Financial Conduct Authority outlines priorities for the year

Insurance Business America | April 18, 2019

The Financial Conduct Authority (FCA) is busier than ever, taking on a handful of cross-sector priorities to ensure regulation keeps pace with rapidly changing financial services and consumer needs. In its newly published Business Plan for 2019/20, the FCA outlined its main areas of focus and planned activities. These encompass the areas of investment management, retail lending, pensions and retirement income, retail investments, retail banking, wholesale financial markets, and of course general insurance (GI) and protection. In terms of GI, among the key priorities are fairness in pricing and product value as well as access and exclusion in insurance. Aside from releasing the findings of its distribution chains review, the regulator’s activities in this sector also include monitoring claims inflation and evaluating the outcomes from GI renewals transparency.

Spotlight

The global insurance industry is facing significant push and pull factors which spell out the clear and pressing need for digital transformation in the face of a rapidly evolving consumer audience. For the modern insurance customer, who has become used to the hallmarks of personalization and convenience in their daily digital interactions, it is vital that their provider can offer them insurance in a manner that is easy to access and understand, while also being competitive and tailored to their personal circumstances.

Spotlight

The global insurance industry is facing significant push and pull factors which spell out the clear and pressing need for digital transformation in the face of a rapidly evolving consumer audience. For the modern insurance customer, who has become used to the hallmarks of personalization and convenience in their daily digital interactions, it is vital that their provider can offer them insurance in a manner that is easy to access and understand, while also being competitive and tailored to their personal circumstances.

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Hub International Acquires the Insurance Brokerage Assets of the Pete Webb Agency in Virginia

Hub International Ltd | July 12, 2021

Hub International Limited (Hub), a leading worldwide insurance brokerage and financial services company, announced the acquisition of Pete Webb Agency's insurance brokerage assets. The transaction's terms were not revealed. Pete Webb, the owner, formerly worked for Nationwide Mutual Insurance Company (Nationwide), which has now moved to an independent broker model. Pete Webb Agency, located in Fredericksburg, Virginia, offers personal and commercial insurance services such as home, car, life, and business. This addition enhances and strengthens Hub's personal insurance services. Since 2019, Hub has added over 20 agencies that were previously exclusive Nationwide agents before becoming independent. Mr. Webb and his staff will join Hub Mid-Atlantic while operating from their present site in Fredericksburg. About Hub's M&A Activities Hub International Limited is dedicated to expanding its global presence and strengthening the industry and product expertise through organic and acquisition growth. About Hub International Hub International Limited, headquartered in Chicago, Illinois, is a major full-service worldwide insurance broker and financial services company offering risk management, insurance, employee benefits, retirement, and wealth management products and services. With over 13,000 employees in locations throughout North America, Hub's vast network of experts provides clarity to a changing world via tailored solutions and unwavering advocacy, ensuring customers are prepared for the future.

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CORE INSURANCE

Partner Platform has Announced a Partnership with ePayPolicy

SIS, ePayPolicy | June 02, 2021

Now independent insurance agents using Strategic Insurance Software's Partner Platform agency management system can easily take digital payments making it convenient, simple, and secure for their insureds to pay premiums directly from the agency website, client portal, or agency mobile app. "Enhancing and improving our agency clients' ability to serve their insureds through technology is that the focus of the Partner Platform," said Bryce Lee, Director of Product Management for SIS. "We search for insurance technologies that complement Partner's innovative 'digital client experience' tools, including state-of-the-art client portal and mobile app. ePayPolicy may be a great example, through their system our clients' insureds can make payments regardless of where they're, or once they got to submit their payment." "Consumer demand for easy, paperless payments has been growing for decades, and our industry is now catching up to what's been standard practice in most other industries," said Todd Sorrel, one of ePayPolicy's founders. "In the same way that modern management systems like Partner Platform just 'make sense,' we believe ongoing, integrated digital payments also make sense, because it makes life easier for everyone involved, not just the insured." With this integration, ePayPolicy joins a growing list of "Partner Allies" that provide products and services which work together with the Partner Platform agency management system to enhance the independent agency's capacity to retain, grow, and service clients. These relationships are more than integrations – they are commitments from like-minded vendors collaborating to serve mutual clients and leveraging diverse strengths to enhance the experience of our agencies. About SIS Headquartered in Columbus, Ohio, Strategic Insurance Software (SIS) is the team behind Partner Platform -- the agency management system that sets independent agents free from the established order of over-paying and under-utilizing their agency software. "Partner" is more than a name – it's who we are About ePayPolicy Built by insurance professionals for the insurance industry, ePayPolicy is on a mission to replace paper checks for all agency billing. By offering a convenient, secure solution for independent agencies, brokers, MGAs, and premium finance companies, ePayPolicy is transforming how the independent insurance industry collects payments and sends funds.

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AUTOMOBILE INSURANCE

High Street Insurance Partners Successfully Acquires Insurance Services Group.

High Street Insurance Partners | January 24, 2022

High Street Insurance Partners ("HSIP") announced its December acquisition of Insurance Services Group (ISG), a full-service, regional insurance brokerage firm. ISG is headquartered in Washington and serves clients in 12 states, with a large concentration in the West. "This acquisition represents our continued expansion in the West, With the addition of ISG, we can assist a greater number of clients with a full spectrum of insurance needs." -Scott Wick, CEO of HSIP. "We are excited to join HSIP. Their vision aligns perfectly with ours; commitment to our clients and the local communities in which we live. We will be able to leverage the partnership to continue to provide best-in-class solutions to all our clients." -Trevor Campbell, President of Insurance Services Group This acquisition is one of 17 finalized in December, making HSIP one of the most active brokerage firms in 2021, in terms of acquisitions. HSIP has acquired 97 agencies in just three years. The firm has a geographical footprint spanning 23 states. About High Street Insurance Partners High Street Insurance Partners (HSIP) is a full-service, independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,700 insurance specialists & consultants in offices based in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Washington.

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