AUTOMOBILE INSURANCE

CURE Auto Insurance Choose Guidewire InsuranceNow to Accelerate Speed-to-Market and Business Growth

CURE Auto Insurance, Guidewire Insurance | May 03, 2021

Citizens United Reciprocal Exchange (CURE), a not-for-profit full specialist organization of accident protection authorized in New Jersey, Pennsylvania, and Michigan, and Guidewire Software, Inc., the platform P&C back up plans trust to draw in, develop, and develop proficiently, today declared that CURE has chosen InsuranceNow and Predictive Analytics to speed up speed-to-market and business development. The organization intends to start carrying out InsuranceNow for their greenfield individual auto line of business in the province of Michigan, trailed by their collision protection lines of business in New Jersey and Pennsylvania.

"Speed-to-showcase was a significant driver in our thought of another framework to help work with our objective of venturing into new business sectors. InsuranceNow met the entirety of our models as an adaptable, exceptionally configurable, easy to use, and affordable framework that will want to deal with that development," said Douglas Benalan, boss information official, CURE. "The cloud and across the board parts of InsuranceNow were additionally appealing to us and basic to our dynamic, as they will help our IT staff increment their effectiveness by moving upkeep and backing to Guidewire and empowering them to zero in on the crucial business goals that will speed up our development."

Benalan added, "We were likewise wanting to carry out prescient examination abilities into our activities. We discovered Guidewire Predictive Analytics to be our most ideal alternative since it coordinates well with InsuranceNow to empower our group to zero in on their work as opposed to chipping away at information joining."

"We are satisfied to invite CURE to the Guidewire client local area," said Frank O'Dowd, boss deals official, Guidewire Software. "We respect the organization's main goal of giving drivers in New Jersey, Pennsylvania, and now Michigan with accident coverage at a reasonable rate dependent on their driving records."

About CURE Auto Insurance
Settled in Princeton, N.J., Citizens United Reciprocal Exchange, (CURE) is a not-for-profit reciprocal exchange. Established in 1990 by New Jersey Insurance Commissioner James J. Sheeran and grant-winning insurance master, Dr. Lena Chang as a response to the insurance emergency in New Jersey, CURE keeps on driving the path as the not-for-profit answer for dependable drivers and the "fix" for consistently advancing collision protection issues. The fix is at present accessible in New Jersey and Pennsylvania.

About Guidewire Software
Guidewire is the platform P&C guarantors trust to draw in, develop, and develop productively.  We join the computerized, center, investigation, and AI to convey our platform as a cloud administration. As of the finish of our financial year 2019, more than 380 safety net providers, from new dares to the biggest and generally complex on the planet, run on Guidewire.  

As an accomplice to our clients, we persistently advance to empower their prosperity. We are glad for our unmatched execution history, with 1,000+ fruitful activities, upheld by the biggest R&D group and accomplice biological system in the business. Our commercial center gives many applications that speed up joining, confinement, and development.

Spotlight

Insurers have been accustomed to the current market realities of relatively low premium growth, rising loss costs, and ever-increasing customer expectations. Over the years, carriers have focused on adapting the business to address the challenges posed by these conditions. Senior management, business unit, and IT leaders have directed investments primarily towards performance improvement initiatives including cost take-out.

Spotlight

Insurers have been accustomed to the current market realities of relatively low premium growth, rising loss costs, and ever-increasing customer expectations. Over the years, carriers have focused on adapting the business to address the challenges posed by these conditions. Senior management, business unit, and IT leaders have directed investments primarily towards performance improvement initiatives including cost take-out.

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CORE INSURANCE

New carrier partners go live on Commercial Submissions to streamline small commercial quoting

Vertafore | September 12, 2022

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INSURANCE TECHNOLOGY

KOBA Insurance Chooses Socotra Policy Core Platform to Expand UBI Product Portfolio

