Duck Creek launches reinsurance management tool

insurancebusinessmag | June 12, 2019

Duck Creek launches reinsurance management tool
Duck Creek Technologies has announced the launch of a reinsurance management tool for primary property-casualty insurers. Duck Creek Reinsurance Management - previously CedeRight, a DataCede product acquired by Duck Creek - allows primary carriers to manage reinsurance partners, contracts, bills, recoveries and payables.

Spotlight

The 2011 PfG commits to the introduction of a single-tier, multi-payer model of UHIcovering both hospital and primary care. Social and long-term care will remain directly funded by the State. The PfG does not seek to adopt a free market approach to the provision of healthcare services. Nor does it seek to retain the current model which is dominated by a single provider with prices largely set by the State.

Related News

CORE INSURANCE

Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency

Bamboo Insurance | June 18, 2021

Bamboo Insurance, an insurance company, focused on transparency, customer advocacy, and a frictionless experience, has purchased certain assets from parent company First American Financial Corporation, a leading provider of title insurance, settlement services, and risk solutions for real estate transactions. In October 2020, First American announced its intention to quit the property and casualty business and focus on its core business. Over $22 million in premium was purchased in personal and commercial policies underwritten by prominent third-party carriers. As part of the Bamboo team, FAPCIA's staff will continue to deliver exceptional service to policyholders. Bamboo Insurance has long provided flexible and transparent insurance alternatives in California, including homeowners, dwelling fire, and auxiliary products. Beginning today, Bamboo's new agency business will be able to satisfy the requirements of its clients across the country by offering auto, renters, condominium, commercial lines, and a variety of other insurance coverages in addition to its existing products. With the addition of an agency of this caliber, Bamboo Insurance will grow faster and further in the insurance value chain. About Bamboo Insurance Bamboo Insurance, founded by insurance industry veterans, is a fast-growing insurtech firm that offers commercial and personal line products.

Read More

Dominion Energy Expands Assistance to Virginia Customers Struggling Financially During Pandemic

Dominion Energy | June 02, 2020

Virginia's disconnection policy, implemented after the company's voluntary suspension, is due to expire June 15. The State Corporation Commission is accepting comments on next steps. To create certainty for customers, we are requesting the SCC allow the company a four-month extension of the disconnection policy, through October 14. During that time, we will encourage customers to work with us to develop payment plans for their unique circumstances. Dominion Energy Virginia is expanding assistance to Virginia customers facing hardship, offering a more generous payment plan and new direct assistance, while asking permission from regulators for an additional four-month extension of the "no disconnection" policy. The efforts come as the pandemic continues to impact millions of Americans across the country. We recognize the challenges that many are facing and want customers to know we are here to help, as we continue to navigate this pandemic together. Our mission of supporting our customers and the communities they live in has never been more important, Robert Blue, co-chief operating officer Dominion Energy Virginia. On March 12, Dominion Energy voluntarily suspended disconnections for customers falling behind on their bills, while offering a range of assistance to help them. Read More: InsurTech Leaders Partner to Provide Independent Agents With Tailor-made Business Solutions Virginia's disconnection policy, implemented after the company's voluntary suspension, is due to expire June 15. The State Corporation Commission is accepting comments on next steps. To create certainty for customers, we are requesting the SCC allow the company a four-month extension of the disconnection policy, through October 14. We are also requesting to continue waiving late fees through that period. During that time, we will encourage customers to work with us to develop payment plans for their unique circumstances. At the end of the proposed extension, we will re-evaluate next steps based on a range of factors, including the needs of our customers and economic conditions at that time. Payment Plans: We have long offered both short-term payment extensions and long-term payment plans to help customers manage balances. Starting June 15, we will expand our long-term payment plans and offer customers up to 12 months to pay past due amounts, with no minimum down payment required. Customers are encouraged to contact us, so we can begin working toward solutions. They can access options through their online account at www.dominionenergy.com, which is available at any time, or by calling (866) 366-4357. Payment Assistance: We're increasing the benefits made available through EnergyShare, our year-round assistance program for individuals and families facing financial hardship. The Virginia program, supported currently with $13 million in annual corporate contributions, is implemented in partnership with relief and community support agencies. Planned changes include: • Effective June 1, the maximum benefit is increased to $1,200 for this year, up from $900. • Customers under the age of 60 are now eligible to receive funds without a disconnect notice, similar to customers 60 and over. • We are preparing to increase EnergyShare funding to help meet the needs of our Virginia customers and intend to implement a temporary program to help small business customers. We will share details when they are available. • To learn more about EnergyShare, please visit www.DominionEnergy.com/EnergyShare or call 2-1-1. Save on Energy: For some customers, additional time at home and higher energy usage could result in increased bills. We've put together a series of tips to help you be mindful of your energy use. Protect Yourself from Scams: As the pandemic spread, we saw a spike in scams. Remember that Dominion Energy will never call and demand immediate payment or ask for payment on a pre-paid debit or gift card. If you are unsure if a call is valid, even if our number shows on the caller ID, don't provide information. Verify what you're being told. Read More: FCA probes 500 insurance policies in test case preparation About Dominion Energy More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

