Beazley Launches Contingency Policy Covering Virtual Event Organizers

Beazley | June 22, 2020

Specialist insurer Beazley has launched a contingency policy designed to cover event organizers if a transmission failure disrupts or cancels a live virtual event.
The insurer acknowledged that streaming live events is not new but the policy responds to an increase in online events under social distancing during the pandemic.

Spotlight

New disruptive forces continue to emerge, changing the insurance landscape constantly. Insurers must respond with a dual 'Renew-New' strategy one that focuses on renewing core capabilities while simultaneously building new capabilities so that they are well positioned for a place in the new insurance landscape.

Spotlight

New disruptive forces continue to emerge, changing the insurance landscape constantly. Insurers must respond with a dual 'Renew-New' strategy one that focuses on renewing core capabilities while simultaneously building new capabilities so that they are well positioned for a place in the new insurance landscape.

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INSURANCE TECHNOLOGY

Guidewire Software Announces Promotion of PartnerConnect Consulting Partner, Exavalu, Inc.

Guidewire | June 10, 2021

Exavalu, Inc. is promoted to PartnerConnect Consulting Select partner by Guidewire Software, Inc.; the platform P&C insurers rely on to engage, innovate, and expand effectively. There are three relationship tiers in the PartnerConnect Consulting partner program: Select, Advantage, and Global Premier. The levels are designed to award partners based on their accomplishments and contributions, such as insurance sector expertise, the number of Guidewire certified employees, and specialization achievement. Exavalu, Inc. is a consulting company focused on the insurance industry that serves as a trusted adviser to significant property and casualty insurers on core and digital transformation. Exavalu’s global Guidewire practice comprises seasoned experts with several years of implementation expertise in the Guidewire suite of products, including InsuranceSuite, Digital, Data, and InsuranceNow, along with Guidewire Cloud, Guidewire’s cloud services. “We congratulate Exavalu, Inc. on its well-deserved promotion to Select partner within our PartnerConnect program,” stated Lisa Walsh, vice president of Alliances at Guidewire Software. “We are delighted to recognize Exavalu Inc.’s proven implementation experience throughout Guidewire’s suite of products, and we look forward to strengthening our collaboration in serving our mutual and valued customers.” About Exavalu, Inc. Exavalu, Inc. is a consulting firm focusing on the insurance business that serves as a trusted advisor to leading Property & Casualty insurers on Core and Digital Transformation. We assist insurance carriers in executing their market growth, profitability, cost-cutting, risk management, and innovation strategies. Our global team of highly experienced Insurance business and technology SMEs provides carriers with advisory and implementation services on core modernization, customer experience enhancement, integration, automation, data analytics, artificial intelligence, and cloud migration and engineering. About Guidewire PartnerConnect Guidewire PartnerConnect Consulting partners offer business transformation and strategy consulting and implementation and related solution and delivery services. Guidewire Consulting practices now have over 12,000 consultants globally that have been trained or have expertise with Guidewire products. Guidewire PartnerConnect is a program that is exclusively available via invitation.

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INSURANCE TECHNOLOGY

Groundspeed and Unqork Form Strategic Alliance

Groundspeed | June 25, 2021

Groundspeed, a leading provider of SaaS-based smart submission and analytics solutions to the property and casualty insurance sector, and Unqork, the leading enterprise no-code platform, have announced a strategic collaboration and integrated offering to commercial insurance firms. Combining two solutions enables carriers to enhance risk selection, reduce time-to-quote, and better serve their customers, all while significantly improving and accelerating their return on investment. Groundspeed is changing the way carriers, brokers, and others use data to improve underwriting outcomes, save costs, and offer better service. Today, one of the essential parts of the underwriting process is assessing submission papers, and existing techniques do not use the value contained in these documents. Groundspeed enables carriers to get deeper insights from data that was previously trapped in unstructured submissions. Its artificial intelligence Rapid Data Pipeline transforms commercial insurance documents, including emails, applications, loss runs, and exposure schedules, into enhanced structured data that can be utilized for underwriting, pre-fill, and analytics. Unqork's no-code visual platform enables companies to create mission-critical apps that can manage the complexity, scalability, and security demands of contemporary businesses – all without writing a single line of code. Compared to coding techniques, insurers can bring solutions to market at least three times quicker and at a third of the cost by using Unqork's pure no-code platform. Unqork's no-code method also results in 600x fewer defects than code-based solutions, allowing for higher-quality apps with considerably less future maintenance. Groundspeed was recognized to FinTech Global's InsurTech 100 for the second year in a row, a select group of industry pioneers in digital transformation. The InsurTech 100 recognizes "innovative use of technology to address a major industry issue, or to create cost savings or efficiency gains across the insurance value chain." About Groundspeed Analytics Groundspeed Analytics is a major supplier of commercial P&C sector SaaS-delivered submission and placement solutions. Insurance carriers and brokers may automate the ingestion and enrichment of information in unstructured submission documents by using Groundspeed's API, the company's enterprise data pipeline solution. API access is provided for Groundspeed's complete solutions. About Unqork Unqork is the industry's first no-code enterprise application platform, allowing big organizations to develop, deploy, and manage sophisticated applications without writing a single line of code. Organizations such as Goldman Sachs, Liberty Mutual, New York, Chicago, and Washington, DC, and Maimonides Medical Center use Unqork's drag-and-drop interface to develop enterprise applications quicker, with better quality, and at a cheaper cost than traditional methods.

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CORE INSURANCE

Newfront and ABD Agree to Merge to Build the Modern Insurance Experience

Newfront | July 16, 2021

Newfront Insurance, a cutting-edge technology-enabled brokerage, and ABD Insurance and Financial Services, a renowned pioneer in employee benefits, insurance, and financial services, have agreed to merge, revolutionizing the insurance experience for customers and insurance professionals alike. The merged firm, known as Newfront, is valued at $1.35 billion and is scheduled to complete by the end of August. The merger of these two market leaders will create 600 jobs, service over 10,000 customers, and place more than $2 billion in premiums each year. In addition, the new business, Newfront, will offer clients a more transparent, data-driven, and real-time experience, resulting in a reduced total cost of risk and better insights for our clients. Spike Lipkin as CEO, Kurt de Grosz as Executive Chairman, Brian Hetherington as President, and Gordon Wintrob as CTO will continue to lead Newfront from its San Francisco headquarters. To create the modern insurance experience, the merged company's veteran leadership team relies on expertise from insurance brokerage leaders and Silicon Valley innovators such as Uber, Intuit, and Twitter. Newfront's financial adviser was Perella Weinberg Partners LP, and its legal advisor was Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP. Reagan Consulting, Inc. acted as ABD's financial adviser, while Weil, Gotshal & Manges LLP served as its legal advisers. About ABD Risk management, insurance brokerage, human resources, and retirement consulting are all ABD Insurance and Financial Services services. Our advisors provide guidance and develop innovative solutions to assist clients of all sizes, stages of growth, and industries in addressing risk. ABD, headquartered in San Mateo, has offices in California, Washington, Illinois, and New York and employs over 400 people who serve clients across the United States and throughout the world. About Newfront Newfront, founded in 2017, is one of the nation's fastest-growing insurance brokerages, due in large part to unique technology that makes the insurance transaction less cumbersome, more transparent, and more successful for customers and brokers. Newfront was recently selected to the 2020 CB Insights list of the most innovative financial services companies in the United States. In addition, Forbes named it one of the Top 50 Fintech companies for 2021.

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