Core Insurance, Risk Management
PR Newswire | August 03, 2023
CCIG, a leader in risk management and insurance solutions for business and individual clients nationwide, has announced a dedicated partnership to support the growth of an established group captive insurance program for companies across the country.
Instead of navigating the volatile traditional insurance market to obtain coverage, group captives unite companies with a shared commitment to safety, risk management and financial oversight to create and fund their own insurance program.
When business leaders embrace this approach as a long-term business strategy, they achieve greater stability in their annual insurance costs by partnering with other like-minded owners. The opportunity to earn a return on premiums allows companies to drive down net costs every year.
"Group captives are an extension of our clients' entrepreneurial spirit, and we're proud to partner with a captive manager that provides an established track record of successful, profitable and stable group captives which we can now offer to clients," CCIG President Andrew Mahoney said. "Clients who already take the initiative to manage their costs through robust safety programs and risk management strategies can further capitalize on additional savings not available in the traditional marketplace."
A successful group captive contains highly vetted members whose stability builds a peer group environment. The group's members have the benefit of sharing best practice ideas and learn from other highly profitable and safe firms that a traditional insurance relationship cannot provide.
Mahoney said that CCIG's exclusive captive manager partnership includes a myriad of industry-specific group captives. He added that a construction-specific group captive has gained attention from clients already, having produced approximately 27% of returns on premium and distributed more than $45 million in premiums back to captive members in its 20 years of existence.
CCIG's practice area leader of safety, Gary Glader, was instrumental in creating the construction captive offering in 2003.
"The historical knowledge he has gained throughout this period results in safer companies and our ability to deliver fast, proactive solutions that others cannot," Mahoney said.
Glader said group captives can be a game-changer for participating businesses.
"Group captives provide a competitive edge for sophisticated companies who are ready to maximize their financial investment in insurance," Glader said. "Not only do companies benefit from a built-in network of peers with a common goal, it can also drive phenomenal business results for participating companies."
Since 1985, CCIG is a fiercely independent, rapidly growing insurance brokerage, delivering risk management and insurance solutions to their clients. They represent clients nationally and have offices in Denver, CO and Austin, TX. Living up to their "curious broker" philosophy, their Advisors are relentlessly focused on understanding the needs and evolving landscape within their respective industry verticals. CCIG has an award-winning culture, being named Max Performer of the Year and a "Best Practices" Insurance Broker by The Independent Insurance Agents and Brokers of America. CCIG lives by the acronym of RISE: Relationships, Innovation, Strategy, Excellence, and this is the foundation on which all decisions are made.
Life Insurance, Insurance Technology
PRnewswire | July 10, 2023
Quility, an award-winning insurtech company, today announced the launch of Navigator: a proprietary end-to-end digital life insurance distribution marketplace.
Quility Navigator is a free, user-friendly platform built by industry experts to provide a one-stop shop for agents to quote and sell insurance. Navigator's product selector and quoter tools feature pre-underwriting systems to confidently select the right insurance solution personalized to each client. Agents also gain best-in-class commission rates and full access to Quility's proprietary product suite.
"Gone are the days of long, tedious applications and archaic underwriting systems," said Brandon Ellison, CEO of Quility and Symmetry Financial Group. "With the launch of Navigator, we are making it simpler and faster than ever to connect Quility clients with their best-fit policy. This, alongside our growing suite of digital products, is a major stride in our efforts to eliminate the friction of buying and selling life insurance."
With a 90% likelihood of a client approved as applied for, agents experience a frictionless quoting and underwriting process supported by a seamless, tech-driven experience for clients. Along with the Navigator launch, Quility brings two new proprietary products to market, including a term life insurance policy in partnership with Legal & General America (LGA) and a digital hybrid whole life policy in partnership with American-Amicable Life Insurance Company of Texas.
"We are thrilled about our partnership with Quility and the launch of Legal & General America's term life product on the Navigator platform," said Andrew Doerman, Vice President of Digital Distribution and Strategy at LGA. "We share a common vision of transforming the industry by leveraging digital technology with a consumer-first approach to simplify the buying journey. This milestone is yet another giant step forward in our mission to close the coverage gap and provide financial protection for families across the country."
"The opportunity to partner with Quility and leverage their digital platform, Navigator, to market various insurance products to our clients, provided an additional, expedient pathway to accommodate the transformation to a digital-first focus," said Rick Weaver, Vice President Marketing at American Amicable Group of Companies.
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 10-minute application or with the support of a licensed insurance agent. Learn more at quility.com.
About Legal & General America
Legal & General America is part of the worldwide Legal & General Group. For over 70 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and William Penn Life Insurance Company of New York. With more than $57 billion in new coverage issued in 2020, LGA is a top five US term life insurance provider and ended 2021 with $780 billion of coverage in force with 1.4 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A.M. Best and AA- Very Strong from Standard and Poor's and Fitch. For more information, please visit lgamerica.com.
About American-Amicable Group of Companies
Tracing its roots back to 1910, American-Amicable Life Insurance Company of Texas is a progressive special markets insurer. The Company offers innovative life insurance and annuity products developed to target the individual needs of protection, wealth creation and estate preservation. Learn more at americanamicable.com.
Core Insurance, Insurance Technology
PRnewswire | July 11, 2023
NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Shield Commercial Insurance Services. Based in Palm Desert, CA, Shield specializes in insurance solutions for the general contractor and construction liability space.
"We are energized to continue our series of strategic acquisitions in the U.S. and U.K. with Shield," said Bill McKernan, President of NSM Insurance Group. "Shield is a fast-growing and best-in-class business with exceptional underwriting and a profitable track record. They are a perfect fit for our B2B portfolio of dynamic, specialized businesses. We will accelerate their growth by expanding their geographic footprint and national distribution with our robust network of 15,000+ agent partners across the country."
Shield is exclusively focused on underwriting business for small and mid-sized contractors, offering coverages for General Liability, Excess Liability, Workers' Compensation, Inland Marine and Contractors Professional & Pollution Liability.
"We're thrilled to join the NSM family of specialty insurance brands and further enhance and bolster our offerings to meet the unique needs of contractors," said Robert Anderson, President and Co-Founder of Shield Commercial Insurance Services. "Over the last two decades, we have delivered innovative products for this niche segment and have built a tremendous reputation with agents and carriers alike — which has fueled our explosive organic growth over the last five years."
Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance.
About NSM Insurance Group
NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.