BIBA offers insights as signposting initiative moves forward

Insurance Business America | April 05, 2019

The British Insurance Brokers’ Association (BIBA) believes it has a significant role to play in the signposting initiative being carried out by the Financial Conduct Authority (FCA). Here BIBA executive director Graeme Trudgill offers insights from the trade body. First off, here’s where the FCA is at in terms of progress: “Since we issued the Feedback Statement in July 2018, we have been working with stakeholders to explore different options for signposting people with pre-existing medical conditions (PEMCs) to travel insurance providers that are able to provide them with suitable insurance.” It’s been previously found that consumers who had received a high quote or had been refused cover tend to assume that they are uninsurable given the lack of quality information on alternative options.

Spotlight

BCG’s Insurance Global Leader Pia Tischhauser discusses innovation in the South East Asia insurance market with Managing Director and Partner Prae Dumrongmongcolgul in Bangkok. Prae explains that many insurers in South East Asia are now focusing on putting the customer at the center. They are also using technologies such as AI and IOT to disrupt their traditional models and become more efficient. Filmed as part of the Pia Tischhauser on the Road series.

Spotlight

BCG’s Insurance Global Leader Pia Tischhauser discusses innovation in the South East Asia insurance market with Managing Director and Partner Prae Dumrongmongcolgul in Bangkok. Prae explains that many insurers in South East Asia are now focusing on putting the customer at the center. They are also using technologies such as AI and IOT to disrupt their traditional models and become more efficient. Filmed as part of the Pia Tischhauser on the Road series.

Related News

INSURANCE TECHNOLOGY

Kanverse joins Guidewire Insurtech Vanguards Program – “Highlights its Zero-Touch Insurance Documents Processing for Insurers.”

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.

Read More

CORE INSURANCE

NFP Acquires UK-Based Brokerage Bentley Insurance Services

NFP | October 19, 2022

NFP, a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, today announced it has acquired Mason James Insurance Services Limited (doing business as Bentley Insurance Services), one of the largest brokers in Staffordshire. Bentley has provided complex commercial and personal insurance solutions since 1922. Mike Rostron, managing director at Bentley, will join NFP's commercial insurance leadership team in the UK and continue to drive company growth across Staffordshire and beyond. "Bentley Insurance Services has a longstanding presence in Staffordshire, a great reputation, strong leadership and well-earned trust in the region, making them a perfect partner for NFP, We are proud to welcome Bentley, a broker that embodies our ethos, to our growing global group." - John Paul Allcock, UK and Ireland managing director at NFP This acquisition aligns with NFP's growth strategy and brings another respected, service-orientated broker to NFP's UK operations. With this deal, NFP grows its roster of exceptionally skilled brokers, furthering its commitment to bringing bespoke risk management solutions to more businesses and individuals across the UK. The last two years have been particularly challenging for organisations and consumers alike, and their insurance needs have evolved, This partnership allows us to offer services to businesses in the Midlands that more effectively meet the challenges our clients face today, said Allcock. Bentley will maintain its local office presence in Staffordshire, and all existing Bentley customers will continue to be advised and managed by their current broker in the same way they always have. Through NFP, clients will also have full access to enhanced products and a broader range of solutions designed for their specific needs. We're excited to join the NFP family and collaborate with colleagues that share our commitment to providing client-centric solutions and maintaining a people-first work culture, This incredible opportunity also allows us to offer our clients access to NFP's broad network of integrated insurance, benefits, wealth management and retirement solutions, said Rostron. About NFP NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance). About Bentley Insurance Services Bentley Insurance Services is one of the largest independent insurance intermediaries in Staffordshire and has been dealing with personal and commercial insurances since 1922. We specialise in providing bespoke insurance solutions for private cars (including high performance and high value vehicles), household insurance, commercial insurance, industrial insurance, self-employed tradespeople and liability.

Read More

CORE INSURANCE

Specialty Program Group LLC Acquires the Assets of Catapult Insurance Solutions, LLC

Specialty Program Group and Catapult Insurance Solutions | November 03, 2022

Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced today the acquisition of the assets of Catapult Insurance Solutions. Catapult is a privately held managing general insurance agency and wholesale brokerage for niche industries and hard-to-place risks. Led by President Tim Sunderman, Catapult's largest delegated authority program is dedicated to providing residential homebuilders, commercial general contractors and trade contractors with best-in-class products and services, including general liability, umbrella, builder's risk, contractor's equipment and workers' compensation. In addition, Catapult is a Lloyds Coverholder and also provides solutions for hard-to-place risks for coastal and other high hazard property, specialty trade contractor GL, deductible buy downs, commercial DIC (EQ & Flood), and contractor's equipment. Catapult's infrastructure is designed for program incubation and development. "Tim and his team have implemented a targeted growth strategy and innovative technology platform that have enabled them to become an extremely successful and growing niche player, Their deep expertise in the construction space will expand SPG's offerings and accelerate our growth in this growing industry." -SPG President & CEO Christopher Treanor We are extremely excited to join the SPG team. Our firms share in the entrepreneurial spirit that has made the specialty distribution space so dynamic and appealing, Their operating philosophy allows for significant autonomy, which was very important as we selected a business partner. The resources and market presence SPG offers will allow us to build upon our capabilities in the niche segments we represent, expand our geographical footprint and ultimately benefit our current and future distribution partners through enhanced products and service. We are encouraged by what we can build together,said Tim Sunderman, President of Catapult. About Specialty Program Group Headquartered in Summit, NJ, Specialty Program Group is a fully licensed holding company established to acquire and scale best-in-class insurance underwriting facilities and specialty businesses throughout North America. SPG has a vast portfolio of specialty companies and is over two billion in premium. About Catapult Insurance Solutions Founded in 2007, Catapult Insurance Solutions, LLC is a privately held managing general agency, wholesale brokerage and Lloyd's Coverholder that currently underwrites and administers premium in excess of $50 million through niche programs. Catapult's products are distributed through a group of select agents and brokers throughout the U.S.

Read More