CoreLogic and Zurich UK | November 07, 2022
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, is pleased to announce that Zurich Insurance UK (“Zurich”) will use CoreLogic’s digital claims workflow and collaboration platform to enhance its claims operations.
In the UK, Zurich provides a suite of insurance products including commercial and retail property insurance. The agreement with CoreLogic will enable Zurich to enhance its existing claims capabilities by digitising processes on a secure, real-time web application – bringing a streamlined and much simpler claims experience for its customers, handlers and key supply chain partners.
The CoreLogic platform helps to standardise claims processing on a single, cloud-based platform, enabling consistent and efficient triaging, for desk based adjusting and settlement and supply chain allocation. Delivering reduced claim lifecycles, greater cost control, enhanced accuracy and transparency into the claims management process, the platform provides a streamlined workflow management solution. This allows users to easily and securely access, share and process information and data, as well as communicate and collaborate more effectively.
“Zurich has a strong reputation for its customer-centric focus and is now looking to enhance the customer experience even further through a faster, streamlined and easy-to-use claims experience. We are delighted that they have put their trust in our claims platform to help them achieve that goal.
-Mark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic
By digitising processes and bringing everyone on to one single platform, Zurich’s teams, suppliers and customers will all benefit from better communication and transparency throughout the whole claims journey. The Claims Connect™ platform enables higher quality data and resultant insights, greater process efficiencies and ensures that customers can receive the help and support they need at a time that suits them. We are excited about bringing our solution’s value to Zurich’s claims teams, suppliers and customers through this new relationship, saysMark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic.
Helen Rogers, Zurich’s Head of Claims Digital Experience, said: This collaboration will benefit both our customers and our supply chain partners. CoreLogic’s technology will enable our teams to speed up the customer journey by putting claims into the right hands, quicker. In addition, we will have a single source of data that will drive greater simplicity and consistency throughout the claims process as well as enhancing supply chain resilience and efficiencies.
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information.
The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, UK and Western Europe, and Asia Pacific.
About Zurich UK
Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK – with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley – Zurich employs approximately 4,500 people in the UK.
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.
CORE INSURANCE,INSURANCE TECHNOLOGY
The Hanover | December 13, 2022
The Hanover Insurance Group, Inc. (NYSE: THG) today announced it has launched The Hanover Small Business Digital Exchange Gateway, an innovative collection of insurtech platforms that enable agents to access The Hanover directly through existing connections in their commercial lines quoting solutions. The Small Business Gateway supports The Hanover's agent partners in their desire to enhance agent-carrier connectivity and streamline the small business placement process.
The new solution supports both standard and specialty lines, and is accessible through seven third-party partnerships – IVANS Distribution Platform, Applied Epic Quotes, Tarmika, Semsee, Vertafore, Insureon and Verisk. Currently, the Small Business Gateway is available for business owner's, workers' compensation and management liability policies in many of the company's commercial lines states, with plans to expand to professional liability lines over the next year.
"We recognize the operational challenges our agents face as they work to place business and serve their customers, and we have been very thoughtful about how technology can help them transact business in a more efficient and effective way, This new capability complements our existing TAP Sales system, which provides direct access to The Hanover's small commercial, marine, and professional and management liability products. Agents now have a choice to either access The Hanover directly through TAP Sales, or utilize the new Small Business Gateway, offering great flexibility and ease of use."
-Richard W. Lavey, president, Hanover Agency Markets
The company plans to expand the Small Business Gateway to include additional product lines, making it even easier for agents to efficiently place more account business.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items.
CORE INSURANCE,RISK MANAGEMENT
Arthur J. Gallagher & Co. | December 21, 2022
Arthur J. Gallagher & Co. (NYSE: AJG) today announced an agreement to acquire the partnership interests of BCHR Holdings, L.P., dba Buck. The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals.
Buck is a leading provider of retirement, HR and employee benefits consulting and administration services. The organization has a long history, dating back more than 100 years, with a diverse client base by both size and industry. With over 2,300 employees, including more than 220 credentialed actuaries, Buck primarily serves customers throughout the US, Canada and the UK.
"Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services' mission and our global Gallagher Better Works value proposition, Through the complementary strengths of Buck's defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals."
-J. Patrick Gallagher, Jr., Chairman, President and CEO
Benefits of the acquisition are expected to include:
Expanding Gallagher's value proposition within retirement, benefits & HR consulting, administration, and technology
Enhancing and deepening Gallagher's broad suite of professional services including: defined benefits consulting, plan administration, defined contribution and executive benefit consulting, investment consulting, benefits strategy, compliance, employee engagement consulting and total rewards optimization
Adding "bSuite," a leading, proprietary software platform for benefits administration and employee engagement
Potential cross-selling opportunities across current benefits and property & casualty clients
Combining similar sales cultures, both focused on outstanding client service, employee engagement and innovation
Deepening the employee benefits management team.
Under the agreement, Gallagher will acquire the partnership interests of BCHR Holdings, L.P. and its subsidiaries, for a gross consideration of $660 million or approximately $585 million net of agreed seller funded expenses and net working capital. Gallagher expects to fund the transaction via free cash flow and short-term borrowings. The transaction is estimated to be approximately 2% accretive to adjusted diluted earnings per share over the trailing twelve month period ended September 30, 2022, assuming expense synergies discussed below.
Prior to expected expense synergies of approximately $20 million, Buck's pro forma adjusted trailing twelve month revenues and EBITDAC ending September 30, 2022 were approximately $280 million and $34 million, respectively. Including synergies, the purchase multiple is approximately 10.8x of trailing twelve month September 30, 2022 pro forma adjusted EBITDAC, or 13.1x including expected integration expense of approximately $125 million.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.