnership with independent insurance provider CHES Special Risk. Through the partnership, CHES Special Risk will offer its logging truck insurance on the Apollo Exchange. As with any product offered on the exchange, the entire process – from quoting, binding coverage, and issuing of policy documents – is transacted online. Brokers and insurers are also paid in real time the moment the policy is bound. CHES Special Risk, established 2004, is a managing general agent and wholesale broker. In 2009, it became a fully accredited Lloyd’s cover holder. “At Apollo, we believe in empowering the broker channel,” said Apollo CEO Jeff McCann. “With this product from our partners at CHES Special Risk, our broker users can spend less time on paperwork and more time building relationships.”

Spotlight

BCG’s Insurance Global Leader Pia Tischhauser discusses innovation in the South East Asia insurance market with Managing Director and Partner Prae Dumrongmongcolgul in Bangkok. Prae explains that many insurers in South East Asia are now focusing on putting the customer at the center. They are also using technologies such as AI and IOT to disrupt their traditional models and become more efficient. Filmed as part of the Pia Tischhauser on the Road series.

Spotlight

BCG’s Insurance Global Leader Pia Tischhauser discusses innovation in the South East Asia insurance market with Managing Director and Partner Prae Dumrongmongcolgul in Bangkok. Prae explains that many insurers in South East Asia are now focusing on putting the customer at the center. They are also using technologies such as AI and IOT to disrupt their traditional models and become more efficient. Filmed as part of the Pia Tischhauser on the Road series.

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RISK MANAGEMENT

USI Insurance Services Acquires Venneberg Insurance

USI | December 14, 2020

USI Insurance Services ("USI"), a world chief in risk management, employee benefit and retirement consulting, today reported the securing of Sitka, Alaska-based Venneberg Insurance. Established in 1984, Venneberg Insurance is a free risk management and insurance organization serving businesses and people all through Southeast Alaska. The entirety of the organization's employees, including Mike Venneberg, proprietor and head, will join USI. Terms of the exchange were not revealed. Commenting on the announcement, Mike Venneberg stated: “For more than 35 years, our experienced and dedicated staff have established a strong reputation for meeting the unique and diverse risk management and insurance needs of families and businesses throughout Southeast Alaska. By joining forces with USI, our valued clients will continue to work with the local team of experts they’ve come to know and trust, in addition to gaining access to USI’s best-in-class resources and solutions.” Chris Prentice, USI regional CEO, added: “We are thrilled to welcome Mike and the talented professionals from Venneberg Insurance to the USI family. By partnering as one, we look forward to delivering an unmatched level of service and expertise for our current and future clients throughout Alaska by leveraging the USI ONE Advantage®, a proprietary platform integrating analytics, networked resources and strategic planning to deliver customized solutions with economic impact for clients.” About USI USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities.

