Auto-Owners swoops for Capital Insurance Group

Insurancebusinessmag | May 29, 2019

Capital Insurance Group (CIG) has revealed that it is now a member of the Auto-Owners Insurance group of companies, after the acquisition was granted regulatory approval.CIG first entered into an agreement to be acquired by Auto-Owners in February. The transaction closing documents were signed earlier this week, a release said.Read more: Auto-Owners Insurance snaps up regional insurerA provider of customized and balanced coverage for commercial, personal, and agricultural lines, CIG has been in business since 1898. The insurer serves clients in California, Washington, Oregon, Nevada, and Arizona, working exclusively with independent agents.

Spotlight

 It would be imprudent, however, to suggest that change isn’t coming. If nothing else, the pandemic has brought about a whole new set of unexpected financial challenges – which means consumers are looking for more choice than ever before. This pandemic has also demonstrated the overarching value proposition of insurance. In turn, this means we’re seeing savvy agents broaden their targets, so they’re not only focused on the more affluent middle classes but instead finding creative and impactful ways to reach those largely underserved segments.

Spotlight

 It would be imprudent, however, to suggest that change isn’t coming. If nothing else, the pandemic has brought about a whole new set of unexpected financial challenges – which means consumers are looking for more choice than ever before. This pandemic has also demonstrated the overarching value proposition of insurance. In turn, this means we’re seeing savvy agents broaden their targets, so they’re not only focused on the more affluent middle classes but instead finding creative and impactful ways to reach those largely underserved segments.

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INSURANCE TECHNOLOGY

P&C Insurer Digital Investments Cannot Offset Rising Rates, Finds J.D.Power

P&C | May 30, 2022

Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year. Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.” Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power. The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project. Key findings of the 2022 studies are as follows: Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction. Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools. The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527. Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.

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CORE INSURANCE

BDA Participates in 60th Annual Florida Insurance Council Summer Symposium

BDA | July 25, 2022

The Bermuda Business Development Agency (BDA) is proud to support the 60th annual Florida Insurance Council (FIC) Summer Symposium on July 26-28, in Orlando, Florida. The FIC programme will include state legislators, the Office of Insurance Regulation and other industry speakers including BDA Chair, Stephen Weinstein and BDA CEO, David Hart. Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration." Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration. Today, Bermuda (re)insurers provide over 60% of the hurricane reinsurance in Florida, support efforts to reform and strengthen Florida’s insurance market, and invest in and share cutting edge science to boost hurricane resilience and promote mitigation. Over 30 years, the Bermuda and Florida markets have tackled many challenges together and shared many successes. We look forward to seeing so many business, legislative, and regulatory leaders in person over the course of FIC’s outstanding programme, and exploring the next cycle of growth in our partnership.” Mr. Hart said, “As a sixth generation Floridian, I have seen first-hand the benefits that Bermuda’s (re)insurance market offers Florida’s economy, and I am proud to represent Bermuda and the BDA at the FIC’s Summer Symposium. As we enter peak hurricane season, our Chair and I will highlight Bermuda’s continued value proposition as the world’s risk capital to the largest gathering of Florida’s domestic insurers. We thank FIC President, Cecil Pearce, for the speaking invitation and look forward to a large gathering of Florida-based companies and executives visiting us for our second annual Bermuda Risk Summit being held at the Hamilton Princess & Beach Club on March 6-8, 2023.” CONNECTING BUSINESS The BDA encourages direct investment and helps companies start up, re-locate, or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

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HEALTH INSURANCE

EquiTrust Life Partners with Sapiens on their Next Generation Digital Agent Experience

EquiTrust | June 24, 2022

Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that EquiTrust Life, a leading North American life and health insurance company, has selected Sapiens' award-winning suite of e-application, illustration and digital solutions to provide their agents next generation customer acquisition and service capabilities. Sapiens IllustrationPro, Sapiens ApplicationPro and Sapiens DigitalSuite support EquiTrust Life's key product offerings by providing comprehensive, new business illustrations with enhanced solutions for complex scenarios with split second calculations, and an interactive experience to reduce re-keying, resulting in fewer errors, faster time to decision and better engagement. Sapiens' simple, intuitive, device-agnostic user engagement with flexible branding and integrations enhances EquiTrust Life's partner experience. Leveraging Sapiens' toolkit, the solution provides self-sufficiency and reduces total cost of ownership. We were looking for one vendor to drive our digital transformation and accelerate innovation within our agent sales process. Innovation is a key pillar within EquiTrust Life, and we felt that Sapiens' digital tools would enable innovation much faster than any other competitor, while providing us industry insights and best practices, We administer financial products for retirees, and Sapiens' solution delivers a superior agent experience to market complex financial products that help protect our growing senior population." Carol Woodruff, Vice President, Information Systems with EquiTrust Life. We are very excited to partner with EquiTrust Life on their digital transformation journey, Sapiens not only provides a wide array of best-of-breed solutions, but we also truly understand our customers' operational goals and are committed to delivering best-in-class solutions, seamlessly to drive growth and deliver value. " Jamie Yoder, Sapiens North America President & General Manager. Sapiens IllustrationPro for Life & Annuities is a cloud-first, point-of-sale illustration and quoting solution, offering a fully responsive, modern, intuitive user experience for the life and annuities and health markets. Sapiens ApplicationPro is a robust electronic application software that helps carriers address critical business drivers, such as decreasing time–to–issue and reducing policy acquisition costs, all in an extremely intuitive and easy–to–use package. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience. The flexible, component-based platform can be leveraged together with Sapiens' core solutions or on top of other (non-Sapiens) solutions. About EquiTrust Life EquiTrust Life Insurance Company is a trusted provider of life insurance and annuity products with a strong track record of operating performance. EquiTrust is a national carrier of competitive, client-friendly options, available through various distribution channels including more than 15,700 independent sales representatives and independent marketing organizations. EquiTrust offers fixed-rate and indexed annuities and life insurance and is headquartered in Chicago with operations in West Des Moines. In June 2015, Magic Johnson Enterprises became the majority shareholder, making EquiTrust Life Insurance one of the largest minority-owned life insurance company in the history of the country at $25.7 billion in assets. About Sapiens Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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