FCA business interruption test case: A peek into insurers' defences

Arch Insurance (UK) Ltd | June 25, 2020

All of the defendants in the Financial Conduct Authority’s (FCA) High Court business interruption test case have served their defences, and Insurance Business brings you some of the key points from the documents.
“The true position  is  that  a  number  of  separate,  individual actions were  taken and advice given by  different  bodies,  with  different  aims  and  different  effects on different businesses and sectors of the UK economy,” said Arch in its 22-page defence. “It is  only  official governmental  or  local  authority actions or advice  preventing access  to  insured premises  which  are  relevant  to the  government  or  local authority action clause.

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.

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

Companjon and bunq Join for Digital Insurance

Companjon and bunq | February 10, 2023

Companjon, an insurance company, has recently announced its partnership with bunq, a finance company, bringing an end-to-end embedded insurance solutions to bunq users in European markets and providing automatic compensation for financial losses. This partnership will enable Companjon to offer an extended warranty and purchase protection, covering financial loss for goods purchased by bunq Easy Green users. bunq's Easy Green plan allows users to reduce their carbon footprint and plant a tree for every 100 euros spent on any bank card. In addition, when they purchase goods using the bunq Metal Card, they will get Companjon insurance coverage for security and an enhanced user experience. CEO of Companjon, Matthias Naumann, said, "We're excited to partner with a de facto innovator the likes of bunq and to enhance their users' banking experience." He added, "Companjon's embedded insurance solutions complement bunq's product portfolio and strong market position, and we're looking forward to working together to bring value and peace of mind for end-customers." (Source – Globe Newswire) Founder and CEO of bunq, Ali Niknam, said, "In everything we do, we strive to make our users' lives easy. By offering our Easy Green users added security when using their bunq card, we make sure they can focus on whatever's important to them instead of money admin." (Source – Globe Newswire) About Companjon Headquartered in County Dublin, Companjon, an insurance and technology solutions provider in Ireland, provides end-to-end embedded insurance with total digital mediums, bringing automated insurance solutions to its partners' online purchases and bookings. Since 2020, it has created a positive insurance user experience for business growth, additional revenue, and customer loyalty. It specializes in add-on solutions, business-to-business transactions, finance and technology, and insurance. In addition, it interacts with customers throughout their journey through end-to-end digitization, dynamic offerings and pricing, automated claims, instant payouts, and push and pull notifications. About bunq bunq, a finance company, has been creating fintech innovations to make banking and money management easy and transparent since 2012. For businesses, it creates a business bank account without paperwork and in-person requirements, revolutionizing the traditional banking industry with the international team from about 43 nations. With the acquisition of Belgian fintech TriCount, it gained 5.4 million new users in 2022, making it the second-largest neo-bank in the European Union. Users can save, spend, budget, and invest money from their phones using its mobile banking application.

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CORE INSURANCE,RISK MANAGEMENT

Inszone Insurance Services Successfully Acquires Carmichael Associates

Inszone Insurance Services | January 09, 2023

Inszone Insurance Services, a national provider of personal and commercial lines insurance, acquired Carmichael Associates, Inc., a long-time employee benefits insurance company. Inszone will gain from the acquisition of Carmichael because it is well-known among the locally-owned businesses in the Los Angeles area. In addition, the company is popular for its eased and simplified services in managing human resources and determining appropriate insurance plans for the employees and workers of the local business owners. Carmichael's customers will continue to receive the same level of service under the Inszone Insurance Services brand, located in Lakewood (California). The company offers customers a genuine one-stop buying experience designed to simplify and streamline a complex process. Employee benefits remain a crucial area of growth for Inszone Insurance Services. As a rapidly growing and expanding insurance service provider in all 50 states of the United States, the company looks forward to the work that will help it achieve its goals and acquire more benefits-focused agencies in the future. "Carmichael's team of professionals have been exceptional in the field, and we are thrilled to incorporate their innovation into the Inszone's framework," - Chris Walters, CEO of Inszone Insurance Services (Source:BusinessWire) About Inszone Insurance Services Founded in 2022, Inszone Insurance Services is a full-service insurance brokerage firm that offers a wide range of property, casualty insurance, and employee benefits solutions. With an experienced management team focused on the goals, it grows organically through acquisitions. With 35 locations in California, Arizona, Utah, Nevada, Colorado, Illinois, Texas, and Missouri, the company is looking to expand further across the country. It is focused on helping each customer understand and make sense of their insurance needs, the coverage they need, and the policy they are buying.

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Citizens Inc. Reveals Plans to Increase Its White-label Offering

Citizens Inc. | February 27, 2023

Citizens, Inc., a diversified financial services company that offers life, final expense, and limited liability property insurance, recently announced that it entered into a new distribution agreement with Amerus Financial Group to expand its white-label program. As part of the agreement, Amerus will distribute Citizens' life and ultimate expense insurance policies under the Amerus Silver Shield brand. Meanwhile, CICA Life Insurance Company of America, also owned by Citizens, will be responsible for marketing and selling these policies. The company's goal is to be the market leader in custom-made white-label products and also, Amerus' first-choice partner. Citizens' product experience, service, and capacity to quickly develop new products in several languages make it an excellent white-label partner. Citizens' white-label product, Amerus Silver Shield, will service the life and ultimate expense market with Amerus' experience and dedication to seniors. "Our partnership with Amerus represents a tremendous opportunity to leverage our unique strengths and shared drive to deliver on the life insurance promise," said Gerald W. Shields, Vice Chairman and CEO of Citizens Inc. He continued, "Both companies are passionate about preparing people for the uncertainty of tomorrow with solutions for today. It is very exciting to work with the top IMOs and agencies to meet the needs of this underserved population. We look forward to working with Tim and his team to develop tailor-made product solutions that address the unique needs of clients." (Source – Cision PR Newswire) Tim Baggott, Amerus CEO, expressed, "Citizens, Inc. is the perfect partner with whom to white label our own suite of life and final expense products which fill an ever-widening gap in the market. Beginning with our Silver Shield final expense product offering, Amerus will now be able to offer outstanding coverage for seniors who would otherwise not be able to afford to leave a financial endowment for their loved ones. We are looking forward to expanding our offerings even more going forward as our partnership with Citizens develops." (Source – Cision PR Newswire) About Citizens Inc. Through its insurance company subsidiaries, Citizens, Inc. provides life, ultimate expense, limited liability property insurance, and other financial products to people as well as small businesses in the United States, Latin America, and Asia. The company’s unique goods are available in Spanish, Portuguese, and Mandarin as part of the company's customer-centric expansion strategy. Its Life Insurance division is a prominent name in Latin America for whole life cash value insurance policies denominated in U.S. dollars, while the company's Home Services division is a pioneer in the Gulf Coast region of the United States.

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