IAG to implement new home and contents pricing

Insurance Business America | April 29, 2019

IAG has announced changes to its pricing, meaning homeowners across the country will see their home and contents premiums shift either up or down over the next few months. IAG says that its premiums will take changes in cover offered by the Earthquake Commission (EQC) into account, as well as risks related to natural disasters and severe weather. The EQC will now pay up to $150,000 plus GST per residential home rather than its previous $100,000, however will no longer be offering contents cover – something IAG will continue to provide. IAG is also furthering its risk-based pricing approach and says customers in areas that are “more prone to natural disasters and severe weather events” may see a premium rise, while customers in lower-risk areas will likely pay less. The changes will take effect from July 1, and the insurer says it will work with its customers over the next 12 months to ensure they are fully informed of any changes in premium pricing.

Spotlight

As companies that buy and sell across multiple countries face substantial challenges to keep up to date with constant evolving legislation, multinational tax departments are eager to keep pace with technology in order to meet demand while sustaining internal spreadsheets. Download our latest white paper to learn how forward-thi

Spotlight

As companies that buy and sell across multiple countries face substantial challenges to keep up to date with constant evolving legislation, multinational tax departments are eager to keep pace with technology in order to meet demand while sustaining internal spreadsheets. Download our latest white paper to learn how forward-thi

Related News

LIFE INSURANCE

Atidot & Health Gorilla Announce a Strategic Partnership Transforming the Process of Onboarding and Customer Retention in the Life Insurance Industry

Health Gorilla | October 01, 2021

Atidot, the next-generation AI and predictive modeling platform for understanding policyholder needs, and Heath Gorilla, the leading provider of healthcare data, have announced a strategic partnership focused on providing data access and management tools that life insurers use to overhaul their customers' journey from underwriting to portfolio management. The partnership will improve the experience of Atidot's life insurance customers during key stages of their journey. Health Gorilla's access to and connectivity with health and wellness data sources, coupled with Atidot's proprietary technology to understand and predict policyholder needs and preferences, will allow top insurers to engage, measure, and proactively manage risks of their new and existing business. Atidot is a Silicon Valley startup that provides a data-driven platform for life insurers, powered by AI, machine learning, and predictive analytics. Health Gorilla, the largest aggregator of health data in the United States and Latin America, securely provides life insurance underwriters with HIPAA-compliant, permission-based access to streamlined health data through its FHIR-based clinical data APIs allowing insurers to make more informed decisions when assessing underwriting risks. Atidot is pleased to partner with Health Gorilla in the life insurance space to provide a complete view of the customer-driven opportunities we see in this business, Health Gorilla's data is a crucial piece of the puzzle. Together we are capable of transforming the insurer's ability to maximize the value and provide additional benefits for their customers. - Dror Katzav, Founder and CEO of Atidot. We are excited to partner with Atidot and support the life insurance industry as we expand our product offering for life insurance customers, This creates a strong market relationship for two transformational organizations who together can streamline and improve how new business is underwritten and managed - placing the customer first. - Steve Yaskin, CEO and Co-founder of Health Gorilla. About Health Gorilla Health Gorilla is a secure interoperability platform that allows insurers to completely streamline and scale how medical records are retrieved and analyzed. Through the Health Gorilla platform, insurers leverage structured, complete medical records into their internal solutions to inform risk assessments, streamline underwriting workflows, and enhance the policyholder experience. About Atidot Atidot is a cloud-based, SaaS platform tailored specifically to the needs of the life insurance industry, which uses artificial intelligence, machine learning and predictive analytics to enable life insurers to make data-driven business decisions.

Read More

INSURANCE TECHNOLOGY

Majesco Expands New Partnerships and Apps in Majesco Digital1st® EcoExchange

Majesco | December 17, 2020

Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation. “Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.” Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems. Infinilytics A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app. Innovative Systems In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases. These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era. Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation. “Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.” Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems. Infinilytics A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app. Innovative Systems In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases. These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era. About Majesco Majesco, provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.