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INSURANCE TECHNOLOGY

Transverse Insurance Group Chooses Cloverleaf Analytics for BI Solutions

Transverse Insurance Group, Cloverleaf Analytics | December 10, 2020

Cloverleaf Analytics, an insurance-prepared, enterprise business intelligence (BI) and analytics solution provider, is pleased to announce Transverse Insurance Group (Transverse) has selected the Cloverleaf business intelligence (BI) solution. Princeton, New Jersey-based Transverse is a property and casualty (P&C) insurance company specializing in program business and providing an expansive scope of commercial and personal lines products through partnerships with program managers and reinsurers. Launched in 2018, Transverse provides conceded and non-conceded solutions and actively collaborates in all phases of program organization by drawing in a group of insurance professionals with different backgrounds of technical abilities including endorsing, product development, actuarial and financial examination, compliance, and claims organization. “You can’t manage what you can’t see,” said Robert Zerafa, COO for Transverse. “It seems simple to say, but to compete and to continue adding unique value to our customers in the best way we possibly can, we needed access to more information. The Cloverleaf implementation will give us insights into opportunities within our existing book of business, help steer us away from unnecessary exposures, deliver cost savings through recommendations for operational efficiencies, and provide direction for development of new products which may be advantageous to our current and potential customers.” New challenges presented by the human, economic, and political chaos of the worldwide Coronavirus pandemic face all guarantors today. Cloverleaf's comprehensive BI solution provides access to constant analytics for discovering patterns and bits of knowledge across the whole enterprise and empowering proactive business decisions that would not in any case be possible. Customers can jump start more educated decision-production processes, ramp up new business, and understand a quick quantifiable profit (ROI) utilizing Cloverleaf's natural interface to access up-to-the-minute pattern examination, 100+ pre-assembled reports, dashboards, alarms and much more. “We are literally finding new ways of accessing and interpreting data for our insurance company clients every day,” said Robert Clark, president of Cloverleaf Analytics. “We look forward to working closely with our new friends at Transverse in the months and years to come.” About Cloverleaf Analytics Cloverleaf Analytics (Cloverleaf) delivers a comprehensive business intelligence (BI) solution which reduces risk and improves profitability and performance for P&C insurance companies. Cloverleaf consolidates enterprise data for real-time analytics and visualizations which drive underwriting efficiency, claims optimization, and better enterprise performance management through pre-built and ad hoc reporting capabilities. About Transverse Insurance Group Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA and reinsurance markets with offices in New York, New Jersey and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. Solutions oriented carrier providing multi-lines of business with risk management, underwriting, claims, reinsurance and compliance to fit the objectives of their partners.

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INSURANCE TECHNOLOGY

Groundspeed and Unqork Form Strategic Alliance

Groundspeed | June 25, 2021

Groundspeed, a leading provider of SaaS-based smart submission and analytics solutions to the property and casualty insurance sector, and Unqork, the leading enterprise no-code platform, have announced a strategic collaboration and integrated offering to commercial insurance firms. Combining two solutions enables carriers to enhance risk selection, reduce time-to-quote, and better serve their customers, all while significantly improving and accelerating their return on investment. Groundspeed is changing the way carriers, brokers, and others use data to improve underwriting outcomes, save costs, and offer better service. Today, one of the essential parts of the underwriting process is assessing submission papers, and existing techniques do not use the value contained in these documents. Groundspeed enables carriers to get deeper insights from data that was previously trapped in unstructured submissions. Its artificial intelligence Rapid Data Pipeline transforms commercial insurance documents, including emails, applications, loss runs, and exposure schedules, into enhanced structured data that can be utilized for underwriting, pre-fill, and analytics. Unqork's no-code visual platform enables companies to create mission-critical apps that can manage the complexity, scalability, and security demands of contemporary businesses – all without writing a single line of code. Compared to coding techniques, insurers can bring solutions to market at least three times quicker and at a third of the cost by using Unqork's pure no-code platform. Unqork's no-code method also results in 600x fewer defects than code-based solutions, allowing for higher-quality apps with considerably less future maintenance. Groundspeed was recognized to FinTech Global's InsurTech 100 for the second year in a row, a select group of industry pioneers in digital transformation. The InsurTech 100 recognizes "innovative use of technology to address a major industry issue, or to create cost savings or efficiency gains across the insurance value chain." About Groundspeed Analytics Groundspeed Analytics is a major supplier of commercial P&C sector SaaS-delivered submission and placement solutions. Insurance carriers and brokers may automate the ingestion and enrichment of information in unstructured submission documents by using Groundspeed's API, the company's enterprise data pipeline solution. API access is provided for Groundspeed's complete solutions. About Unqork Unqork is the industry's first no-code enterprise application platform, allowing big organizations to develop, deploy, and manage sophisticated applications without writing a single line of code. Organizations such as Goldman Sachs, Liberty Mutual, New York, Chicago, and Washington, DC, and Maimonides Medical Center use Unqork's drag-and-drop interface to develop enterprise applications quicker, with better quality, and at a cheaper cost than traditional methods.

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