GEICO and Progressive positioned to take State Farm's dominant insurance position by 2021- 23

GEICO | July 17, 2020

GEICO and Progressive positioned to take State Farm's dominant insurance position by 2021- 23
A new report by Fitch Ratings reveals that not only are US personal line insurers expected to see underwriting profits this year despite the pandemic, but there could be soon a reshuffle of America’s top insurers. The report said that the ongoing pandemic is “substantially affecting” the insurance industry in terms of underwriting and investment. Personal line insurers, in particular, are heavily impacted by the decline in risk exposures related to changes in economic and social activity, Fitch Ratings said. These changes include reductions in drivers’ miles, which have led to falls in near-term claims frequency for auto insurers, boosting their profits.

Spotlight

Understand the differences between different travel insurance plans and what you are getting/not getting for what you spend. A quick summary of the four types of international health insurance plans. What they cost and differences in benefits, direct-pay agreements, customer service and speed of reimbursement of claims.

Spotlight

Understand the differences between different travel insurance plans and what you are getting/not getting for what you spend. A quick summary of the four types of international health insurance plans. What they cost and differences in benefits, direct-pay agreements, customer service and speed of reimbursement of claims.

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INSURANCE TECHNOLOGY

Hub International Launches Hub Drive Safe App

Hub International | November 10, 2021

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm announced today the launch of its HUB Drive Safe App, a fleet risk management solution that provides driver coaching at scale, automatically detects collisions and helps fleets reduce their insurance costs through safer driving behavior on iOS and Android mobile devices. "The HUB Drive Safe App is our newest fleet risk management solution to help clients across various industries, including transportation , agribusiness , construction and hospitality , to keep their drivers safe, manage driver behavior and reduce collisions and loss. Technology continues to revolutionize the world we live in, and we have been focused on using digital technology to streamline our clients' experience and helping them better manage their costs for doing business." - Lisa Paul, Chief Strategy Officer of HUB's Transportation Specialty. According to a study 1 , the bottom quartile of commercial line drivers account for more than 50% of collisions. With the use of technology that relies on artificial intelligence and machine learning algorithms and leverages massive datasets of driving behavior data, a driver's behavior can improve and reduce collision risk by up to 49%. The HUB Drive Safe App offers immediate feedback and coaching after every trip to ensure that commercial drivers avoid collisions and remain safe on the roads. The mobile app also allows fleet managers to get a detailed overview of the safety and efficiency of their drivers - all via one comprehensive dashboard. The HUB Drive Safe App is powered by a global dataset and first-of-its-kind mobility risk intelligence (MRI) platform to ensure the most precise collision detection and first notice of loss capabilities on the market. Additional safety features on the HUB Drive Safe App include: View and customize a driver profile to improve driving behavior with tips based on performance tracked in the app Gain high-level insights on the fleet's performance with a fleet score Automatically detect collisions, alert the fleet manager and notify an emergency contact or trigger insurance claims process Encourage consistent improvements in driving behavior with positive reinforcements and/or rewards With the HUB Drive Safe App, HUB continues its commitment to providing tailored insurance solutions designed to best manage its clients' risks and needs. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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INSURANCE TECHNOLOGY

Azentio Software Acquires Specialist Insurance Technology Firm Beyontec

Azentio Software | July 02, 2021

Azentio Software, a Singapore-based software products company owned by Apax Funds, is pleased to announce the signing of a binding agreement to acquire Beyontec, a leading insurance technology company. The acquisition is conditional to the obtaining of all relevant regulatory approvals. Beyontec employs over 300 people and serves over 65 customers in the United States, the Middle East, and Africa. The company provides a complete set of cloud-based accelerator tools and a core multi-line insurance administration system, and digital platform-based ecosystem solutions for the insurance sector. Azentio's customer base and product suite will be expanded as part of the acquisition to become the leading banking, financial services, and insurance-led technology product business in high-growth markets. Azentio and Beyontec have significant synergies, enabling Azentio to provide a complete insurance product and end-to-end insurtech solutions for General, Health, Life, and Commercial insurance. In addition, the acquisition enables significant scale benefits and investments in next-generation insurance technology solutions. In this transaction, Houlihan Lokey served as Beyontec's only financial advisor. Beyontec's legal advice was Katten Muchin Rosenman LLP. The company's legal counsel was Kirkland & Ellis LLP. About Azentio Azentio Software is a newly formed company in 2020 formed out from 3i Infotech, a global information technology company. Azentio Software offers mission-critical, vertical-specific software products to customers in the banking, financial services, and insurance industries, including critical products such as Kastle (universal banking platform), AMLOCK (compliance software suite), Premia Astra (core insurance software), Orion (enterprise resource planning software), and MFund Plus (asset management platform). Azentio has over 700 clients in more than 48 countries and a strong team of over 1,600 people spread throughout 9 locations worldwide. About Beyontec Beyontec Solutions is an insurance solution provider specializing in general insurance, takaful, life insurance, medical insurance, and insurance broking. Beyontec's varied insurance expertise and knowledge have allowed it to develop transformational solutions that combine the best insurance practices worldwide. These include the Beyontec Suite, a core insurance administration solution, specialized accelerator tools, and a set of industry platform solutions.

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Liberty Company Insurance Brokers Associates With The Browning Agency

Liberty | July 08, 2020

Liberty Company Insurance Brokers (LCIB) has formed a partnership with The Browning Agency in Ponte Vedra, FL. The Browning Agency, established in 1989, is a full-service brokerage and consulting firm specializing in high net worth personal lines. The brokerage also has an exclusive program with the American Rental Association for equipment and party rental businesses. Meanwhile, the agency’s Hastings, FL office mainly handles agricultural risks.

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