DARAG unveils Zurich acquisition

DARAG | September 09, 2019

Legacy acquirer DARAG Group Limited is on a roll. Earlier this year it completed a portfolio transfer in Italy, in July it entered the British market, and now it has reached an agreement in Germany with Zurich Insurance Plc, the Irish wholly-owned subsidiary which acts as Zurich Insurance Group’s main legal entity for writing non-life insurance business in Europe. The deal involves Zurich’s German architects and engineer’s professional indemnity insurance portfolio. It will see Hamburg-based DARAG Deutsche Versicherungs- und Rückversicherungs-AG assume reserves in excess of €180 million. Explaining how the two-step acquisition will be carried out, the Malta-headquartered group noted: “DARAG will initially provide Zurich with economic finality through a loss portfolio transfer (LPT), by which the portfolio is economically transferred to DARAG. “Following the completion of the LPT, DARAG and Zurich will apply for an Irish Section 13 Insurance Business Transfer to achieve complete legal and operational finality.”

Spotlight

As part of her stop in India, BCG’s Global Leader, Pia Tischhauser meets with Managing Director and Partner Pranay Mehrotra to gain more significant insights into trends CEOs need to act on to succeed in the insurance industry. Pranay shares five key insights that apply to insurers globally and discusses how successful digital transformation can increase overall value creation in the industry. Filmed as part of the “Pia on the Road” series.

Spotlight

As part of her stop in India, BCG’s Global Leader, Pia Tischhauser meets with Managing Director and Partner Pranay Mehrotra to gain more significant insights into trends CEOs need to act on to succeed in the insurance industry. Pranay shares five key insights that apply to insurers globally and discusses how successful digital transformation can increase overall value creation in the industry. Filmed as part of the “Pia on the Road” series.

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CORE INSURANCE

Allianz Global Corporate & Specialty to target multinational insurance with new set-up and dedicated investments

Allianz Global Corporate & Specialty | July 15, 2022

Allianz is aiming to substantially expand its business from customers in the global insurance program sector to serve the increasing demand from large and medium-size companies needing cross-border coverage. Its international corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is strengthening its capabilities, including a new market-facing team as well as dedicated investments in data and technology, and will expand its customer services. To support its Multinational customers, AGCS has moved the Management Board responsibility to the ‘Regions and Markets’ area led by Henning Haagen, who oversees market-facing activities including distribution. The new AGCS Multinational set-up also includes a strengthened global leadership team and enhanced regional responsibilities. Guy Money, currently Global Head of Product at AGCS, has been appointed Global Head of Multinational Business. The well-established AGCS Captive Solutions team, led by Brian McNamara, will be integrated into the Multinational business to serve customers with a broad range of services from traditional, multi-line global programs to captive fronting and reinsurance as well as hybrid combinations of traditional and alternative risk transfer. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. New AGCS Multinational team Further key leadership appointments in the new AGCS Multinational team include Jayesh Patel who is leading the Multinational Market Practice Team. He and his regional representatives will work closely together with AGCS’ global and regional distribution teams to drive business development in target markets. Karol Dobias remains in charge of the Business Excellence unit responsible for global standards, performance tracking and steering. The Network Management Team is overseen by Melanie Windirsch, who is responsible to deliver local services across all network countries. Nigel Leppitt will oversee the Multinational transformation program. About Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs. Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience. Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.

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CORE INSURANCE

ISG to Publish Report on Insurance BPO, ITO Services

ISG | July 16, 2022

Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes. The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA). Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients. Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.” ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are: Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits. Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe. BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator. Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience. Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report. An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors. A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study. All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback. About ISG Provider Lens™ Research The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types. About ISG ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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HEALTH INSURANCE

Alegeus and HealthSherpa Experience Significant Momentum for ICHRA

Alegeus, HealthSherpa | July 19, 2022

Alegeus, the market leader in healthcare payment solutions, and HealthSherpa, the leading enrollment platform for individual ACA health coverage, have outpaced the industry in individual coverage health reimbursement arrangements (ICHRA) since announcing an integration partnership in the summer of 2020. With updates to their partnership in 2022, both companies are poised to increase their ICHRA enrollments even faster. HealthSherpa, which has seen more than 10X growth in ICHRA pipeline, has enrolled more than three million individuals on its platform in just the last year. ICHRAs, which were launched at the start of 2020, allow employers to reimburse employees for individual coverage insurance premiums in place of offering them a traditional group-sponsored health plan. ICHRAs can also be used by employees to pay for out-of-pocket healthcare expenses. 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