CORE INSURANCE, INSURANCE TECHNOLOGY
Canal Insurance Company | February 16, 2023
Canal Insurance Company has recently announced its partnership with CLARA Analytics to accelerate the resolution of commercial insurance claims with an artificial intelligence interface. CLARA Analytics will optimize commercial insurance claims with the technology of AI.
There is a tremendous increase in claims outcomes of commercial transportation, burdening insurers of the trucking industry. They are forced to search for innovative ways of managing claims so that they can produce better outcomes for their clients. Through the partnership, Canal will access CLARA’s Triage and Litigation modules for its commercial auto claims.
The AI-based insights will monitor these claims and filter those claims which are on the verge of escalation. The Triage module assists insurance claim managers with the best path for the resolution, whereas the Litigation module provides insights for clients to acquire amicable settlements and reduce complicated processes and the cost of litigation.
President and CEO of Canal, Paul Brocklebank, said, “At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value.” He added, “As a well-established insurance specialist in commercial transportation, Canal is addressing many of the same challenges facing commercial auto insurers at large. Through advanced data analytics, CLARA provides the expertise and track record to help Canal drive better and more efficient claims outcomes, and this benefits both our customers and the Canal enterprise. We are excited about CLARA as a critical new business partner and extension of the Canal team as we join forces to embrace future opportunities in motor carrier insurance.”
(Source – Business Wire)
CEO of CLARA Analytics, Heather H. Wilson, said, “Canal is experiencing tremendous results, in large part because they’re led by a visionary CEO and proactive about finding innovative ways to tackle the problems facing the industry. CLARA will help them to resolve claims in ways that serve their policyholders.” She added, “With our AI technology, innovators like Canal can drive measurable loss cost and expense savings.”
(Source – Business Wire)
About Canal Insurance Company
Headquartered in Greenville, South Carolina, Canal company has been providing insurance solutions for commercial trucking and specialty transportation operations since 1939. It offers insurance products and services like auto liability, physical damage, transportation insurance, insurance claims, underwriting, trucking insurance, specialty transportation insurance, motor truck cargo, trucker’s general liability coverages and risk management services. It distributes its insurance products nationwide through professional general insurance agents. It connects shareholders, employees and partners with innovation and expertise for insurance protection and coverage.
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CORE INSURANCE,INSURANCE TECHNOLOGY
Coterie Insurance and Vertaforce | January 11, 2023
On January 10, 2023, Coterie Insurance officially launched Vertafore's award-winning Commercial SubmissionsTM platform, which handles business owner’s policies (BOP) and general liability policies. Coterie, the platform's first MGA, will make it easier for independent brokers to bind and quote small commercial insurance.
The time-consuming process of quoting small business insurance lines has been made simpler using Commercial Submissions by independent agencies since it became available last spring. The platform's automated data entry tasks and connectivity with carriers have produced significant results for independent agents, enabling them to offer their business clients a better experience.
Coterie's mission and goals, which focus on revitalizing the business through digital tools, are entirely consistent with those of Commercial Submissions. Using Coterie, agencies will have access to Commercial Submissions and be open to a wider variety of specialized commercial alternatives.
Becky Monfre, Coterie's Director of Digital Partnerships, said, "We are excited to engage with Vertafore's vast network of agents on the Commercial Submissions platform and offer our BOP and general liability quotes to their agents. She further added, "Coterie is uniquely positioned on the platform to offer bindable quotes with minimal questions, as a fully digitally underwritten insurance product. This puts a quote in the agent's hand to present to their clients within minutes, offering unique products and coverage in all 50 states."
(Source: Cision PRnewswire)
"We are thrilled to welcome Coterie Insurance to Commercial Submissions and to further increase connectivity across the entire insurance distribution channel. Coterie's addition expands access to their policy solutions and adds to the platform's momentum, providing participating agents with another communicative, world-class partner who can help them quickly match customers with the product options that are right for them," said James Thom, Chief Product Officer at Vertafore.
(Source: CisionPRnewswire)
About Coterie Insurance
Coterie Insurance helps in getting quotes and buying insurance. Small businesses can get the services they need through their website, through an independent agent, or with help from the company's support team. The company, which started operations in 2018, has its main office in Cincinnati (Ohio).
About Vertafore
Founded in 1969, Vertafore is modernizing and streamlining the insurance life cycle and helping its customers prioritize what's truly important to them. As a result, independent agencies, MGAs, and carriers can increase efficiency, productivity, and profitability with the help of Vertafore's solutions. It provides end-to-end connectivity across the distribution channel, enhances the client and agent experience, unlocks data's power, and streamlines essential workflows.
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RISK MANAGEMENT, COMPLIANCE
Fortegra | March 03, 2023
On March 2, 2023, The Fortegra Group, Inc., a worldwide specialty insurer and Tiptree Inc., announced a partnership with Adlaur LLC, a newly-formed firm helmed by former Spinnaker Insurance Company executives - Adam Tyburski and Laurence Bunin.
The partnership will let Fortegra use its A- (Excellent) AM Best Financial Strength Rating to offer innovative capacity solutions to leading MGAs and PAs in niche and under-contracted areas across the United States.
Mark Rattner, Executive Vice President and Chief Underwriting Officer at Fortegra, expressed, "We are excited to support Adlaur and its trailblazing approach to program business." He added, "With this independent underwriter bringing company programs that have already been vetted, our strategic relationship will enable Fortegra to continue its growth by efficiently meeting the capacity needs of our MGA partners."
(Source – Cision PR Newswire)
Adlaur's distinctive methodology combines proactive sourcing, rigorous production partner oversight, and reporting, along with complicated reinsurance structuring and economic modeling expertise. The company was established so that property, liability, and specialty lines, all for small businesses, could be evaluated. Primarily through reinsurance broker markets, the industry will be sought out and written on an admitted, excess, and surplus line basis, with an initial emphasis on excess and surplus line programs.
Adlaur can consider per-risk gross limits of up to $2.5 million or net limits of $1 million after reinsurance. Its initial focus will be on lower-limits commercial, specialized personal and specialty lines, and strategic reinsurance for the program business.
About Fortegra
Fortegra and its subsidiaries have provided risk management solutions for over 40 years, helping people and businesses prosper in unpredictable times. Being a global specialty insurer, the company offers a variety of accepted and surplus insurance and warranty products. The company writes admitted as well as non-admitted insurance and insurance-related products worldwide.
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