BXS Insurance Acquires Alexander & Sanders Insurance

Cision PR Newswire | October 09, 2020

BXS Insurance, Inc. A subsidiary of BancorpSouth Bank, has acquired the assets of Alexander & Sanders Insurance Agency, Inc. Alexander & Sanders, headquartered in Baton Rouge, Louisiana, provides risk management and insurance services to professional firms across Louisiana. It was founded in 1958 and is owned by Wyatt Sanders and Justin Sanders. Alexander & Sanders will operate from BXS Insurance's Baton Rouge, Louisiana office. This transaction allows us to add talented leaders and teammates to our team and provides a unique opportunity to enhance our construction practice within Louisiana and across BXS Insurance's footprint," said Markham McKnight, president and CEO of BXS Insurance. We're excited to blend Alexander & Sanders' expertise with ours to provide exceptional services for our clients.

Spotlight

To examine blockchain’s potential role in insurance, this white paper explores ways the technology can help life insurers simplify death claims processing, a process that requires an already traumatized beneficiary to undergo a time-consuming activity to process basic claims. We examine where a blockchain-based solution can combine the current death registration and the death claims processes into a single, simplified procedure requiring minimum intervention from multiple stakeholders. Apart from focusing on claims processing, the white paper also evaluates through a few representative use cases – how life insurers can adopt and creatively leverage blockchain for automating reinsurance claims, processing subrogation claims payments and ensuring auditability.

Spotlight

To examine blockchain’s potential role in insurance, this white paper explores ways the technology can help life insurers simplify death claims processing, a process that requires an already traumatized beneficiary to undergo a time-consuming activity to process basic claims. We examine where a blockchain-based solution can combine the current death registration and the death claims processes into a single, simplified procedure requiring minimum intervention from multiple stakeholders. Apart from focusing on claims processing, the white paper also evaluates through a few representative use cases – how life insurers can adopt and creatively leverage blockchain for automating reinsurance claims, processing subrogation claims payments and ensuring auditability.

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CORE INSURANCE

AXA UK&I Selects Cognizant as a Technology Partner to Support part of its IT Operations

Cognizant and AXA | August 04, 2022

Cognizant today announced that it has been selected by AXA UK & Ireland as a technology partner to help consolidate, modernize and manage part of its IT operations. AXA UK & Ireland is transforming its technology ecosystem to create a more digitally-enabled, modern and agile IT environment that is data-rich, secure and sustainable with lower overall cost. Under the new multi-year agreement, Cognizant will provide multi-faceted managed services and cloud migration services, helping AXA UK & Ireland to create a platform to continually improve its customer experience with more intuitive and secure digital channels. Cognizant will provide integrated IT services spanning service desk support and maintenance, end-user computing, application development and maintenance, cloud operations, and IT infrastructure management. "AXA UK & Ireland's priority is providing customers with the choice and flexibility that meets their insurance needs. The foundation to deliver that is a modern, digital IT infrastructure that enables us to make data-driven business decisions, Cognizant's track record, expertise and behaviors in helping organizations simplify delivery and manage IT environments were the primary factors in choosing them as a technology partner." -Shali Vasudeva, chief operating officer, AXA UK & Ireland Digitally-enabled IT is critical for delivering better customer experience, bringing innovations to market faster and reducing overall cost, We're honored to have been selected by AXA UK & Ireland to help transform their legacy environment and to support them in enabling technology to achieve better business outcomes. This new partnership builds on our strong momentum as a leader in helping global insurance clients meet their ambitions,said Rob Walker, president, Global Growth Markets, Cognizant. Global analyst firms continually recognize Cognizant for its industry leadership across sectors. Analysts highlight the company's client partnerships, scalability, digital capabilities and expertise as key drivers of Cognizant's leadership. Learn more about Cognizant's insurance services here. About AXA We’re continuously striving to make your life better and safer. We work tirelessly to turn innovations into improvements in people’s lives, by exploring, learning and playing with new ideas. Because we always believe things can be better. That’s why we support visionary startups shaping the future of healthcare technology, research to help people live longer healthier lives and even driverless car projects to revolutionise road safety. We challenge the way things are. We push boundaries. And the reason for this uncompromising approach - to help make our customers’ lives better and safer. About Cognizant Cognizant 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.

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INSURANCE TECHNOLOGY

Milestone Partners Invests in a Holding Company for Specialty Auto Insurance

Milestone Partners | May 27, 2022

Milestone Partners announces the formation of specialty auto insurance holding company Drive Assurance Holdings LLC ("Drive Assurance"). It also announces the acquisition of GoAuto, LLC ("GoAuto") and its technology platform, Adaptive Information Technologies, LLC ("Adaptive Information Technologies") ("AIT"). GoAuto is a vertically integrated, tech-focused personal auto insurance platform that offers low-limit plans via its managing general agent and insurance carrier subsidiaries. GoAuto, which was founded in 2009 and distributes insurance directly to consumers online and through 70 captive shops, has traditionally achieved lower loss ratios and higher profitability than its industry counterparts by employing AIT's unique data analytics and underwriting technology. The dedicated balance sheet capacity of GoAuto's insurance carrier enables for better value chain capture, which is enhanced by reinsurance arrangements that enable an asset light approach and lower retained risk. GoAuto's speciality market area is expanding, highly fragmented, and anticipated to account for nearly 22% of total personal vehicle insurance premiums of $260 billion. GoAuto is Louisiana's third largest personal auto insurance, with operations expanding into Texas, Nevada, and Ohio. At GoAuto, Milestone intends to implement policies in the areas of environmental, social, and governance, as well as diversity, equity, and inclusion. GoAuto's proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader. We look forward to working with the management team on executing their strategic initiatives." Adam Curtin, Partner at Milestone. Greg Tramontin, CEO and Founder of GoAuto, shared that they are looking forward to working with Milestone as they enter the next phase of their development. They are certain that, together, they will continue to provide best-in-class vehicle protection products and customer support to their loyal customers, given their specialized sector emphasis on financial technology companies and extensive experience in automotive finance services.

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CORE INSURANCE

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Coherent, Duck Creek Technologies | July 13, 2022

Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy. Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.” Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry. Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.” Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.” To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent. About Coherent Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/. About Duck Creek Technologies Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

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