AUTOMOBILE INSURANCE

Greater Than's Artificial Intelligence Will Revolutionise Auto Insurance Underwriting

Greater Than | June 22, 2021

Greater Than (GREAT), the AI data analytics provider, is taking engine underwriting into another period. The organization's AI opens future expense for mishaps per driver, in this way giving a period benefit of 12 to year and a half's over conventional risk models. A period advantage that generally changes how engine risk proactively will be moderated, overseen, and evaluated.

Data has consistently been a fundamental aspect of the insurance industry. Adding AI into the condition, an exact understanding and precise valuing of current clients' future risk and claims costs are added. As Greater Than's AI exclusively utilize fair-minded and undeniable data, it gives the furthest and reliable analyses applicable to any market across the world.

"Our AI platform is an extremely sophisticated tool that directly transforms current data into future risk information and potential damage outcome per individual. As our AI understands the future, with incomparable accuracy and granularity, it also gives our customers a huge time advantage", - says Liselott Johansson, CEO of Greater Than

As a component of the transportation development, more individuals start to utilize elective methods for transport services. Car-sharing, ride-hailing and pay-as-you-go services are such. Further developed innovation is expected to serve and straightforwardly cost such services. Generally, cars utilized by a few drivers have consistently been perplexing to endorse. An intricacy that AI risk management can tackle by its ability to cost per client and conduct behind the wheel at the same time shows current and future risk costs.

Spotlight

No single insurer is spared by fraud. Globally, fraud is estimated to cost the insurance industry hundreds of billions of GBP per year. This figure isn’t just fraud on an individual or opportunistic scale, but also the result of insurance fraud networks who represent an industry unto themselves.

Spotlight

No single insurer is spared by fraud. Globally, fraud is estimated to cost the insurance industry hundreds of billions of GBP per year. This figure isn’t just fraud on an individual or opportunistic scale, but also the result of insurance fraud networks who represent an industry unto themselves.

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CORE INSURANCE, RISK MANAGEMENT

Inszone Insurance Acquires Jack E. Gilbert Insurance to Expand Reach

Inszone Insurance Services | March 15, 2023

On March 14, 2023, Inszone Insurance Services, a rapidly expanding national provider of benefits, personal, and commercial lines insurance, informed that the company has acquired Jack E. Gilbert Insurance Agency, Inc. This acquisition is poised to enhance the capabilities of Inszone Insurance Services and is a strategic step in the company's growth trajectory. Headquartered in San Jose, Jack E. Gilbert Insurance Agency, Inc. has been catering to clients in California, Arizona, Colorado, Nevada, Texas, and Washington since 1980. Over the years, the agency has gained immense popularity for its comprehensive range of insurance programs, which include specialized programs for transportation, trucking and towing, and worker's compensation. Chris Walters, CEO of Inszone Insurance Services, stated, "Jack E. Gilbert Insurance Agency has a long-standing reputation for providing exceptional customer service to its clients." He added, "We are excited to welcome their team of insurance professionals to the Inszone Insurance family, as we continue to expand our presence in California and beyond." (Source – Business Wire) The acquisition of Jack E. Gilbert Insurance Agency, Inc. will provide Inszone Insurance Services with access to the agency's extensive expertise and client base. This strategic move aims to strengthen the capabilities of Inszone Insurance Services and enable the company to offer top-notch insurance services to its clients while also expanding its market reach. The team at Jack E. Gilbert Insurance Agency will continue to operate under the Inszone Insurance brand, maintaining the same level of customer care and service that their clients have come to expect. This acquisition represents a crucial step in Inszone Insurance's growth strategy, as the company aims to expand its national footprint and further cement its position as a leading insurance provider in the United States. About Inszone Insurance Services Inszone Insurance Services, founded in 2002 and headquartered in Sacramento (California), is a full-service insurance brokerage firm that provides a comprehensive range of property & casualty insurance, along with employee benefits solutions. With an experienced and dynamic management team, the company continues to grow both organically as well as through strategic acquisitions. It presently has 40 locations spread across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois and is poised to expand its presence throughout the United States.

