FSCS sends out cheques to UK customers of bankrupt Alpha Insurance

insurancebusinessmag | May 30, 2019

FSCS sends out cheques to UK customers of bankrupt Alpha Insurance
A total of £6.9 million in premium refund payments -that is what the Financial Services Compensation Scheme (FSCS) is currently busy issuing to 9,000 commercial taxi policyholders in the UK who bought Alpha Insurance A/S coverage via managing general agent Capital Underwriting Agencies Group Ltd (CUA).The latter had authorisation from Alpha Insurance to sell commercial taxi policies in the UK on their behalf, but the policies lapsed last August 11 after the Danish insurer was declared bankrupt on May 08 last year.

Spotlight

When digital disruption is transforming the commercial landscape, industries are looking to re-imagine business processes. Be it transitioning from customer helpdesk to a real-time customer experience, from instinctive decision-making to insight-driven decisions, or shifting from manual transactions to robotics process automation - companies are doing it all.

Spotlight

When digital disruption is transforming the commercial landscape, industries are looking to re-imagine business processes. Be it transitioning from customer helpdesk to a real-time customer experience, from instinctive decision-making to insight-driven decisions, or shifting from manual transactions to robotics process automation - companies are doing it all.

Related News

RISK MANAGEMENT

USI Insurance Services Acquires Venneberg Insurance

USI | December 14, 2020

USI Insurance Services ("USI"), a world chief in risk management, employee benefit and retirement consulting, today reported the securing of Sitka, Alaska-based Venneberg Insurance. Established in 1984, Venneberg Insurance is a free risk management and insurance organization serving businesses and people all through Southeast Alaska. The entirety of the organization's employees, including Mike Venneberg, proprietor and head, will join USI. Terms of the exchange were not revealed. Commenting on the announcement, Mike Venneberg stated: “For more than 35 years, our experienced and dedicated staff have established a strong reputation for meeting the unique and diverse risk management and insurance needs of families and businesses throughout Southeast Alaska. By joining forces with USI, our valued clients will continue to work with the local team of experts they’ve come to know and trust, in addition to gaining access to USI’s best-in-class resources and solutions.” Chris Prentice, USI regional CEO, added: “We are thrilled to welcome Mike and the talented professionals from Venneberg Insurance to the USI family. By partnering as one, we look forward to delivering an unmatched level of service and expertise for our current and future clients throughout Alaska by leveraging the USI ONE Advantage®, a proprietary platform integrating analytics, networked resources and strategic planning to deliver customized solutions with economic impact for clients.” About USI USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities.

Read More

Atlas General Insurance Services announced the formation of the Client Solutions Group

Atlas General Insurance | May 21, 2020

Atlas General Insurance Services announced the formation of the Client Solutions Group. Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns. The types of questions the Client Solutions Group addresses are often centered on billing, audit, submission, or commission issues. Atlas General Insurance Services is proud and excited to announce the formation of the Client Solutions Group. This group will be housed at our corporate headquarters, managed by Brent Lambert, and staffed by a group of individuals trained to manage the most common questions and challenges observed in our partner base community. Similar to the rest of the insurance industry, Atlas is taking advantage of the technological advances to improve efficiency and convenience for the company and most importantly for our clients. As businesses continue to become highly automated, we find a common denominator in our clients’ feedback regarding the difficulty to reach a ‘live person’ by phone. As a result, innovation loses its value if it comes at the expense of those whom we are trying to serve. Read More: NFS modernized flood insurance space by launching Trident Instead of reaching an automated operator giving you multiple choices that might not fit your particular question or need, all calls are now routed directly to our Clients Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns. In the event that our CSR is unable to assist with your inquiry, they will perform a “warm transfer” to another Atlas team member who is best able to support you. If assistance is not immediately available, they will take ownership of the question or concern and perform all necessary follow-up until a resolution is found. The types of questions the Client Solutions Group addresses are often centered on billing, audit, submission, or commission issues. It is important to point out that very few calls or concerns fall outside our ability to resolve the inquiry. As a value-add to partnering with Atlas, your questions will now be answered with you on the phone. Client Solutions Group is determined in strengthening relationships between our team members and clients for a much more successful interaction with Atlas. Read More: Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity We encourage our clients to try this convenient offering by giving us a call regarding an existing transaction, or perhaps even calling us with a new transaction to show our commitment to efficient solutions and excellent service. About Atlas General Insurance Services, LLC Atlas General Insurance Services is a full-service program administrator that offers a wide range of insurance solutions. Atlas has expertise in developing and underwriting programs with a variety of insurance carrier partners. Atlas provides exceptional service and unique options for clients seeking workers’ compensation, commercial lines and specialty property coverage.

Read More

Shift Technology Supports Central Insurance’s Fraud Detection and Subrogation Initiatives

Cision PR Newswire | September 01, 2020

Shift Technology, a provider of AI–native fraud detection and claims automation solutions for the global insurance industry, and Central Insurance today announced that Shift will support Central Insurance's fraud detection and subrogation initiatives. As a result, Central Insurance will deploy Force, Shift's fraud detection solution to uncover suspicious behaviors in the insurer's auto and property claims processes. The insurer will also use the technology to identify more quickly and accurately those property claims appropriate for subrogation recovery. In business for more than 140 years, Central Insurance has built a reputation for integrity, exceptional customer relationships, and operational excellence. A strong belief in applying both innovative approaches and cutting-edge technology to best meet customer and business requirements has long been a hallmark of the carrier. Recognizing that applying analytics and artificial intelligence to the claims process plays a key role in delivering on its promises to customers, Central Insurance turned to Shift Technology and its fraud detection and subrogation solutions.

Read More