Georgia Insurance Regulator Faces 38 Count Indictment for Defrauding Insurer; Claims Innocence

Georgia Underwriting Association | May 14, 2019

A federal grand jury has indicted Georgia Insurance Commissioner Jim Beck on 38 counts of wire fraud, money laundering and mail fraud in an alleged $2 million scheme to defraud the Georgia Underwriting Association (GUA), his former employer.Beck, who was elected to his office, has been ordered to report to authorities by noon on Wednesday, May 15, according to the U.S. Attorney’s Office.

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XCover is our award-winning distribution platform that enables the world’s largest digital companies to offer protection to their global customers through a single API. XCover makes it simple and stress-free for customers with around-the-clock support, automation technology and instant payments of approved claims delivering customer satisfaction and reducing support loads.

Spotlight

XCover is our award-winning distribution platform that enables the world’s largest digital companies to offer protection to their global customers through a single API. XCover makes it simple and stress-free for customers with around-the-clock support, automation technology and instant payments of approved claims delivering customer satisfaction and reducing support loads.

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CORE INSURANCE,RISK MANAGEMENT

FMT Insurance Chooses Betterview to Mitigate Property Risk

Betterview and FMT Insurance | December 16, 2022

FMT Insurance (FMT), today announced they have selected insurtech company Betterview’s Property Intelligence & Risk Management Platform to gain a more complete, actionable view of real property risk. For over 100 years, FMT has provided strong coverage at a fair price for farmers and homeowners in Tennessee. However, like many companies today, they often struggle to acquire a clear, continuous view of real property conditions. So, in order to improve underwriting efficiency and augment their claims process with historical imagery, they sought out the right insurtech partner. “The combination of high-quality imagery and workflow management tools offered by Betterview was exactly what we were looking for, They give us a better view of risk at every stage of the policy lifecycle, from new business, to renewals, to claims. In addition, their platform gives us the consistent oversight that we need, saving us money on inspections and helping us mitigate fraudulent claims.” -Lora Clark, underwriting manager at FMT Betterview believes its product will help FMT cut costs and optimize inefficient processes. Insurance companies today need to make use of new technologies, including artificial intelligence and machine learning, in order to remain profitable in the face of evolving risk, We are confident that the tools on our platform can help FMT to write better risks and to improve efficiency in the underwriting and inspections processes,says Betterview co-founder and chief operating officer Dave Tobias. About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. About FMT Insurance: FMT Insurance is a statewide property-casualty insurance company domiciled in Tennessee. FMT exists to provide good coverage at a fair price. We are devoted to maintaining a financially sound company that delivers honest and fair service to our policyholders, partners, and community.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Boston Mutual Life and Majesco Collaborate to Improve Customer Experience

Boston Mutual Life and Majesco | January 27, 2023

In a statement released on January 26, 2023, Majesco informed that Boston Mutual Life has chosen the company to modernize its core business platform and improve customer experience and engagement. Paul A. Quaranto, Jr., Chairman, CEO, and President at Boston Mutual Life, stated, "By partnering with Majesco, we're able to transform our business and legacy solutions that will offer enhanced experiences for our policyholders, producers and employees." He added, "We're focused on doing what's best for our stakeholders, so we're excited to invest in advanced technology that enriches the customer experience and empowers us to leverage innovation to better support our mission to make it easier to do business with Boston Mutual Life." (Source – Business Wire) Boston Mutual Life Insurance Firm, a nationwide carrier that offers insurance solutions for working Americans and their families, was established as a progressive life insurance company in 1891. As a mutual company with locations in Canton, Massachusetts, and Omaha, Nebraska, it is committed to acting in the interests of its policyholders, producers, workers, and communities. Adam Elster, CEO at Majesco, remarked, "We are looking forward to partnering with Boston Mutual Life on their transformation journey." "They have over 131 years of experience and success and continue to invest in solutions that keep them at the forefront of the industry. We are honored they selected Majesco to not only address their current needs but to also provide a foundation for innovation and enhance the customer experience of the future," he concluded. (Source – Business Wire) About Majesco Majesco is one of the partners that P&C and L&A insurers choose to create and deliver great customer experiences. Its SaaS platform solutions for core, digital, data & analytics, distribution, and a rich ecosystem of partners are used by more than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups to create their next now. With more than 900 successful implementations, it is one of those companies that can bridge the gap between the old way of doing things in the insurance industry and a digital-only mindset. About Boston Mutual Life Insurance Boston Mutual Life Insurance Company, a prominent US insurer, offers a variety of insurance alternatives to industrious families and individuals. The progressive life insurance company, founded in 1891, provides insurance products and services to working Americans and their families with convenient enrollment and billing options through the workplace. Its headquarters are in Canton, Massachusetts, and Omaha, Nebraska. Boston Mutual Life puts policyholders, clients, employees, and communities first.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Alera Group Acquires the Ascent Group for $3 Billion

Alera Group | January 05, 2023

Alera Group, a national insurance, wealth, and retirement plan services provider, has acquired The Ascent Group and allied firms. The deal adds $1.5 billion to Alera Group Wealth Services' RIA business and $1.3 billion to Alera Group Retirement Plan Services. The Summit Group in Virginia and Walsh & Nicholson Financial Group in Pennsylvania are connected to the Ascent Group. The Ascent Group has 42 employees, 15 of whom are financial advisors. By the end of 2022, Alera Group Wealth Services had $7.5 billion in assets, which included $1.5 billion in RIA assets and about $6 billion in AUM. One of the most fundamental components of the Ascent Group's investment infrastructure is the turnkey asset management program (TAMP), which was created to lower the overall client expenses by bringing crucial operations in-house and eliminating vendors. According to Alera Group, The Ascent Group is a good fit for the company's strategy of providing synergies and strategic benefits across its employee benefits and property and casualty verticals. It lets the company offer more complete solutions to clients, which can really help plan sponsors and participants come together. The organization is delighted to have the team join its expanding division in a role that will serve as a cornerstone. Meanwhile, the terms of the transaction were not disclosed. About Alera Group Alera Group serves thousands of clients, offering various services such as employee benefits, P&C, wealth, and retirement plans. It merged 24 dynamic US offices. The organization blends national experience and resources with local, tailored service. It is the nation's 7th largest privately-held employee benefits firm, 15th-largest independent insurance agency, and 16th-largest privately-held insurance firm.

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