Driving data from insurethebox points to most vulnerable road users

insurancebusinessmag | June 04, 2019

Telematics insurer insurethebox has analysed more than 4.5 billion miles of driving data and found who among UK motorists are the most at risk, and it’s male drivers aged 17 to 25.According to insurethebox, this group of young motorists speed 56% more than their female counterparts. In addition, men from this demographic spend 28% more time driving at night - when factors such as lack of visibility could prove particularly challenging for inexperienced drivers - compared to women of the same age.

Spotlight

Accidents are unpredictable and can occur anytime, anywhere. We need a plan that can get the financial aid you need to offset any resulting loss in income, plus further support towards treatment and other retraining costs.

Spotlight

Accidents are unpredictable and can occur anytime, anywhere. We need a plan that can get the financial aid you need to offset any resulting loss in income, plus further support towards treatment and other retraining costs.

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INSURANCE TECHNOLOGY

PZU group adopts Akur8 to improve the charging process in the Baltic countries

PZU insurance group | September 07, 2021

The Baltic activities of the PZU insurance group, one of the most important financial institutions in Central and Eastern Europe, and Akur8 announce the start of a collaboration aimed at improving PZU's pricing process in two of its entities in the Baltic area. This agreement strengthens Akur8's international reach as a next-generation charging platform, as well as its presence in Central and Eastern Europe. “This new collaboration with PZU represents an important result for Akur8: it marks our entry into the Central and Eastern European insurance market and strengthens our international presence. It also represents a validation of the value of Akur8 for insurers already well positioned in the use of AI applied to internal processes " With 200 years of experience in offering the best protection in the industry to its clients, the PZU Group is one of the leading Polish and Central and Eastern European insurers. By choosing Akur8 to drive the transformation of its pricing process, PZU strengthens its commitment to the adoption of innovation and AI at scale to stay at the forefront of insurance. "We are thrilled to adopt Akur8 as an insurance pricing platform for two important businesses. We are the best technology on the market and this choice further confirms our deeply innovative DNA. PZU Estonia is committed to researching the best insurtechs in the industry to continuously raise its standards. and offer customers the best protection at the fairest rates, "commented Mihkel Uibopuu, CEO of PZU Estonia. "Compared to manual solutions, Akur8 offers a totally innovative approach to pricing, which we believe is particularly interesting to adopt. In terms of speed and performance, the advantages offered are considerable, and the process is solid and secure. Even the collaborative and intuitive interface, the intelligent functions and responsive and competent support were highly appreciated by our pricing teams, "added Julius Kondratas, technical director and member of the board of directors of Lietuvos Draudimas AB. About Akur8 Akur8 is revolutionizing the pricing process of insurance products thanks to transparent AI. The company has developed an exclusive pricing solution, intended for insurance companies, which automates modeling, but without compromising on transparency and total control over the models created, as required by international regulatory bodies. Akur8 is the only solution in the industry to harmonize the actuarial world with that of machine learning. About PZU The Powszechny Zakład Ubezpieczeń SA group (PZU group) is the largest financial institution in Poland and in Central and Eastern Europe. PZU SA is the leader of the group, with traditions dating back to 1803, the year of the creation of the first insurance company in Poland. The PZU group manages consolidated assets for a total value of 90 billion euros. The group enjoys the trust of 22 million customers in five countries and offers products and services to customers in the retail and commercial sectors, as well as small and medium-sized enterprises. By diffusion and number of customers, Poland represents the core market of the PZU group, but its subsidiaries play an important role in areas such as Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU scored 92% and 100% in aided recognition, thus establishing itself as Poland's most recognized brand. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it is among the leading stocks in the blue chip segment with the largest capitalization since the start of listing.

