CORE INSURANCE, COMPLIANCE
PRnewswire | June 02, 2023
Clearcover, the next-generation car insurance company, today announced that it recently launched the Clearcover Agent Hub, its reimagined agent resource center in its ongoing effort to bolster the agent distribution channel.
Designed to empower agents to better serve their customers and sell Clearcover policies with ease, the Agent Hub offers an innovative experience that supports agents through onboarding, answers frequently asked questions and offers ongoing support and education.
"Providing agents with educational resources and simple sales tools is a top priority," said Clearcover CEO Kyle Nakatsuji. "We're continuing to analyze data and listen to customer and agent feedback in our efforts to deliver the best experience in the industry."
One of the more notable enhancements in the Clearcover Agent Hub is a reimagined onboarding process for agents to sell with ease and confidence. The dedicated resource serves as a way for agents to learn more about Clearcover at their own pace, including general company information, products and services, and how to start selling policies.
"Clearcover already gave us a competitive product that agents can leverage to sell more business more efficiently, and now they've made the process even easier with the new Agent Hub," said Brightway Agency Owner and Clearcover Agent Gary Silverman. "It's truly a one-stop shop to help us grow our business."
In addition to onboarding, the Agent Hub also provides an array of updated digital resources, such as new videos, relevant articles and enhanced training content.
As Clearcover builds momentum and innovation in the channel, it is also working on rolling out an agent-centric rewards initiative.
The launch of Clearcover Agent Hub comes shortly after the company announced it has teamed up with Experian to provide an embedded insurance solution as part of its ongoing effort to expand its distribution channels.
About Clearcover
Clearcover is the next-generation insurance company that provides customers with the technology they need to confidently make the smartest decisions at every step. Clearcover is challenging the status quo with hassle-free insurance that redefines what it means to put the customer first, delivering affordable car insurance with one of the industry's fastest claims experiences. Clearcover includes Clearcover, Inc., which was founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover Insurance Company (NAIC #16524) and Clearcover Insurance Agency. Clearcover has raised more than $480 million in funding to date. In 2022, the insurance fintech ranked No.50 on the Deloitte Technology Fast 500™ and No. 151 on the Inc. 5000 Fastest Growing Privately Held Companies in America. Clearcover has also been featured by Glassdoor as one of the nation's "Best Places to Work." For more information, visit Clearcover.com.
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CORE INSURANCE, RISK MANAGEMENT
Businesswire | May 31, 2023
Guy Carpenter, a business of Marsh McLennan (NYSE: MMC) and the leading global risk and reinsurance specialist, today announced that it is to acquire Re Solutions, the leading independent reinsurance broker in Israel. Terms of the transaction, which is expected to close later this quarter, were not disclosed.
Founded in 2010, Re Solutions combines industry experience with sophisticated actuarial and analytics capabilities, together with a strong reputation for developing innovative, client-focused solutions, including an extensive facultative reinsurance offering. These are delivered by a highly-regarded team of experts based at its office in Bnei Brak. As Re Solutions has been Guy Carpenter’s correspondent broker in Israel since 2011, the transaction builds on the already strong relationship between the two firms.
On completion, the combined entity will be Israel’s leading reinsurance broker, offering a comprehensive range of capabilities, solutions, and advice. It will also provide a platform for Guy Carpenter to provide its full complement of services, including its deep insurtech expertise to the Israeli market, one of the world-leading insurtech and fintech hubs.
As part of the transaction, Re Solutions’ current CEO, Asaf Grinstein, will become CEO of Guy Carpenter Israel, reporting to Dorothée Mélis-Moutafis, Interim CEO of Guy Carpenter Europe, and all Re Solutions’ colleagues will join Guy Carpenter. Mr. Grinstein will be responsible for leading all reinsurance business in Israel, and will collaborate with Marsh McLennan’s other businesses, including Marsh Israel, Mercer and Oliver Wyman.
Commenting on the transaction Dean Klisura, President & CEO of Guy Carpenter, said: “The combination of Re Solutions’ well-established Israel operations and respected team together with Guy Carpenter’s global solutions and services, will bring significantly enhanced benefits to clients across Israel. Insurers in this fast-growing economy are looking for brokers and advisers that can help them address key issues in an increasingly complex risk landscape. This transaction, which is driven by our ambitions to invest in Israel, gives us a powerful platform to deliver for clients.”
Mr. Grinstein added: “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter and is great news for our clients and colleagues. By combining our expertise with Guy Carpenter’s industry-leading data & analytics, strategic advisory, and capital markets solutions, we will be able to accelerate our development and enhance the services we offer to clients and prospects.”
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with 3,400 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman. For more information, visit www.guycarp.com and follow us on LinkedIn and Twitter.
About Re Solutions
Re Solutions is the leading reinsurance broker in Israel, with the agility and innovation-based culture of a startup. Combining years of global and local industry experience, sophisticated actuarial analysis, and a passion for thinking out of the box, Re Solutions helps clients optimize their financial stability and success. Re solutions leading team of experts works with clients to manage the ever-changing world of insurance and risk.
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LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 20, 2023
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry.
The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members.
The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks:
The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims.
Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers.
Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America.
Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more."
"Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward."
About MIB
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.
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