BCGI to launch global aviation reinsurance brokerage

insurancebusinessmag | June 18, 2019

BCGI to launch global aviation reinsurance brokerage
BCG Insurance Group (BCGI), a division of global brokerage and fintech company BCG Partners, has announced plans to launch a specialist global aviation and aerospace reinsurance brokerage. Marcel Chad has been named president of the new BCGI brokerage.

Spotlight

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements.

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INSURANCE TECHNOLOGY

Parachute Digital Solutions Launches New Online Insurance Platform

Parachute Digital Solutions | November 23, 2020

Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in a simple to-utilize, secure and smoothed out digital environment. “Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.” The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice. Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items sold through Parachute 2.0 are reinsured by Munich Reinsurance Company. “The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.” About Parachute Digital Solutions Inc. Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings. About Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.

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CORE INSURANCE

InsurCard Launches Revolutionary Technology for Medicare Set-Aside Program

InsurCard | September 23, 2021

InsurCard® the nation's leader in electronic payment solutions, has launched a breakthrough insurance technology for MSA recipients. InsurCard's Medicare Set-aside (MSA) Program helps MSA recipients manage their own insurance settlements using technology available through the payment card networks. MSA recipients manage their own insurance settlements using technology available through the payment card networks. Our program is a debit card-based product designed for individuals who have received an insurance claim settlement and need to follow Medicare Set-aside regulations. The MSA program is a set of automated tools that give the advantages of professional administration to those who choose to self-administer their settlement. - InsurCard Founder and CEO Robert Mendte While professional MSA Administration companies are available, more than 90% of MSA recipients choose to self-manage their insurance settlements. However, the regulations established by the Center for Medicare Services (CSM) can be complicated, and MSA self-management requires meticulous record keeping and comes with steep penalties for errors. This is one of many reasons why InsurCard's MSA solution is an ideal option. Here are additional noteworthy features: Discount programs for pharmacies, medical providers, drugs and durable medical equipment Reduced pricing for hospital and medical bills based on State Workers Compensation schedules Automated record keeping and CMS reporting assistance Payment tracking Programmed Merchant Category Codes (MCC) Debit cards that avoid inappropriate purchases based on CMS guidelines Fund exhaustion mitigation through low balance notifications Website access to all account transactions and balances A HIPAA compliant 24-hour Call Center In the InsurCard program, a debit card doubles as a pharmacy card and payment card. The debit card will only work on purchases allowed under CMS guidelines. All purchases are tracked and recorded for CMS annual reporting. If appropriate, money can be withdrawn from the account, but must be tracked by the individual. Congress established the MSA legislation and subsequent regulations to protect the interests of Medicare and the U.S. taxpayer. Failure to properly administer an MSA account carries potentially severe consequences, including the denial of Medicare coverage when needed, which potentially leaves the beneficiary responsible for all medical claims and mismanaged funds. Enrollment in the InsurCard MSA program is free of charge. Settlement recipients should always consult with their legal representative about the program. About InsurCard Headquartered outside of Philadelphia, InsurCard has been the leader in electronic payments for the insurance industry for more than a decade processing over $4 billion in payments annually. InsurCard is a wholly owned subsidiary of Service Network Design, LLC. The InsurCard Prepaid Card programs are specifically designed to meet the stringent requirements of both the insurance and prepaid card industries.

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INSURANCE TECHNOLOGY

Majesco Expands Digital1st EcoExchange with Additional Verisk Underwriting Solutions

Majesco | July 28, 2021

Majesco, a global leader in cloud insurance platform software for insurance business transformation, today announced that A-PLUS (loss history), Coverage VerifierSM (policy history), Roof Age, Major Systems, and Condition Score property insights had been added to Majesco's Digital1st EcoExchange by Verisk, a leading global data analytics provider. Majesco Digital1st EcoExchange is a next-generation partner ecosystem that uses third-party services to provide a truly plug-and-play environment. It offers carriers with pre-integrated capabilities with Majesco solutions to assist insurers in digitizing, optimizing, and innovating their business, customer, and channel requirements now and in the future. In addition, Verisk, a long-standing partner, extended its current applications on Majesco's marketplace with the following: A-PLUS is a comprehensive loss history database fueled by insurer contributions that allow for more accurate personal car underwriting and rating at the time of quotation. A-PLUS reporting tools allow quick choices based on data from various loss and coverage types. The Fair Credit Reporting Act (FCRA) regulates full-detail reports, which offer up to seven years of claims activity on risks. The FCRA-regulated Coverage Verifier offers up to seven years of personal auto insurance history to assist in identifying current, lapsed, or suspended coverages, guiding critical underwriting and rating decisions, and reducing fraud. Roof Age uses Verisk's extensive industry expertise and advanced data science to estimate the age of a structure's roof by combining permit insights, assessor records, and various other data elements. As a result, roof Age enables insurers to rapidly evaluate the age of a structure's roof to provide roof year and actionable, numeric confidence ratings for use in underwriting and rating applications. Major Systems offers information on the health of a structure's major systems, including the building, mechanical, electrical, and plumbing systems. These insights are important for insurers to find a balance between real risk exposure and exceptional customer service. By better knowing a property's history, Condition Score allows insurers to improve their underwriting approach. A property's score considers significant property change events such as maintenance, remodeling, and renovation activity, as well as related cost drivers. Thus, allowing insurers to segment and underwrite risks using a variable covering a property's whole history. With the inclusion of these Verisk accelerators, Majesco clients may better price risk for improved profitability, make recommendations on loss control/prevention during underwriting, and simplify the application and underwriting process. About Majesco Majesco is the leading software partner for the P&C and L&A insurance industries, enabling clients to modernize, optimize, and innovate at scale. Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance. Our technology, experience, and leadership assist insurers in innovating and connecting to build their business's future. We have an amazing track record of innovation and real-world results, with over 825 successful implementations and over 65 % of our clients on Cloud with Majesco platform solutions.

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Spotlight

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements.