Gallagher completes Stackhouse Poland acquisition

Insurance Business America | April 09, 2019

Gallagher has today announced the completion of its deal for Stackhouse Poland Group Limited – an acquisition that Insurance Business first revealed back in January. The specialist broker has been in the market for 45 years and generates over £55 million in annualised revenues. It boasts a network of 23 offices and focuses on areas including high net worth private clients, healthcare, commercial and real estate. “Stackhouse Poland is a fantastic business that strengthens our specialist businesses, expands our route to market and, importantly, extends our customer choice,” said Michael Rea, CEO of the UK retail division at Gallagher. Culturally we are a great fit — with our shared values of ‘doing the right thing’ for our clients and colleagues — and today we are delighted to welcome more than 500 new colleagues into the Gallagher family. Now we turn our attention to bringing together our businesses and combining our capabilities for the benefit of all our clients.

Spotlight

In the U.S., 2 million people suffer from antibiotic-resistant infections every year and 23,000 die as a direct result.i When antibiotics fail, patients can suffer allergic reactions, severe diarrhea, dehydration, colitis, reproductive complications, and paralysis, among other complications, and even death.ii An antibiotic-resistant infection doubles a patient’s hospital stay and increases their risk of death by 200%.iii Further, the cost of treating a patient with an antibiotic-resistant infection ranges from $18,558 to $29,069.iv Put another way, antibiotic-resistant infections cost U.S. taxpayers approximately $20 billion annually, and lost productivity costs for employers could be as high as $35 billion.

Spotlight

In the U.S., 2 million people suffer from antibiotic-resistant infections every year and 23,000 die as a direct result.i When antibiotics fail, patients can suffer allergic reactions, severe diarrhea, dehydration, colitis, reproductive complications, and paralysis, among other complications, and even death.ii An antibiotic-resistant infection doubles a patient’s hospital stay and increases their risk of death by 200%.iii Further, the cost of treating a patient with an antibiotic-resistant infection ranges from $18,558 to $29,069.iv Put another way, antibiotic-resistant infections cost U.S. taxpayers approximately $20 billion annually, and lost productivity costs for employers could be as high as $35 billion.

Related News

INSURANCE TECHNOLOGY

Cardinality.ai acquires ClearCycle, a proven Claims & Disbursement technology company

Cardinality.ai | December 08, 2021

Cardinality.ai, a data technology group helping government agencies achieve better outcomes through artificial intelligence (AI) solutions has acquired ClearCycle, based in Redmond WA, a proven Claims and Disbursement Management technology provider since 1983, for the Healthcare and Insurance industries, to expand its suite of SaaS solutions. "The acquisition of ClearCycle will accelerate our mission of enabling government workers to deliver citizen services effectively. ClearCycle's depth of knowledge in claims, payments, disbursements, and compliance reporting with their track record of serving its clients in regulated industries will expedite the deployment of our ready-built solutions. In addition, we welcome the ClearCycle team, who will improve our ability to serve US Government agency clients and increase the scale of our US-based client success team." - Thiag Loganathan, CEO of Cardinality.ai. "Joining hands with the Cardinality team, we are excited about the possibilities of coupling our 20+ years of knowledge and subject matter expertise with Cardinality's modern software, built with configurable modules, cloud-based tech, a powerful AI assistant, and an intuitive interface, powered by a low-code platform" - Ravi Nithyanandham, Chief Technology Officer of ClearCycle. With decades of experience in complex healthcare claims, payments, disbursements, translation to different currencies with international funding requirements, and regulatory reporting, the ClearCycle acquisition improves Cardinality features, such as compliance tracking, Medicare and Medicaid reporting while ensuring payments are disbursed quickly, appropriately, and traced easily. ClearCycle will continue to operate under that name and is now a wholly owned subsidiary of Cardinality.ai. About Cardinality.ai Cardinality helps government agencies achieve better social and economic outcomes through intuitive, AI cloud-based solutions. Founded in 2017 by four serial entrepreneurs and a team of data specialists, the company has one goal: impact a billion lives. And it's already on its way—Cardinality solutions are being used by multiple agencies in the states of Indiana and Maryland. Their suite of solutions is built specifically for workforce, health, and human services leveraging it's modern AI Case Management, CRM, ERP, RedBird AI and Low-Code platform, so that agencies can modernize existing systems up to 50% faster than other low-code platforms and 200% faster than custom or unproven solutions.

Read More

INSURANCE TECHNOLOGY

Luko Selects Shift Technology to Fight Against Fraud

Luko, Shift Technology | November 25, 2020

Shift Technology, a supplier of AI-native fraud detection and claims automation solutions for the global insurance industry today reported its fraud detection technology has been chosen by computerized native neo-insurance company Luko. Since its launch in May 2018, Luko has been forging another way in the realm of property holders insurance. This spearheading new insurance company utilizes patented technology which predicts which claims might be recorded (water harm, fire, and so forth) and persuades policyholders to receive best practices regarding counteraction. In situations where claims can't be evaded, Luko depends on technology to abbreviate the claims cycle and furnish its clients with a model client experience. Guaranteeing that claims are real is a basic segment of guaranteeing a quick, effective, and precise claims measure. Nonetheless, Luko's market achievement and fast development uncovered that the current systems used to recognize potential fraudulent claims basically couldn't keep up. Subsequently, Luko went to Shift Technology and its honor winning AI-based insurance fraud detection arrangement. "The insurance sector is the target of numerous attempts at fraud, whether opportunistic or resulting from organized crime networks," explained Raphaël Vullierme, co-founder of Luko. "It was therefore essential that we continue to reinforce our processes and technologies in terms of fraud detection, so as to quickly identify potentially illegitimate claims." Notwithstanding the fraud detection technology offered by Shift, Luko is upheld by the profound insurance industry experience and experience of its information science groups. This solid mix of individuals and technology help to guarantee Luko is continually remaining side by side of the most recent fraud patterns and plans. "We have always considered the fight against fraud to be a critical topic for insurers," stated Jeremy Jawish, CEO and co-founder, Shift Technology. "Not only does effective fraud fighting reduce undeserved indemnity pay-outs and dismantle fraud networks, but also supports the digital transformation of the customer journey." About Shift Technology Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award. About Luko Luko is reinventing home insurance, placing social responsibility and technology at the heart of its priorities. The company is now the first neo-insurance firm in France, with more than 100,000 policyholders, and the Insurtech with the strongest growth in Europe. More than a simple insurance contract, Luko's ambition is for insurance to change from a model activated as a reaction to a model based on prevention, using internally-developed technology. The co-founders Raphaël Vullierme, a serial entrepreneur, and Benoit Bourdel, have pooled their expertise to create a company with a specific, positive impact, recognized by Bcorp certification in July 2019.

Read More

Shift Technology Partners with MAPFRE to Transform Insurance Claims Process

Cision PR Newswire | October 19, 2020

MAPFRE and Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, have come together to radically transform the way customers deal with insurance claims. Shift, who had already disrupted the insurance world with their acclaimed AI-powered fraud solution, is now leveraging its experience in claims to create a state-of-the-art, end-to-end claims automation solution. Together with MAPFRE, the company aims to deliver an instant, friendly and transparent experience. Numerous studies show that filing an insurance claim is often cumbersome for customers and that the process typically takes longer than expected. Once they have notified their insurer of the incident, customers report finding it difficult to navigate the various steps of the claims process.

Read More