Davies Group inks deal to launch legal solutions unit

Davies Group | January 20, 2020

Insurance technology and consulting firm, Davies Group, has signed a deal with the insurance-focused law firm Keoghs to launch a legal solutions unit. The deal marks a significant move for Davies into the insurance legal services sector – an important move as the business continues to deepen its capability and domain expertise across its global insurance and highly regulated market segments. The addition of Keoghs will see Davies’s global team grow to more than 3,700 colleagues, with operating centers in the UK, Ireland, Bermuda, the US and Canada, serving more than 500 insurance clients around the world.

Spotlight

Small businesses particularly need to have extensive insurance coverage more so than large businesses with limited liability. As a small business owner, you will need to provide coverage for your employees in the event of a job-related injury or worker’s compensation coverage should illness or injury strike. A plan may also be tailored to your employee health, benefits and pension needs.

Spotlight

Small businesses particularly need to have extensive insurance coverage more so than large businesses with limited liability. As a small business owner, you will need to provide coverage for your employees in the event of a job-related injury or worker’s compensation coverage should illness or injury strike. A plan may also be tailored to your employee health, benefits and pension needs.

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INSURANCE TECHNOLOGY

Patra Partners with expert.ai to Develop Explainable and Practical AI Solutions for Policy Checking

Patra, expert.ai | February 18, 2021

Patra, a main supplier of technology-enabled services for the insurance business, and expert.ai, the chief artificial intelligence solution for natural language understanding and natural language preparing (NLU/NLP), today reported an organization that carries efficiencies to an assortment of insurance processes. This organization conveys AI-powered policy checking to the insurance market today. By brushing expert.ai's technology and expertise alongside the market force of the InsurConneXtions Alliance individuals, extra complex solutions are right now being produced for the business. Guaranteeing exact language understanding at speed and scale, expert.ai empowers worldwide associations to use its develop and demonstrated AI-based natural language (NL) stage to robotize the perusing, understanding, and extraction of significant information from organized and unstructured content to enlarge and grow experiences for each cycle that includes language. By incorporating expert.ai's front line AI capacities, Patra improves quality, lessens contact, and drives out shortcomings during the time spent physically inspecting and cross-approving handfuls to many pages of text for some random policy. These capacities encourage a more profound understanding of information, empowering beforehand unattainable experiences because of the tremendous and complex nature of language semantics. In cooperating, the two organizations are fulfilling the developing requests in the insurance business of utilizing progressed natural language and ML capacities to address difficulties in policy checking hazard openness. With near 80% of the data inside the insurance business being unstructured information, insightful robotization dependent on human-like understanding is a basic factor for upper hand, as it expands limit, decreasing failures and high-hazard weaknesses. By applying the force of artificial intelligence to policy checking, Patra is giving offices, wholesalers, MGAs, and transporters a superior understanding of their book of business and assisting them with understanding estimating practices and inclusion elements by hazard hunger. These abilities will release another age of chances, including proactive warnings versus receptive revelations. "With expert.ai, Patra is unlocking the ability for clients to be alerted of policy inaccuracies, reduce E&O exposures, drive cost savings, create additional value for our services, and push the limits of today's technology," said John Simpson, CEO and Founder of Patra. "Policy Checking has been one of the insurance industry's biggest challenges for decades. Now, with expert.ai and the formation of the InsureConneXtions Alliance, Patra has brought to market a proven leader in artificial intelligence, in addition to partnering with innovators in insurance industry to solve challenges that apply to every policy issued. Policy Checking is just the first of many services we are addressing." "We're honored to join forces with Patra, an innovation leader in insurance services, in delivering the next generation of AI technology for policy checking and review. And we see this as just the first step in working together to power language understanding in any application or process across the insurance value chain," said Walt Mayo, CEO of expert.ai. "The combination of expert.ai's long history of industry-best AI natural language understanding, and Patra's deep process expertise and customer focus creates an incredibly strong foundation for addressing real-world challenges in the insurance industry." About Patra Patra is a leading provider of technology-enabled services to the insurance industry. Patra's global experts' team allows brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers. Patra is also a founding member of the InsurConneXtions Alliance, representing leaders across insurance technology, brokerage, wholesale, and specialty insurance, representing over $50 Billion in Insurance premiums. About expert.ai Expert.ai is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to NL combines symbolic human-like comprehension and machine learning to transform language-intensive processes into practical knowledge, providing the insight required to improve decision making throughout organizations. By offering a full range of on-premise, private, and public cloud offerings, expert.ai augments business operations, accelerates, and scales data science capabilities, and simplifies AI adoption across a vast range of industries, including Insurance, Banking & Finance, Publishing & Media, Defense & Intelligence, Life Science & Pharma, Oil Gas & Energy, and more. The expert.ai brand is owned by Expert System (EXSY:MIL), that has cemented itself at the forefront of natural language solutions, and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, Bloomberg INDG, BNP Paribas, Rabobank, Dow Jones, Gannett, and EBSCO.