Socotra | October 28, 2022

Socotra, the modern core platform provider for innovative insurers, today announced that KOBA Insurance, an insurtech MGA pioneering usage-based insurance products in Australia, is migrating its insurance program onto the Socotra policy core platform. Currently, KOBA is one of the first insurers to offer pay-per-kilometer personal auto insurance in Australia. Since launching nationwide last November, KOBA is rapidly evolving the car insurance narrative; growing 50% month-on-month, helping Aussies pay-per-KM for over 1,000,000KM across Australia and more importantly, providing a connection between a driver and insurer like never before. Traditional insurance only covers expenses to get you back on the road. But that is not enough. KOBA believes that modern car companies and smart insurers of the future will be about making you safer, helping you avoid accidents, and focus on building a true car-care relationship. With a data-driven focus, KOBA is nimble and is innovating distribution and product solutions for niche markets. In June 2022, KOBA also launched a car share product in partnership with Uber-owned Car Next Door. KOBA plans to expand its portfolio to include other usage-based insurance products for boats, fleets, rideshare vehicles and motorcycles. Socotra gives KOBA a platform for international scalability and the ability to introduce new products and innovations quickly as KOBA evolves its distribution model. Socotra also provides cloud-native capabilities and the flexibility to plug in multiple raters, claims systems and a single platform to launch any insurance product for any geography or distribution channel. “KOBA is empowering mid-sized carriers to activate and scale innovative insurance products—from day one, By partnering with Socotra, we are laying down a rock-solid technological foundation to rapidly launch multiple usage-based insurance products, flexibly white-label them for mid-sized carriers, and scale our insurance-as-a-service platform internationally.” -Andrew Wong, founder and CEO of KOBA Usage-based insurance (UBI) is auto coverage that uses data collected from the driver’s vehicle and analyzed by the insurer to determine policy cost. The better the driver, the better the discount. KOBA’s Insurance as a Service Platform provides carriers access to their line of white-label products on a subscription basis. Mid-sized insurance carriers have been reluctant to launch usage-based insurance products because such offerings require them to redesign not only their technology platforms, but also their processes and organization structures. But KOBA will enable mid-sized carriers around the world to sell white-labeled versions of its innovative and tech-driven products, without having to spend the time, money and effort to create these products themselves. KOBA will provide insurance-as-a-service with its out-of-the-box pricing models, raters and go-to-market strategies. KOBA, which designs products for value-driven customers, was the winner of the Excellence in Insurtech award at the seventh annual FinTech Australia Finnie Awards in 2022. It won Mozo Expert Choice Awards’ “Car Insurance Best New Product 2022” and “Excellent Value Car Insurance 2022,” as well as “Best Insurtech Innovation 2022” by Australia’s Finder Awards. It was also recognized, alongside Socotra, as one of the 10 leading insurtech companies in Australia by Insurance Business Australia. I applaud the team at KOBA for their vision of accelerating innovation for mid-sized carriers, KOBA understands that data is central to better assessing risk and giving customers the types of experiences they have with other technology services daily. With Socotra, they’re creating usage-based insurance products that deliver immense value and cost savings for their customers,said Dan Woods, founder and CEO, Socotra. About Socotra Socotra brings unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs and improve customer experiences. Socotra provides open APIs, a product-agnostic data model and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier and more affordable.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Higginbotham Enters Missouri by Joining Forces with Connell Insurance

Connell Insurance and Higginbotham | December 06, 2022

Connell Insurance is the first agency in the state of Missouri to join Higginbotham, an insurance, financial and HR services firm ranked among the largest independent brokers in the U.S. Connell Insurance is one of the largest and fastest growing locally-owned property/casualty insurance and employee benefits brokers in southwest Missouri. The deal adds a 14th state to Higginbotham's footprint and gives Connell Insurance increased customer support that includes loss control, employee benefit plan services and human resources. Higginbotham is strategically growing to expand its reach and increase its service capability by selectively partnering with other independent agencies that have strong reputations in their local markets, a desire to keep growing by tapping into its single source solution and a strong cultural match. Connell Insurance has two Missouri offices in Branson and Springfield, with a combined 38 employees with immediate plans to hire more to accommodate growth. It's led by practicing insurance and employee benefits consultants Casey Chastain, Jay Hickman, Tom Jensen and Chase Marable. "We see Higginbotham as a larger version of our firm. We position ourselves as 'agents of change,' adapting to new market trends and evolving our model as the business environment changes. To be a long-term partner for our clients, change is essential, and joining Higginbotham is part of that strategy. The value-added services for our clients, the future growth opportunities for our firm and the ability to partner with a privately held organization that offers employee ownership are all welcome changes." -Connell Insurance's leadership, Jensen Higginbotham Chairman and CEO Rusty Reid said, We have offices in the states that border south Missouri, so we had our sight set on finding the right partner to help establish our presence there. Connell Insurance being one of the fastest-growing insurance agencies in the region is what prompted our interest, because obviously they're doing something right. The decision to cement our partnership was driven by their alignment with our people-first culture and forward-thinking attitude. Higginbotham gave the title of managing director to all four of Connell Insurance's leaders, and they will continue guiding their team. About Connell Insurance Connell Insurance is a property/casualty insurance and employee benefits brokerage firm that provides solutions that help companies and individuals manage risk. Established in 1970, Connell Insurance today is one of the largest locally-owned insurance brokers in southwest Missouri. It has concentrated experience in the public entity, manufacturing, transportation, social services, construction and hospitality sectors. About Higginbotham Employee owned and customer inspired, Higginbotham is a single source solution for insurance, financial and HR services. The firm was established in 1948 and ranks by revenue as the nation's 21st largest independent insurance firm. Serving thousands of businesses and individuals through locations coast-to-coast, Higginbotham's approach to finding insurance, employee benefit and risk management solutions is more individual and less institutional. By understanding customer priorities, eliminating inefficiencies and committing to transparency, Higginbotham is a place that leads with values so value leads.

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