Insurance crisis looms over homeowners and insurers in California

Insurance Business Magazine | January 15, 2020

While the world watches the Australian bushfires ravage the country, it’s not the only region that’s felt the brute force of the fiery catastrophe. The past year may not have been California’s worst wildfire season on record – that title went to 2018 – but still, in late October, fires broke out throughout the state and led to the evacuation of more than 200,000 people as well as a declaration of a state of emergency, according to the Insurance Information Institute. Meanwhile, between January 01 and November 22, 2019, the National Interagency Fire Center reported 46,706 wildfires (compared to 52,080 wildfires over the same period in 2018) and about 4.6 million acres burned, compared to 8.5 million acres the previous year.

Spotlight

In this episode, we welcome back Tom Scales, head of the life and annuity practice at Celent. Tom shares his thoughts on life insurance technology for the decade past, the current landscape, and the decade ahead. Tom has his finger on the pulse of the industry like few others, and is always a fascinating interview!

Spotlight

In this episode, we welcome back Tom Scales, head of the life and annuity practice at Celent. Tom shares his thoughts on life insurance technology for the decade past, the current landscape, and the decade ahead. Tom has his finger on the pulse of the industry like few others, and is always a fascinating interview!

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InsuraGuest selects Swarts, Manning & Associates Insurance Agency

GlobeNewswire | August 20, 2020

InsuraGuest Technologies, Inc. (TSX.V: ISGI) (the “Company”), under its wholly owned U.S. subsidiary InsuraGuest Insurance Agency, LLC (the “Agency”), has signed Swarts, Manning & Associates (“SMA”) for its agency/broker program, which focuses on agencies and brokers that write general liability polices specifically for hotels. InsuraGuest will utilize SMA’s brokers and business network in Utah, Nevada and California to access SMA’s hotel clients and integrate InsuraGuest’s insurtech software platform to deliver its hospitality liability coverages. Our focus has always been on risk management and improving the risk profile of our hospitality clients,” states Mark Swarts, founder and president of Swarts, Manning & Associates. “Adding InsuraGuest’s products to our partner list will help us reduce their hotel clients’ risk ratios and claim ratios while potentially lowering their GL premiums.” InsuraGuest insurance coverage, which is purchased by a property, automatically delivers hospitality liability coverages through the property’s management system via the Company’s proprietary insurtech (insurance + technology) platform. These coverages address claims from guests and their room occupants during their stay at a hotel; coverages insert a layer of protection on a primary basis should a guest experience an accident or theft.

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CORE INSURANCE

Sapiens ReinsurancePro and FinancialPro are Selected by Co-Operative Insurance Companies

Sapiens | April 20, 2021

Sapiens Americas, a wholly-owned subsidiary of Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that Co-operative Insurance Companies, which provides insurance for farms, homes, automobiles, and businesses in Vermont and New Hampshire, has chosen Sapiens ReinsurancePro and FinancialPro solutions to transform its financial operations. Sapiens advanced insurance solutions are being implemented by Co-op to better handle the rising scope and complexities of its insurance policy – efficiently and effectively. Co-op turned to their trusted associate Sapiens for a strategy that addressed two major issues: speed and accuracy. Their current, spreadsheet-driven reinsurance administration process is very manual, which can lead to errors and inefficient resource allocation. Sapiens ReinsurancePro's robust automation and fully transparent, efficient platform would allow auditable processing, the management of complex reinsurance transactions, and the fast reaction to recent offerings. ReinsurancePro, which was created and designed for the reinsurance sector by some of the industry's top specialists, oversees the full spectrum of reinsurance contracts and operations for all lines of operation. Sapiens' cloud-based approach aligns with Co-corporate op's mandate to house as many systems as possible in the cloud, particularly when it makes economic sense. Sapiens' reinsurance options are used by over 100 insurers worldwide. Sapiens FinancialPro is accounting software designed for insurers to meet their specific cashflow, statutory, and GAAP reporting criteria, as well as allocation and restructuring requirements. It performs multi-basis accounting, inter-company sales, and financial reporting speed and accuracy. Sapiens insurance specialists assist carriers in gathering and reporting data required to expedite all regulatory procedures. About Sapiens Sapiens International Corporation empowers insurers to compete in an evolving industry. Sapiens provides automated software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and security, workers' comp, and financial markets. Sapiens has over 35 years of experience delivering to over 600 companies worldwide, showing a proven capacity to meet customers' core systems, data, and digital requirements. About Co-operative Insurance Over a century, Co-op has been establishing relationships and trust one member, one neighborhood, one town at a time. Co-op represents customers across one of the region's strongest networks of locally based agents. Their agents are present on the ground in over 110 offices, ensuring the highest degree of personal care, loss prevention expertise, and timely, fair claims service.

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Noyo Secures $12.5M Series A Funding and Announced Partnerships with Humana, Ameritas

Cision PR Newswire | September 28, 2020

Noyo, the leading API platform for improving the speed and accuracy of health insurance data exchange, today announced that it has closed $12.5M in Series A funding from Costanoa Ventures and Spark Capital, with continued support from early investors including Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures and Webb Investment Network. The new funding will extend Noyo's breakthrough technology to support the entire insurance lifecycle from start to finish, with APIs for everything from price quotes through member enrollment. Noyo also announced new partnerships with leading insurance carriers Humana and Ameritas, aimed at improving the overall consumer experience by enabling seamless and secure data connections to enroll members faster and eliminate coverage-impacting errors.

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