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

Most family business owners wish to see the business continue on for generations. Unfortunately, this is more the exception than the rule. 30% Only 30% of family businesses in the United States pass to the second generation. 12% Only 12% make it to the third generation and just 3% will be around by the fourth generation.1. 70% Family quarrels are among the most common reasons that 70% of family businesses won’t make it to the next generation.2.

Spotlight

Most family business owners wish to see the business continue on for generations. Unfortunately, this is more the exception than the rule. 30% Only 30% of family businesses in the United States pass to the second generation. 12% Only 12% make it to the third generation and just 3% will be around by the fourth generation.1. 70% Family quarrels are among the most common reasons that 70% of family businesses won’t make it to the next generation.2.

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CORE INSURANCE

Core Specialty Partners with Risk Placement Services to Offer Lawyers Professional Liability Insurance

Core Specialty Insurance Holdings | October 18, 2021

Core Specialty Insurance Holdings, Inc. and its subsidiaries is pleased to announce to its brokers a new agreement with Risk Placement Services ("RPS") to provide lawyers professional liability. RPS is a leading specialty program manager in the professional liability and errors & omissions marketplace. The new relationship will build on RPS's underwriting and marketing experience in this niche. The program is now available on a non-admitted basis and the Company plans on offering admitted based coverage upon completion of its filings. This program, for standard market lawyers business with RPS, was established to complement Core Specialty's non-standard lawyers product, offered through the Company's limited distribution, and Core Specialty remains committed to servicing this market segment long-term. This new RPS Signature Programs offering will be available Nationwide (except AK) on A-(Excellent) AM Best Rating, Financial Size Category XI, and will provide Lawyers Professional Liability (LPL) coverage for small- to mid-sized Law Firms. Highlights of the Lawyers Professional Liability Program are: 1 to 50 Attorney Firms Broad Definition of Professional Services Claims Expenses in addition to the limit of liability available First Dollar Defense deductible available 50% reduction for agreement to use mediation and the claim is settled at mediation (Up to $25,000) Per Claim and Aggregate deductible options Relaxed Consent to Settle Clause 50/50 Limits of Liability up to $5,000,000 available Pre-Claim Assistance "RPS Signature Programs has more than 35 years of underwriting experience with the primary focus on this line of business. We are using our expertise in professional liability writing $30,000,000 in premium placed this past year, which means that when you have questions, we have answers," - Adrienne Woodhull, area president with RPS Signature Programs. Jeff Consolino, President and Chief Executive Officer of Core Specialty commented, "When Core Specialty completed the recapitalization of StarStone U.S. Holdings, Inc. on November 30, 2020, we established the Errors & Omissions Professional Liability Division and recruited Jeff Jacobs as Division President to increase our focus on these product lines. We believe many professional liability classes are continuing to see strong opportunity after changes in appetite in the admitted market created a void that has not yet been filled by E&S markets." About Core Specialty Core Specialty offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From 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. The Company is rated A- (Excellent) by AM Best. About RPS Signature Program RPS Signature Programs manages a variety of specialized programs on behalf of highly rated carriers, offering proprietary insurance solutions in niche markets. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs is a division of Risk Placement Services, one of the nation's largest specialty insurance product distributors.

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RISK MANAGEMENT

Knuula Grows Engagement Letter Library via Partnership with McGowan Programs

Knuula | November 11, 2021

Knuula, the leader in digital engagement letters, is excited to announce a partnership with McGowan Programs! As a leading provider of professional liability insurance, McGowanPRO sets the standard for risk management and engagement letters. With this partnership, all of their popular templates are now publicly available for use on Knuula. Additionally, all firms holding an active errors and omissions insurance policy through McGowanPRO will receive a discount on their Knuula subscription! "Over the last couple of years, Knuula has built the best system out there for finding, drafting, editing, and sending engagement letters. Partnering with McGowanPRO brings high-quality, up-to-date engagement letter templates to our library and streamlines the process even further for our users." - Jamie Peebles, Founder & CEO, Knuula "As a leading professional liability insurance broker, McGowanPRO has always maintained that well-written engagement letters are an essential tool for accountants and CPAs to lower their exposure to litigation. Making our engagement letters easily accessible and improving the ability to customize them is so important. A partnership between Knuula and McGowanPRO, Risk Management Advisors to Accountants and CPAs, is a natural fit!" - Stephen Vono, Senior Vice President, McGowanPRO

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INSURANCE TECHNOLOGY

PZU Uses Tractable's AI to Enhance Auto Damage

PZU, Tractable | November 27, 2020

PZU, the biggest financial institution in Central and Eastern Europe, is using AI to upgrade how it audits its car insurance claims across Poland, it declares today. PZU handles almost 500,000 motor damage claims for every year. Prior to implementing AI, Poland's biggest insurer was performing a detailed audit of around 20% of its motor claims that are handled by body shops (the remaining body shop cases were affirmed with improved control). Presently, the AI solutions - gave by the tech organization Tractable - permit PZU to check in detail practically the entirety of the body shop claims it measures, progressively. The calculations can recognize any oddities that should be checked by PZU's specialists or affirm that all repairs are carried out in consistence with methodology and standards defined by PZU. Because of this development, PZU's specialists can zero in on those cases that truly need their consideration. PZU has worked with Tractable since 2018 and is the primary insurer in Poland to utilize AI to handle its motor insurance claims. Up until this point, the innovation has handled more than 150,000 claims, or 1/3 of PZU's yearly auto claims volume, worth PLN 1.3bn (£260m). According to PZU, the applied arrangement has made claims handling essentially more powerful, while likewise shortening the waiting time for vehicle repair. Marcin Kurczab, Director of Innovation Lab at PZU, and responsible for cooperation with start-ups, said: "At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology. Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company." Established in 1803, PZU is the most seasoned and biggest insurer in Poland, with record-breaking benefit and deals in 2019. Net benefit totalled PLN 3,295m (£667m), deals totalled PLN 24.2bn (£4,91bn), and ROE was 21.2 percent, almost twofold the European normal among insurance companies. Adrien Cohen, Tractable Co-Founder and President, said: "It's been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale. This proves PZU's dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI." Tractable's AI utilizes machine learning calculations and is trained on photographs and human repair choices across a great many verifiable mishaps. The innovation can be applied internationally to any traveler vehicle. The AI empowers insurers to survey car damage, shares suggested repair tasks, and aides the claims the executives cycle to guarantee these are prepared and settled as fast as could reasonably be expected. The framework continually improves as an ever increasing number of insurers and repairers profit by its utilization. Tractable's AI has handled over $1 billion in auto claims for the world's top insurers, including Ageas UK, Covéa, the biggest auto insurer in the French market, and Tokio Marine, the biggest auto insurer in Japan. About Tractable Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55m in venture capital and has offices in London, New York City and Tokyo. About PZU The Powszechny Zakład Ubezpieczeń SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland. The PZU Group's consolidated assets total PLN 377bn. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognisable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.

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