Read More

INSURANCE TECHNOLOGY

Majesco Expands Distribution Management Platform Capabilities

Majesco | April 06, 2021

Majesco, a global leader of next-generation cloud insurance platform software for insurance business transformation, today reported the overall accessibility of new key capabilities to Majesco's Distribution Management platform. “Our latest product release for Majesco Distribution Management, includes major ease of use capabilities for our customers,” said Manish Shah, President and Chief Product Officer at Majesco. “We have now enabled carriers to quickly and automatically identify and notify under performers and route them to termination if necessary. In addition, we added enhanced communication preferences, through configurable notifications, which can be sent directly to producers or their parent organization, and mass onboarding of producers through a file upload, particularly valuable when bringing on large distribution groups.” This most recent delivery features Majesco's continued strategic investment in distribution management by expanding innovative, new digital, distribution and data capabilities to speed distribution on-boarding and optimize the distribution operation to drive profitable growth. A portion of the key new capabilities include: Distributor Performance – Enables carriers to configure rules that automate identification of under performers and flag for termination. The approval workflow includes low performance warning notifications sent to producers prior to review of a potential termination decision. After review, the termination can be cancelled if performance is met or accepted. Communication Personalization –Enhanced capabilities through configuration of communication and notification preferences for distributors or their parent organization. This capability will enable carrier’s flexibility to better service distribution channels that can influence growth in business from those channels. Rapid Mass Onboarding –New mass onboarding that speeds and streamlines the onboarding process and enables hundreds or thousands of producers to be onboarded simultaneously through a simple file load rather than a manual process, accelerating business growth. “Insurers acceleration of new products, new business models, and new ways of engaging with customers is driving an increase in the use of new channels,” said Karlyn Carnahan, head of Celent’s North American Property Casualty practice. “If a carrier wants to fully exploit the potential of its various channels, they must think very differently about distribution management, compensation and segmentation. Distribution management platforms must continue to evolve to enable insurers to manage their distribution force with increasing sophistication.” The present insurers should unite a scope of distribution, data and digital capabilities as a foundation of a next-generation distribution operation to successfully expand their reach, brand and customer engagement in a multi-channel world. Majesco Distribution Management offers a next generation solution to deal with the intricacies of a changing distribution landscape utilizing innovation that keeps the insurance suppliers on the main edge by diminishing an opportunity to execute a new distribution plan or consolidate the current channel landscape onto a common platform. From dealing with multiple channels, to handling intricate and high-volume changes, and personalizing payment schedules for channels, to obliging integration with existing center insurance systems, Majesco Distribution Management empowers agility, innovation and speed. About Majesco Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.

Read More

Spotlight

The 2011 PfG commits to the introduction of a single-tier, multi-payer model of UHIcovering both hospital and primary care. Social and long-term care will remain directly funded by the State. The PfG does not seek to adopt a free market approach to the provision of healthcare services. Nor does it seek to retain the current model which is dominated by a single provider with prices largely set by the State.