CORE INSURANCE, INSURANCE TECHNOLOGY
Inszone | February 15, 2023
On February 14, 2023, Inszone Insurance services announced its acquisition of Sonora Insurance Agency. This acquisition will allow Inszone Insurance Services to grow within California and broaden its national footprint while continuing its steady growth.
Headquartered in Sonora, California, Sonora Insurance Agency has been delivering insurance solutions in its location since 1987. It developed through organic reach and established its prominent place within the Sonora community. It specializes in Auto, Business, Home, and Worker's compensation. This transaction will enable Sonora Insurance Agency employees to serve Inszone Insurance clients through their current Sonora location without interruption. Additionally, it provides personal and commercial insurance, auto, group benefits, umbrella, motorcycle, condo, and boat insurance.
Kristina Eaton took over Sonora Insurance as a second-generation agency owner in 2004. With about 25 years of experience, she expanded the agency's commercial insurance space and served Sonora and the surrounding areas. She is specialized in commercial and personal lines insurance with both NV and CA license.
CEO of Inszone Insurance Services, Chris Walters, said, "We are excited to continue growing our footprint in the central region of California with the acquisition of Sonora Insurance Agency. The work Kristina and team have done in the region is incredible, we look forward to supporting them with the vast resources available through Inszone."
(Source – Business Wire)
About Inszone
Headquartered in Sacramento, California, Inszone, a full-service insurance brokerage firm, has provided property and casualty insurance with employee benefits solutions since 2002. It continues to grow organically through acquisitions due to the support of an experienced management team. It is working at different locations across California and expanding its enterprise throughout the United States. It provides services like group dental and vision insurance, umbrella insurance, group health and life insurance, special event insurance, landlord insurance, renters' insurance, motorcycle insurance, auto insurance, commercial property insurance, general liability insurance, workers' compensation, homeowners insurance, pet insurance, disability insurance, employee benefits, personal and commercial insurance.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Boston Mutual Life and Majesco | January 27, 2023
In a statement released on January 26, 2023, Majesco informed that Boston Mutual Life has chosen the company to modernize its core business platform and improve customer experience and engagement.
Paul A. Quaranto, Jr., Chairman, CEO, and President at Boston Mutual Life, stated, "By partnering with Majesco, we're able to transform our business and legacy solutions that will offer enhanced experiences for our policyholders, producers and employees." He added, "We're focused on doing what's best for our stakeholders, so we're excited to invest in advanced technology that enriches the customer experience and empowers us to leverage innovation to better support our mission to make it easier to do business with Boston Mutual Life."
(Source – Business Wire)
Boston Mutual Life Insurance Firm, a nationwide carrier that offers insurance solutions for working Americans and their families, was established as a progressive life insurance company in 1891. As a mutual company with locations in Canton, Massachusetts, and Omaha, Nebraska, it is committed to acting in the interests of its policyholders, producers, workers, and communities.
Adam Elster, CEO at Majesco, remarked, "We are looking forward to partnering with Boston Mutual Life on their transformation journey."
"They have over 131 years of experience and success and continue to invest in solutions that keep them at the forefront of the industry. We are honored they selected Majesco to not only address their current needs but to also provide a foundation for innovation and enhance the customer experience of the future," he concluded.
(Source – Business Wire)
About Majesco
Majesco is one of the partners that P&C and L&A insurers choose to create and deliver great customer experiences. Its SaaS platform solutions for core, digital, data & analytics, distribution, and a rich ecosystem of partners are used by more than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups to create their next now. With more than 900 successful implementations, it is one of those companies that can bridge the gap between the old way of doing things in the insurance industry and a digital-only mindset.
About Boston Mutual Life Insurance
Boston Mutual Life Insurance Company, a prominent US insurer, offers a variety of insurance alternatives to industrious families and individuals. The progressive life insurance company, founded in 1891, provides insurance products and services to working Americans and their families with convenient enrollment and billing options through the workplace. Its headquarters are in Canton, Massachusetts, and Omaha, Nebraska. Boston Mutual Life puts policyholders, clients, employees, and communities first.
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CORE INSURANCE, COMPLIANCE
Napier and Utmost Group | February 01, 2023
On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider.
Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner.
The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms.
Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services."
(Source – Business Wire)
About Napier
London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry.
About Utmost Group
Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.
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