INSURANCE TECHNOLOGY
-Crawford & Company | August 24, 2021
Crawford & Company, the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations, has acquired edjuster, a technology-driven field and desktop contents claims handling solutions company.
edjuster is the established leader in contents services with 20 years of recognized experience in both the U.S. and Canada. This solution operates on a proprietary contents management platform that offers a full-featured, easy-to-use contents inventory and valuation solution for both high severity complex claims and high-volume, small claims. The acquisition of edjuster adds a digital component to Crawford’s existing contents valuation service, expands Crawford’s current capabilities in North America and supports its purpose to restore and enhance lives, businesses and communities.
According to Pat Van Bakel, president, Loss Adjusting, North America, “This combination will bring together Crawford’s global reach and expansive services with edjuster’s digital capabilities and niche expertise. We are excited to join forces with this established and expanding company. Their proven execution capability, strong client relationships, solid technology platform and scalable operating model will allow us to offer more robust digital services to Crawford customers.”
“This acquisition is a tremendous fit for edjuster given the synergies between our organizations. The opportunity to become part of a much larger claims operation covering all of North America provides invaluable expertise to the Crawford suite of services and adds enormous depth and flexibility to our existing capabilities both in the field and behind the desk,” said Andy Williams, edjuster’s chief executive officer.
Crawford Chief Executive Officer, Rohit Verma added, “At Crawford, we have a relentless pursuit of service excellence, and edjuster’s ability to combine technology and people takes us one step closer to our goal to reimagine the claims ecosystem. Additionally, this combination will help us achieve our envisioned future and brand promise, making Crawford the embedded partner of choice in the insurance industry.”
About Crawford®
Based in Atlanta, Crawford & Company is the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75 percent of CRD-A, voting as a class.
Read More
INSURANCE TECHNOLOGY
Synchrono Group, CodeEast Digital | December 16, 2020
Synchrono Group Inc. an Insurtech Managing Underwriter having some expertise in 'Property/Casualty and Workers Compensation for the Gig Economy' and 'Small Commercial Insurance Risks' has collaborated with CodeEast and will utilize their Digital Platform for the organization of Commercial Property/Casualty insurance items across the USA.
Steve Hartman, Chairman and CEO of Synchrono Group, says "As an Insuretech Managing Underwriter which leverages data and technology to deliver custom insurance products, we need systems that are fast, flexible, and capable of integrating seamlessly around micro-services. Getting the right tech partner and software platform in place for our products is a key element of this plan. We chose CodeEast's ONEview Digital Insurance Platform because it provides us with the flexibility, the self-service facilities for Policyholders, Agents and Brokers, the delivery speed and the automation capability we require to deliver our strategy. For our first product in this environment, we went live with ONEview in less than three months and in the middle of a Pandemic! The system has the state-of-the-art capabilities required to seamlessly integrate through REST API's with our proprietary technology stack, including our user interface, our underwriting algorithms and our API data engine and predictive tools. These integrations allow us to offer a market-leading response time that effectively positions us with the capability to underwrite, quote, bind and issue policies in a matter of minutes rather than the hours and days common to most of our competitors."
"Time is money for us, and our Agents, Brokers and small business customers. The ability to get the insurance underwritten and issued in a matter of minutes frees up, for all of our stakeholder's, additional time to focus on revenue creation for their businesses. The Digital Capabilities embedded in the ONEview platform enable this transformation and, increasingly, these Digital Capabilities are becoming the new normal. The ONEview system Digital Capability enables both a fast customer experience and full scalable digital integration for both admitted and non-admitted insurance," stated Steve Hartman.
Aidan Brogan, CCO of CodeEast, said "We are excited to sign a five-year partnership with SynchronoSure®. The selection of our ONEview system is a strong validation of the flexibility and agility of our cloud-native platform, and with its inherent capabilities for Producer Management, Environment Control, Data Use, and the ability to support regulatory regimes in all states for commercial insurance, we think ONEview creates sustainable advantages for our customers. The digital transformation of the insurance industry is starting to gain momentum and will accelerate at pace. I look forward to growing our business in the USA".
About SynchronoSure®
Synchrono Group Inc doing business as SynchronoSure® is headquartered in Raleigh, North Carolina. As an Insurtech Managing Underwriter, SynchronoSure® built to leverage artificial intelligence and a state-of-the-art technology base, SynchronoSure® specializes in underwriting property/casualty, and workers compensation products for the gig economy and small businesses in the U.S.
About CodeEast
CodeEast, a software company headquartered in Dublin, Ireland, provides a Digital Insurance Platform for the SMART Automation of Insurance companies. The CodeEast ONEview platform is a state-of-the-art, AI-enabled, cloud-native solution for the automated sales, distribution and administration of insurance products.
Read More
INSURANCE TECHNOLOGY
Johnson & Johnson | June 07, 2022
By acquiring the assets of Midlands Management Corporation's Wholesale Brokerage & Binding and Managing General Underwriting businesses, Johnson & Johnson will expand its footprint into Texas and Oklahoma. Safety National Casualty Corporation's subsidiary Midlands is a completely owned subsidiary of Safety National Casualty Corporation.
The transaction is expected to close on April 29, 2022, according to the parties. Midlands' WB&B and MGU units, which were founded in 1990, specialize in specialized lines of coverage for both personal and commercial lines of business, both admitted and non-admitted E&S. These units, which are led by an experienced management team, contain underwriting and operating teams with extensive product knowledge and service skills.
Midlands' MGU unit serves as an underwriting manager for several insurance companies, specializing in ICOA insurance, Texas Non-Subscriber insurance, and other similar insurance products. For small-to-mid-sized commercial businesses and people, the WB&B segment provides admitted and non-admitted general, commercial, and personal property and casualty products. Johnson & Johnson, situated in Charleston, South Carolina, is a fourth-generation, family-owned Managing General Agency.
Johnson & Johnson has a long history of offering outstanding service and products to Independent Agencies while keeping a family culture, having been founded in 1930. In Texas and Oklahoma, Johnson & Johnson will offer a diverse range of first-class products and services to agencies and insureds.
This acquisition by Johnson & Johnson, a leading specialist in related businesses, will accelerate the growth in revenue and profitability of these business units and provide greater professional development and career advancement opportunities for the employees in these divisions. All Midlands' business outside of these units, including excess workers' compensation and related primary workers' compensation, specialty programs and claims administration, are not part of the transaction and will continue to operate under the Midlands name as a Safety National entity."
Duane Hercules, President of Safety National.
Adding the Midlands Management Corporation Team and their agency network to Johnson & Johnson will provide us with a terrific group of employees and agencies which will enhance our 'service first' approach to the Agents currently served by Midlands."
Francis Johnson, CEO, Johnson & Johnson.
Read More