INSURANCE TECHNOLOGY
Kanverse.ai | September 13, 2022
Kanverse.ai, a leading Hyperautomation platform, is pleased to announce that it has joined Guidewire’s Insurtech Vanguards Program. Through Insurtech Vanguards, Guidewire identifies and highlights the hottest insurance technology innovation in the P&C industry. The Insurtech Vanguards program takes this effort to the next level by offering a direct channel - that connects insurers with insurance technology companies. This program ensures that insurers can have exponential business impact through quick and decisive access to disruptive, cutting-edge insurance technology.
“We are honored to showcase our product as an Insurtech Vanguard, Carriers can turbocharge insurance forms processing workflows with Kanverse Hyperautomation. Insurers can seamlessly integrate Kanverse across their business environments and witness zero-touch processing of inbound ACORD and supplemental forms with 99.5% accuracy.”
-Dr. Akhil Sahai, Kanverse.ai CPO and Founding member
We are thrilled to welcome Kanverse.ai to our Insurtech Vanguard Program, We launched Insurtech Vanguards to help P&C insurers gain new visibility into insurtechs’ cutting-edge technology and we are excited to introduce Kanverse to our customers,said Laura Drabik, chief evangelist, Guidewire.
Insurers can now reimagine the insurance submission process with Kanverse. They can process ACORD and other supplemental forms with the Kanverse Insurance Document Processing product powered by hyperautomation. It automates ACORD and supplemental forms' ingestion, classification, and data extraction, approvals and filing. Kanverse Package View groups insurance forms for the submission intake process using AI (Artificial Intelligence).
Furthermore, Kanverse AI can automatically adapt to changes witnessed in insurance forms without manual intervention or fine-tuning the system.
About Kanverse.ai
Kanverse.ai, a Hyperautomation company, offers a suite of AI-powered products. Key offerings include AP (Accounts Payable) Invoice Automation and Insurance Document Processing products. Kanverse supports various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touchpoints across document processing heavy workflows.
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COMPLIANCE
Counterpart, Aspen Insurance Holdings | July 21, 2022
Counterpart, the management liability insurtech, today announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation.
Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees.
This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.”
Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners.
“Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance.
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart.
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.”
To learn more about Counterpart’s Excess product, visit: yourcounterpart.com
About Counterpart
Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.
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CORE INSURANCE
PCF Insurance Services | August 19, 2022
PCF Insurance Services, a top 20 U.S. insurance brokerage firm, announced today its acquisition of John E. Peakes Insurance Agency, Inc., a family-owned, full-service personal lines agency based in Ventura, California.
The partnership allows PCF Insurance to expand its portfolio into niche markets in the high-growth small business industries, including gym and fitness, restaurants, and apartment buildings.
Marshberry advised John E. Peakes Insurance Agency, Inc. on the transaction.
"We're delighted to welcome the John E. Peakes Insurance Agency, Inc. to PCF, They have a proven track record serving clients for over 50 years in high-growth niche markets and will provide PCF with additional scale in Southern California. President Chad Peakes is an outstanding young leader keenly focused on agency growth."
-Peter C. Foy, Chairman, Founder, and CEO of PCF Insurance
PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering Agency Partners alignment through equity ownership, significant leadership incentives, and resources throughout the U.S.
PCF Insurance has allowed us to focus on our family of customers while looking toward future growth, PCF shares our core values, and the collaboration has been exhilarating,says Chad Peakes, President of John E. Peakes Insurance Agency, Inc.
In 2022, PCF Insurance has completed or has under a letter of intent 104 acquisitions, continuing its industry-leading mergers and acquisitions (M&A) pace.
About John E. Peakes Insurance Agency, Inc.
Headquartered in Ventura, California, John E. Peakes Insurance Agency, Inc. has been family-owned and operated since 1969. Its mission is to "treat everyone like family." They match each client with the best coverage option from over 30 different insurance companies at first interaction and each renewal. They offer personal, business, gym, fitness studios, restaurants, and apartment building insurance options.
About PCF Insurance Services
A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. Recognized as a top acquirer by The Hales Report, ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space.
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