Gocompare study reveals huge cost of car insurance renewals

Gocompare | August 28, 2019

Motorists across the UK are overpaying for their auto coverage by allowing their insurer to automatically renew their policy, according to a study by GoCompare. The study found that, at their last renewal, 44% of drivers allowed their insurance to automatically roll-over – with 13% doing so without checking to see if they could get a better deal. This has led to millions of policyholders overpaying for their coverage to the tune of £982 million a year – with each individual policyholder missing out on up to £239.69 in potential savings. According to the study, 22% of motorists surveyed have allowed their insurer to renew their policies automatically on the assumption that, since their insurer offered the cheapest premium the previous year, they would continue to offer good value this time around. Twenty-one per cent (21%) said that switching is too much hassle, while 19% cited loyalty to their insurer as reason for automatic renewals.

Spotlight

One of the most paper intensive industries is insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with on regular basis. Under the circumstances, using simple word processors, insecure repository and emails or not adopting a streamlined process of document management can have serious negative consequences.

Spotlight

One of the most paper intensive industries is insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with on regular basis. Under the circumstances, using simple word processors, insecure repository and emails or not adopting a streamlined process of document management can have serious negative consequences.

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CORE INSURANCE, RISK MANAGEMENT

Inszone Insurance Services Expands into Denver with Acquisition of Hahn & Associates Inc.

Businesswire | April 12, 2023

Inszone Insurance Services, a rapidly expanding national provider of benefits, personal, and commercial lines insurance, proudly announced today their acquisition of Hahn & Associates Inc. Founded in 1999, Hahn & Associates has earned a distinguished reputation for delivering exceptional service and maintaining strong relationships with clients. Founder Phil Hahn focused on leveraging referrals and community connections to grow his business, ultimately employing five additional team members. Following his wife's stage 4 cancer diagnosis, Mr. Hahn assisted his staff in finding new opportunities while he prioritized his wife's care. After her passing, Mr. Hahn scaled down his business, operating it as a one-person enterprise. He partnered with numerous non-profits, construction companies, and warehouses, many of which experienced financial challenges in 2008. Prioritizing relationship-building, Hahn & Associates achieved impressive client retention, with many clients remaining loyal for 10-20 years before retiring and closing their businesses. Regarding the decision to merge with Inszone Insurance, Phil Hahn, the former owner of Hahn & Associates Inc., commented, "Inszone felt like the right fit, and their exceptional customer service made me confident in entrusting my clients to them." Chris Walters, CEO of Inszone Insurance Services, expressed enthusiasm about the acquisition, stating, "Phil's dedication to the Denver community and his unwavering commitment to customer service are truly inspiring. We look forward to upholding this legacy as we work together to provide exceptional resources and support to every client." Hahn & Associates Inc. is a strategic part of Inszone's ongoing expansion efforts across the United States, as it helps establish a more robust presence in Denver and its surrounding areas. Existing Hahn & Associates Inc. customers can expect to receive the same exceptional level of service they have come to know, now delivered under the Inszone Insurance brand. AboutInszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.

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CORE INSURANCE, RISK MANAGEMENT

Westland Insurance expands P&C practices with three acquisitions in April

Globenewswire | April 10, 2023

Westland Insurance, one of Canada’s largest independently owned brokerages, continued its expansion on April 1 with the announcement of three acquisitions. Between them Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited, and Dimensions Insurance Management bring additional insurance expertise to Westland’s existing P&C verticals. With six locations across Ontario, BMT Insurance brings over 65 years of P&C insurance experience, life & benefits, and financial services. This acquisition takes Westland into three new communities and further enhances its commitment to serving clients in Northern Ontario. With roots that go back to 1905, Dimensions Insurance is a commercial and specialty P&C brokerage based in Winnipeg, MB and that is focused on serving clients across Western Canada. Established in 1978, Haggett & Rogers is a family-owned brokerage that offers personal and commercial insurance solutions and vehicle registry services. They have locations in Calgary and Lethbridge, AB. “It’s with much excitement that we welcome Haggett & Rogers, BMT Insurance, and Dimensions Insurance to the Westland team,” says Jamie Lyons, Westland’s President & CEO. “With these three outstanding companies joining our family, we’re taking a significant step forward in our goal to become Canada’s favourite insurance broker. Their collective depth of expertise and experience in the industry, as well as strong entrepreneurial cultures, will allow us to continue delivering even better service to our clients and communities across the country.” About Westland Insurance Group Ltd Award winning Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With a national network of 195 locations and over 2,100 employees, the company continues to expand coast to coast. Westland's brokers provide expert advice to home, business, and auto insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. As a leading insurance brokerage in Canada, our scale and pace of growth allow us to continually invest in our platform and to deliver on our promise to be your most trusted commercial advisor. Our Commercial team has developed unique partnerships with national and international insurers and reinsurers, with whom we have established pre-committed capacity and underwriting authority. This is a model that no other broker in the country has been able to replicate at scale. Our expert Commercial advisors get to know you and your business, so that they can tailor a policy to your exact needs.

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CLAIMS, RISK MANAGEMENT

GIA Singapore and Shift Technology Extend Fraud Management Alliance

Shift Technology | March 16, 2023

Shift Technology, a leading provider of AI-driven solutions for the insurance industry, announced on March 15, 2023, that General Insurance Association of Singapore (GIA) would be expanding its use of Shift Claims Fraud Detection to assist its member insurers in detecting travel insurance fraud. This strategic expansion is a testament to the success of General Insurance Association of Singapore's (GIA) Fraud Management System (FMS). This move comes at an opportune time, with global travel gradually returning to pre-pandemic levels. Shift and GIA have been working together since 2017 to combat insurance fraud. Initially, the collaboration involved the use of Shift Claims Fraud Detection to identify suspicious motor and travel insurance claims. However, due to the significant success achieved in both areas, the solution's use has been expanded to include the detection of various types of travel insurance fraud. Kai Weng Ho, Chief Executive of GIA, stated, "Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximize the potential of the travel module and comes at an opportune time of rising global travel." He added, "Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector's existing fraud detection and management efforts." (Source - Cision PR Newswire) Jeremy Jawish, CEO and Co-Founder of Shift Technology, remarked, "Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful." He added, "Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what's happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all." (Source - Cision PR Newswire) About Shift Technology Shift Technology offers AI decisioning solutions to insurance companies and their clients as one of its many services. These solutions automate and optimize decision-making processes from underwriting through claims, resulting in improved client satisfaction, higher operational efficiency, and lower costs for insurance companies.

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