Car insurance premium index crystallize coronavirus impact

Willis Towers Watson | July 16, 2020

Sometimes you have to look a little beyond the headline figure to get the true picture. That is the conclusion of the latest Confused.com and Willis Towers Watson car insurance premium index. The firms reported a fall in prices of 5% (£39) to £770 during the last quarter – marking the largest drop since early 2018. Indeed, drivers are, on average, paying £19 (2%) less in 2020 for car insurance than they did at the same point last year based on the data the firms gathered from almost six million car insurance quotes. At the heart of the decline, unsurprisingly, is the coronavirus pandemic with the drop in traffic prompting a fall in accidents, and therefore claims.

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WORKERS COMPENSATION

Sapiens and VPay Partner for Digital Payment Solutions to Insurance Industry

Sapiens, VPay | February 19, 2021

Sapiens International Corporation, a main worldwide supplier of software solutions for the insurance industry, and VPay, an insurance industry pioneer in quick and secure e-payments, reported today an association that will stretch out VPay's digital payment services to workers' compensation insurers. Insurers will likewise approach Sapiens GO for Workers' Compensation, a thorough suite for controlling workers' compensation strategies and cases. The joint offering will give insurers a total digital payment stage that will smooth out operational expenses, improve client associations, and satisfy the need for quick, protected and solid B2B and B2C claims payment handling. "Streamlining claim processes is central to achieving economies of scale across the workers' compensation insurance sector, and digital payment is an important component of this strategy," said Jeff Brown, President of VPay. "We are pleased to partner with a forward-looking company like Sapiens and extend greater value to their clients through VPay's total payment solution." Until now, VPay's answer has empowered workers' compensation insurers to digitize 40-55% of all specialist organization payments, yielding up to $1 million in investment funds on print, mail and depository expenses. Among insurers utilizing VPay to make payments to harmed workers, 60-75% of those payments have gone electronic. The association comes in the midst of a change in outlook in the insurance industry, with the ascent of insurtechs and advances in man-made reasoning and Big Data making digital change a serious basic for insurers. As payers strive to meet client assumptions for claims payments at the "speed of light," coordinating digital payments has assisted insurers with addressing the requirement for speed, which has just increased in the midst of the COVID-19 pandemic. A new Lightico-Sapiens survey of workers' compensation professionals found that the pandemic has prompted an ascent in digital client collaborations, including the digitization of administrative work, structures and marks – further solidifying client assumptions for consistent, proficient and secure digital encounters in insurance "With insurers facing a new competitive landscape, digital innovation is more important than ever," said Michael Desrochers, VP Product Strategy and Alliances at Sapiens. "In joining forces, VPay and Sapiens have forged a synergistic partnership that will equip insurers with the next-generation solutions they need to flourish." About Sapiens Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 550 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements.

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WORKERS COMPENSATION

Cyber insurtech BOXX hires Beazley leader in senior insurance role

BOXX Insurance | February 22, 2022

Toronto-based global insurtech BOXX Insurance announced the appointment of Phil Baker as President of BOXX Canada. Baker will also be responsible for delivering BOXX's insurance strategy globally as its Global Head of Insurance. Prior to joining BOXX, Baker headed Beazley Canada where he was board chairman and head of broker relations. Baker joined Beazley when it acquired Creechurch Underwriters, where he was President and CEO of the highly regarded MGA that focused on insuring risks in the emerging technology space. Before joining Creechurch, Baker headed the financial and professional lines business unit for Travelers Canada. "The rapid pace and acceleration of digitization is creating digital uncertainty of seismic proportions. Nowhere is this felt more than by everyday businesses and consumers who have historically been ill-served by insurers. The opportunity to help democratise access to both cyber insurance and digital protection through BOXX's all-in-one platform is incredibly exciting." -Phil Baker as President of BOXX Canada. "Phil will play an integral role in expanding relationships with the insurance brokers that fuel our business in Canada," said Vishal Kundi, BOXX's CEO and Co-Founder. "Under Phil's technical leadership, we can step up the pace to enhance and extend our insurance products to meet the demands of partners and customers we are seeing across the world." -Phil Baker as President of BOXX Canada. BOXX also announced the addition of Zurich Insurance and Hartford Steam Boiler as new insurance providers for BOXX. Baker will manage these relationships as well as cultivate new ones as BOXX expands into selected new markets and segments. About BOXX Insurance BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada. BOXX's vision is to help businesses, individuals and families stay ahead of, respond to and recover from cyber threats, putting their digital safety first.

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INSURANCE TECHNOLOGY

A Free Resource for Insurance Compliance Information and Updates with the Launch of AgentSync Compliance Library

AgentSync | June 17, 2022

The AgentSync Compliance Library, one of the insurance industry's leading resources, is an open-source destination for news, information, and real-time updates. Here’s the unveiling of the Compliance Library by AgentSync to power growth and innovation in the insurance industry. The technology is a free resource covering over 8000 compliance data points across 53 U.S. insurance jurisdictions. The Compliance Library was created by and for insurance industry experts to aid in their efforts to stay up-to-date and learn from it. It contains everything from regulatory and compliance basics to state-by-state FAQs and news. Constantly keeping up with the time-consuming and tedious manual processes and incomplete and disconnected information is exhausting and creates significant risk for the producers and the businesses they represent. As a result, AgentSync created a first-of-its-kind open-source library to enable producer compliance. This tool is designed to give insurance and compliance professionals quick access to a database of jurisdiction-level information and regulatory updates from across the United States insurance industry. The AgentSync Compliance Library is intended to be a resource for facilitating help in the verification of: Contact information for the state insurance department: address, phone, email, website, and commissioner name Information on appointments and terminations, including deadlines, fees, renewals, and more. Agency information, including licensing requirements by jurisdiction and affiliations. Producer information, including licensing requirements by jurisdiction, renewal deadlines, fees, address requirements, and more. Adjuster information such as deadlines, fees, and renewals. Industry experts who understood regulatory nuances and had an unrivaled passion for helping customers' efforts built AgentSync to achieve and maintain compliance. Thanks to AgentSync's expertise, products, and the new Compliance Library, everyone in the industry can continue to learn and grow with confidence. About AgentSync AgentSync enables rapid growth for insurance carriers, agencies, and MGAs by providing modern producer management tools. AgentSync's products reduce friction, increase efficiency, and maintain compliance through customer-centric design, seamless APIs, and automation, ultimately helping to improve the broker onboarding, contracting, licensing, and compliance processes. AgentSync, which was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight and is headquartered in Denver, CO, has been named one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, an Insurtech Insights Future 50 winner, and is ranked 88 on Forbes' list of America's 500 Best Startup Employers in 2022.

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