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.
AgentSync | June 17, 2022
The AgentSync Compliance Library, one of the insurance industry's leading resources, is an open-source destination for news, information, and real-time updates.
Here’s the unveiling of the Compliance Library by AgentSync to power growth and innovation in the insurance industry. The technology is a free resource covering over 8000 compliance data points across 53 U.S. insurance jurisdictions. The Compliance Library was created by and for insurance industry experts to aid in their efforts to stay up-to-date and learn from it. It contains everything from regulatory and compliance basics to state-by-state FAQs and news.
Constantly keeping up with the time-consuming and tedious manual processes and incomplete and disconnected information is exhausting and creates significant risk for the producers and the businesses they represent. As a result, AgentSync created a first-of-its-kind open-source library to enable producer compliance. This tool is designed to give insurance and compliance professionals quick access to a database of jurisdiction-level information and regulatory updates from across the United States insurance industry.
The AgentSync Compliance Library is intended to be a resource for facilitating help in the verification of:
Contact information for the state insurance department: address, phone, email, website, and commissioner name
Information on appointments and terminations, including deadlines, fees, renewals, and more.
Agency information, including licensing requirements by jurisdiction and affiliations.
Producer information, including licensing requirements by jurisdiction, renewal deadlines, fees, address requirements, and more.
Adjuster information such as deadlines, fees, and renewals.
Industry experts who understood regulatory nuances and had an unrivaled passion for helping customers' efforts built AgentSync to achieve and maintain compliance. Thanks to AgentSync's expertise, products, and the new Compliance Library, everyone in the industry can continue to learn and grow with confidence.
AgentSync enables rapid growth for insurance carriers, agencies, and MGAs by providing modern producer management tools. AgentSync's products reduce friction, increase efficiency, and maintain compliance through customer-centric design, seamless APIs, and automation, ultimately helping to improve the broker onboarding, contracting, licensing, and compliance processes. AgentSync, which was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight and is headquartered in Denver, CO, has been named one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, an Insurtech Insights Future 50 winner, and is ranked 88 on Forbes' list of America's 500 Best Startup Employers in 2022.
Kroll Bond Rating Agency, LLC (KBRA) | December 29, 2021
Kroll Bond Rating Agency (KBRA) assigns an Insurance Financial Strength Rating of BBB+ with a Stable Outlook to Tower Hill Insurance Exchange (THIE). THIE was formed as a Florida reciprocal exchange and will begin writing residential property insurance in Florida within its first year of operation and continue to expand in the Florida market over the subsequent two years.
The rating reflects its sound initial capitalization, conservative investment portfolio, and reasonable business plan. THIE will benefit from the established market presence, distribution, and risk management of the Tower Hill Insurance Group (Tower Hill) - a privately owned organization comprised of three Florida-domiciled direct writers, an affiliate offshore reinsurer, a managing general agency (MGA), and two claims services companies. Tower Hill is one of Florida’s largest residential property insurers with approximately 6% market share.
Balancing these strengths are THIE’s exposure to natural catastrophes, and a lack of geographic and product diversification. THIE’s revenues and earnings are expected to be concentrated in Florida, a state exposed to both natural catastrophes and significant legal challenges for residential property insurance writers. In addition, initial capital is solely funded through surplus notes with annual interest expenses of approximately $16 million. This is somewhat offset by THIE’s low start-up costs versus more typical start-ups.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.