Read More

CLAIMS

Core Specialty Completes Merger with Lancer Insurance Company

Core Specialty Insurance Holdings, Inc. | January 03, 2022

Core Specialty Insurance Holdings, Inc. and its subsidiaries ("Core Specialty" or the "Company") and Lancer Insurance Company ("Lancer"), both specialty property and casualty ("P&C") insurers, announced today the completion of the merger combining the companies in a stock and cash transaction, which was previously announced on April 16, 2021. Lancer brings Core Specialty over 35 years of specialty commercial auto expertise that extends the capabilities of Core Specialty's existing diversified range of specialty P&C insurance products. This combination joins two highly complementary businesses with a shared strategic vision to become the leading specialty P&C insurer. The companies previously partnered in January 2021 to launch a new excess transportation program. The post-merger Core Specialty will be a further diversified company with an attractive business profile, a clean balance sheet and over $1.1 billion in equity capital. This merger with Lancer marks Core Specialty's first merger or acquisition since the recapitalization of StarStone U.S. in November 2020. The combined Lancer and Core Specialty have approximately 600 total employees. Lancer, which has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, will retain its brand, management team and operating locations. Lancer and Core Specialty are working together to ensure all policyholders continue to receive industry-leading products and services, and to align the combined operations in the best interests of customers, agents, brokers, and employees. Core Specialty operates through a business unit philosophy that allows its Divisions local decision-making for underwriting, claims, and policy servicing with a high degree of autonomy and full accountability. Lancer shareholders received a combination of Core Specialty common shares, preferred shares and cash in the merger. The newly issued Core Specialty preferred shares will mandatorily convert into common shares upon a Core Specialty initial public offering or certain other specified events. In addition, Lancer's existing shareholders will retain the financial impact of development on Lancer's existing reserves for losses and loss adjustment expenses over a five-calendar year period within a specified symmetrical range. The transaction is expected to be accretive to Core Specialty's earnings per share and return on equity in 2022. Jeff Consolino will continue to lead the combined company as President and CEO and Ed Noonan will continue as Core Specialty Executive Chairman. Dave Delaney, Lancer's CEO, has joined the Board of Core Specialty and will work closely with Mr. Consolino and senior members of the Lancer and Core Specialty teams in the integration of the businesses. The Core Specialty Board of Directors will comprise the current Board with the addition of Mr. Delaney. Matthew Jenkins, Lancer's President & Chief Operating Officer, will serve as President of Core Specialty's Lancer Division. Dave Delaney, Co-Founder and CEO of Lancer, said, "All of us at Lancer are excited to join forces with Core Specialty. Core Specialty's management team is exceptional, and our friendship with Jeff Consolino, Ed Noonan and members of Core Specialty's Board goes back a very long way. I have no doubt Lancer and Core Specialty's combined operating and financial resources will create tremendous growth opportunities for our shareholders, employees, policyholders and distribution partners." "I have known Dave Delaney for over 30 years. He is an excellent specialty P&C insurance operator, and I am excited that he will be joining the Core Specialty Board. We have assembled a Board for Core Specialty comprised of company founders and business builders which we believe is second to none, and Dave's talents will add meaningfully to our Board. We are also pleased and honored that after decades of building Lancer as an independent, family-controlled enterprise that Dave and his co-shareholders have the confidence in Core Specialty's management, business plan and investors to exchange their Lancer equity for the opportunity to join their future prospects with ours," - Ed Noonan, Executive Chairman of Core Specialty. Core Specialty Update Since the June 30, 2020 agreement by Core Specialty to recapitalize StarStone U.S., the Company has grown from four business units to nine through: forming a new Excess & Surplus Property Division, establishing a Marine and Energy Division from the StarStone London managed business, separating and hiring new leadership for our Errors and Omissions Professional Liability and D&O Management Professional Liability Divisions, initiating an Agriculture Division and completing the Lancer merger. Core Specialty's gross premium written for the twelve-month period ended September 30, 2021 was $1.7 billion and pro forma for the Lancer merger would be $1.9 billion. About Core Specialty Core Specialty offers a diversified range of property and casualty insurance products for small to midsized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. About Lancer Insurance Company Lancer Insurance Company has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, leveraging a network of over 2,000 broker relationships. Lancer specializes in auto liability, physical damage, cargo and general liability coverages. Lancer has consistently received an A- (Excellent) rating for financial strength and stability by AM Best, one of the most recognized rating systems in the insurance industry.

Read More