Economical Insurance announces retirement of SVP, chief actuary

insurancebusinessmag | July 04, 2019

Economical Insurance has revealed that Linda Goss, senior vice-president and chief actuary, will retire in late 2020.According to Rowan Saunders, president and CEO of Economical Insurance, Goss has had a significant impact on the companys growth and ongoing demutualization since she joined Economical nearly 20 years ago.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

Spotlight

The Property and Casualty (P&C) insurance industry is being dramatically transformed by digital technologies that are shifting the customer relationship back to the carriers. Beyond working through third-party agents or brokers to purchase insurance policies, more customers are going directly to insurance carriers via their website and other digital channels. Driven by the convenience of online shopping, insurance companies are now expected to provide information that helps customers learn about policies, compare options and even complete an application from virtually any connected device, 24/7.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Inszone Insurance Services Completes Acquisition of Larry Fu Insurance Agency

Businesswire | March 17, 2023

Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Larry Fu Insurance Agency, Inc. The addition of Larry Fu Insurance Agency to the Inszone Insurance team is a strategic move that brings together two trusted insurance providers with a shared commitment to exceptional customer service. Founded in 1979, Larry Fu Insurance Agency has built a strong reputation as a family-owned and operated business, providing exceptional service to its clients for over 40 years. Larry and Shirley Fu started their business from the ground up, and their dedication and hard work have earned them a loyal clientele from all over the Bay Area and Southern California. "Larry Fu Insurance Agency has a long-standing reputation for exceptional customer service and market expertise, making them a perfect fit for Inszone Insurance," said Chris Walters, CEO of Inszone Insurance Services. "Their values align with ours, and we are excited to welcome the Larry Fu Insurance team to the Inszone Insurance family." As part of the acquisition, clients of Larry Fu Insurance Agency can expect to receive the same exceptional service and care they have come to expect from Larry Fu Insurance Agency, now under the Inszone Insurance brand. This acquisition is just one of many that Inszone Insurance Services plans to make as it continues to expand its national footprint and serve clients with exceptional insurance placement capabilities and personalized service. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.

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WORKERS COMPENSATION, COMPLIANCE

Future Capital and Ease Bring Valuable Retirement Planning Services to Insurance Brokers

PRweb | March 23, 2023

Future Capital has announced an exciting new partnership with Ease that enables insurance brokers to offer professional retirement planning services as a voluntary benefit to their clients through the award-winning Ease platform. A 2021 J.P. Morgan survey showed that 62% of retirement plan participants wish they could completely hand over retirement planning. With this first-of-its-kind partnership, brokers can offer professional retirement planning as a voluntary benefit without the need for special licensing, retirement industry knowledge, or a relationship with an employer’s particular retirement plan. "We're thrilled to partner with Future Capital to offer retirement planning services through the Ease platform, " said Ease CEO and Co-Founder, David Reid. "We know employers want to provide professional retirement planning to current and prospective employees. We’re proud to make this valuable new financial wellness benefit available to insurance brokers so they can bring even more value to their clients.” A technology-driven registered investment advisor (RIA) specializing in retirement planning and asset management, Future Capital makes it easy for insurance brokers to offer professional retirement planning services by eliminating the need for technical integrations, special licensing, or existing relationships with retirement plans. "We're proud to be the first retirement solution to partner with Ease,” said Jay Jumper, Founder and CEO of Future Capital. "We believe that our solution is a perfect fit for the powerful HR and benefits platform Ease has built, and we look forward to helping insurance brokers expand their offerings and grow their businesses." About Ease Ease is the #1 rated benefits administration and HR software for businesses with 2-250 employees, powered by insurance brokers. More than 2,300 agencies trust Ease to help them and their clients grow. Over 85,000 businesses trust Ease to manage benefits & HR for 3.4 million+ employees. Visit ease.com for more. About Future Capital For more than 20 years, Future Capital has provided powerful tools, customized services, and professional management of retirement assets to help employees retire with confidence. For more information, visit futurecapital.com.

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CORE INSURANCE, COMPLIANCE

Utmost Group Upgrades Financial Compliance Capabilities with Napier

Napier and Utmost Group | February 01, 2023

On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider. Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner. The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms. Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services." (Source – Business Wire) About Napier London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry. About Utmost Group Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.

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