Relation Insurance Services | July 20, 2022
Relation Insurance Services (“Relation”), one of the largest and fastest-growing national insurance agencies, announced today it acquired the assets of Maryland-based Insurance, Inc. Terms of the transaction were not disclosed.
Insurance, Inc. provides personal and commercial lines insurance solutions and employee benefits to clients throughout Maryland and is headquartered in Owings, MD. Amir Krell and Tracy Sutton will continue to lead Insurance, Inc. under Relation going forward.
“We are excited to welcome Amir, Tracy and the entire Insurance, Inc. team to Relation,” said Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation.
“We are excited to welcome Amir, Tracy and the entire Insurance, Inc. team to Relation,” said Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation. “Insurance, Inc. has provided high-quality insurance services in Maryland, and their diverse offerings of commercial, personal and employee benefits insurance solutions will be an excellent fit at Relation.”
About Relation Insurance Services
Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services across the United States. It is ranked by Insurance Journal within the top 35 largest agencies in the country by revenue and has approximately 1,200 employees across more than 125 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology. Visit www.relationinsurance.com for more information.
Vertafore | September 12, 2022
Vertafore®, the leader in modern insurance technology, today announced Acuity Insurance, Westfield Insurance and CNA Insurance are the latest carriers to go live on its award-winning Commercial Submissions™ platform. These additions reflect the platform's growing momentum and bring even more choice to the solution and mark a new milestone in Vertafore's vision to modernize commercial insurance for the independent agency channel.
Vertafore introduced general availability for Commercial Submissions in March 2022. Nearly 800 independent agencies have since signed up to use the platform to quickly quote BOP, workers' compensation and general liability insurance from some of the nation's top carriers.
Technology built for insurance professionals by insurance experts
Vertafore has long been the leader in market connectivity solutions that enable agencies and carriers to speed up binding and quoting. In 2021, Vertafore facilitated more than $13 billion in real-time carrier/agency premium submissions and handled 150 million real-time transactions through its rating and connectivity solutions.
The company built on this connectivity success when it set out to solve challenges of commercial insurance quoting. And since the product's launch, agencies have generated thousands of quotes across three lines of business in 40 states.
The success of Commercial Submissions is the result of a dedicated, experienced Vertafore product and development teams, led by Wendy Haney and David Acker. Haney and Acker have nearly five decades of combined experience developing tools that simplify the day-to-day work of insurance professionals, with a particular focus on solutions that improve connectivity across the insurance distribution channel.
"When Vertafore identifies a technology need in our marketplace, we first consider whether our customers are best served through a partnership, an acquisition, or with a Vertafore-built product, The depth of our in-house talent, our proven success with personal lines connectivity and our relationships across the distribution channel made it clear that we were in the best position to deliver a high-quality solution to streamline business insurance quoting. And our agency and carrier partners continue to validate that decision."
-Amy Zupon, Vertafore CEO
Industry-leading solution for commercial lines quoting
Commercial Submissions delivers a game-changing experience for independent agents and the business clients they serve. The platform simplifies and automates commercial insurance by:
Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry.
Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting.
Enabling real-time digital collaboration with clients to complete applications quickly and accurately.
The solution also reflects Vertafore's ongoing, multimillion dollar investment to deliver products with a modern user experience. By building Commercial Submissions from the ground up, Vertafore has placed integration, connectivity, and design thinking at the core of the product. As a result, the solution creates a seamless experience and incorporates inclusive design principles that eliminate barriers, improve accessibility and overcome situational challenges that impede user productivity.
Commercial Submissions has been recognized by the Golden Bridge Awards®, achieving Gold in the Business-to-Business Product category. The solution also landed on the SaaS Awards' shortlist for Best SaaS Newcomer and received a Silver award for the 2021 Best New Insurance Solution from the American Business Awards.
As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.
Liberty Mutual Insurance | August 03, 2022
Liberty Mutual Insurance today announced its membership to the MIT Climate and Sustainability Consortium (MCSC), supporting the acceleration and implementation of large-scale, real-world solutions to address climate change. Liberty Mutual joins 17 other member companies in the Consortium's efforts to inspire transformative climate progress across industries and the globe.
We believe collaboration is a critical component to combatting climate change, As an insurer we continually see and learn more about climate change, and we're eager to bring this knowledge to MCSC and help advance the Consortium's important, urgent work, said Liberty Mutual Chief Sustainability Officer Francis Hyatt, who will serve on MCSC's industry advisory board.
Liberty Mutual will participate in several workstreams that support MCSC's key objectives:
To accelerate the introduction of large-scale, feasible solutions to address the threat of climate change.
To advance proposals regarding sustainability opportunities, training for innovators, regulatory policies, and the development of business models across sectors.
To catalyze links between academic innovations and commercial scalability.
To materialize sustainable practices that are action-oriented and incorporate social justice, economic equity, and respect for the environment.
"We are excited to welcome Liberty Mutual to the MIT Climate and Sustainability Consortium and look forward to the perspective and expertise they bring from the insurance and risk management industry, Liberty Mutual will contribute to the dialogue and solutioning currently underway within the Consortium."
-Jeremy Gregory, PhD, Executive Director of the MCSC
As two renowned organizations in Massachusetts, Consortium membership is just the latest step in Liberty Mutual's long-standing relationship with MIT. In 2019, Liberty Mutual launched an artificial intelligence research collaboration with MIT Quest for Intelligence, is a member of the MIT Industrial Liaison Program, and is one of the founding members of the MIT Mobility Initiative.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2021 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.
We employ over 47,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.