INSURANCE TECHNOLOGY
Insight Risk | June 29, 2022
Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform, according to ChainThat, an Xceedance company that specializes in software-as-a-service (SaaS) platforms for the global insurance sector.
Insight Risk is a technology-driven, builders' risk-focused managing general agency based in Westport, Connecticut, USA (MGA). The company sought a core platform capable of rapid, full product deployment and policy lifecycle change management to support organizational growth. A flexible, adaptable framework was also required to support the changing priorities of the business, its customers, and fronting partners. BPA from ChainThat was identified by Insight Risk as the most comprehensive fit to meet the company's operational needs and expansion goals.
“Our company set out to use connected devices to drive better underwriting and risk selection, Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.”
-Chad Hollingsworth, president of Insight Risk
The BPA platform's advanced and secure technical framework is based on a modern micro-services architecture. BPA provides full API access to all PAS components as well as a modern, drag-and-drop interface for deploying, managing, and updating standard and complex insurance products in near real-time. The system streamlines the policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that can be tailored to meet the data analytics requirements of any insurance company.
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LIFE INSURANCE
JourneyGuide, Great American Life Insurance Company | April 12, 2021
JourneyGuide announces a strategic partnership with Great American Life Insurance Company® to directly model some annuity products in JourneyGuide's retirement planning software.
JourneyGuide, Inc., an innovative retirement income planning software provider for financial advisors, confirmed that it has started modeling the following options directly in its software from Great American Life Insurance Company®, a leading annuity provider:
• American Legend® 7
• Index Frontier® 5
• Index Protector 5 MVA℠
• Index Protector℠ 7
• Index Summit 6® (coming soon)
The partnership between JourneyGuide and Great American Life allows for greater accuracy in the modeling of its income annuities. Besides, JourneyGuide will now model Great American Life's accumulation annuities, like the Index Frontier 5, the company's flagship registered index-linked annuity. These enhancements enhance the annuity options available to all JourneyGuide advisors.
“JourneyGuide is delighted to be partnering with Great American Life, a highly rated and innovative carrier with decades of experience,” said Gary Moorman, JourneyGuide's Head of Business Development & Sales. “We aim to provide our advisors with solutions that support their clients' retirement plans, and we are confident that Great American Life annuities will help us achieve that goal.”
“We are pleased to offer our growth and protection solutions within this dynamic platform,” said Joe Maringer, Senior Vice President and National Sales Manager of Great American Life. “It is extremely valuable for financial advisors and their clients to be able to see the benefits that insurance will bring to a portfolio. We are pleased to collaborate with JourneyGuide to provide thousands of advisors with access to our annuity solutions, which will further simplify retirement and income planning needs.”
About JourneyGuide, Inc.
JourneyGuide assists advisors in enhancing retirement outcomes for millions of people who, rightly, are concerned about outliving their retirement assets. The software, which was developed with annuity sales in mind, provides an interactive retirement planning experience for advisors and clients to complete together. JourneyGuide enhances advisor efficiency and client awareness and control of their retirement plan, resulting in peace of mind.
About Great American Life Insurance Company
Great American Life Insurance Company®, a member of Great American Insurance Group (GAIG), assists in the simplification of the path to financial stability by offering traditional fixed, fixed-indexed, and registered index-linked annuities in the retail, broker-dealer, financial institution, and registered investment advisor markets. GAIG's members are American Financial Group, Inc. subsidiaries (AFG). The symbol AFG is used to identify and sell AFG common stock on the New York Stock Exchange.
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INSURANCE TECHNOLOGY
Title Resources Group | March 30, 2022
Title Resources Guaranty Company, doing business as "Title Resources Group," announced today that the Texas Department of Insurance had approved the formation and funding of its previously announced title underwriting joint venture with Centerbridge Partners, L.P. ("Centerbridge") and Realogy Holdings Corp.
The stock of TRG, which conducts underwriting operations, contributes to a new holding company cooperatively owned by the joint venture partners as part of the transaction. In addition, Realogy's title agencies will be retained in its Realogy Title Group division.
The joint venture will assist TRG to accelerate its profitable growth trajectory and build the company's current strong momentum. TRG has attained a compound annual growth rate of approximately 15% in title premiums and 19% in statutory net income over the last 12 years while providing superior customer capabilities and outcomes.
Title Resources Group has developed due to our commitment to providing knowledgeable and responsive underwriting solutions to our network of title insurance agents across the United States while maintaining quality through integrity and financial stability. We're ecstatic to form this partnership, which is a testament to our firm's high-quality people and operations, and accelerate our profitable growth trajectory. With the support of our Centerbridge partners, we're excited about the opportunity to broaden our reach and deepen our capabilities through investment in our people and technology."
Scott McCall, President and CEO, will continue to lead TRG in a similar position in 2009.
We're encouraged by the strong team, and platform Scott has built. We look forward to accelerating the growth at TRG as an independent entity. The board of TRG will continue to prioritize investments in technology and new services, all to deliver value to all stakeholders, including agents and employees."
Kevin Mahony, Managing Director at Centerbridge.
Furthermore, TRG will have its board of directors, chaired by Alan Colberg, former CEO of Assurant, Inc, as an independent entity from Realogy. Before Assurant, Alan was at Bain & Company for 22 years and served as the global practice leader for financial services. Additional independent board members will be admitted over the coming months.
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