CORE INSURANCE
Sapiens | April 20, 2021
Sapiens Americas, a wholly-owned subsidiary of Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that Co-operative Insurance Companies, which provides insurance for farms, homes, automobiles, and businesses in Vermont and New Hampshire, has chosen Sapiens ReinsurancePro and FinancialPro solutions to transform its financial operations.
Sapiens advanced insurance solutions are being implemented by Co-op to better handle the rising scope and complexities of its insurance policy – efficiently and effectively. Co-op turned to their trusted associate Sapiens for a strategy that addressed two major issues: speed and accuracy. Their current, spreadsheet-driven reinsurance administration process is very manual, which can lead to errors and inefficient resource allocation.
Sapiens ReinsurancePro's robust automation and fully transparent, efficient platform would allow auditable processing, the management of complex reinsurance transactions, and the fast reaction to recent offerings. ReinsurancePro, which was created and designed for the reinsurance sector by some of the industry's top specialists, oversees the full spectrum of reinsurance contracts and operations for all lines of operation. Sapiens' cloud-based approach aligns with Co-corporate op's mandate to house as many systems as possible in the cloud, particularly when it makes economic sense. Sapiens' reinsurance options are used by over 100 insurers worldwide.
Sapiens FinancialPro is accounting software designed for insurers to meet their specific cashflow, statutory, and GAAP reporting criteria, as well as allocation and restructuring requirements. It performs multi-basis accounting, inter-company sales, and financial reporting speed and accuracy. Sapiens insurance specialists assist carriers in gathering and reporting data required to expedite all regulatory procedures.
About Sapiens
Sapiens International Corporation empowers insurers to compete in an evolving industry. Sapiens provides automated software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and security, workers' comp, and financial markets. Sapiens has over 35 years of experience delivering to over 600 companies worldwide, showing a proven capacity to meet customers' core systems, data, and digital requirements.
About Co-operative Insurance
Over a century, Co-op has been establishing relationships and trust one member, one neighborhood, one town at a time. Co-op represents customers across one of the region's strongest networks of locally based agents. Their agents are present on the ground in over 110 offices, ensuring the highest degree of personal care, loss prevention expertise, and timely, fair claims service.
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CORE INSURANCE
Propel Insurance | June 07, 2021
Propel Insurance, one of the nation's largest privately-owned insurance agencies and a portfolio company of Flexpoint Ford, announced today it had acquired South Carolina-based South Risk Management ("SRM"), a leading construction-focused insurance consulting firm.
The acquisition of SRM expands Propel's presence into South Carolina and adds to the Company's existing Southeast footprint, which includes Knoxville, Charlotte, Atlanta, and Orlando. The SRM team will be a valuable addition to Propel's industry-leading construction risk practice.
"We are pleased to welcome SRM into the Propel family, underscoring our commitment to growing our specialties nationwide by welcoming strategic partnerships and top industry talent," said Kurt Carlson, President, and CEO of Propel. "Propel is recognized as a leader in providing creative insurance solutions for our clients. Our long-standing partnerships with many of the nation's leading carriers, combined with our valuable services, translate into a competitive edge for our clients."
"We are thrilled to be joining Propel, a highly-respected and innovative leader in the insurance industry," said Patrick McKain, a founding partner of SRM. "We have shared values and a like-minded approach to delivering unparalleled advice and solutions to our clients."
SRM founding partners David Wells, Tripp Hafner, and W.D. Morris looks forward to expanding Propel's existing construction practice with John Babson taking on a leadership role. The team will leverage the broader pool of resources available at Propel to continue providing risk management services to help their clients address complex issues and support their business growth.
In Propel's Charlotte office, Richard Todd, Regional Director, added, "This transaction will complement our footprint in the Southeast. We remain excited about our growth and will continue to provide a compelling opportunity for insurance advisors who are looking to join a national leader."
About Propel Insurance
Propel insurance is one of the nation's largest privately-owned insurance agencies. It provides a broad array of property, casualty, risk management, workers' comp, employee benefits, personal insurance, and other products across North America. Propel is dedicated to helping businesses and individuals manage their insurance needs and find their momentum.
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has raised more than $5.0 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York.
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LIFE INSURANCE
Afficiency | September 22, 2021
Quility Insurance, a digital platform offering financial solutions through an online application or support from a licensed insurance agent, announced the launch of its new proprietary product, Quility Level Term. The company launched the level term product in collaboration with Afficiency, a startup that designs, builds, and delivers life insurance via API, and SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts).
Through Afficiency's digital infrastructure and SBLI's tech-driven insurance product offerings, Quility Level Term offers clients a simple, personalized policy with an entirely digital application and purchase process. Clients can apply online from the comfort of home and receive their new policy in just minutes.
SBLI is very happy to expand on our product and distribution offers for our customers through this valuable partnership. This collaboration supports digital initiatives to continue offering an accessible and seamless life insurance application process.
- Denis Clifford, SVP of Sales & Distribution at SBLI.
The simplified issue product provides a 100% digital experience with no medical exam necessary to qualify for coverage and an on-the-spot decision in minutes. Quility Level Term provides a maximum coverage amount of $1 million with level premiums throughout the policy term. Included within the policy at no additional cost is a charity rider that allows the client to select a charity of their choice as an additional beneficiary of their policy.
Licensed life insurance agents can sell the Quility Level Term product to their clients directly by applying with the client in real time through the digital platform. Through this digitized application process, Quility clients will receive an instant decision and obtain coverage that meets their needs at an affordable price.
The Quility Level Term product provides a significant value-add to the Quility agent through its streamlined application process. At Afficiency, our goal is to modernize the life insurance process for the customer, and this bespoke product aligns not only with our goals, but also with Quility's mission to deliver simple, customized solutions to clients.
- Mark Scafaro, Co-Founder and CEO of Afficiency.
Backed by thousands of licensed insurance agents nationwide and access to over 80 insurance carriers, Quility provides clients with convenient access to expert advice and support. Quility's sales divisions include Symmetry Financial Group, Asurea Insurance Services, and Quility Wholesale.
About Quility
Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a ten-minute application with the support of a licensed insurance agent.
About SBLI
For over 115 years, SBLI has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer simple, dependable protection at a fair price.
About Afficiency
Afficiency is an insurtech company making life insurance easier to understand and purchase. Afficiency developed a digital life insurance platform that allows new products to be quickly stood-up and made available for digital distribution, completely via API. All Afficiency's life insurance products are designed to be digitally underwritten and issued within seconds. Afficiency has been partnering with carriers and re-insurers since late 2018 to bring products to market. The team has also been working with some traditional and new distribution channels to deliver these products.
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