How insurance brokers can help their clients through Brexit uncertainty

Insurance Business Magazine | July 09, 2019

Times of political uncertainty can impact any industry, but especially the financial markets including insurance. Currently, the UK is waiting to see if the next Prime Minister will be Jeremy Hunt or Boris Johnson, and then the new leader will need to try and negotiate an increasingly difficult Brexit. This comes after former Brexit chief Philip Rycroft told the BBC that a no deal Brexit was “fraught with risk.” All this may seem concerning, but Tom Leonard (pictured), Allianz’s new London regional manager for the broker markets, believes that it’s an incredible opportunity for brokers. “I think you’ve got an enormous amount of change both politically with things like Brexit, then you’ve got things like macroeconomic change, and you’ve got challenges in the UK from a whole number of different factors like changes to regulation and social changes,” Leonard said.

Spotlight

The world of insurance claims is constantly evolving, against a backdrop of changing legislation, emerging technologies and social trends. Designed for brokers, this BIBA guide takes an in-depth look at the issue of claims inflation, including the latest claims trends and regulatory developments.

Spotlight

The world of insurance claims is constantly evolving, against a backdrop of changing legislation, emerging technologies and social trends. Designed for brokers, this BIBA guide takes an in-depth look at the issue of claims inflation, including the latest claims trends and regulatory developments.

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CORE INSURANCE

Alliant Insurance Services Acquires FutureSense, Expands Consulting Capabilities

Alliant Insurance Services | November 04, 2022

Alliant Insurance Services has acquired FutureSense, a national provider of people-focused HR, compensation, and organizational development services. The move expands Alliant’s consulting capabilities across a breadth of geographies and industry categories within its Employee Benefits Group. “FutureSense has earned a reputation as a national leader in management consulting through its focus on putting people first, They have a diverse team of expert consultants who excel at delivering strategies and solutions that improve business performance and help employees thrive.” -Kevin Overbey, President, Alliant Employee Benefits Founded in 1995, FutureSense has emerged as an innovative force in HR, compensation, and organizational development consulting through the deployment of multifaceted strategies that focus on helping companies grow and seeing people succeed. The firm has a national reach and is active across a broad cross-section of industries with a large presence in the healthcare and high-tech sectors. FutureSense has always taken a holistic and strategic approach to working with our clients. While focusing on people, we strive to deeply understand the ‘business of the business’ and the resultant strategic, tactical, and transactional needs of our clients, By aligning with Alliant, we gain access to a robust set of competencies that will expand our reach and provide powerful new tools and resources to our existing clients,said Jim Finkelstein, Founder, President and CEO of FutureSense. Additionally, FutureSense has been a virtual company since its founding, giving its team unparalleled insight into the virtual workplace as more organizations embrace remote work. We understand the remote worker because we have been remote for our entire existence, said Finkelstein. FutureSense and its national team of consultants will join the Alliant family of companies and will continue operating under its current name and brand. Terms of the agreement were not disclosed. About Alliant Insurance Services Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way our clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations.

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INSURANCE TECHNOLOGY

BriteCore Platform Launch Expands Core Capabilities for P&C insurers

BriteCore | September 19, 2022

BriteCore, a next-generation provider of cloud-native core administration solutions for property and casualty (P&C) insurers, today announced the launch of the BriteCore Platform, a comprehensive suite for managing policies, billing, and claims complete with advanced analytics, a ratings engine, and agent and policyholder portals. As the insurance industry trends toward greater levels of customer-centricity, BriteCore is redefining the traditional boundaries and capabilities of policy administration systems (PAS) with the BriteCore Platform by enabling small to mid-size insurers and managing general agents (MGAs) to gain a competitive edge against larger companies. In fact, recent BriteCore research into current technology and industry trends in North America found 94 percent of survey respondents rely on core systems to support business growth initiatives, improve efficiency and productivity, and modernize operations. Further, the BriteCore P&C Core Systems Survey confirmed industry leaders see modern, cloud-native core systems as a solution to the challenges driving a continuous need for enhanced business operations and customer experiences. “When we decided to move away from the legacy system which had been running our business for years, we chose the BriteCore Platform since it enabled us to establish new business processes that deliver exceptional agent and policyholder experiences, all while providing options to better manage cost and grow our business, In addition, the BriteCore Platform decreased our dependency on on-prem solutions and future-proofed our IT environment by allowing us to easily integrate with existing and emerging technologies going forward.” -Nancy Newmister, President and CEO for Frederick Mutual Insurance Company In addition to the BriteCore Platform’s comprehensive digital core functionality, new and enhanced features available immediately include: E-Signature – Through a new partnership with DocuSign, the BriteCore Platform provides agents and policyholders with the option of signing documents electronically during the quoting and underwriting process. E-signature delivers faster time to revenue, greater ROI and cost savings, and reduced risk through improved compliance. Advanced Analytics & Reporting – BriteCore extended the core platform to deliver persona-based executive dashboards, advanced analytics and reporting. Now agents, executives, and line-of-business leaders (underwriting, claims, billing) can easily create custom and standard reports, identify new business opportunities for growth or cost savings, and translate their data into actionable insight. UI Enhancements – BriteCore performed a major update to the platform user interface to ensure the experience for agents, policyholders, and insurance carrier staff benefits from a simple, modern design that is easy to learn and use while delivering a consistent look-and-feel. Enhanced Comprehensive IT Environment – Backed by AWS for reliability, scalability, and enterprise-grade security, the BriteCore Platform is relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes. BriteCore added to the range of Amazon Web Services (AWS) services and technologies used to support the BriteCore platform in such areas as delivering fast and responsive query performance through a robust in-memory engine. The BriteCore Platform redefines and expands the capabilities P&C insurers industry-wide, and our ever-growing number of insurer customers, can expect from a core system, Historically, core systems focused on automating internal processes and workflows. The BriteCore Platform automates internal AND external processes, provide superior underwriting and claims processing experiences for agents and policyholders, and integrates a wide range of external services and data sources to improve the competitiveness of insurers. Today and into the future, the BriteCore Platform can be relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes,said Ray Villeneuve, CEO for BriteCore. About BriteCore BriteCore is a cloud-native platform for P&C insurers that unlocks business growth, enhances the customer experience, and delivers great efficiency gains. BriteCore provides end-to-end support for insurance operations that includes policy administration, an agent and policyholder portal, rapid product configuration, underwriting rules and rating, billing management, claims management, document management, and reporting. As a cloud-native solution, BriteCore is continually updated for maximum security, efficiency, and durability at scale.

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CORE INSURANCE

Hourly.io Announces MGA Collaboration with Great American Insurance Group

Hourly.io | November 14, 2022

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