HMRC seeks views on operation of Insurance Premium Tax

insurancebusinessmag | June 04, 2019

HMRC seeks views on operation of Insurance Premium Tax
The UKs taxman has launched an open consultation into how the Insurance Premium Tax (IPT) operates as part of efforts to ensure fairness and efficiency.Closing on July 17, the call for evidence is focused on examining the administration and collection of IPT as well as the existence of unfair tax outcomes. HM Revenue & Customs (HMRC) stressed that current IPT rates and exemptions are not part of the reviews scope.

Spotlight

RPA technology is seeing widespread adoption across industries, including financial services broadly. However, the insurance sector has been lagging behind banking and other financial services domains in its adoption. Insurers have just started to run pilot programs to explore the benefits that RPA can provide in automating repetitive processes.

Spotlight

RPA technology is seeing widespread adoption across industries, including financial services broadly. However, the insurance sector has been lagging behind banking and other financial services domains in its adoption. Insurers have just started to run pilot programs to explore the benefits that RPA can provide in automating repetitive processes.

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INSURANCE TECHNOLOGY

Parachute Digital Solutions Launches New Online Insurance Platform

Parachute Digital Solutions | November 23, 2020

Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in a simple to-utilize, secure and smoothed out digital environment. “Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.” The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice. Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items sold through Parachute 2.0 are reinsured by Munich Reinsurance Company. “The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.” About Parachute Digital Solutions Inc. Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings. About Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.

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INSURANCE TECHNOLOGY

NEXT Insurance Renews Commitment to Small Businesses with Integrated Strategic Rebrand

NEXT Insurance | September 16, 2021

NEXT Insurance, the leading digital insurtech company transforming small business insurance, today announced its strategic rebrand which will integrate small business owners from across the country into every part of the company's business, culture and ethos. NEXT's new brand ambition is inspired by the company's mission to help entrepreneurs thrive and is reflected through new creative work, still photography, visual assets, a website refresh and a commercial campaign to embolden small businesses to "Get Going." Additionally, the company will devote $4 million over the next three years to small businesses. NEXT's commitment to small businesses is more than just a tagline on our website. It's deeply ingrained into our culture, Beyond our visual rebrand, we've commissioned small business owners across the U.S. to develop our company apparel and team gifts like sweatshirts, notebooks, sustainable tote bags and custom patches. We've engaged independent photographers and videographers to help capture real small businesses for new visual brand assets and have worked with independent musicians to create custom on hold music. Small businesses are more than just our customers - they make up our identity. - Melanie Chase, Chief Marketing Officer at NEXT. A key aspect of NEXT's latest brand is to elevate small businesses and demonstrate the company's support in helping them "Get Going." To bring this to life, NEXT partnered with local black and female-owned small businesses, independent musicians and other small business owners for activations to support its strategic rebrand. For example, NEXT purchased its corporate apparel from Stuzo Clothing, a woman-owned gender neutral street wear brand in Los Angeles, and licensed its "on hold" music directly from independent musicians across the country. Customers who contact the company's call center will enjoy songs from independent musicians as well as an exclusive artist introduction to each song. Between the ongoing struggle of the legacy insurance industry's one-size-fits-all coverage and the immediate impact COVID-19 had on small businesses, NEXT's rebrand came at a critical time for small business owners. To better align the brand to its company ethos, NEXT partnered with independent strategy and design company COLLINS to bring to life and shape its small business-focused mission through a reimagined brand strategy, visual identity, logo, communications and website. Additionally, NEXT worked with global creative company BUCK and sound design company Barking Owl to create an animated advertising campaign to launch the new brand. About NEXT Insurance: NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 300K business owners, NEXT offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers.

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INSURANCE TECHNOLOGY

Majesco Expands Digital1st EcoExchange with Additional Verisk Underwriting Solutions

Majesco | July 28, 2021

Majesco, a global leader in cloud insurance platform software for insurance business transformation, today announced that A-PLUS (loss history), Coverage VerifierSM (policy history), Roof Age, Major Systems, and Condition Score property insights had been added to Majesco's Digital1st EcoExchange by Verisk, a leading global data analytics provider. Majesco Digital1st EcoExchange is a next-generation partner ecosystem that uses third-party services to provide a truly plug-and-play environment. It offers carriers with pre-integrated capabilities with Majesco solutions to assist insurers in digitizing, optimizing, and innovating their business, customer, and channel requirements now and in the future. In addition, Verisk, a long-standing partner, extended its current applications on Majesco's marketplace with the following: A-PLUS is a comprehensive loss history database fueled by insurer contributions that allow for more accurate personal car underwriting and rating at the time of quotation. A-PLUS reporting tools allow quick choices based on data from various loss and coverage types. The Fair Credit Reporting Act (FCRA) regulates full-detail reports, which offer up to seven years of claims activity on risks. The FCRA-regulated Coverage Verifier offers up to seven years of personal auto insurance history to assist in identifying current, lapsed, or suspended coverages, guiding critical underwriting and rating decisions, and reducing fraud. Roof Age uses Verisk's extensive industry expertise and advanced data science to estimate the age of a structure's roof by combining permit insights, assessor records, and various other data elements. As a result, roof Age enables insurers to rapidly evaluate the age of a structure's roof to provide roof year and actionable, numeric confidence ratings for use in underwriting and rating applications. Major Systems offers information on the health of a structure's major systems, including the building, mechanical, electrical, and plumbing systems. These insights are important for insurers to find a balance between real risk exposure and exceptional customer service. By better knowing a property's history, Condition Score allows insurers to improve their underwriting approach. A property's score considers significant property change events such as maintenance, remodeling, and renovation activity, as well as related cost drivers. Thus, allowing insurers to segment and underwrite risks using a variable covering a property's whole history. With the inclusion of these Verisk accelerators, Majesco clients may better price risk for improved profitability, make recommendations on loss control/prevention during underwriting, and simplify the application and underwriting process. About Majesco Majesco is the leading software partner for the P&C and L&A insurance industries, enabling clients to modernize, optimize, and innovate at scale. Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance. Our technology, experience, and leadership assist insurers in innovating and connecting to build their business's future. We have an amazing track record of innovation and real-world results, with over 825 successful implementations and over 65 % of our clients on Cloud with Majesco platform solutions.

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