Appian Unveiled Appian Connected Claims to Reduce Operational Complexity of Insurance Claims

Cision PR Newswire | October 15, 2020

As part of today's AppianEUROPE20 virtual conference, Appian unveiled Appian Connected Claims for insurers. The suite of integrated, modular applications is designed to reduce the operational complexity of insurance claims with a configurable approach that delivers real-time, full visibility into the claims lifecycle. Appian Connected Claims enables insurers to unify data from their existing claims systems and databases (without migrating the data) to create a single 360-degree view of the customer and the claim. This new visibility addresses gaps and inefficiencies in their current claims processes. The result is faster claims settlement, and a superior customer experience, while reducing the cost of claims processing and accelerating time to close.

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Are you prepared for the risks and liability of extreme weather and ESG obligations? Businesses need to assess various factors of climate and sustainability risks to navigate them effectively. Watch the video and learn more about our framework.

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CORE INSURANCE,RISK MANAGEMENT

Betterview Announces Partnership with Risk Innovator JMI Reports

Betterview and JMI Reports | December 01, 2022

Betterview, the company leading P&C insurers rely on to identify and manage real property risk, today announced a partnership with JMI Reports, one of the largest providers of onsite property data to the insurance industry. Products from JMI Reports are now available on the Betterview Property Intelligence & Risk Management Platform, allowing users to optimize inspection efficiency in a single, intuitive user interface (UI). The innovative tools from JMI Reports allow insurers to understand, prioritize and act upon risks to predict and prevent future loss. One of these is QuickVUE, a self-inspection tool that empowers insurers to thoroughly understand property risk without consuming overwhelming amounts of data. Additionally, reliable inspection data from on-the-ground physical inspections is available on the Betterview platform. Using this integration, insurance companies can filter properties based on which require a physical inspection and which ones can be fast-tracked as solid risks. “The solutions from Betterview and JMI Reports are strengthened by synthesizing them within a single platform, Customers can work with their policyholders to get rapid, accurate views of real property risk. They can then consume that information directly within our platform, gaining an immediate and actionable view of every property in their book, and flagging those that need more attention. Any insurer that uses Betterview and JMI together will see great improvements in inspection efficiency, which should translate to an improved expense ratio as well.” -Betterview co-founder and chief operations officer, Dave Tobias JMI Reports also believes that the two companies are ideal partners. Both Betterview and JMI are in the business of understanding risk and helping insurers work better with their insured, Ultimately, we want to turn underwriters and agents into insurance heroes. By integrating QuickVUE and other inspection tools directly in the Betterview platform, I believe we are taking a positive step towards that goal,says Nathan Clark, president and CEO at JMI Reports. About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. About JMI Reports: JMI Reports is a risk innovator providing property profiles and data insights to improve efficiencies and profitability for insurance carriers and MGAs. For more than 30 years, our mission has remained the same: to protect your blindside by listening to your needs and delivering actionable, forward-thinking, and cost-saving solutions that make a difference.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Vouch Acquires Level to Underwrite Complex Insurance Policies

Vouch | January 12, 2023

Vouch, an insurance company trying to change the way business insurance works for the tech industry, informed on January 11, 2023, that it acquired the lending startup Level and its team of engineers. The lending startup has created a tech-driven underwriting process for early-stage fintech startups. This makes the process of getting financing faster and easier than it used to be. Sam Hodges, CEO and Co-Founder of Vouch, stated, "Level's unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies." He further expressed, "The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company. We're thrilled to bring the Level team on board." (Source: PR Newswire) Post this acquisition, Vouch will be able to underwrite and support complicated insurance policies with the help of the Level team, who are experts in developing rapid and efficient underwriting systems. "Joining the Vouch team was an easy decision for us," said Vladimir Korshin and Asa Schachar. They continued, "We were impressed by Sam and the team's pace of development within this exciting market opportunity and look forward to contributing our expertise to the company's growth." (Source: PR Newswire) Meanwhile, the details of the transaction were kept confidential. About Vouch Located in San Francisco and Chicago, Vouch Insurance is a new way for startups to get insurance. Its fully digital coverage, which only takes minutes to activate, was made by founders for founders. The company is trusted by the biggest names in the startup economy, like Y Combinator and Silicon Valley Bank. These companies work with Vouch because everything from onboarding to claims is made for startups by experienced founders. Vouch works with its clients to manage, reduce, and avoid risks because it is an insurance platform, not a broker. The company's founders have built and backed high-growth companies like FundingCircle and Root Insurance, while its team of technologists and risk experts comes from places like SVB Capital, NerdWallet, Travelers Insurance, Nationwide Insurance, Lyft, Google, and more.

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CORE INSURANCE,RISK MANAGEMENT

Arthur J. Gallagher & Co. Announces Agreement To Acquire Buck

Arthur J. Gallagher & Co. | December 21, 2022

Arthur J. Gallagher & Co. (NYSE: AJG) today announced an agreement to acquire the partnership interests of BCHR Holdings, L.P., dba Buck. The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals. Buck is a leading provider of retirement, HR and employee benefits consulting and administration services. The organization has a long history, dating back more than 100 years, with a diverse client base by both size and industry. With over 2,300 employees, including more than 220 credentialed actuaries, Buck primarily serves customers throughout the US, Canada and the UK. "Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services' mission and our global Gallagher Better Works value proposition, Through the complementary strengths of Buck's defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals." -J. Patrick Gallagher, Jr., Chairman, President and CEO Benefits of the acquisition are expected to include: Expanding Gallagher's value proposition within retirement, benefits & HR consulting, administration, and technology Enhancing and deepening Gallagher's broad suite of professional services including: defined benefits consulting, plan administration, defined contribution and executive benefit consulting, investment consulting, benefits strategy, compliance, employee engagement consulting and total rewards optimization Adding "bSuite," a leading, proprietary software platform for benefits administration and employee engagement Potential cross-selling opportunities across current benefits and property & casualty clients Combining similar sales cultures, both focused on outstanding client service, employee engagement and innovation Deepening the employee benefits management team. Financial Terms Under the agreement, Gallagher will acquire the partnership interests of BCHR Holdings, L.P. and its subsidiaries, for a gross consideration of $660 million or approximately $585 million net of agreed seller funded expenses and net working capital. Gallagher expects to fund the transaction via free cash flow and short-term borrowings. The transaction is estimated to be approximately 2% accretive to adjusted diluted earnings per share over the trailing twelve month period ended September 30, 2022, assuming expense synergies discussed below. Prior to expected expense synergies of approximately $20 million, Buck's pro forma adjusted trailing twelve month revenues and EBITDAC ending September 30, 2022 were approximately $280 million and $34 million, respectively. Including synergies, the purchase multiple is approximately 10.8x of trailing twelve month September 30, 2022 pro forma adjusted EBITDAC, or 13.1x including expected integration expense of approximately $125 million. About Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

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