CORE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | May 16, 2023
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, announced it has partnered with VIPR Solutions with a focus on the London market and the U.S. domestic P&C market to improve program business efficiencies and remove the need to produce traditional bordereaux. Integrating Insurity and VIPR platforms will enable real-time data exchange for insurers, reinsurers, and brokers – globally, allowing them to make faster, more informed decisions that lead to better underwriting outcomes.
VIPR Solutions, founded in 2009 and headquartered in London, UK, is an award-winning technology company providing global insurance solutions to the program business sector. VIPR has a large portfolio of clients, processing in excess of 400,000 bordereaux per year while servicing over 40% of Lloyd's managing general agents and non-Lloyd’s customers across 7 global markets. Driven by an expanding client portfolio of carriers, brokers, MGAs, and TPAs, its combined product offering improves the management of underwriting portfolios. With state-of-the-art data analytic capabilities, VIPR’s platforms are designed to drive operational efficiencies, and addresses the ever-growing compliance and regulatory burdens global insurance brands face day by day.
Insurity and VIPR are committed to working closely with program writers to remove unnecessary barriers and drive efficient bordereau processing. Program underwriting and operations teams can analyze real-time performance to make informed decisions using secure data methods while ensuring a common and consistent view of risk, premium, and claims data. This will help simplify the distribution chain, something that has long been an ambition of the London market and beyond.
"We are thrilled to partner with Insurity and provide their customers with faster, automated data management," said Paul Templar, Founder and Chief Executive Officer at VIPR. "This collaboration reinforces our commitment to offering innovative solutions that enable our clients to manage and streamline their operations more efficiently. By integrating Insurity platforms with VIPR's digital ecosystem, we are paving the way for faster and more efficient data exchange with the end goal of empowering insurers, reinsurers, MGAs and brokers with operational excellence."
"VIPR has a proven, tried-and-tested model and is well respected within the program business industry. This partnership revolutionizes the way insurers overcome their program business challenges," said Sylvester Mathis, Chief Insurance Officer at Insurity. "Insurers will be able to capture data at source and reduce manual tasks on an end-to-end platform while maintaining the highest levels of security."
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About VIPR Solutions
Founded in 2009, VIPR Solutions is a leading insurance technology company that supports automation of back-office processes, particularly for program business and delegated underwriting authorities. VIPR platforms streamline bordereaux management and processing and coverholder management, as well as regulatory compliance, and provide users with powerful data insights capabilities for strategic analysis.
VIPR (pronounced "VY-per") was the first company of its kind to be approved by Lloyd’s London Market for direct reporting. Today, over 40% of Lloyd's syndicates use a VIPR product, as well as some of the world's best-known carriers and intermediaries in Europe and North America. Among VIPR's clients are a leading Swiss insurer, a top 10 US carrier, and the Canadian operations of two major international insurers, along with several smaller and startup Managing General Agents and Brokers. For more information, visit www.viprsolutions.com
RISK MANAGEMENT, INSURANCE TECHNOLOGY
Globenewswire | April 19, 2023
Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, today announced its acquisition of HollandStivers Employer Solutions, a specialist in employee benefits located in Paducah, Kentucky. Terms of the deal were not disclosed.
Tracing its roots back to 1994, HollandStivers Employer Solutions marks the first acquisition by Risk Strategies in Kentucky. The firm brings several complimentary capabilities to the Risk Strategies National Employee Benefits Practice, including expertise in group medical, individual medical, group life and dental. HollandStivers also offers clients payroll administration and other HR services.
“We acquire firms that match in terms of culture and approach to our specialist focus,” said John Greenbaum, Risk Strategies National Employee Benefits Practice Leader. “The team at HollandStivers are great people and expand our geographic presence while adding expertise in integrated human capital management and payroll administration to our rapidly growing repertoire of client services.”
With almost 30 years of experience in the benefits insurance industry, HollandStivers has established deep, trusted relationships with its clients. The firm’s strong client-focused approach builds great loyalty among its customers, with many having been with the firm for over 20 years.
“In seeking a firm to help expand our capabilities and reach, we saw Risk Strategies specialist, client-first approach as being a great fit for our people and our clients,” said Jody Stivers, Founder & President, HollandStivers. “We’re excited to become part of a true national-scale specialty brokerage and practice.”
Along with customized employee benefits solutions, HollandStivers offers clients an array of value-added services including data analytics, carrier rate negotiation, compliance assistance, and employee communication and education. The payroll administration services directly provided by the firm include product selection and implementation of a payroll HCM (Human Capital Management) system as well as ongoing technical support for their payroll HCM.
About Risk Strategies
Risk Strategies is the 9th largest privately held US brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles and San Francisco. RiskStrategies.com.
CORE INSURANCE, INTELLECTUAL PROPERTY
Businesswire | May 15, 2023
CCC Intelligent Solutions Inc. (CCC) and Verisk Analytics, Inc. (Verisk) announced today a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C insurance claims. CCC is a leading cloud platform for the P&C insurance economy and Verisk is a leading global data analytics and technology provider.
The first project announced through the partnership is the planned integration of anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform. This integration will help P&C insurers fight the rising threat of fraud in auto physical damage (APD) claims. When fully integrated, insurers will be able to quickly and easily identify potential fraud in real-time within existing CCC-powered workflows.
“Working with Verisk we can leverage the strengths of both companies to create new opportunities for our shared customers,” said Marc Fredman, chief strategy officer at CCC. “Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”
The Coalition Against Insurance Fraud estimated the cost of insurance fraud in America at more than $308 billion per year. According to the FBI, fraud costs the average family between $400 and $700 a year in premiums. With the increasing adoption of technology and the emergence of new capabilities like generative AI, the threat of fraud is expected to increase.
“With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims,” said Shane Riedman, general manager of anti-fraud solutions at Verisk. “Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”
This partnership builds upon an existing integration between the two companies. Auto insurers can currently use CCC’s platform to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims.
CCC Intelligent Solutions Inc., (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network, and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.