CORE INSURANCE, INSURANCE TECHNOLOGY
Falvey | February 28, 2023
On February 27, 2023, Falvey Insurance Group (Falvey) launched inland marine coverage to its existing product offering. With the natural extension, it has on board an experienced team to establish this inland marine product in the insurance market.
The list of the experienced team members and their respective designations in the company is as follows:
Ed Helfers – Principal, Inland Marine
Lisa Uzzo – Principal, Inland Marine
Joanne Stewart – Cicero – Vice President, Claims, Inland Marine
Maureen Connelly – Associate Vice President, Inland Marine
Thomas Helfers – Associate Vice President, Inland Marine
Bob Sundberg – Manger Underwriting Operations, Inland Marine
Its premium product provides excellent coverage with additional value-added services at no extra charge. With its experience in the insurance market, it has developed relationships with its customers and brokerage partners. It has always addressed the urgent needs of the clients and offered solutions that are beyond their expectations. With one broker agreement, clients have access to complete Falvey Insurance Group's products with the universal claim and loss control experience. In addition, clients experience similar quality service from any of its underwriting teams.
Chief Underwriting Officer of Falvey, Mike McKenna said, "We are excited to have Ed, Lisa, Maureen, Thomas, Joanne, and Bob join Falvey to lead our newest product offerings in the Inland Marine marketplace. This group is uniquely qualified with substantial experience across underwriting, policy administration as well as claims enabling a fast-to-market launch." He added, "We are excited for the opportunity to join Falvey and build a product from the ground up especially with an organization that has an aligned passion for success and strong work culture. As Falvey is already growing in marine and transportation markets; expanding into Inland Marine and related property products will assist in continuing the expansion in the specialty space."
(Source – Cision PR Newswire)
Headquartered in North Kingstown, Rhode Island, Falvey, an insurance services provider, has connected insurance brokers, clients and agents worldwide since 1995. It provides services for insurance claims, underwriting, loss prevention, cargo insurance, pollution insurance, shipper insurance, stock throughput, transportation, and logistic liability. In addition, its wholesale division offers supplement products like a product recall, motor truck cargo, and builder's risk. It specializes in solutions for freight, supply chain, logistics and transportation. Its underwritings include three significant segments; general cargo, life sciences, and technology. In addition, it offers full-value, all-risk domestic and international shipping insurance through an API integration with the client's existing shipping software.
CORE INSURANCE, RISK MANAGEMENT
Simplicity Group and Insurance Designers of America | March 06, 2023
Simplicity Group Holdings, Inc. (Simplicity) recently informed that it has acquired Insurance Designers of America (IDA), a leading insurance marketing organization (IMO), in order to provide a comprehensive range of services.
As a result of this merger, Simplicity and IDA will now provide their respective members with a market-leading, tech-enabled distribution platform along with an unrivaled range of sales and marketing services.
Bruce Donaldson, Simplicity's President and CEO, expressed, "We have known the partners of IDA for many years and have always admired the spirit of true, equitable partnership, which was one of the founding characteristics of the group."
He continued, "Simplicity was founded on the premise that all our partners should be treated equitably and enjoy all the aspects of our growing platform. We recognize that independent distributors have a choice with whom they wish to affiliate and we are thrilled that IDA has chosen Simplicity to be its long-term partner."
(Source – Cision PR Newswire)
Ethan Emmett, Executive Director of IDA remarked, "Partnering with Simplicity is a natural evolution in the growth of IDA and the furthering of our mission to best serve our member agencies and ultimately provide consumers access to the best insurance solutions across life, annuity, LTC and DI."
(Source – Cision PR Newswire)
About Simplicity Group
Simplicity Group offers holistic financial professionals and their clients a full range of products and services for every stage of life, guided by education, value, and cooperation. The company offers its advisor, agent, broker-dealer, and financial institution partners best-in-class and proprietary guaranteed income, life insurance, wealth management, long-term care products as well as operational support. Besides, it also provides sales, marketing materials, and training to help its partners build businesses and serve their clients.
About Insurance Designers of America
Founded in 1986, IDA is one of Georgia's oldest, largest, and most-esteemed IMOs. The company was founded by former agency heads of a national insurance carrier that was quitting the agency distribution system to fill the void as insurance companies focused entirely on product manufacturing and sought alternative distribution channels. Currently, it has over 50 agencies and $250+ million in yearly premiums, giving it the capacity and resources to support over 85,000 financial professionals with their client's insurance needs.
CORE INSURANCE, COMPLIANCE
Napier and Utmost Group | February 01, 2023
On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider.
Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner.
The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms.
Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services."
(Source – Business Wire)
London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry.
About Utmost Group
Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.