AZ insurance regulator warns of phishing scam targeting insurance professionals

Arizona’s Department of Insurance | September 16, 2019

Arizona’s Department of Insurance (AZDOI) has sent an email to all insurers operating in the state which warns them of an ongoing phishing scam. The regulator has warned that email messages falsely claiming to be from the National Association of Insurance Commissioners (NAIC) are being sent to insurance professionals. The emails claim that the NAIC had received a complaint against the professional for submitting a falsified claim, and has a link to the complaint notification. The email may look official since it prominently displays the NAIC and CIPR logos, but once the suspicious link is clicked it downloads a trojan virus. Citing information from the actual NAIC and the Arizona Department of Administration Security Operations Center (AZSOC), AZDOI noted that the virus has been identified as Lime RAT, a remote access trojan. Lime RAT can be used to perform malicious actions on the affected computer, such as installing ransomware.

Spotlight

The insurance industry is witnessing a slow but certain evolution due to disruptive technologies, external market forces, and their consequent impact on insurance business and operating models. This paper has an overview of the top 10 insurance trends that will be strategic for firms in the near term.

Spotlight

The insurance industry is witnessing a slow but certain evolution due to disruptive technologies, external market forces, and their consequent impact on insurance business and operating models. This paper has an overview of the top 10 insurance trends that will be strategic for firms in the near term.

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MetLife and Vision Benefits of America Collaborate with Howell Benefit Services, Inc.

WEBSURANCE | December 02, 2021

Howell Benefit Services, Inc. (HBS), and Howell Benefit Technologies LLC (dba RATECentric) have released WEBSURANCE, a fully insured health and welfare benefits trust featuring top ranked group insurance companies for carriers, producers, and employers. In conjunction with the Trust, a paperless, digital WEBSURANCE platform was also launched enabling carriers and producers to offer employers superior level benefit plans, competitive pricing, and extended rate guarantees. HBS is pleased to announce MetLife and Vision Benefits of America (VBA) as the first multi-year Trust participants offering group dental and vision benefits, respectively, to employers nationwide with products and plan designs typically found in the enterprise market. We continue to enhance our online presence utilizing our digital technology by adding these two market leading insurance carriers, We've had exceptional success for over 25 years building and managing digital websites and have been a pioneer in API integration for several top ranked group carriers. Our technology has enabled the carriers we serve to measure and demonstrate the efficiencies and profitability of outsourcing online quoting, case submission, premium billing, sales activity, license tracking and commission payment in a single application. - Roger Howell, President of HBS. Our real time quoting platform's success, which has been online nationwide since 2013 and now serving two of the top five national group insurance carriers, illustrates how our team has combined deep-rooted benefits knowledge, four decades of TPA experience, and integrating it with our proprietary and commercially successful digital platform technology." Howell has provided customized, multi-carrier and premium billing technology, producer appointment and license tracking as well as commission payment technology for carriers and producers since 2000. "By utilizing WEBSURANCE's digital solution we are able to streamline our offerings for customers and provide them with access to competitive benefit plan options, instant rates and case submission, pricing and backroom support as a result of our collaboration with Howell." - Cynthia Smith, SVP of Regional Business at MetLife VBA's Vice President, Matt Cuomo stated, "The WEBSURANCE Trust is the perfect vessel for us to showcase our national vision plan benefit portfolio. The quoting, case submission and plan administration features offered by WEBSURANCE are unprecedented, based on our experience." The WEBSURANCE Benefits Trust will be offering additional online group and voluntary benefit plans in 2022, further reducing quoting and administrative expenses while, at the same time, increasing closing ratios for carriers and producers. About WEBSURANCE The WEBSURANCE Benefits Trust is a fully insured, national group insurance trust that covers hundreds of employer groups, with the capacity and scalability to offer a variety of carriers' product lines. Eligible group insurance products include health, dental, vision, life, disability, voluntary life, disability, critical illness, hospital indemnity, and accident. WEBSURANCE is administered by Howell Benefit Services, Inc. (Howell), located in Wilkes-Barre, Pennsylvania. Howell is a nationally recognized, online, Third Party Administrator (TPA) in business since 1982.

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INSURANCE TECHNOLOGY

OpenSpace Collaborates with Shepherd to Provide Qualified Construction Customers with Lower Insurance Premiums

OpenSpace | June 23, 2022

OpenSpace, the global leader in 360° Jobsite capture and AI-powered analytics, announced a new collaboration with Shepherd, a commercial insurance provider for the construction industry, today. Based on their usage, OpenSpace customers will have access to the Casualty Pro excess liability insurance offering, which provides qualified contractors with underwriting credits and improved coverage on their Shepherd insurance policies. In addition, the simple-to-use Capture product from OpenSpace thoroughly documents the site, assisting in resolving disputes and speeding up claims processes. As a result, customers who use OpenSpace typically have a lower risk profile due to their ability to detect potential safety issues and costly errors before they occur. We view the application of jobsite capture as one of the most exciting frontiers in construction risk management, and OpenSpace is the clear category leader, Our partnership allows customers to benefit from their OpenSpace usage by introducing data from the platform as a new category in our underwriting approach. Our fundamental belief is that contractors who leverage technology to be safer deserve to be rewarded by their insurance providers." Shepherd's CEO and co-founder Justin Levine. Builders use OpenSpace Capture to attach a consumer 360° camera to their hardhat and walk around the site as they usually would. Once the video from the walk is uploaded to the cloud, OpenSpace's computer vision technology stitches the images together and pins them to the floor plan, resulting in a reliable visual record of site status. The site's image map, powered by the company's Vision Engine, is typically ready to view about 15 minutes after upload. Better site documentation fosters stronger stakeholder collaboration, reduces the need for project managers to travel to the site, provides a historical record of progress, and can lower insurance premiums.

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Majesco Announces General Availability of Version 11 R2 of the Market-Leading Majesco P&C Core Suite Insurance Software

Business Wire | October 16, 2020

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the version 11 R2 for the market-leading Majesco L&A & Group Core Suite Insurance Software, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. Nearly every insurance company is talking about transforming their business, recognizing the significant need to improve, both operationally and innovatively, to change the course to enable growth. Today’s customers want personalized experiences, and products aligned to their personal data – not aggregate data, and they want a product to encompass the risk product, customer experience and value-added services. However, as today’s digital customer seeks innovative digital experiences, they are met with traditional insurance approaches, creating a disparity between customer expectations and insurer’s ability to deliver. But opportunities for growth abound for those that embrace new core platforms that meet the changing demands of customers as noted in our research Rethinking Life Insurance: From a Transaction to a Life, Health, Wealth and Wellness Customer Experience.

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