CORE INSURANCE

Hub International Acquires Assets of The Olson Insurance Agency LLC And Insure All LLC

Hub International Limited | November 03, 2020

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the insurance brokerage assets of The Olson Insurance Agency LLC (The Olson Agency) and Insure All, LLC (Insure All). Terms of the transaction were not disclosed. The owner of The Olson Agency and Insure All, Max Olson and Michael Forney, respectively, were each previously part of Nationwide Mutual Insurance Company's (Nationwide) exclusive distribution model and recently transitioned to independent brokers. Both The Olson Agency and Insure All provide personal and commercial insurance services, including home, auto, life and business. The agencies are based in the following cities in Virginia: The Olson Agency in Springfield, Arlington and Woodbridge; and Insure All in Stanley.

Spotlight

This paper seeks to explain high-level trends in the asset allocation of major life insurers across eight Asian markets over the last four years to 2015, using data collected from various regulatory and audited sources, enriched with subjective commentaries from market participants. This research aims to compare and contrast some aspects of these Asian markets with the United States. Unsurprisingly, the growth rates, product mixes, and investment markets vary across geographies, but one global theme is the current low level of interest rates. This leads to a fundamental challenge in sourcing long-term assets with decent yields and acceptable risks to back life insurance liabilities. Asian insurers can be heavily constrained in what and how much assets they can buy and by the lack of depth and breadth in their respective asset markets. As an example, in Taiwan, the entire government bond market is less than half the size of life insurance industry assets, which is usually not the case for developed markets such as the United States.

Spotlight

This paper seeks to explain high-level trends in the asset allocation of major life insurers across eight Asian markets over the last four years to 2015, using data collected from various regulatory and audited sources, enriched with subjective commentaries from market participants. This research aims to compare and contrast some aspects of these Asian markets with the United States. Unsurprisingly, the growth rates, product mixes, and investment markets vary across geographies, but one global theme is the current low level of interest rates. This leads to a fundamental challenge in sourcing long-term assets with decent yields and acceptable risks to back life insurance liabilities. Asian insurers can be heavily constrained in what and how much assets they can buy and by the lack of depth and breadth in their respective asset markets. As an example, in Taiwan, the entire government bond market is less than half the size of life insurance industry assets, which is usually not the case for developed markets such as the United States.

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INSURANCE TECHNOLOGY

Milliman launches ALM software to help insurers of all sizes meet stochastic valuation requirements

Milliman | November 23, 2022

Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements. "The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence." -Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution. Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman. Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining. About Milliman Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

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INSURANCE TECHNOLOGY

CogniSure AI Announces Solution Partnership With Duck Creek Technologies for Transforming Unstructured Submission Data Into Risk Insights

Duck Creek Technologies and CogniSure | September 15, 2022

CogniSure Submission Ingestion API allows commercial insurance carriers quicker access to risk insights buried in submission emails and attachments such as Loss Runs and SOVs. CogniSure AI, an Illinois-based corporation, has entered into partnership with market-leading insurance software provider Duck Creek Technologies, which allows insurance companies to exponentially gain underwriting efficiencies while enhancing their risk decision-making capabilities. CogniSure AI's algorithms extract data from complex submission documents such as applications, schedules, SOVs and loss runs into structured formats and further derive risk insights for underwriter consumption. Duck Creek customers can easily integrate CogniSure AI's Submission Ingestion APIs through its Marketplace. With ever-increasing risk complexity and customer expectations, it's important that underwriters focus their time on risk assessment and nurturing relationships rather than manually extracting and aggregating data buried in PDF/Excel documents attached to submissions. PropertyCasualty360 reported that commercial insurers receive roughly 100 million submissions each year; as such, underwriters are extremely selective as to which risks they are willing to work. A majority of the commercial submissions come in emails, and unstructured data is one of the biggest challenges to digitization of commercial underwriting operations. "Unstructured Data ingestion is a big challenge for property and casualty (P&C) insurance carriers, and we are excited to have CogniSure AI join the Duck Creek solution partner ecosystem. CogniSure AI drives significant operational efficiencies and helps underwriters make better risk decisions by providing access to data that is buried in unstructured documents." - Robert Fletcher, Head of Global Partnerships at Duck Creek Sai Raman, Founder & CEO, CogniSure, said, We're really excited to roll out our submission intake solution for Duck Creek customers. We believe it's a tremendous opportunity to complement the Duck Creek platform and drive the automation of underwriting submission processes. We have invested significantly to pre-train our solution through large volumes of insurance documents such as loss runs and schedules to make it production ready and deliver best-in-class precision and responsiveness. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. About CogniSure The CogniSure AI platform provides actionable insights from unstructured data buried in insurance documents such as submissions, loss runs, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data extraction and provides unrivaled insights to address the complexity of insurance document processing.

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CORE INSURANCE, HEALTH INSURANCE

ONEDIGITAL EXPANDS INTO MEDICARE SPACE WITH THE ADDITION OF HEALTHWORKS, LLC

OneDigital and HealthWorks | October 10, 2022

OneDigital, the nation's leading insurance brokerage, financial services and HR consulting firm, has joined forces with HealthWorks, LLC, a Chicago-based insurance advisor focusing primarily on Medicare recipients. The acquisition represents a segment expansion that complements OneDigital's consumer-facing solutions for individuals. Founded in 2018, HealthWorks is a leading Medicare Distributor that has enrolled nearly 200,000 new members into Medicare and is expecting to enroll a thousand plus Medicare eligible a day during Q4 of 2022. The agreement with HealthWorks closely follows recent wealth management acquisitions from OneDigital, solidifying the firm's strategy of expanding its health and financial services offerings to millions of households across the country. With over 11,000 people turning 65 in the U.S. every day, this acquisition allows OneDigital to enter the fastest-growing segment of the health insurance space. "The addition of HealthWorks provides us with a platform-level opportunity to help a significant segment of our population with their healthcare needs, We have been looking for years for the right team at the right time to move aggressively into providing Medicare as an additional offering to our customers. The leadership team at HealthWorks has the vision, expertise and culture to fit seamlessly into our growing portfolio of integrated solutions. The merged organizations will be able to solve client needs at both the employer and individual family level." -Adam Bruckman, President and CEO of OneDigital The leadership team at HealthWorks commented, From our very first conversation with OneDigital's leadership team, it became clear that each organization is focused on building best-in-class advisory solutions that withstand the test of time. We are excited to join forces and continue building our organization. In addition to delivering an entirely new offering and service to OneDigital's clients, this acquisition continues to build upon OneDigital's recent growth in insurance, financial services and HR consulting through a series of solution expansions, organic growth and M&A activity. The acquisition of HealthWorks reshapes the boundaries of OneDigital's individual-facing solution to help cover employees from the day they are hired through retirement. About OneDigital OneDigital is a steward of business growth and people potential. Our insurance, financial services and HR platform provide personalized, tech-enabled solutions for a contemporary work-life experience. Nationally recognized for our culture of caring, OneDigital's teams enable employers and individuals to do their best work and live their best lives. More than 100,000 employers and millions of individuals rely on our teams for counsel and access to fully integrated worksite products and services and the retirement and wealth management services provided through OneDigital Investment Advisors. Founded in 2000 and headquartered in Atlanta, OneDigital maintains offices in most major markets across the nation. About HealthWorks, LLC HealthWorks is a fast-growing provider in the health insurance and Medicare Advantage space. Founded in 2018, HealthWorks utilizes proprietary insurance technologies to provide a client-centric approach to selecting the best possible insurance plans for their customer's unique needs. Based in Chicago, IL, and licensed to operate in 28 states across the country.

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