Wright National Flood Insurance | November 02, 2022
Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina ("IAT").
Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program (NFIP) for IAT policyholders and agents. Additionally, Wright will also assume the servicing of IAT Insurance Group's private flood business.
Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its industry-specific knowledge, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing the service customers deserve.
Patricia Templeton-Jones, Wright National Flood Insurance Services president, said she is excited about the partnership with IAT agents.
"IAT Insurance Group has provided flood coverage solutions for the past 15 years for its agent partners and policyholders, We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry. Since the inception of the NFIP, Wright Flood has been a premier provider of flood coverage and private flood options for homeowners and business owners."
Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss, We are confident customers will continue appreciating the peace of mind that comes with having flood coverage, said Joe Tracy, IAT's executive vice president of inland marine, property and aviation.
Beginning in early 2023, Wright Flood will manage IAT's NFIP flood placements. Wright National Flood Insurance Company, which is AM Best-rated as A (Excellent) for financial strength, will issue all new policies and renewals. For retail agents accessing flood coverage through IAT, there will be minimal change in the process to continue to provide NFIP coverage for policyholders.
About Wright National Flood Insurance Company
Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess, and private flood insurance with leading industry experience, rated A (Excellent) by AM Best. Wright Flood takes pride in its exceptional claims reputation, providing superior service customers deserve and its user-friendly technology.
IAT Insurance Group is a privately-owned, specialty insurance group providing property-casualty and surety insurance products for niche markets. With more than 900 employees and office locations across the country, IAT Insurance Group's specialty units include Commercial Transportation, Excess and Surplus, Inland Marine, Reinsurance, Surety and Management Liability. The IAT Insurance Group companies are rated A- (Excellent) by AM Best.
WORKERS COMPENSATION,INSURANCE TECHNOLOGY
Insurity | November 29, 2022
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it had launched a Payroll Validator feature for workers’ compensation carriers leveraging Sure Premium Audit. The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers’ comp carriers and policyholders. The Payroll Validator feature is available for immediate purchase for existing Sure Premium Audit users.
Sure Premium Audit enables P&C carriers to uncover additional premiums by automatically screening a carrier’s entire book of business to generate audits based on business-defined rules without human intervention. For example, a top 25 P&C carrier recently presented at Insurity’s customer conference, Excellence in Insurance Innovation, that Sure Premium Audit’s automation tools have allowed them to reduce the operational time of their audit staff by over 24,000 hours a year.
Now, with the new Payroll Validator feature, workers’ compensation carriers can further automate their audit process by transferring raw payroll data from over 100 payroll service providers, decreasing wait times as payroll data is imported directly to the field audit tool. Policyholders can log in once and provide permission to pull payroll data throughout the policy period or shortly after.
Sure Premium Audit’s Payroll Validator also reduces the opportunity for fraud. Carriers can increase security by eliminating the sending of sensitive data through email or other unsecured channels and minimize fraud by having the unaltered payroll data come directly from the source of the payroll system.
“The faster and more efficient workers’ comp providers can make their premium auditing process, the faster they can send out bills, and more likely they are to collect payments, Sure Premium Audit’s Payroll Validator automates a historically time-consuming process for workers’ comp providers by capturing that payroll data directly from the payroll service provider. Not only does this eliminate the time auditors must spend obtaining messaging and payroll data from policyholders, but it creates a more streamlined experience for your policyholders.”
-Sylvester Mathis, Chief Insurance Officer at Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.
Verisk | October 17, 2022
The number of electric vehicles sold in the UK and Ireland continues to rise. The risk profile of cars on the road is changing, making access to technical electric vehicle data critical for insurers and brokers. To help support strategic underwriting and pricing decision making, Verisk (Nasdaq: VRSK), a leading global data analytics provider, announced the launch of its Electric Vehicle Database for the UK and Ireland.
Verisk’s Electric Vehicle Database is a proprietary, technical dataset for all new and existing models of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The Database provides insurers, brokers, and MGAs with a pivotal advantage in the electric vehicle space, with access to over 175 technical attributes. These attributes include an EV’s battery, efficiency, and performance, as well as information on each vehicle’s acceleration, top speed, range of a single charge in different conditions, battery capacity, charger location and warranty period.
“We’ve entered the electric motor age, and Verisk is uniquely equipped to help insurers to create new rating attributes for prediction of risk associated with EVs, Verisk is working with its customers to bring new datasets and services that help them to continue to make well-informed decisions as technologies and regulations change.”
-Jonathan Guard, commercial director, Ireland, Verisk
All of the electric vehicle datasets are available via batch append services or through Verisk’s Data Insight Hub, a continuously expanding source of insurance data and analytics accessible at any part of the customer journey, including the point of quote.
Verisk is a leading provider of motor vehicle data and services to insurers, MGAs and brokers in the UK and Irish market. Such services include matching vehicle registrations to rating code groups, claims alerts, technical data and new datasets such as windscreen data. The Verisk Data Insights Hub provides these datasets and services, including the Electric Vehicle Database in a fast automated API service that meets the needs of the market’s point of quote services.
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.