China’s Revamp of Anbang Insurance Includes Moving Business to New Company

Insurancejournal | May 28, 2019

The Chinese government is taking a major step in its efforts to sell a strategic stake in Anbang Insurance Group Co., the acquisitive insurer it took over last year amid a fraud investigation into its former chairman.Under a plan overseen by the industry regulator, most of Anbang’s businesses will be moved into a newly created company called Dajia Baoxian, people with knowledge of the matter said. Some policies sold by Anbang’s property insurance unit won’t be transferred to the new entity, the people said, asking not to be identified discussing sensitive information.

Spotlight

“Robots,” in this context are software routines that can be programmed to use an insurance carrier’s enterprise applications to gather, read/understand, react to and execute new data entry activity according to business rules. Robots behave just like a well-trained employee. From the data center’s perspective, each robotic routine appears to be a hyper-fast user, performing keyboard and mouse-driven tasks, 24x7 with zero errors.

Spotlight

“Robots,” in this context are software routines that can be programmed to use an insurance carrier’s enterprise applications to gather, read/understand, react to and execute new data entry activity according to business rules. Robots behave just like a well-trained employee. From the data center’s perspective, each robotic routine appears to be a hyper-fast user, performing keyboard and mouse-driven tasks, 24x7 with zero errors.

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INSURANCE TECHNOLOGY

Stoneridge Partners With K5 Insurance Inc. To Expand Into Saskatchewan

Stoneridge Partners | June 06, 2022

SIB Corp., operating as StoneRidge Insurance Brokers ("SIB"), a leading independent provider of insurance and consulting services, whose platforms include an insurance brokerage, MGA/MGU, group benefits and an adjusting firm, has partnered with K5 Insurance Inc. ("K5"), expanding its personal and commercial insurance presence in Manitoba and into Saskatchewan. K5 is a full-service insurance brokerage servicing clients throughout the prairies since 1967. With three locations, K5 provides a suite of personal and commercial offerings with the goal of providing the information and products needed for a customer to make informed decisions at competitive prices. We are excited to be a part of the StoneRidge family – this new beginning for K5 will provide us access to additional markets, products and resources. We believe being part of StoneRidge will allow us to meet our customers' needs and offer competitive premiums to achieve the right solution." Mike Klassen, President of K5. We are extremely lucky to have Mike and K5 as part of the SIB family. This transaction demonstrates our continued focus on becoming a national broker. SIB has completed three transactions so far in 2022, with another three transactions expected to close in the next 60 days." Ted Puccini, SIB's CEO and President.

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INSURANCE TECHNOLOGY

InsurTech Carrot Continues On Its Explosive Growth Trajectory With Written Policies Surpassing 400k Mark

Carrot General Insurance Corp. | December 27, 2021

Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January. "What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward." -Paul Jung, CEO of Carrot The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration. "We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance," -Paul Jung, CEO of Carrot He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation. Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort. About Carrot General Insurance Corp. Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.

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INSURANCE TECHNOLOGY

Fenris and Sureify Have Formed a New Partnership

Fenris | June 08, 2022

Fenris Digital (Fenris), an insurance data sourcing innovator with a suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with enterprise life insurance platform Sureify to deliver Life Events Monitoring and Alerts (LEMA) to Sureify's LifetimeENGAGE users to increase customer interaction and, ultimately, satisfaction. Fenris Life Event Monitoring and Alerts will be made available on Sureify's LifetimeENGAGE platform, which helps carriers and brokers build long-term relationships with policyholders by driving health and wellness activities, purchase decisions, financial education, and more. Sureify's carrier and broker customers will receive real-time alerts concerning changes in the lives of policyholders that would need a review of current coverage because of Fenris' life event alerts being made available through its platform. The lives of our client's policyholders are changing faster than ever. Insurance providers need to be aware of these changes in real time so they can engage with their customers at exactly the right moments. By integrating with Fenris, we're investing to ensure that, through our clients, modern policyholders' needs are being almost proactively met, which is immense." Sureify COO Ryan Swanson. Data is at the heart of a carrier's engagement practices that lead to informed agents guiding policyholders along the customer lifecycle, Working with Sureify to make our real-time alerts available to the life insurance space will give agents, brokers, and carriers the insight they need at the right time to nurture their relationship with policyholders." Jennifer Linton, CEO and Founder of Fenris. Fenris enables traditional, innovative, and embedded insurance companies to better acquire customers by leveraging data repositories of 255+ million persons, 130+ million homes, 30+ million small businesses, and total coverage of all properties in the United States. Through real-time alerts that prompt outreach to policyholders, Fenris' Life Event Monitoring and Alerts promotes engagement, raises retention rates, and leads to business growth.

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