Insurance market shifting quicker than before

insurancebusinessmag | June 21, 2019

Insurance. Those within the industry would hope it conjures up visions of something dependable, long lasting, stable.But year on year the insurance market is shifting quicker than could be imagined, according to Aons new report on navigating the changing market. According to the report, insurers are reassessing their business models, with unprecedented loss levels one of the main reasons why.

Spotlight

In the increasingly competitive world of insurance, staying one step ahead of the competition is vital if an insurance company is to grow profitably and improve the underlying performance of its books of business. Direct Line famously showed the power of this when it introduced the direct business model to insurance and, more recently, the price comparison websites have once again shook up the market, leaving those slow to adapt trailing in the wake of their more agile competitors.

Spotlight

In the increasingly competitive world of insurance, staying one step ahead of the competition is vital if an insurance company is to grow profitably and improve the underlying performance of its books of business. Direct Line famously showed the power of this when it introduced the direct business model to insurance and, more recently, the price comparison websites have once again shook up the market, leaving those slow to adapt trailing in the wake of their more agile competitors.

Related News

CORE INSURANCE

Hub International Acquires the Insurance Brokerage Assets of the Pete Webb Agency in Virginia

Hub International Ltd | July 12, 2021

Hub International Limited (Hub), a leading worldwide insurance brokerage and financial services company, announced the acquisition of Pete Webb Agency's insurance brokerage assets. The transaction's terms were not revealed. Pete Webb, the owner, formerly worked for Nationwide Mutual Insurance Company (Nationwide), which has now moved to an independent broker model. Pete Webb Agency, located in Fredericksburg, Virginia, offers personal and commercial insurance services such as home, car, life, and business. This addition enhances and strengthens Hub's personal insurance services. Since 2019, Hub has added over 20 agencies that were previously exclusive Nationwide agents before becoming independent. Mr. Webb and his staff will join Hub Mid-Atlantic while operating from their present site in Fredericksburg. About Hub's M&A Activities Hub International Limited is dedicated to expanding its global presence and strengthening the industry and product expertise through organic and acquisition growth. About Hub International Hub International Limited, headquartered in Chicago, Illinois, is a major full-service worldwide insurance broker and financial services company offering risk management, insurance, employee benefits, retirement, and wealth management products and services. With over 13,000 employees in locations throughout North America, Hub's vast network of experts provides clarity to a changing world via tailored solutions and unwavering advocacy, ensuring customers are prepared for the future.

Read More

RISK MANAGEMENT

Lexisnexis Risk Solutions Acquired Flyreel

Lexisnexis | June 02, 2022

Flyreel, a Denver-based property insurtech that uses artificial intelligence (AI) and machine learning to enable self-service property inspections, which provide additional visibility into a property's interior and exterior to improve and automate new business and renewal underwriting and claims processes, has been acquired by LexisNexis® Risk Solutions, part of RELX. Flyreel will join the insurance division of LexisNexis Risk Solutions. This will add to the insurance data and analytics leader's current data assets and models for figuring out how risky a building's occupants and location are. Flyreel employs unique computer vision technologies to walk a home or business owner through a thorough property scan using their smartphone. Consumers may easily capture interior and exterior property characteristics using the Flyreel app. The data is digitized, checked for accuracy, and sent directly to the workflows of insurance companies, so there is no need to visit the site. Insurers need a modern solution for the home inspection process that reduces costs, gives them the insight they need to underwrite and improve loss ratios, and offers a convenient, intelligent customer experience, By combining Flyreel's innovative capabilities with our vast data analytics assets, we will create a transformative platform for property risk assessment that offers insurers comprehensive underwriting insights and more effectively identifies the properties that need inspections at renewal. The benefits are game-changing." Bill Madison, CEO, Insurance, LexisNexis Risk Solutions. Insurers can better figure out the right premium for each scanned property, improve loss ratios by identifying critical hazards up front, reduce premium leakage by capturing details about insurable assets, and simplify the inspection process to make property owners happier. Flyreel's technology also provides a better customer experience by reducing scheduling issues, improving a consumer's understanding of their home or business hazards, and creating a record of their belongings in case of a future claim.