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LIFE INSURANCE

Carothers Insurance Agency Builds on Historic Legacy by Joining Integrity's Leading Platform

Integrity Marketing | March 07, 2022

Integrity Marketing Group, LLC ("Integrity"), an omnichannel insurtech leader in life, health and wealth solutions, today announced it has acquired Carothers Insurance Agency, a leading independent marketing organization ("IMO") based in Las Vegas, Nevada. As part of the acquisition, Chris Carothers, President of Carothers Insurance Agency, will become a Managing Partner in Integrity. Financial terms of the transaction were not disclosed. It's so meaningful to partner with a company with the longevity of Carothers Insurance Agency, which has been making a difference in its community for half a century, Chris and his team focus on fostering personal interactions with every one of their customers. They have been incredibly proactive in the insurance community and bring a strong reputation for hard work. Carothers Insurance Agency can help us make our vision of innovating insurance a reality — all while utilizing Integrity's industry-leading technology and resources to fuel their growth. They have a rich legacy in Las Vegas, and we can't wait to extend that legacy another 50 years and beyond." Bryan W. Adams, Co-Founder and CEO of Integrity. Founder Michael D. Carothers opened Carothers Insurance Agency in 1969, offering health and life insurance products to seniors in the Las Vegas market. His son, Chris Carothers, joined the team more than 30 years ago and has continued to build on his father's deep personal commitment to love and serve, while establishing a strong national presence. Under Chris's direction, the agency provides incomparable industry knowledge, resources and training to help their brokers succeed. Additionally, the business has expanded to include Your Insurance Agency centers — retail locations where brokers can interact face-to-face with clients, matching Integrity's focus on meeting clients where they are. Chris has also led Carothers Insurance Agency toward regional and national positions of industry leadership. Our agents and employees love to serve — whether it's our community, our industry organizations or our clients — and we feel like extended family with the people we serve, We've already built a time-honored company. What we needed was a partner who matched our commitment to service and could provide the rocket fuel for thoughtful expansion. Integrity offers our brokers innovative thinking and systems to help them succeed while staying ahead of changes in the industry. We're proud of our past and, as an Integrity partner, we have the world-class resources we need to look to the future with excitement." Chris Carothers, President of Carothers Insurance Agency. Integrity's partnership platform is designed to help successful companies like Carothers Insurance Agency reach their full potential. Integrity's infrastructure of business services, including finance, Technology & Innovation, People & Culture, legal and compliance, ensure partners are focused more on agents and consumers rather than on administration and back-office tasks. As an insurtech leader, Integrity offers robust technology-driven solutions for all stakeholders, encompassing data and analytics, proprietary customer relationship management systems, and quoting and enrollment solutions, as well as access to a industry-expert advertising and marketing firm. To offer perspective and refine best practices, innovators and legends collaborate through Integrity's fast-growing partner network. These leading companies develop and optimize insurance and financial systems and help American consumers prepare for the good days ahead by offering life, health and wealth solutions. out Integrity Marketing Group Integrity, headquartered in Dallas, Texas, is an omnichannel insurtech leader of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its distribution network of agencies, brokerages and RIAs throughout the nation. Integrity's nearly 5,500 employees work with more than 420,000 agents and advisors who serve over 10 million clients annually. In 2021, Integrity helped carriers place more than $7 billion in new sales and oversaw more than $20 billion of assets under management and advisement through its RIA and broker-dealer platforms.

