Insurers examining coronavirus exclusions - reports

Insurance Business America | April 02, 2020

Turn the clock back just a few months and it’s fair to say that nobody would have seen the coronavirus pandemic coming. However, in this short space of time “business as usual” has become anything but – and insurers have been sent spinning as a result. With a host of legal cases threatening to put insurance companies on the hook for business interruption claims, firms within the sector have become increasingly concerned about employees, customers and shareholders filing coronavirus-related claims against company executives. Now, according to industry sources cited by Reuters, insurers are examining the possibility of excluding the virus from policies that protect bosses

Spotlight

There is a need for embracing digital in the insurance sector. View how digital can help Swiss insurance companies overcome major challenges by improving efficiency and creating new services and revenue streams.

Spotlight

There is a need for embracing digital in the insurance sector. View how digital can help Swiss insurance companies overcome major challenges by improving efficiency and creating new services and revenue streams.

Related News

INSURANCE TECHNOLOGY

Vertafore Efforts to Modernize Insurance Distribution Channel

Vertafore | April 01, 2022

Insurance professionals from across the country gathered in Denver this week for Accelerate, powered by NetVU. The event was for four days of education, networking and a tour of the latest Vertafore® InsurTech innovations. Attendees were educated about the new additions and what's next for their core insurance technology. They were also provided with information about getting the most out of the solutions by themselves during the conference's general sessions. NetVU also celebrated the return of an in-person conference by offering a full curriculum of business development and IT management classes for agencies. Vertafore, the leader in modern insurance technology, informed the launch of its Commercial Submissions platform during the onset general session of Accelerate, powered by NetVU. The energy at this year's Accelerate was incredible. There's nothing like being together to learn and grow as professionals in an industry defined by relationships. A huge thanks to the NetVU volunteers and Vertafore experts who made 2022 a success." Jessica Jeffress, conference chair and AVP of Peel & Holland. This industry-leading market connectivity solution provides a game-changing experience for commercial quotes by simplifying and automating the entire process. Agencies can find quotes from multiple carriers in time than it usually takes. Thus, it will streamline the process and timeline for submitting commercial business. Carriers on the platform can get immense benefits from increased opportunities to present their insurance products to clients. Vertafore also announced that Commercial Submissions will be accessible to its customers until September 30, 2022. The offer would remain part of its commitment to improving market connectivity between independent agencies and insurers. In addition, Vertafore demonstrated its industry-leading efforts to create innovative, user-centric, and inclusive InsurTech solutions. With the launch of Commercial Submissions, the company has made a long-term investment in product design as part of its vision for smarter, simpler, and more human insurance distribution. It will incorporate comprehensive principles to remove user barriers, improve accessibility, and overcome situational challenges that obstruct user productivity.