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CLAIMS

Core Specialty Completes Merger with Lancer Insurance Company

Core Specialty Insurance Holdings, Inc. | January 03, 2022

Core Specialty Insurance Holdings, Inc. and its subsidiaries ("Core Specialty" or the "Company") and Lancer Insurance Company ("Lancer"), both specialty property and casualty ("P&C") insurers, announced today the completion of the merger combining the companies in a stock and cash transaction, which was previously announced on April 16, 2021. Lancer brings Core Specialty over 35 years of specialty commercial auto expertise that extends the capabilities of Core Specialty's existing diversified range of specialty P&C insurance products. This combination joins two highly complementary businesses with a shared strategic vision to become the leading specialty P&C insurer. The companies previously partnered in January 2021 to launch a new excess transportation program. The post-merger Core Specialty will be a further diversified company with an attractive business profile, a clean balance sheet and over $1.1 billion in equity capital. This merger with Lancer marks Core Specialty's first merger or acquisition since the recapitalization of StarStone U.S. in November 2020. The combined Lancer and Core Specialty have approximately 600 total employees. Lancer, which has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, will retain its brand, management team and operating locations. Lancer and Core Specialty are working together to ensure all policyholders continue to receive industry-leading products and services, and to align the combined operations in the best interests of customers, agents, brokers, and employees. Core Specialty operates through a business unit philosophy that allows its Divisions local decision-making for underwriting, claims, and policy servicing with a high degree of autonomy and full accountability. Lancer shareholders received a combination of Core Specialty common shares, preferred shares and cash in the merger. The newly issued Core Specialty preferred shares will mandatorily convert into common shares upon a Core Specialty initial public offering or certain other specified events. In addition, Lancer's existing shareholders will retain the financial impact of development on Lancer's existing reserves for losses and loss adjustment expenses over a five-calendar year period within a specified symmetrical range. The transaction is expected to be accretive to Core Specialty's earnings per share and return on equity in 2022. Jeff Consolino will continue to lead the combined company as President and CEO and Ed Noonan will continue as Core Specialty Executive Chairman. Dave Delaney, Lancer's CEO, has joined the Board of Core Specialty and will work closely with Mr. Consolino and senior members of the Lancer and Core Specialty teams in the integration of the businesses. The Core Specialty Board of Directors will comprise the current Board with the addition of Mr. Delaney. Matthew Jenkins, Lancer's President & Chief Operating Officer, will serve as President of Core Specialty's Lancer Division. Dave Delaney, Co-Founder and CEO of Lancer, said, "All of us at Lancer are excited to join forces with Core Specialty. Core Specialty's management team is exceptional, and our friendship with Jeff Consolino, Ed Noonan and members of Core Specialty's Board goes back a very long way. I have no doubt Lancer and Core Specialty's combined operating and financial resources will create tremendous growth opportunities for our shareholders, employees, policyholders and distribution partners." "I have known Dave Delaney for over 30 years. He is an excellent specialty P&C insurance operator, and I am excited that he will be joining the Core Specialty Board. We have assembled a Board for Core Specialty comprised of company founders and business builders which we believe is second to none, and Dave's talents will add meaningfully to our Board. We are also pleased and honored that after decades of building Lancer as an independent, family-controlled enterprise that Dave and his co-shareholders have the confidence in Core Specialty's management, business plan and investors to exchange their Lancer equity for the opportunity to join their future prospects with ours," - Ed Noonan, Executive Chairman of Core Specialty. Core Specialty Update Since the June 30, 2020 agreement by Core Specialty to recapitalize StarStone U.S., the Company has grown from four business units to nine through: forming a new Excess & Surplus Property Division, establishing a Marine and Energy Division from the StarStone London managed business, separating and hiring new leadership for our Errors and Omissions Professional Liability and D&O Management Professional Liability Divisions, initiating an Agriculture Division and completing the Lancer merger. Core Specialty's gross premium written for the twelve-month period ended September 30, 2021 was $1.7 billion and pro forma for the Lancer merger would be $1.9 billion. About Core Specialty Core Specialty offers a diversified range of property and casualty insurance products for small to midsized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. About Lancer Insurance Company Lancer Insurance Company has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, leveraging a network of over 2,000 broker relationships. Lancer specializes in auto liability, physical damage, cargo and general liability coverages. Lancer has consistently received an A- (Excellent) rating for financial strength and stability by AM Best, one of the most recognized rating systems in the insurance industry.

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INSURANCE TECHNOLOGY

Majesco Introduces Cloud-Native Core Containerization Support to P&C Core Suite, L&A Core Suite, and Group Core Suite

Majesco | June 09, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced cloud-native core containerization for Majesco P&C Core Suite and Majesco L&A and Group Core Suite to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud. Majesco P&C Core Suite and Majesco L&A and Group Core Suite are built as Docker images, orchestrated using Kubernetes, and deployed as Helm charts enabling customers to run on any cloud infrastructure. Majesco will continue to assess the right balance of further decomposition into granular microservices based on customer and market-driven demands with the first decomposition completed. With parallel run validations, this transition is seamless – with no business interruptions – and requires no additional testing or change efforts for carriers. With cloud-native core Containerization support, Majesco's cloud operations will be more reliable, responsive, and secure. Additional benefits include: • Consistency – Enable consistency of deployments across all environments through the same app deployment structure and infrastructure configurations. • Dynamic Scalability – Dynamic adjustments to computing resources by automatically scaling to new nodes based on load for better ROI and operational readiness. • Superior Availability – Separating functionality across containers and monitoring for problem detection and self-healing to deliver higher availability. • Enhanced Security - Applications isolation from the host and each other, Kubernetes secrets for provisioning passwords/keys, and automatic app management and deployment provides enhanced security. • Faster Deployment - Standardized docker images enable faster deployment of Majesco Apps and faster patching for host OS. • Cloud Platform Agnostic - Abstraction from host OS, an inherent feature of containerization, makes the app run on any cloud platform. • Cost-Effectiveness - Scaling of lightweight containers, auto-scaling, and a high degree of automation significantly reduce operating costs with horizontal scaling. Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America, and a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. The company also received an XCelent award for Depth of Service in Celent's Policy Administration Systems: North America Property Casualty Report and named the Top "Best-in-Class" Vendor in the P&C Policy Administration Aite Matrix Report. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, use Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise, and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together, we have a fantastic track record of innovation and real-world results.

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