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RISK MANAGEMENT

Cowbell Cyber Announced Partner Program to Provide Policyholders with Closed-Loop Risk Management

Cowbell Cyber | February 04, 2021

Cowbell Cyber, the business' first AI-controlled cyber insurance supplier for small to mid-sized organizations (SMBs), today reported Cowbell Connect, its accomplice program which arms policyholders with complete, closed-looped risk management. Cowbell Connect joins an abundance of ability and assets from an assortment of accomplices to address perhaps the greatest danger to organizations: cyber episodes. Organizations have consistently been fundamental to Cowbell's capacity to quickly fabricate imaginative cyber insurance programs that nearby the insurability hole for policyholders and bring velocity, effortlessness and adaptability to policyholders and insurance dissemination. Cowbell Connect fortifies Cowbell's closed-circle way to deal with cyber risk management by packaging cyber inclusion with risk appraisal, evaluation, and moderation just as pre-and post-penetrate administrations. "The complex worlds of cybersecurity and insurance have traditionally operated in silos. Cowbell Cyber brings the two worlds together to make it easy for policyholders to understand where they stand against today's biggest cyber threats," said Isabelle Dumont, Vice President of Market Engagement at Cowbell Cyber. "Cowbell Connect brings together the richest partner ecosystem made up of partners and experts to enable closed-loop risk management from identification, quantification, remediation and financial protection." Cowbell Connect partners range from data aggregators, cybersecurity vendors and service providers to digital aggregators and risk mitigation services: Data Aggregators that contribute to Cowbell's ability to continuously assess risk. This includes Advisen, Dun & Bradstreet, DarkOwl which are augmenting Cowbell's own proprietary attack surface monitoring scanners. Cloud Providers that manage a significant infrastructure footprint for their clients such as email, collaboration tools, application services and computing capacity. This includes Microsoft 365, Azure, AWS and Google. Cowbell integrates with these partners through APIs to bring deep, timely cyber risk insights to policyholders and recommendations on how to improve their risk profile. Cybersecurity Platforms that manage and monitor specific aspects of a business security. This includes Qualys for vulnerability, compliance and container security; Safeguard for providing security and compliance to social media, collaboration and chat communication channels; and Security Studio for MSSPs. Training Providers, such as Wizer, that bring on-going security awareness training to insureds' employees and building the first line of defense against phishing email and ransomware attacks. Managed Service Providers that handle security for many businesses in the form of consulting services, managed services, or outsourcing. Incident Response Services that are part of our claim panels and bring expertise on ransomware incidents, forensic, legal and recovery activities in the aftermath of an incident. Digital Platforms and Ecosystems: Cowbell integrates bidirectionally with a host of channels, platforms and ecosystems including reinsurers, brokers and agents, aggregators, and networks. Industry Associations including Independent Insurance Agents & Brokers of America (IIAB), the Insurance Agency Owners Alliance (IOAO), the Insurance Connector, and the Stay Safe Online program. "Businesses need a 360-degree view of their cyber risk that is continuously updated and includes vulnerabilities, cloud threats, and compliance gaps," said Karun Malik, Vice President of Strategic Alliances and Channel Development, Qualys. "We are pleased to be working with Cowbell Cyber to provide cyber insurance applicants and policyholders with risk insights that allow them to keep their business safe and mitigate risks prior to an incident." "Cyber incidents such as ransomware, or other attacks, can be a life or death experience for businesses. Timely handling of such attacks by an experienced breach coach is paramount," said John Mullen from Mullen Coughlin. "We welcome the opportunity to assist Cowbell's policyholders with a ransomware hotline and collaborate with Cowbell Cyber on incident response." About Cowbell Cyber Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for businesses with up to $1 Billion in revenue. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage.

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