AXA XL introduces captive practice in Canada, names head of new business

AXA XL | September 10, 2019

AXA XL is launching a local captive practice in Canada, and has appointed a leader for the business. Alonso Y. Tello has been chosen to serve as vice-president of the captives and alternative solutions business in the country. Tello will oversee the continued growth of AXA XL’s captive business in Canada, providing technical support across business lines in structuring global captive programs. He will also ensure global programs are in compliance and following best practices, and will work with AXA XL’s clients and broking partners to create new captive products.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Coterie Insurance Joins Vertaforce’s Automated Commercial Submissions

Coterie Insurance and Vertaforce | January 11, 2023

On January 10, 2023, Coterie Insurance officially launched Vertafore's award-winning Commercial SubmissionsTM platform, which handles business owner’s policies (BOP) and general liability policies. Coterie, the platform's first MGA, will make it easier for independent brokers to bind and quote small commercial insurance. The time-consuming process of quoting small business insurance lines has been made simpler using Commercial Submissions by independent agencies since it became available last spring. The platform's automated data entry tasks and connectivity with carriers have produced significant results for independent agents, enabling them to offer their business clients a better experience. Coterie's mission and goals, which focus on revitalizing the business through digital tools, are entirely consistent with those of Commercial Submissions. Using Coterie, agencies will have access to Commercial Submissions and be open to a wider variety of specialized commercial alternatives. Becky Monfre, Coterie's Director of Digital Partnerships, said, "We are excited to engage with Vertafore's vast network of agents on the Commercial Submissions platform and offer our BOP and general liability quotes to their agents. She further added, "Coterie is uniquely positioned on the platform to offer bindable quotes with minimal questions, as a fully digitally underwritten insurance product. This puts a quote in the agent's hand to present to their clients within minutes, offering unique products and coverage in all 50 states." (Source: Cision PRnewswire) "We are thrilled to welcome Coterie Insurance to Commercial Submissions and to further increase connectivity across the entire insurance distribution channel. Coterie's addition expands access to their policy solutions and adds to the platform's momentum, providing participating agents with another communicative, world-class partner who can help them quickly match customers with the product options that are right for them," said James Thom, Chief Product Officer at Vertafore. (Source: CisionPRnewswire) About Coterie Insurance Coterie Insurance helps in getting quotes and buying insurance. Small businesses can get the services they need through their website, through an independent agent, or with help from the company's support team. The company, which started operations in 2018, has its main office in Cincinnati (Ohio). About Vertafore Founded in 1969, Vertafore is modernizing and streamlining the insurance life cycle and helping its customers prioritize what's truly important to them. As a result, independent agencies, MGAs, and carriers can increase efficiency, productivity, and profitability with the help of Vertafore's solutions. It provides end-to-end connectivity across the distribution channel, enhances the client and agent experience, unlocks data's power, and streamlines essential workflows.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Socotra Focuses on European Expansion with Its Global Growth Strategy

Socotra | February 23, 2023

Socotra, an insurance solutions provider, has recently announced a vast market expansion in Europe, having the primary drive in the United Kingdom, France and DACH. This expansion is supported by API-driven cloud-first technology, accelerating demand generation and insurers’ speed-to-market at a low expanse. It has achieved strong growth in 2022 with about 75% customer growth, approximately 71% revenue increase and over 117% YoY increase in policies on SaaS managed platform. Its clients, like MS Amlin and AXA, are increasing significantly, and API-driven cloud-first technologies are required. These technologies would enhance product launches and flexibility and decrease IT expenditures. Its solution, Socotra Connected Core, offers insurers the authority and flexibility to launch any insurance product through any chosen distribution channel. Moreover, these products can efficiently be distributed to even local places around the world, adhering to the rules and the currency of that place with the details of date and address formats. Its other solution, Socotra App MarketPlace, provides instant access to the software and insurance data providers with a click-to-run experience for all its customers without additional cost. Founder and CEO of Socotra, Dan Woods, said, “Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere.” He added, “We are greatly increasing our investments in Europe and hiring top talent on the ground. Our major push into the UK and European Union continues our commitment to helping insurers thrive around the world. Our first customer in Europe was in 2017, and since then we’ve made steady progress throughout Europe. We are seeing increasing demand for technologies like Socotra that are fast, flexible, cost-effective, and mature.” (Source – Business Wire) About Socotra Headquartered in San Francisco, California, Socotra, a software development company, has provided solutions for the insurance sector since 2014. Working with global insurers, it has modified their technology for innovative products and business growth. It gives insurers an advanced enterprise-grade core system for the rapid development and distribution of insurance products, enhancing their customer services. It accelerates operational speed and flexibility and provides more control to the insurer over their businesses. Its complete insurance solutions improve product development, customer experiences and cost-effectiveness for global insurers and insurtech MGAs.

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INSURANCE TECHNOLOGY

Risk Strategies Acquires Bullen Insurance Group for Enhancement

Risk Strategies | February 14, 2023

On February 13, 2023, Risk Strategies, a national specialty insurance, risk management and consulting firm, announced its acquisition of Bullen Insurance Group, bringing the expertise and services for the specialized needs of high-net-worth individuals and families. Bullen Insurance Group is a specialty insurance brokerage and risk management firm designed for the insurance needs of successful family offices and businesses, individuals, and families, protecting valuable assets and property worldwide. In addition, it customizes insurance programs, addressing the complex risks of properties like automobiles, yachts, aircraft, and art collections exposed to natural disasters. With a personalized service approach, it has been helping industries, financial institutions, historic properties, and non-profit organizations, developing trust and loyalty for generations of clients and renowned commercial businesses. National practice leader for Private Client Services at Risk Strategies, Alison Murphy, said, "Effectively addressing the many complex risks faced by highly successful individuals and families requires deep expertise and dedicated specialization." She added, "Bullen Insurance Group has a well-earned, long-established reputation for excellence in serving high-net-worth clients and this provides us with a unique opportunity to expand our high-net-worth practice in a key market. I'm thrilled to welcome Matt and his team to Risk Strategies." (Source – Globe Newswire) President and CEO Matthew C. Fox said, "Given the firm's long history, and the trust our clients place in our service and knowledge, we wanted to be sure we were choosing the right partner to scale and perpetuate our business." He added, "The quality of the people and the operational platform we saw at Risk Strategies and their specialist approach to client service and collaboration gave us great confidence that we have found a partner that is aligned with our vision and will support our unwavering commitment to our clients." (Source – Globe Newswire) About Risk Strategies Risk Strategies, an insurance service provider, has been offering financial benefits and protecting assets since 1997. It is a privately held National Specialty Insurance Brokerage and Risk Management Advisor, minimizing liabilities of its assets. Headquartered in Boston, it is one of the oldest firms in the private equity industry, investing in the insurance sector and offering financial benefits, compensations, and employment. It provides solutions in specialty insurance, brokerage, private clients, transportation, surety, captives, group benefits, risk management, high-net-worth, employee benefits, property, and casualty.

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