CORE INSURANCE
Wright National Flood Insurance | November 02, 2022
Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina ("IAT").
Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program (NFIP) for IAT policyholders and agents. Additionally, Wright will also assume the servicing of IAT Insurance Group's private flood business.
Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its industry-specific knowledge, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing the service customers deserve.
Patricia Templeton-Jones, Wright National Flood Insurance Services president, said she is excited about the partnership with IAT agents.
"IAT Insurance Group has provided flood coverage solutions for the past 15 years for its agent partners and policyholders, We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry. Since the inception of the NFIP, Wright Flood has been a premier provider of flood coverage and private flood options for homeowners and business owners."
- Templeton-Jones
Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss, We are confident customers will continue appreciating the peace of mind that comes with having flood coverage, said Joe Tracy, IAT's executive vice president of inland marine, property and aviation.
Beginning in early 2023, Wright Flood will manage IAT's NFIP flood placements. Wright National Flood Insurance Company, which is AM Best-rated as A (Excellent) for financial strength, will issue all new policies and renewals. For retail agents accessing flood coverage through IAT, there will be minimal change in the process to continue to provide NFIP coverage for policyholders.
About Wright National Flood Insurance Company
Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess, and private flood insurance with leading industry experience, rated A (Excellent) by AM Best. Wright Flood takes pride in its exceptional claims reputation, providing superior service customers deserve and its user-friendly technology.
About IAT
IAT Insurance Group is a privately-owned, specialty insurance group providing property-casualty and surety insurance products for niche markets. With more than 900 employees and office locations across the country, IAT Insurance Group's specialty units include Commercial Transportation, Excess and Surplus, Inland Marine, Reinsurance, Surety and Management Liability. The IAT Insurance Group companies are rated A- (Excellent) by AM Best.
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INSURANCE TECHNOLOGY
Milliman | November 23, 2022
Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements.
"The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence."
-Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe
Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution.
Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman.
Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining.
About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.
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CORE INSURANCE, LIFE INSURANCE
CL Life & Annuity Insurance Company and Insurance Technologies | September 26, 2022
Insurance Technologies, LLC., a provider of sales and regulatory automation solutions for the life and annuities insurance industries, announces that CL Life and Annuity Insurance Company (“CL Life”), a provider of insurance products that offer policyholders stable growth, tax deferral and income planning, has launched FireLight® e-Application. CL Life implemented FireLight to get new products to market quickly and efficiently while providing a superior digital agent and customer experience.
“We wanted a digital solution that enabled quick speed to market and supported our digital strategies to make submitting annuity business with CL Life an easy and friendly process for agents, FireLight is the industry leader in the annuity and life market and provides us with the features and integration capabilities to efficiently create modernized and accelerated sales processes.”
-Gary Sorensen, Director of Marketing & Sales, CL Life
CL Life now provides agents with an easy way to sell CL Life annuity products through FireLight’s dynamic wizard e-application experience. The streamlined experience CL Life created includes e-Signature built-in into the sales workflow. So, agents can collect required signatures quickly and submit complete in-good-order application packages direct to CL Life.
At Insurance Technologies, we know the importance of having the resources and tools to get products to market quickly and efficiently, We are happy to be able to supply CL Life the innovation and team support to create new digital sales processes and experiences and introduce new products to the industry quickly,said Clint Moore, Chief Operating Officer, Insurance Technologies.
CL Life implemented FireLight with its new MYGA product released this month.
Insurance Technologies has been a great partner in meeting our business, integration, and workflow requirements, The team at Insurance Technologies was easy to work with and provided the consultative support we needed to meet our implementation goals. We were able to go from concept to implementation in just eight weeks, said Sorensen.
By using the standardized templates and rules within FireLight, we were able to provide a quick and efficient implementation experience, meeting CL Life’s timeline of two months, We are proud of the partnership with CL Life and look forward to working with them as they offer new products and expand their digital journey,said Moore.
About CL Life & Annuity Insurance Company
Headquartered in Fort Worth, Texas, CL Life and Annuity Insurance Company seeks to provide insurance products specially designed for retirement assets that offer stable growth, tax deferral, and income planning. Its mission is to provide competitive products that meet the financial goals of policy holders, investing in assets for the purpose of growing policy holder premiums aimed at generating strong returns with the flexibility to secure their future. CL Life is an affiliate of Crestline Investors, Inc., an institutional investment management firm with approximately $15.4 billion in assets under management.
About Insurance Technologies
Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance industry. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across the life and annuities insurance industries. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.
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