Core Insurance, Insurance Technology
Business Wire | August 01, 2023
Franklin Mutual Insurance Group (FMI), a P&C insurance provider for residents and business owners in New Jersey and Pennsylvania, and Guidewire (NYSE: GWRE) announced that FMI successfully implemented Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, adapt more quickly to changing market demands, and deliver more value to its agents and policyholders. The company migrated InsuranceSuite from a self-managed environment to Guidewire Cloud simultaneously for all lines of business except Business Owner Policy (BOP), which is currently in implementation. Guidewire PartnerConnect Consulting Global Premier member PwC led the implementation project.
“Leveraging Guidewire in the cloud is a more economical way of using the technology,” said FMI Chief Technology Officer Steve Romanow. “While our business strategies and objectives haven’t changed, Guidewire Cloud is enabling us to execute them more quickly. We’re utilizing InsuranceSuite's full capabilities compared to a self-managed environment and staying current with Guidewire’s latest technology and innovation through regular Guidewire Cloud updates.”
Romanow added, “Thanks to Guidewire, PwC and CastleBay Consulting, we were able to conclude the implementation project on time and on budget. The overall efficiencies provided by Guidewire Cloud have allowed our staff to focus on delivering value to our agents and policyholders to grow our business.”
“We're proud to have helped Franklin Mutual Insurance facilitate this implementation to Guidewire Cloud,” said PwC Managing Director Jay Davidson. “The successful deployment wouldn't have been possible without the collaborative efforts of an exceptional team. This implementation reaffirms FMI’s commitment to both their customers and their business by providing enterprise agility and scalability for the future.”
“We congratulate Franklin Mutual Insurance on its successful cloud transformation through its InsuranceSuite migration to Guidewire Cloud,” said Guidewire Head of Services Michael Mahoney. “We’re excited to work with the company to help them continue their commitment to policyholders through dedication to a strong ethical culture, excellent customer service, consistency in the marketplace, and financial strength.”
FMI also migrated its self-managed installations of DataHub and InfoCenter onto Guidewire Cloud. The company is also leveraging SmartCOMM™ from Smart Communications for customer communications management. Guidewire is a reseller of Smart Communications, a Guidewire PartnerConnect Solution member.
About Franklin Mutual Insurance
Franklin Mutual Insurance is one of the most established and respected insurance companies in New Jersey. In business since 1879, FMI offers superior coverages to New Jersey residents and business owners, sold exclusively through professional independent agents. Rated A (Excellent) by A.M. Best, we have the financial strength and stability to protect our insureds and continue to grow our business. For more information, please visit https://www.fmiweb.com/site/.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
Risk Management, Intellectual Property
PRnewswire | July 24, 2023
Specialty Program Group LLC, (SPG), one of the most successful and fastest-growing specialty platforms, announced that it has acquired the assets of Agency Two Insurance Marketing Group, LLC (d/b/a AgencyONE), a nationally renowned Brokerage General Agency (BGA) specializing in empowering financial advisors to deliver responsible wealth and risk management solutions through insurance – Life, Annuities, Disability, and Long Term Care.
AgencyONE has established itself as a trusted partner to a select group of independent insurance advisors and wealth managers nationwide who focus on planning and implementing financial strategies using insurance-based solutions designed to help secure their clients' families and businesses. By offering full-service, highly personalized back-office support, AgencyONE enables advisors to prioritize the client experience while delivering tailored solutions for financial security and wealth transition.
By acquiring AgencyONE's operations, SPG builds upon its acquisition of the assets of Brokers' Service Marketing Group II LLC, now operating as a division of SPG (BSMG) and expands its life and annuity distribution network.The AgencyONE team, lead by principals Dennis C. Bartos, Gonzalo M. Garcia and Cathy Neifeld will join SPG.
"We're thrilled to join forces with AgencyONE - as we continue to build out a national BGA network of like-minded, leading firms - something truly unique in the life and annuity distribution space," said Jason Lea, CEO of BSMG and head of SPG's Life & Annuity strategy. Lea added that "Gonzalo and his team at AgencyONE are recognized industry leaders and innovators in the advanced markets and underwriting space. I'm excited to get to work with the AgencyONE team to build our shared vision for a differentiated life and annuity platform."
