Hub International lays claim to MN-based crop insurance agency

Insurance Business America | April 08, 2019

Hub International’s M&A push does not appear to be slowing down, as the multinational insurance broker acquires yet another insurance agency. This time, Hub has purchased Corey Steinbach Insurance Agency, a full-service firm in Felton, MN that specializes in crop insurance. Terms of the transaction were not disclosed. A release explained that Corey Steinbach’s focus on the agribusiness industry supports Hub’s specialty practices. As part of the deal, Corey Steinbach Insurance Agency owner Corey Steinbach will join Hub Mountain. This is not the first time Hub has acquired a crop-focused insurer; in 2018, the broker snapped up the Idaho-based Harman Agency. Like Corey Steinbach Insurance Agency, Harman was selected to bolster Hub’s specialty practices.

Spotlight

Defined as medical care that includes health system components, or care delivery platforms, used to treat sudden, often unexpected, urgent or emergent episodes of injury and illness that can lead to death or disability without rapid intervention. It encompasses a range of clinical health-care functions, including emergency medicine, trauma care, pre-hospital emergency care, acute care surgery, critical care, urgent care and short-term inpatient stabilization. It is a care that is provided to respond to immediate life-threatening conditions and requires resource redistributions to minimize impending death or disability.

Spotlight

Defined as medical care that includes health system components, or care delivery platforms, used to treat sudden, often unexpected, urgent or emergent episodes of injury and illness that can lead to death or disability without rapid intervention. It encompasses a range of clinical health-care functions, including emergency medicine, trauma care, pre-hospital emergency care, acute care surgery, critical care, urgent care and short-term inpatient stabilization. It is a care that is provided to respond to immediate life-threatening conditions and requires resource redistributions to minimize impending death or disability.

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INSURANCE TECHNOLOGY

InsurTech EasySend strengthens in Japan by establishing a Japanese entity in order to accelerate digitization within the Japanese financial industry

EasySend | June 13, 2022

EasySend Ltd. (Headquarters: Israel, CEO & Co-Founder: Tal Daskal, "EasySend"), an InsurTech company supporting the digitalization of the insurance and financial industries, has established a Japanese entity, EasySend Godo Kaisha in Tokyo. With Kazuyo, Yamashita as Director of Business Development in Japan, EasySend will further expand its customer base and partner companies in Japan and promote the digitalization of the financial industry in Japan including insurance companies and banks by leveraging its knowledge and experience in the global market, while addressing Japanese laws and market needs such as privacy data and security. The importance of digitalization is widely recognized in the insurance and financial industries, with strategies to simplify, accelerate, and automate business processes. Driven by Covid 19, the industry has also been rapidly strengthening non-face-to-face channels and digitizing and automating administrative procedures of various forms in paper and PDF, contract processing and payment claims. EasySend meets the needs of these insurance companies and financial institutions by providing a no-code development platform that does not require programming expertise. In particular, EasySend supports digitization by streamlining customer data intake and automating workflows that previously required paper forms into web forms and workflows in a short period of time and at a low cost. EasySend's platform has already been implemented by dozens of insurance companies and banks in Europe, the U.S., and Israel. In Japan, EasySend's platform has been implemented by Sompo Japan Insurance Inc. Toppan Forms Co., Ltd. has also signed a distributor agreement. EasySend's platform allows non-system developers to quickly and easily develop systems with intuitive drag-and-drop operations and simple configuration, reducing a company's five-year digital transformation plan to just three months, speeding service delivery, reducing system development and operations costs and improving customer services, resulting in the increase in the revenue. It also leverages a cloud-based, no-code builder that leverages third-party integrations, and analytics to address increasingly diverse and complex customer needs, giving it a competitive advantage over its competitors. EasySend also connects to Salesforce CRM to pre-populate fields, collect electronic signatures, initiate journeys, and optimize results. Enterprises can initiate the digital process through their website, email, SMS or CRM and the customers can start the process from any device, at any place or time. EasySend's platform keeps personal and corporate information secure with strict security measures that comply with Japanese and international standards. The establishment of EasySend's presence in the important Japanese market will allow us to build relationships with many companies, including Japanese insurance companies and financial institutions. EasySend is a digitalization expert in the insurance and financial industries. EasySend shortens sales cycles, reduces manual work, and increases brand loyalty." Tal Daskal, EasySend's CEO. By using EasySend, we are smoothly digitizing our traditional paper-based operations without major changes to our workflow. The file upload function, check boxes, electronic signatures, and other useful tools have made implementation easy. We also feel that intuitive operations such as copy and paste and drag and drop allow us to develop sophisticatedly designed web flows without advanced digital skills." Akiyuki Matsuda, Data Business Group, DX Promotion Department, Sompo Japan Insurance Inc. About EasySend EasySend is a no-code platform that empowers organizations to transform complex forms, customer data intake and signature collection processes into easy digital experiences. By collecting customer data and signatures in a way that seamlessly integrates into internal systems and processes, EasySend empowers organizations to automate workflows and streamline customer interactions.

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AUTOMOBILE INSURANCE

Greater Than listed in AIFinTech100 list as one of world's most innovative AI solution providers

Greater Than | July 12, 2022

Greater Than the global provider of DriverDNA for real-time insurance and predictive risk insights, is listed in AIFinTech100, in recognition of its next-generation pattern AI technology providing real-time predictions of car crashes and CO2 emissions. The AIFinTech100 list, published today, highlights the world's most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services. These are the companies every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions. "We're extremely proud that our unique patented AI technology has been recognized in the prestigious AIFinTech100 list. Thanks to the dedication and perseverance of our team, our AI can find micropatterns in people's behavior, enabling us to create a DriverDNA for every trip, with a crash probability, cost and CO2 impact attached to it. This is transforming the risk forecasting landscape for insurance, mobility providers and fleets, and incentivizing safer, cleaner driving behaviors for the benefit of the wider community," Sten Forseke, Founder of Greater Than The adoption of AI and data analytics solutions by financial institutions has exploded over the last two years accelerated by technological advancements, increased use of digital channels, and shifting regulatory frameworks. Additionally, the potential cost savings for banks from AI applications is estimated to reach $447bn over the next 12 months. As a result, the number of tech providers employing AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance has skyrocketed. This made the selection process for this year's AIFinTech100 list extremely competitive as the finalists were selected by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies. "Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry," - says Richard Sachar, Director of FinTech Global.

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INSURANCE TECHNOLOGY

P&C Insurer Digital Investments Cannot Offset Rising Rates, Finds J.D.Power

P&C | May 30, 2022

Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year. Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.” Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power. The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project. Key findings of the 2022 studies are as follows: Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction. Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools. The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527. Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.

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