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CORE INSURANCE, RISK MANAGEMENT

Simplicity Merges with IDA to Provide Unrivaled Services

Simplicity Group and Insurance Designers of America | March 06, 2023

Simplicity Group Holdings, Inc. (Simplicity) recently informed that it has acquired Insurance Designers of America (IDA), a leading insurance marketing organization (IMO), in order to provide a comprehensive range of services. As a result of this merger, Simplicity and IDA will now provide their respective members with a market-leading, tech-enabled distribution platform along with an unrivaled range of sales and marketing services. Bruce Donaldson, Simplicity's President and CEO, expressed, "We have known the partners of IDA for many years and have always admired the spirit of true, equitable partnership, which was one of the founding characteristics of the group." He continued, "Simplicity was founded on the premise that all our partners should be treated equitably and enjoy all the aspects of our growing platform. We recognize that independent distributors have a choice with whom they wish to affiliate and we are thrilled that IDA has chosen Simplicity to be its long-term partner." (Source – Cision PR Newswire) Ethan Emmett, Executive Director of IDA remarked, "Partnering with Simplicity is a natural evolution in the growth of IDA and the furthering of our mission to best serve our member agencies and ultimately provide consumers access to the best insurance solutions across life, annuity, LTC and DI." (Source – Cision PR Newswire) About Simplicity Group Simplicity Group offers holistic financial professionals and their clients a full range of products and services for every stage of life, guided by education, value, and cooperation. The company offers its advisor, agent, broker-dealer, and financial institution partners best-in-class and proprietary guaranteed income, life insurance, wealth management, long-term care products as well as operational support. Besides, it also provides sales, marketing materials, and training to help its partners build businesses and serve their clients. About Insurance Designers of America Founded in 1986, IDA is one of Georgia's oldest, largest, and most-esteemed IMOs. The company was founded by former agency heads of a national insurance carrier that was quitting the agency distribution system to fill the void as insurance companies focused entirely on product manufacturing and sought alternative distribution channels. Currently, it has over 50 agencies and $250+ million in yearly premiums, giving it the capacity and resources to support over 85,000 financial professionals with their client's insurance needs.

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CORE INSURANCE, RISK MANAGEMENT

Idelic Introduces Idelic Insurance Agency for Fleets

Idelic | January 19, 2023

Idelic Inc. recently announced the launch of Idelic Insurance Agency, LLC, a technology-driven managing general agent (MGA) aimed at providing commercial fleets with tailored insurance coverage. The insurance pricing will reflect the fleets’ risk improvement by using the Idelic Program, a comprehensive approach to improving driver safety and reducing crashes. Idelic Insurance Agency also aims to provide a modern approach to improving insurance outcomes by allowing fleets to use technology and processes to reduce losses. The insurance agency will price renewals based on the fleets’ successful adoption and results. The Idelic Program consists of two major components: Safety Suite® and Driver Safety Playbook. Safety Suite® is the best driver performance management platform in the trucking industry. It collects driver risk data and uses machine learning algorithms to identify high-risk drivers. Meanwhile, the Driver Safety Playbook is an excellent guide to engaging drivers, providing coaching and step-by-step professional development plans made by working with insurers and trucking's safest fleets. On average, fleets utilizing Idelic Program can witness a 20% decrease in preventable crashes in the first year. "Commercial auto fleet insurance is inherently complex with a multitude of nuances from fleet to fleet. The process of evaluating risks has traditionally relied on underwriter experience and judgment, but insurers are increasingly looking for a more data-driven way to evaluate risks. Idelic Insurance Agency will do just that," stated Michael Gramm, Senior Vice President of Insurance at Idelic Insurance Agency. "By working closely with fleets that choose to use the Idelic Program, we can better leverage critical driver behavior data to quote policies that reflect their reduced crash risk," he added. (Source – Business Wire) The Idelic Program and Idelic Insurance Agency are timely solutions to help fleets combat rising insurance rates and reduce losses significantly. However, fleet insurance costs and availability are once again among the Top 10 motor carrier executive concerns listed by American Transportation Research Institute (ATRI). About Idelic Inc. Pittsburgh-based Idelic is a software provider dedicated to delivering the best insurance outcomes for fleets. The Idelic Program combines process and technology in a tool designed for and proven successful among fleets and insurers alike. Additionally, the program uses predictive analytics to identify risky drivers and professional development plans to help change behavior patterns and provide insurers with evidence of long-term improvements in crash reduction to negotiate lower rates. The company's experienced technical and industry experts understand the trucking and insurance industries' needs and provide tailored solutions to clients' real problems.

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