'Fast follower' insurance firms to feel the sting of COVID-19 pandemic

Insurance Business America | April 23, 2020

The insurance industry has never been known for its speed or agility. Rather, it has been characterized as slow, methodical, and cautious of any sudden movement. Of course, that’s a generalization. There are many insurance firms that break the mold and lead the way in terms of transformative innovation, but, generally speaking, most insurers have opted to spend their time on other things … until now. The global coronavirus pandemic has caused an explosion in firms throwing caution to the wind. COVID-19 has created a situation where the world has shifted in a non-linear way – and it’s shifted much faster than anyone could have anticipated. The global economy has been forced into an induced coma to try and slow down the spread of the virus. As governments call for physical distancing, and in some cases total society lockdown, insurance businesses have been forced to close their offices, ask employees to work remotely, and conduct all of their business through digital and/or virtual channels. The coronavirus has triggered the fastest overnight transformation in the history of the insurance industry.

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No single insurer is spared by fraud. Globally, fraud is estimated to cost the insurance industry hundreds of billions of GBP per year. This figure isn’t just fraud on an individual or opportunistic scale, but also the result of insurance fraud networks who represent an industry unto themselves.

Spotlight

No single insurer is spared by fraud. Globally, fraud is estimated to cost the insurance industry hundreds of billions of GBP per year. This figure isn’t just fraud on an individual or opportunistic scale, but also the result of insurance fraud networks who represent an industry unto themselves.

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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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CORE INSURANCE,INSURANCE TECHNOLOGY

Coterie Insurance Joins Vertaforce’s Automated Commercial Submissions

Coterie Insurance and Vertaforce | January 11, 2023

On January 10, 2023, Coterie Insurance officially launched Vertafore's award-winning Commercial SubmissionsTM platform, which handles business owner’s policies (BOP) and general liability policies. Coterie, the platform's first MGA, will make it easier for independent brokers to bind and quote small commercial insurance. The time-consuming process of quoting small business insurance lines has been made simpler using Commercial Submissions by independent agencies since it became available last spring. The platform's automated data entry tasks and connectivity with carriers have produced significant results for independent agents, enabling them to offer their business clients a better experience. Coterie's mission and goals, which focus on revitalizing the business through digital tools, are entirely consistent with those of Commercial Submissions. Using Coterie, agencies will have access to Commercial Submissions and be open to a wider variety of specialized commercial alternatives. Becky Monfre, Coterie's Director of Digital Partnerships, said, "We are excited to engage with Vertafore's vast network of agents on the Commercial Submissions platform and offer our BOP and general liability quotes to their agents. She further added, "Coterie is uniquely positioned on the platform to offer bindable quotes with minimal questions, as a fully digitally underwritten insurance product. This puts a quote in the agent's hand to present to their clients within minutes, offering unique products and coverage in all 50 states." (Source: Cision PRnewswire) "We are thrilled to welcome Coterie Insurance to Commercial Submissions and to further increase connectivity across the entire insurance distribution channel. Coterie's addition expands access to their policy solutions and adds to the platform's momentum, providing participating agents with another communicative, world-class partner who can help them quickly match customers with the product options that are right for them," said James Thom, Chief Product Officer at Vertafore. (Source: CisionPRnewswire) About Coterie Insurance Coterie Insurance helps in getting quotes and buying insurance. Small businesses can get the services they need through their website, through an independent agent, or with help from the company's support team. The company, which started operations in 2018, has its main office in Cincinnati (Ohio). About Vertafore Founded in 1969, Vertafore is modernizing and streamlining the insurance life cycle and helping its customers prioritize what's truly important to them. As a result, independent agencies, MGAs, and carriers can increase efficiency, productivity, and profitability with the help of Vertafore's solutions. It provides end-to-end connectivity across the distribution channel, enhances the client and agent experience, unlocks data's power, and streamlines essential workflows.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Covr and Smart Choice offer Digital Insurance Solutions to Myriad agencies

Covr and Smart Choice | January 25, 2023

On January 24, 2023, Covr Financial Technologies and Smart Choice announced that they have teamed up to make Covr Pro available to 9,500 Smart Choice agencies thereby, enabling independent advisers to access Covr's cutting-edge digital solution. Covr Pro is a digital platform for independent advisers that gives them a number of benefits, such as an easy-to-use interface, competitive pay, help with application intake, and full case management (including electronic signatures and document delivery). With industry-proven transporters, there is no output requirement, and access is also immediate. Ron Alexander, Covr President and Chief Innovation Officer, said, "Covr Pro offers instant access to leading technology and comprehensive support that streamlines insurance transactions and improves client experiences." He further expressed, "We're thrilled that our digital BGA solution is now available to Smart Choice agencies and their advisors to help grow their insurance businesses." (Source – Cision PR Newswire) Covr Pro also comes with expert help from the Covr team as well as self-service tools and real-time rates from top insurance companies. Independent advisers who aren't insurance specialists can direct clients to Covr Assist for assistance with all aspects of coverage. Joe Fisher, Chief Operating Officer of Smart Choice, remarked, "Smart Choice is thrilled to bring Covr's state-of-the-art digital insurance platform to our agencies." He further remarked, "Insurance solutions are an important part of building business, and the Covr Pro platform makes the process fast & simple." (Source – Cision PR Newswire) About Covr Covr is a web-based insurance platform that makes it simple to safeguard the relationships that matter most. The company's embedded insurance technology enables financial advisors and their clients to research and purchase insurance from well-known life insurance companies without the hassles of the traditional process and, in some cases, in a matter of minutes. This is made possible through partnerships with financial institutions and other national brands. About Smart Choice Smart Choice has over 9,000 independent agents and 100 insurance carriers. It is the only no-fee program that provides independent insurance agents with top-rated markets, product training, and sales and marketing support. The company supports and markets new, former captive, and seasoned agents. Meanwhile, its no-fee program gives Smart Choice Agents access to its bimonthly magazine and business solutions center.

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