Read More

CORE INSURANCE

Sapiens ReinsurancePro is Selected by Clear Blue Insurance Group

Sapiens, Clear Blue Insurance Group | April 29, 2021

Sapiens Americas, a completely possessed auxiliary of Sapiens International Corporation, a main worldwide supplier of programming answers for the insurance business, today reported a consent to convey Sapiens ReinsurancePro by the Clear Blue Insurance Group, a property and loss endeavor that gives business and individual insurance programs in organization with general offices and reinsurers. As a program expert organization that gives reinsurance markets admittance to essential US property and loss business, Clear Blue has many surrendered reinsurance contracts. To help meet the one-of-a-kind requirements and hazard hunger of their reinsurance accomplices, Clear Blue has an enormous assortment of agreement arrangements and equal reinsurance programs. Clear Blue is carrying out ReinsurancePro to help deal with the expanding volume and intricacy of its surrendered reinsurance technique. "Sapiens' answer hangs out in the business for its demonstrated capacity to improve productivity while extending our abilities to oversee for complex designs and absolute limit," said Peter Klope, Clear Blue COO. "This will empower Clear Blue to more readily serve our accomplices. ReinsurancePro's solid computerization and profoundly straightforward, the proficient stage will give auditable preparing, oversee complex reinsurance exchanges and rapidly react to new reinsurance contributions." Made and planned only for the reinsurance market by a portion of the business' driving specialists, Sapiens ReinsurancePro deals with the whole scope of reinsurance agreements and exercises for all lines of business. Underlying robotization of agreements, estimations, and cycles gives adaptable and full monetary control of the reinsurance measures, including reviewing necessities and legal consistency. Over 100, safety net providers overall utilize Sapiens' reinsurance arrangements. The choice to pick a cloud-based reinsurance framework was incited by two viewpoints: 1) openness of stage 24*7 from any spot, and 2) the requirement for extra IT assets now accessible as a feature of Sapiens oversaw administrations bundle. Sapiens' wide scope of oversaw administrations permits safety net providers to zero in on the fundamental business while utilizing the expert help of a group with personal information and aptitude. "Clear Blue was looking for a straightforward, smoothed out reinsurance organization stage with a limit with regards to following approach and claims exchanges, that robotizes complex bookkeeping assignments and is truly adaptable enough to change with new terms and conditions," said Roni Al-Dor, Sapiens president and CEO. "Sapiens incredible ReinsurancePro arrangement, our utilization of the Microsoft Azure stage, and the receptiveness of the information base tables were solid main considerations for Clear Blue. We are extremely satisfied to engage Clear Blue as they continued looking for full monetary control of the reinsurance measures and to empower them to address the issues of their reinsurance accomplices." About Sapiens Sapiens International Corporation enables backup plans to prevail in a developing industry. Sapiens offers advanced programming stages, arrangements, and administrations for the property and loss, life, benefits and annuity, reinsurance, monetary and consistency, laborers' remuneration, and monetary business sectors. With over 35 years of involvement conveying to more than 600 associations internationally, Sapiens has a demonstrated capacity to fulfill clients' center frameworks, information, and advanced necessities. About Clear Blue Insurance Group The Clear Blue Insurance Group is a property and loss insurance bunch furnishing insurance programs cross country in association with MGAs/program managers and reinsurers across the world. Clear Blue represents considerable authority in a wide assortment of business and individual line inclusions through its conceded lines and E&S transporters. The Clear Blue gathering comprises four P&C insurance organizations bunch appraised A - (Excellent) by A.M. Best: Clear Blue Insurance Company, Clear Blue Specialty Insurance Company, Highlander Specialty Insurance Company, and Rock Ridge Insurance Company.

Read More