Read More

INSURANCE TECHNOLOGY

HawkSoft Releases HawkLink for Google Chrome to Auto-fill Policy Data

HawkSoft | March 10, 2021

HawkSoft, the Oregon-based management system and insurtech provider, has introduced a new tool to eliminate double-entry on the web: HawkLink for Google Chrome. Insurance professionals often waste valuable hours and risk E&O exposure by physically re-entering client and policy information from their management system into carrier portals or other insurance websites. As an extension for the most popular web browser in the world, HawkLink for Google Chrome enables agency staff to effortlessly auto-fill agency, client, and policy information from their HawkSoft management system into most websites compatible with the Chrome browser. HawkLink passes information from the HawkSoft management system into websites for quoting, policy servicing, digital payment processing, and premium finance. The intelligent tool adjusts as it memorizes where information is flooded to on specific insurance websites. Agents can share their field mappings back to HawkSoft to add to crowd-sourced database of mappings already available to all agencies. The first iteration of HawkLink was introduced in 2003 as a toolbar on the then-dominant Internet Explorer browser. "There was so much rich data in our management system that we wanted to make available to use on company websites," recalls Paul Hawkins, CEO and co-founder of HawkSoft, remembering the genesis of HawkLink. The original toolbar and later dedicated browser version of HawkLink have saved HawkSoft agencies thousands of hours over the years. With the browser popularity shifting from Internet Explorer to Google Chrome, the original toolbar's efficacy needed a rethinking. "We knew it was time to give HawkLink some love," said Paul Hawkins, "and this was an opportunity to re-invent HawkLink with ideas that have come up over the years but that the old toolbar could no longer support." Sean Hawkins, VP of Development and co-founder of HawkSoft, took on the challenge of redesigning HawkLink as a browser extension to Google Chrome. "Our Product and Development teams have made so much progress towards moving HawkSoft into the cloud," noted Sean, "that we could really innovate on how HawkLink works." This included making HawkLink an extension for Google Chrome, leveraging easier data accessibility through HawkSoft Cloud to increase the amount of available data, and making mapping websites a crowd-sourced and community-driven initiative. Sean explained, "crowd-sourced mappings was our Holy Grail for this version of HawkLink. With it, HawkLink for Google Chrome gets better every time a HawkSoft agency uses it to map a new website." HawkLink for Google Chrome has over 50 common and regional insurance carriers, financial services and government websites pre-mapped for auto-fill thanks to crowd-sourcing efforts by agencies and direct collaboration with the website owners. Dozens of new websites are being added every month. For HawkSoft agencies, HawkLink for Google Chrome is cutting down the time it takes to navigate and use their company websites. HawkLink can launch multiple company websites at once, a powerful time saver for agents like Kelly Endicott of Ohio. "My staff and I generally know the three or four companies we might place a new client with, which is why we haven't felt the need to invest in a comparative rater," said Kelly. "With HawkLink, I can launch those websites in one go and make it through each quote process in a matter of minutes." For agents that understand where to place a risk, she observed, "HawkLink is the fastest way to get an accurate and bindable quote from a company." HawkLink for Google Chrome is available with the latest release of HawkSoft, out now for all customers. The feature is available at no additional cost. About HawkSoft Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year.

Read More

INSURANCE TECHNOLOGY

Mountain West Farm Bureau Upgrades Majesco Policy for P&C to Majesco CloudInsurer®

Majesco | October 11, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that long-term customer, Mountain West Farm Bureau, upgraded Majesco Policy for P&C to Majesco CloudInsurer®, a move that will improve operational effectiveness and decrease infrastructure costs. This move reflects the consistent move of existing Majesco customers to the Cloud. Like others who have made this shift, Mountain West hopes to leverage this upgrade to optimize their operations while enabling the company to take advantage of automatic monthly upgrades for software, rate, rules, and forms, and more on CloudInsurer®. Founded in 1948, Mountain West Farm Bureau is a regional multi-line property & casualty insurance company, serving the needs of individuals, families, farms and ranches, and businesses throughout Wyoming and Montana. Mountain West employs just over 200 individuals, with more than 120 people operating from their home office in Laramie, Wyoming. They have approximately 50 claims field representatives assisting their clients across Wyoming and Montana, and less than 30 IT professionals working from both the home office, as well as remote locations across Wyoming, Montana, Idaho, New Mexico, and Utah. The organization has more than 100 contracted agents located throughout Wyoming and Montana and is committed to providing financial peace of mind to customers with competitive, quality products and services. We take pride in our work and challenge ourselves to be proactive and continually improve the delivery and quality of our products and services to our customers. Our strategic relationship with Majesco has enabled our business transformation and our move to Majesco CloundInsurer® will continue our transformation by enabling us to focus on our operations, while keeping us at the leading edge to meet the ever-changing market and customer demands. This transition to the cloud has improved efficiencies and helped improve the ROI of our investment with Majesco. We look forward to the future with Majesco. - Tim Hays, Vice President of Information Technology at Mountain West Farm Bureau. As the industry continues to change and adapt to new market demands, insurers recognize they must keep pace to enable growth and remain competitive. Migrating to the cloud is a critical step in truly becoming digital and can help organizations engage with customers, bring products to market faster and capture rapidly unfolding market opportunities. Majesco CloudInsurer® is the industry chosen platform that is built to handle key business applications and services to match the reality of the changing market and increasing demands of customers. Over 65% of Majesco’s customers are on the cloud, making it the dominant deployment option. We’re thrilled with the successful cloud migration for Mountain West Farm Bureau and the opportunities ahead for them as a result of this transition,. Majesco CloudInsurer® has been at the forefront of the transition to cloud since the beginning, providing cutting-edge capabilities that increase flexibility, greater service and a modern insurance experience for our customers like Mountain West Farm Bureau. As a recognized market leader, we’ve built a reputation on helping organizations transform business operations to better meet the needs of today’s digitally-charged customer. - Prateek Kumar, EVP of Sales at Majesco. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

Read More