Insurer urges customers to prepare for summer heat

insurancebusinessmag | June 13, 2019

With summer just around the corner, the National Oceanic and Atmospheric Administration has forecast above-normal temperatures for much of the country.While insurance policies normally cover claims caused by extreme summer heat, a study conducted by Mercury Insurance revealed that 41% of US homeowners dont know what their policy covers - and almost one in five policyholders believe they dont have enough insurance to repair or replace damaged property.

Spotlight

One of the most paper intensive industries is insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with on regular basis. Under the circumstances, using simple word processors, insecure repository and emails or not adopting a streamlined process of document management can have serious negative consequences.

Spotlight

One of the most paper intensive industries is insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with on regular basis. Under the circumstances, using simple word processors, insecure repository and emails or not adopting a streamlined process of document management can have serious negative consequences.

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CORE INSURANCE, RISK MANAGEMENT

Insurify to Acquire Compare.com, Bolstering Consumer Insurance Options

Insurify | March 13, 2023

Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023. This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand. Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company. Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market." (Source – Business Wire) Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity. About Insurify Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.

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CORE INSURANCE, INSURANCE TECHNOLOGY

VP Custom Insurance Solutions Selects Applied to Fuel Growth

Globenewswire | May 22, 2023

Applied Systems® today announced that VP Custom Insurance Solutions has selected Applied Digital Agency to digitally transform their business and customer service models. The agency will leverage Applied Digital Agency to connect the digital roundtrip of insurance and automate day to day operations to increase staff productivity and enable their ambitious growth agenda beyond California. “As a woman-owned business in a male-dominated field, we’re excited to make a name for ourselves with our forward-thinking approach,” said Ashlynne Vega, Co-Owner, VP Custom Insurance Solutions. “The insurance industry continues to become more tech-focused, so agencies need to keep up or risk getting left behind. Partnering with Applied will elevate our agency and help us stay ahead of the curve.” Applied’s Digital Agency solution consists of a foundational management system, online customer self-service and mobile technology, commercial lines application digitization and automation, and insurer connectivity, all hosted in the cloud. The fully integrated solution enables agencies to create higher-value business transactions and deliver superior customer experiences throughout the entire insurance lifecycle. By leveraging integrated applications that enable agencies to manage their entire business and eliminate duplicative work typically caused by multiple, disparate systems, digital agencies operate more efficiently, improve customer service, and accelerate growth and profitability across all lines of business. “Growth-minded agencies are smartly turning to technology more and more to modernize their sales and marketing efforts while automating low value tasks,” said Anupam Gupta, Chief Product Officer, Applied Systems. “Applied’s Digital Agency software will enable VP Custom Insurance Solutions to simply their staff’s daily tasks and make the customer lifecycle – from prospecting to quote, bind, service, and renewals – more modern at each touchpoint.” About Applied Systems Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

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CLAIMS, COMPLIANCE

Recuro Health Announces Partnership with Ease Benefits Administration and HR Software Company for Insurance Brokers

Businesswire | May 05, 2023

Recuro Health (Recuro), an integrated digital health solutions company designed to transition the U.S. healthcare system from a reactive, disease-focused model to a proactive care approach, today announces a partnership with Ease, the number one rated benefits administration and human resource (HR) software company powered by insurance brokers to manage benefits and HR for 3.4 million+ employees. Recuro will provide access to its Digital Medical Home, which includes diagnostic-enabled Virtual Primary Care (VPC) and Virtual Behavioral Health (VBH) solutions that are tailored to fit the healthcare needs of any population. The Digital Medical Home care model integrates advanced science, data, at-home diagnostics and targeted genomics – cancer screening, pharmacogenomics – to better inform integrated care. Michael Gorton, CEO and founder, Recuro Health, says, “Our virtual care solutions continue to transform traditional healthcare to a holistic system that is digitally integrated, patient-centric and focused on personalized and preventative health and wellness. We are seeing more focus on a virtual-first approach to address significant healthcare challenges while also driving value throughout the healthcare ecosystem. By helping brokers in the Ease platform to support their clients by virtually connecting members with primary care doctors and behavioral health clinicians, Recuro is proving to be a meaningful solution for health plan sponsors to positively impact the triad of cost, quality and access to care.” Recuro delivers solutions that help brokers and other intermediaries achieve their goals in serving plan administrators, employers and employees. The objective is to get members who are covered by plan-sponsored benefits to make better healthcare decisions, participate at a lower cost strategy and take advantage of opportunities to treat chronic disease more proactively. David Reid, co-founder, Ease, says, "We're thrilled to partner with Recuro Health to offer these virtual first solutions on the Ease platform. We recognize that employers want to provide digital health solutions to current and prospective employees, and we’re proud to make this valuable new benefit available to insurance brokers so they can bring even more value to their clients.” About Recuro Health Recuro is an integrated digital health solutions company with a uniquely personalized, proactive approach to virtual health. Recuro’s Digital Medical Home enables easy connectivity to virtual care, including primary and urgent care, behavioral health, at-home lab testing, genomics testing, as well as a suite of supplemental benefits spanning pharmacy, care management and care navigation all on one platform. To learn more visit www.recurohealth.com. About Ease Ease is the #1 rated benefits administration and HR software for businesses with 2-250 employees, powered by insurance brokers. More than 2,300 agencies trust Ease to help them and their clients grow. Over 85,000 businesses trust Ease to manage benefits & HR for 3.4 million+ employees. Visit ease.com for more.

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