Chubb launches service to wipe personal data from cars following accidents

Chubb | September 13, 2019

Chubb launches service to wipe personal data from cars following accidents
Chubb has launched a new service to help its personal auto clients remove sensitive electronic information from their vehicles in the event of an insured total loss. The service is designed to wipe sensitive personal information associated with a range of devices, including GPS data, phone contacts, text messages and garage and gate-opening capabilities after an accident. “While hands-free GPS and mobile connectivity has made driving more convenient and safer, such conveniences come with their own set of risks,” said Fran O’Brien, division president for North America Personal Risk Services at Chubb. “Personal information is often stored in a car’s electronics system, and when an accident happens, the last thing on drivers’ minds is that type of data. If that information falls into the wrong hands, it could result in the loss of personal privacy and thus a potential risk of exposing one’s physical assets and electronic identity to criminal activity or public disclosure.”

Spotlight

For insurance respondents to the Accenture 2015 Global Risk Management Study* growth is back on the agenda and digital presents new opportunities.

Spotlight

For insurance respondents to the Accenture 2015 Global Risk Management Study* growth is back on the agenda and digital presents new opportunities.

Related News

HGGC opens up on PCF Insurance acquisition

HGGC, PCF | May 18, 2020

HGGC recently completed its acquisition of PCF Insurance, a full-service insurance brokerage based in Woodland Hills, California. Acquisitions have been at the heart of PCF’s growth over the past two years. Since 2018, the retail brokerage has executed an aggressive M&A strategy. In addition to facilitating inorganic growth via M&A, HGGC will also support PCF in building out its platform, investing in new technology. HGGC, a middle market private equity firm, recently completed its acquisition of PCF Insurance, a full-service insurance brokerage based in Woodland Hills, California. Founded in 1987, PCF is a growing retail insurance brokerage with a diverse offering of commercial lines, personal lines, and employee benefits products. It currently has over 400 employees across the US and serves more than 40,000 customers. Following the deal, PCF’s current management, employee owners, and existing investor BHMS Investments have retained minority stakes in the business. New owner HGGC is no stranger to the insurance services world. Two of its key insurance services portfolio companies include US-based Integrity Marketing Group and UK-based Davies Group. Since HGGC’s investment into Integrity in July 2016, the firm has grown to be among the leading distributors of senior life and health products in the US, placing $2.5 billion in premiums and recording 8x earnings growth. It’s a similar success story with Davies Group. The UK-based provider of tech-enabled insurance services has completed 17 acquisitions and quintupled revenues in three years with HGGC backing. Read More: CyberCube launches “Broking Manager” a SaaS application designed specifically for insurance brokers We believe the key to success in the insurance services space is strong leadership and smart M&A. We’re excited to build on our successful track record with Davies and Integrity, When we got to know PCF as a business, and we got to know Peter Foy [PCF founder, CEO and chairman] and the team, two things were very clear. One is that PCF was thriving in a market that we really like. The retail brokerage market is attractive because there’s highly recurring revenue, high retention of that revenue, nice earnings characteristics, stable and steady cash flows, and opportunities to grow both organically and inorganically. - John Block, Partner at HGGC. “PCF demonstrates those qualities. Peter Foy has done a fantastic job both managing organic growth and also leading 18 acquisitions over the past two years. He partners with BHMS Investments to meaningfully scale the business and build out what is now a national platform. So, they have a strong business today, a nice financial profile, a diversified platform nationally, a nice mix of commercial lines, personal lines and employee benefits, and a good mix of carrier partners. Those things combined make PCF a really strong platform to work with, and we think there’s a big opportunity to continue to invest in the team, continue to build out the corporate infrastructure, and continue to focus on organic and inorganic growth.” Acquisitions have been at the heart of PCF’s growth over the past two years. Since 2018, the retail brokerage has executed an aggressive M&A strategy by completing 18 add-ons and expanding outside of California into New York, Illinois, Nevada, Colorado, Arizona, Kansas, Kentucky, and Florida. Moving forwards, HGGC wants to position the business to be able to acquire 10 to 20 businesses every year, according to Block. He said that with the pipeline of opportunities in the marketplace, and the increasing footprint and presence of PCF, the brokerage will be “well positioned to achieve that goal”. Read More: Just Auto Insurance propels pay-per-mile auto insurance product in Arizona The prospect of further growth proved “exciting” for Foy. Commenting on the deal, the brokerage founder and CEO said: “We’re excited to partner with HGGC and leverage their experience and support during this next phase. I’m confident that, together, we will be able to continue to execute our strategy and accelerate our growth in this attractive market.” In addition to facilitating inorganic growth via M&A, HGGC will also support PCF in building out its platform, investing in new technology, and continuing to grow organically by leveraging its strong producer base and blue-chip carrier relationships. Block explained: “We absolutely intend to invest in the platform, meaning we will build out the infrastructure of the business and invest in new technology, systems and processes to help optimize the business and continue to allow it to scale. We see that across all of our business portfolios – the utilization of technology internally to help these businesses scale efficiently and effectively – and that will absolutely be the case at PCF. In addition to that, we will be looking at opportunities to help our agencies and help our businesses, PCF included, utilize technology better. We are big believers in giving our teams external-facing technology over time and enabling them to use the latest and greatest tools at their disposal in order to be as effective and productive as they can be. - John Block, Partner at HGGC. AboutHGGC HGGC is a leading global private equity firm with over $4.3 billion in cumulative capital commitments and oversees portfolio companies that employ more than 65,000 employees globally. Over its history, HGGC has completed platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $25 billion. AboutPCF Insurance Founded as Peter C. Foy & Associates in 1987, PCF is a leading insurance brokerage firm dedicated to providing complete risk management solutions.PCF has a diverse offering of commercial lines, personal lines, and employee benefits products, with more than 40,000 customers across the country.