According to Garcia, "Over the past four years, AgencyONE has explored several partnership opportunities without finding a firm that met our business objectives or values. SPG's recent acquisition of Jason's team at BSMG caught our attention. This move allowed SPG an entrée into the wholesale distribution of life, long-term care, and disability insurance, as well as annuities. My partners and I recognized that SPG aligns perfectly with our business objectives and commitment to serving our advisors' advanced planning and underwriting needs. We are very confident about the future success of this partnership and the growth and expansion it will offer AgencyONE. We are excited to be a part of the SPG Team."
By combining the strengths of BSMG and AgencyONE, financial advisors will benefit from expanded resources, advanced planning techniques, and enhanced access to insurance-based solutions.
AgencyONE is a Brokerage General Agency (BGA) partnership with long-term industry experience. They are dedicated to collaborating with and empowering financial advisors to deliver responsible and holistic wealth and risk management solutions using insurance-based planning and high-level carrier relationships. By providing full-service back-office support including customized advanced planning strategies and case design, highly skilled medical underwriting, and personalized case management, AgencyONE enables advisors to focus on delivering extraordinary client experiences while ensuring financial security and orderly wealth transition. For more information, visit agencyone.net
About Brokers' Service Marketing Group (BSMG)
For over 50 years, the BSMG operations have delivered uncompromising support and service to top producers in Life, Annuity, and Long-Term Care Insurance. BSMG maintains a long-standing and well-earned reputation for excellence in providing exceptional guidance to financial service professionals and financial institutions. For more information, please visit bsmg.net
About Specialty Program Group
Specialty Program Group LLC (SPG) is a leading specialty platform headquartered in Chicago, IL, with a diverse portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. SPG has a track record of scaling industry leading businesses by providing access to business resources, technology and process efficiency, capital and investment, deep carrier relationships, and a broad distribution network. Visit specialtyprogramgroup.com to learn more about how SPG can help you scale your specialty business.
Core Insurance, Life Insurance
PRnewswire | July 12, 2023
Fortegra Specialty Insurance Company ("FSIC"), a subsidiary of The Fortegra Group, Inc. ("Fortegra") and Rockwood Programs, Inc. ("Rockwood") today announced the development of management and professional liability insurance products customized to address the unique liability exposures faced by financial institutions. Mortgage bankers/brokers, auto lenders, asset-based lenders, community development funds, and similar entities are also eligible for coverage. The comprehensive solution is being offered under the Bankers Defender brand name.
"The dynamic nature of our nation's economy can have an adverse impact on the banking industry," said William Hess, Vice President of Rockwood's Financial Institution Division. "Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental regulations or seemingly unrelated socio-political events. The resulting scrutiny brought by the various state and federal regulatory agencies can make it difficult for the banks to secure vital insurance."
Bankers Defender coverage offers liability limits of up to $5,000,000 on all lines except Employment Practices ($2,000,000 maximum), and financial institution crime bonds are also available. Management and professional liability products include Directors & Officers, Errors & Omissions, Employment Practices, and Lender Liability, among others.
"Through Bankers Defender, we proactively examine exposure areas and offer policyholders additional support alongside their insurance policies, including risk mitigation practices to avoid losses, claim advocacy, and legal assistance through Wilson Elser, an internationally recognized law firm with a reputation for providing an advocacy defense for its clients," said Glenn W. Clark, CPCU, President of Rockwood Programs. With this strategic approach, policyholders are getting the expertise of three entities with decades of experience in this particular class."
Cooper Wallach, Vice President of Specialty Products and Programs at Fortegra, said: "In all our partnerships, we seek to pair innovation with expertise. The combination of experienced underwriters, advocacy defense, dedicated claims response team, and loss prevention tactics, will position our policyholders for long-term success."
For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and non-admitted insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.
About Rockwood Programs, Inc.
Rockwood Program Administrators is a full service Managing General Agency licensed in all 50 states. Its wholesale brokerage division, Rockwood Specialty, assists retail agents in finding markets for unique or hard-to-place management liability risks. Its Rockwood Insurance Solutions division provides innovative thinking and counsel to insurance entities seeking to grow and expand their business operations. Since 1996, the company has been committed to protecting its partners. For more information about our offerings, please visit: www.rockwoodinsurance.com.