American International Group | June 30, 2020
American International Group has announced that it has entered into an agreement with Safeco Insurance, a Liberty Mutual company, and Heritage Insurance Holdings to offer AIG Private Client Group’s (PCG) agents the ability to transition their upper-middle-market personal insurance business to Safeco and Heritage. The transition will take place beginning in the fourth quarter, subject to regulatory requirements.
AIG said it would transition “a select portion” of its personal insurance business that provides upper-middle-market clients with home, auto and umbrella coverage to Safeco and Heritage. The agreement is part of AIG PCG’s strategy to focus on the high-net-worth segment.
Vertafore | June 10, 2020
Vertafore today unveiled a slate of new tools, features and products to automate and simplify insurance.
The new enhancements are built on Vertafore's ground-breaking Titan™ technology, which has empowered the company to deliver 50% more features year-over-year.
Titan provides an open architecture for development and integration that not only allows Vertafore to deploy its own new products and features rapidly.
To help thousands of independent insurance agencies modernize and grow their business, Vertafore today unveiled a slate of new tools, features and products to automate and simplify insurance. The new enhancements are built on Vertafore's groundbreaking Titan™ technology, which has empowered the company to deliver 50% more features year-over-year.
Vertafore announced the new offerings during its virtual Summer of Accelerate Kickoff as part of its roadmap to enable agency modernizing through four key areas: client digital experience, agency management, market connectivity and data insights. Data from Vertafore's customers shows that agencies that invest in these areas can see nearly three times the profitable revenue growth compared to industry averages.
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Delivering the Modernizing the Agency vision through rapid product innovation
Vertafore's Modernizing the Agency approach helps independent agencies leverage a comprehensive strategy rather than simply buying and deploying ad hoc software. With a holistic strategy, agencies can trust that the digital tools they choose will not only integrate seamlessly and simplify workflows but also deliver the productivity, customer satisfaction and business gains they need to be more competitive.
Vertafore is unveiling a host of new solutions and enhancements in the four key areas shown to most help agencies thrive, including:
Client digital experience: Payment processing for InsurLink™, available later this summer. InsurLink equips independent agents to offer a branded, integrated self-service portal for their end-insured. Just launched in March, InsurLink has already received industry accolades and the new features illustrate Vertafore's ability to deliver products and enhancements faster than ever before. Agencies that leverage a client engagement platform are renewing customers at up to 5% points higher than those that do not.
Agency management: AMS360 Connect™, available now, and Sagitta Connect™, coming later this summer, to integrate Vertafore's management systems with leading CRM solutions; AMS360 Mobile™ to allow agents to use AMS360® on-the-go; Trust Account Management and more than 20 AMS360 enhancements in accounting, administration, ACORD, customer and policy, and workflow, coming later this summer with AMS360 20R1. Improving end-to-end automation and real-time data synchronization saves time, money and effort for both agents and the end-insured; Sagitta™ enhancements in servicing and accounting workflows with the Sagitta 20R1 release; QQCatalyst™ enhancements in performance and servicing workflows.
Market connectivity: Commercial Submissions, the industry's first AMS-integrated, real-time, end-to-end solution to automate commercial line submissions, coming this fall; AIM™ integration with TransactNOW® for MGAs and Sircon for Agencies™ to enable real-time market connectivity.
Data and insights: RiskMatch For Benefits® with benefits benchmarking, providing the industry's first real-time data platform as a service; and coming later this year, RiskMatch® Retention Prediction, using artificial intelligence and machine learning to help agencies spot at-risk renewals.
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A new approach to InsurTech: Vertafore's Titan technology
These major product updates are just a handful of the 1,000+ new features Vertafore plans to roll out this year, many built upon the company's groundbreaking Titan technology platform. The InsurTech industry's first truly open platform, Titan forms the backbone of the Vertafore solution suite, powering faster innovation, smoother integration and higher quality feature deployment.
Over the past year, we've turned out more value-added features than ever before, and you can expect that rapid innovation to continue, thanks to Titan, We've invested two years in building this open platform that now allows us to offer more capabilities faster, and with a more modern, mobile-first user experience.
- Chad Hawkinson, Vertafore's chief products and data officer.
Titan provides an open architecture for development and integration that not only allows Vertafore to deploy its own new products and features rapidly, but also integrate seamlessly with third-party solutions and other InsurTech tools. Built with bank-level security and data encryption, Titan is designed for real-time data interface and synchronization that empowers independent agencies to finally unlock and leverage their data, reduce redundancies, delight their customers and accelerate agency growth.
For 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior Insurtech solutions to connect every point of the distribution channel. Vertafore's agency management, ratings, regulation, compliance, data and analytics, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider – including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference.
Joyn Insurance | July 07, 2021
Joyn Insurance, an insurance technology startup, announced a strategic insurance partnership and investment from insurance and reinsurance firm SiriusPoint Ltd. The companies will collaborate to change small and mid-market commercial insurance in the United States through digital technologies, data analytics, and automation.
Joyn will begin operations as a Managing General Agency ("MGA"), focusing on the neglected requirements of companies seeking risk transfer solutions in the $100 billion U.S. SME sector. The business will provide a one-of-a-kind commercial insurance experience while also underwriting Excess and Surplus ("E&S") products in six industrial verticals.
Joyn, which will begin underwriting on July 1, 2021, collaborates with SiriusPoint, a top 20 global re/insurer that launched earlier this year with more than $3 billion in the capital.
SiriusPoint will be a founding investor in the business, providing insurance capacity backed by a solid reinsurance panel. SiriusPoint will also support Joyn in its strategic orientation, assisting in shaping its growth trajectory.
Joyn Insurance Services Inc. is a recently established Delaware-based licensed producer and general agent operating under the "Joyn" SM and "Joyn Insurance"SM brands. Joyn is an insurtech company that provides business insurance in the small and middle market. Technology, data, and expertise drive joyn to provide brokers and customers with a transparent and trustworthy experience.
SiriusPoint Ltd. is a top 20 global insurer and reinsurer that serves customers and brokers in over 150 countries. We are listed on the New York Stock Exchange and have offices worldwide (SPNT). We write a global portfolio of Accident and Health, Specialty, Property, and Runoff risks with expertise and discipline, combining data and innovative thinking. SiriusPoint's operational companies have a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, with over $3 billion in total capital.