Read More

RISK MANAGEMENT

Sun Life partners with Teledentistry.com to bring 24/7 dental provider access to members

Sun Life | January 06, 2022

Sun Life U.S. has partnered with Teledentistry.com to bring members 24/7 virtual access to dental providers, whenever, and wherever they are. The service is automatically incorporated into members' dental coverage, and provides a safety net for those who need dental care in emergencies, while traveling, or at night or on weekends. "Oral health is part of overall health, and we are committed to helping our members get the right care when they need it, whether for regular preventive care visits or emergencies, We are thrilled to partner with Teledentistry.com to make dental benefits and urgent dental care more accessible, and meet our members where they are." -Joi Tillman, vice president of Voluntary, Dental and Vision at Sun Life U.S. With easy-to-navigate virtual access, members who need a dental consultation can get one quickly from a Teledentistry.com dentist, and get referred for definitive care if necessary. Consultation results are communicated to the member's dental provider for follow-up care. By accessing a Teledentistry.com dental professional any time virtually, members can get the care they need at the right time and may reduce their costs, especially in cases of emergency when the only alternative may be an ER visit. "Teledentistry.com is dedicated to improving access to dental care, Our team of dentists is ready to help with a virtual consultation, prescribe medications as appropriate and refer patients to a local in-network dentist for regular care. We are proud to partner with Sun Life to help support their members with a virtual dentist anytime they need one." -Dr. Vilas Sastry, CEO of Teledentistry.com. About Sun Life Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of C$1.39 trillion.

Read More

INSURANCE TECHNOLOGY

Vertafore Introduces the Next Generation of ImageRight to Transform Insurer Productivity and User Experience

Vertafore | June 30, 2021

Vertafore, the industry leader in modern insurance technology, announced the next version of ImageRight, the industry's leading workflow and content management solution developed especially for insurance carriers today. The news was made at the Carrier Week keynote event at Accelerate, powered by NetVU. ImageRight 7 offers a completely redesigned user experience in a web-based interface, allowing users to accomplish more streamlined core procedures and customized task lists. The upgrade, which is the first in Vertafore's multi-year effort to modernize ImageRight, is accessible anytime and everywhere through contemporary browsers, allowing carriers to better equip their workforce for success as the "new normal" of work evolves. ImageRight 7 also offers compliance and security upgrades to bring users up to speed on the most recent rules and regulations. Improvements such as ImageRight 7 offer a cutting-edge user experience that boosts productivity and simplifies activities. • An easy-to-navigate, find, and track interface allows users to browse quickly, discover and track policies and any related documents. • The ability to edit and manage Microsoft Office files directly from ImageRight, with all changes synchronized. • Personalized to-do lists that prioritize work. To-do lists are updated in real-time, minimizing the number of clicks required to access the most recent activities. Vertafore Hosting for ImageRight 7 can save carriers about 25-50% on an annual basis. Vertafore Hosting, a new cloud hosting option offered via Amazon Web Services, is also included with ImageRight 7. Carriers get ImageRight supplied as Software-as-a-Service (SaaS), including automatic version updates, as Vertafore relieves carrier IT teams of the hosting burden, allowing them to focus on other priorities. Data from Vertafore users indicate that Vertafore Hosting saves a carrier with 100 users an average of $320,000 over three years or 25-50% cost of ownership. The greatest savings come from reducing capital costs of maintaining ImageRight's hardware, operating systems, databases, and backup system infrastructure. About Vertafore For more than 50 years, Vertafore has been the North American InsurTech leader, modernizing and simplifying insurance distribution so that our clients can focus on what matters most: people. Vertafore's solutions enhance the client and agent experience, unlock the power of data, and simplify critical processes to promote efficiency, productivity, and profitability for independent agencies and carriers.

Read More