Hub International Limited | November 08, 2021
Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Calculated Risk Advisors, LLC (Calculated Risk Advisors). Terms of the transaction were not disclosed.
Located in Chicago, Illinois, Calculated Risk Advisors is a boutique risk consulting firm and professional liability insurance brokerage, which supports its clients on alternative risks, complex insurance and errors and omissions. Tom Firestine, Managing Principal, and the Calculated Risk Advisors team will join Hub Midwest West.
About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.
OneShield Software | November 15, 2021
Striving to provide cost-effective insurance and a great member experience, Southern States Insurance Exchange ("The Exchange") has chosen OneShield Software's (www.OneShield.com) SaaS offering, OneShield Market Solutions, to replace its legacy policy management system.
The Exchange seeks to transform its process and delivery platform to provide superior service with greater efficiency to its members and plans to implement OneShield's policy, billing, claims and reporting to support their commercial lines product portfolio, including general liability, commercial auto, inland marine, workers' compensation, and the AAIS Commercial Output Program.
"Our members look to The Exchange for comprehensive insurance and risk transfer solutions to protect their agricultural businesses. OneShield's successful track record with digital transformation for regional commercial lines providers made them the clear choice in our technology vendor search."
- John Madden, President of The Exchange.
OneShield's SaaS offering provides end-to-end policy management (quoting, binding, and servicing), billing (invoicing through to payment), and claims administration (first notice of loss through to payment), including document management, reporting, and analysis. This approach delivers rapid implementation while allowing for customization to address the unique needs of regional commercial insurers within an all-in-one pricing model.
"OneShield is excited to partner with The Exchange. This win reflects the advantage we offer insurers – cost-effective SaaS that addresses current requirements while ensuring the technology will be responsive as their needs change."
- OneShield Chief Revenue Officer Liza Smith.
About OneShield Software
OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, our portfolio of standalone, subscription, and As-a-Service products include enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, OneShield has 70+ products in production across P&C and specialty insurance markets.
About Southern States Insurance Exchange (The Exchange)
The Exchange is a reciprocal insurance company that provides Property & Casualty Insurance and risk management solutions to its Ag-Industry members. Operating in 11 states, The Exchange has been insuring agribusiness since 1953.
DXC TECHNOLOGY | August 20, 2021
Mosaic Insurance and DXC Technology today announced the successful launch of an innovative new insurance technology platform that increases the speed at which specialty insurance is sold, underwritten and serviced. Together with DXC’s business-process expertise and technology, Mosaic, a next-generation global specialty insurer, will refine underwriting, simplify transactions, and process claims and assess risks faster. Mosaic also streamlines end-to-end processing and provides real-time access to data.
“Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage”
“Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage,” said Mitch Blaser, Mosaic’s Co-Founder and Co-CEO. “This open platform also delivers the benefit of leveraging the latest technology that’s very modular. You can look at what’s available in the market, put it on your platform because it suits your needs, and modify it easily. Overall, this allows for better decision-making and lower expense ratios.”
Combining Mosaic’s IP, expertise, and proprietary workflows with DXC’s best-in-class technology, the platform differentiates Mosaic from competitors through use of disruptive technologies, including analytics and artificial intelligence (AI). The platform is 100-percent cloud native, supporting Mosaic’s tenet of an open architecture and Lloyd’s of London’s vision for “data-first” and “automation everywhere.” Mosaic’s structural centerpiece is Syndicate 1609 at Lloyd’s - the world’s leading insurance market, providing specialist services to businesses in more than 200 countries and territories.
The new platform automates interactions throughout the risk life cycle with:
Machine-learning algorithms and natural-language processing that enhance underwriting in Mosaic’s highly technical product lines, including transactional liability, political violence, political risk, financial institutions, professional liability and cybersecurity
Blockchain (distributed ledger technology) infrastructure that provides transparent and instantaneous sharing of data across the platform among brokers, syndicated capital partners, reinsurers and regulators, Data transparency, open interfaces, robotics and AI that cut costs and streamline processes, including regulatory complexities required to operate a syndicate at Lloyd’s .“DXC is excited to play a critical role in launching Mosaic’s game-changing approach to specialty insurance,” said David Swift, President, Insurance and Business Process Outsourcing, DXC Technology. “Our relationship with Mosaic provides DXC with a unique opportunity to flexibly harness the capabilities of our offerings across the entire Enterprise Technology Stack and demonstrate how we are helping innovative enterprises succeed in the marketplace.”
Significantly, Mosaic’s platform, delivered by DXC, will be at the forefront of using DXC-developed application programming interfaces (APIs) integrated with Lloyd’s—allowing systems to exchange data sources for claims processing and seamless receipt of submissions from multiple broker partners. The architecture creates a digital ecosystem offering customers faster coverage and claims payments.
“Our patent-pending insurtech operating model addresses key frailties in the market today,” said Mosaic’s COO Krishnan Ethirajan. “The platform enables a seamless interaction with broker partners for electronic placements, algorithms for risk selection, triaging, pricing, and claims settlement across our highly-specialized lines.”
About DXC Technology
DXC Technology helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services across the Enterprise Technology Stack to drive new levels of performance, competitiveness, and customer experience.
Mosaic is a next-generation global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world.