Brown & Brown seals major acquisition of Canadian MGA

Brown & Brown | January 08, 2020

States that specializes in risk management solutions, had entered into an agreement to acquire the assets of the Canadian managing general agent Special Risk Insurance Managers (SRIM). Now, the brokerage has announced that it has wrapped up this major acquisition of SRIM. SRIM was founded in 1991 and earned the title of “MGA of the Year” in 2018 by Insurance Business Canada. A company release after the initial news broke in December noted that the acquisition was “a strategic step forward for Brown & Brown in establishing a presence in the Canadian insurance brokerage market.”

Spotlight

More than 40 years after penning such wonderful words, the illusion of “the cloud” has burst onto the technology scene and dominates headlines and industry discussions. Part of the illusion – or perhaps more appropriately, confusion – is the marketing hype. In article after article, the cloud is described as “transforming,” “disruptive,” “game-changing,” “a seismic paradigm shift” and “revolutionary.” Predictions of adoption and growth rates are reminiscent of the early dot-com era.

Spotlight

More than 40 years after penning such wonderful words, the illusion of “the cloud” has burst onto the technology scene and dominates headlines and industry discussions. Part of the illusion – or perhaps more appropriately, confusion – is the marketing hype. In article after article, the cloud is described as “transforming,” “disruptive,” “game-changing,” “a seismic paradigm shift” and “revolutionary.” Predictions of adoption and growth rates are reminiscent of the early dot-com era.

Related News

CORE INSURANCE,INSURANCE TECHNOLOGY

Zywave and DataCrest Announce Digital Forms Integration Between Partner Platform and AppEase

Zywave and DataCrest | September 29, 2022

Partner Platform, a Zywave company, and DataCrest, a leading P&C insurance tech provider, today announced a new integration between Partner Platform and AppEase digital forms to digitize the process of data collection for forms and supplemental applications. The integration of Partner Platform, a leading provider of web-based agency management systems and customer relationship management solutions for P&C insurance agencies, with AppEase, enables agents to increase efficiency to attract and retain more clients. "A top concern for agency owners is the efficiency of their teams, As their business partners, we continually look for ways to help them eliminate roadblocks and improve their processes across the entire lifecycle of selling and servicing policies. We are excited to announce this integration, which improves the experience for both the agent and insured." -Vice President of SIS Revenue Operations Michael Doran Tom Young, DataCrest's founder, adds, Supplemental applications and other documents slow down deal flow, are redundant and are not specific to the insured's operations. We are thrilled by the value this integration can bring to all involved and are confident we can help solve longstanding communications and application issues for agents and their clients. About Zywave Partner Platform was acquired by Zywave in June 2022. Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. About DataCrest DataCrest is a technology company built by P&C veterans to solve inefficiencies they have recognized in various roles over their careers. Those include solutions for commercial supplemental applications, Quote Bind Issue wizards, and claims probability analytics.

Read More

CORE INSURANCE,LIFE INSURANCE

Award-Winning Insurtech Company Launches Quility Life Lessons Scholarship Program

Quility and Life Happens | August 24, 2022

Quility, an award-winning insurtech company, has partnered with Life Happens, a non-profit dedicated to educating consumers on the importance of life insurance. This collaboration marks Quility's inaugural college scholarship. Since 2005, Life Happens has provided financial support to college-bound seniors and college students who have experienced the death of a parent or guardian with little to no life insurance. To date, they've awarded more than $2.5M among 750+ students. Quility is thrilled to collaborate with Life Happens and to announce MaKayla Cook as the recipient of the 2022 Quility Life Lessons Scholarship. "These days, receiving a college education is a huge financial burden for many families, I cannot begin to imagine the added financial hardship of losing a parent, with little to no life insurance, while simultaneously navigating the cost of higher education. The Life Happens Scholarship Program offers both an incredible way to support students who have suffered loss, and an opportunity to remind everyone about the importance of life insurance. The student Quility selected has shown grace and perseverance that is, and will continue to be, a wonderful lesson in life for us all. We are truly grateful to Life Happens for creating such an impactful program and we look forward to supporting many more students in the years to come." -Whit Zeh, Quility's Senior Director of Corporate Well Being and Community Outreach About MaKayla: Makayla's mother passed away unexpectedly on August 5, 2021. Just two weeks before her passing, her mother lost her job and all employer-provided benefits, including life insurance. MaKayla paid for her mother's funeral with money she had saved throughout high school and friends and family pulled resources to help with other immediate expenses. MaKayla's resilient spirit and determination have carried her through grief and the collective stress brought forth by the pandemic. Today, she is working 40 hours per week in addition to her coursework at Appalachian State University. When she graduates, MaKayla will be the first in her family to achieve a college degree. As a corporate sponsor, Quility will financially support MaKayla for one full academic year. The company plans on sponsoring additional students in the coming years and is encouraging its large network of agents to do the same. You can learn more about applying for a scholarship, making a donation, or becoming a corporate sponsor by visiting the Life Lessons Scholarship Program. You can also explore the many ways Quility serves its communities through sustainable engagement by reviewing Quility's Impact. About Quility: Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a ten-minute application or with the support of a licensed insurance agent. About Life Happens: Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Since its inception in 1994, Life Happens has provided the highest quality, independent and objective information for people seeking help with their insurance buying decisions.

Read More

INSURANCE TECHNOLOGY

Zurich Insurance Germany Selects Cognizant as Strategic IT Partner to Transform its General Insurance Application Landscape

Zurich Group Germany, Cognizant | July 07, 2022

Cognizant today announced that it has extended its relationship with Zurich Beteiligungs-AG, the German subsidiary of global insurance leader Zurich Insurance Group (Zurich), to help Zurich Germany deliver more digital services offerings to its clients and partners. As part of the new multi-year agreement, Cognizant will work closely with Zurich Germany to simplify, modernize, and manage and maintain the insurer's enterprise application landscape in the General Insurance domain. The partnership will establish joint DevOps teams and is designed to extend Zurich Germany's artificial intelligence (AI), data, software engineering and cloud capabilities. By bringing together Zurich Germany's applications in its General Insurance domain under the joint management of inhouse IT and Cognizant as key strategic IT services provider, Zurich Germany is expected to reduce the total cost of ownership, speed up the time to market of new digital services and products, and lay the foundation for further digital and agile enablement of the enterprise. "Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany. "Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany. The new agreement builds on and significantly expands the two companies' existing agreement, under which Cognizant successfully implemented and manage and maintain Zurich's General Insurance products on Guidewire. "Innovative, forward-thinking clients like Zurich understand the importance of collaborating with a strategic IT partner to help them achieve their digital transformation and meet their business objectives," said Dr. Rolf Werner, head of Germany, Austria and Switzerland, Cognizant. "Cognizant is pleased to have been selected by Zurich to expand our successful collaboration, and we will apply our deep expertise in application modernization, development and maintenance, along with our in-depth knowledge of the insurance industry, to deliver even more value and help Zurich meet its customers' needs." About Zurich Group Germany Zurich Group Germany is part of the worldwide operating Zurich Insurance Group. With a premium income (2021) of about EUR 6.3 bn, investments of EUR 53 bn and about 4,500 employees, it is among the leading insurers in Germany with a wide range of property and life insurance products. Zurich offers innovative, powerful and sustainable products and solutions for insurance, prevention and risk management from a single source. Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world. About Cognizant Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

Read More