Insurers sue the federal government for 2016 Gatlinburg wildfire claims

Insurance Business Magazine | November 25, 2019

Fourteen (14) insurance companies have filed a lawsuit against the federal government for damages resulting from the Gatlinburg wildfires in 2016. According to court documents, the insurers are collectively seeking damages to cover claims made following the wildfire incident that occurred in November 2016.The lawsuit was filed under the Federal Tort Claims Act “for damages arising from the negligent acts or omissions on the part of employees or agents of the Department of the Interior (DOI) and/or National Park Service (NPS) in response to the Chimney Tops 2 Fire in the Great Smoky Mountains National Park.” The Chimney Tops 2 fire is one of several conflagrations that made up the Great Smoky Mountains wildfires which erupted in the national park in late November 2016. It was the largest of the blazes, burning more than 10,000 acres within the park and forcing the closure of the Chimney Tops Trail.

Spotlight

The insurance industry is on the edge of a new wave of transformation. Driven by changing customer needs, digitization, strict regulations, and new competition, this conservative industry is witnessing disruption more than any other sector. The evolution of a new breed of insurtech companies are leveling the playing field, while shifting marketplaces are contributing to newer business models. Technological improvements combined with demographic changes and the emergence of the sharing economy are keeping insurers on their feet.

Spotlight

The insurance industry is on the edge of a new wave of transformation. Driven by changing customer needs, digitization, strict regulations, and new competition, this conservative industry is witnessing disruption more than any other sector. The evolution of a new breed of insurtech companies are leveling the playing field, while shifting marketplaces are contributing to newer business models. Technological improvements combined with demographic changes and the emergence of the sharing economy are keeping insurers on their feet.

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CORE INSURANCE

Tokio Marine establishes strategic partnership with Arbor Ventures to accelerate innovation in the insurance industry

Tokio Marine and Arbor Ventures | August 12, 2022

Tokio Marine Asia Pte. Ltd. today announced a strategic partnership with Arbor Ventures, a leading global Fintech / InsurTech-focused venture capital firm, headquartered in Singapore. This partnership, established through its Innovation Lab in Singapore, marks Tokio Marine's commitment to accelerating the digital transformation of the global insurance industry. The Tokyo-headquartered insurance group has been promoting transformational digital initiatives on a global basis, leveraging on collaborations with startups and service providers with key strategic capabilities. To accelerate the identification and development of new business models, Tokio Marine Holdings, Inc. (Tokio Marine Holdings) has announced earlier in April 2022 on the launch of its corporate venture capital (CVC) fund partnering with World Innovation Lab, Tokio Marine Future Fund, to invest in early-stage startups. Tokio Marine will identify and invest directly in high-growth potential startups through the CVC Fund in addition to partnering with Arbor and other leading VCs for unique insights and access to promising startups leading the digital transformation in Insurance. Arbor's addition to Tokio Marine's group of collaborative VCs significantly heightens its future opportunities. Arbor is a global FinTech/InsurTech-focused VC with offices in Singapore, USA, Japan as well as a presence in EMENA. Arbor's global connectivity and portfolio as well as its engagement in local markets will further enable Tokio Marine group's innovation labs, spread across seven cities, including Singapore, to collaborate broadly with synergy beyond borders. "Arbor's target to create the future of FinTech resonates with Tokio Marine's digital strategy. With Arbor's network and astute scouting of startups with strong potential in the FinTech space, it will greatly complement Tokio Marine's collaborative efforts to serve innovative products and services in insurance industry and beyond." -Masashi Namatame, Group Chief Digital Officer at Tokio Marine Holdings Melissa Guzy, Managing Partner of Arbor Ventures, similarly commented: Tokio Marine is a world-renowned leader that Arbor is proud to add as a strategic partner in building the future of FinTech / InsurTech. Arbor looks forward to building the next generation of transformational InsurTech startups together. About Tokio Marine Group Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions in 46 countries and regions worldwide. About Arbor Ventures Founded in 2013, Arbor Ventures is a global investment firm focused on companies that leverage advanced technologies such as artificial intelligence, cloud computing, composable service offerings and blockchain applications to facilitate, broaden or fundamentally change the way financial services are served, consumed, and managed. Arbor uses its global vantage point, extensive network and deep sector knowledge to identify key trends and partner closely with leading entrepreneurs to build transformational companies. Notable investments include Paidy, True Accord, Forter, Nomi Health, Tabby, Fundbox and HiBob.

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CORE INSURANCE

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Coherent, Duck Creek Technologies | July 13, 2022

Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy. Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.” Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry. Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.” Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.” To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent. About Coherent Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/. About Duck Creek Technologies Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

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HEALTH INSURANCE

EquiTrust Life Partners with Sapiens on their Next Generation Digital Agent Experience

EquiTrust | June 24, 2022

Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that EquiTrust Life, a leading North American life and health insurance company, has selected Sapiens' award-winning suite of e-application, illustration and digital solutions to provide their agents next generation customer acquisition and service capabilities. Sapiens IllustrationPro, Sapiens ApplicationPro and Sapiens DigitalSuite support EquiTrust Life's key product offerings by providing comprehensive, new business illustrations with enhanced solutions for complex scenarios with split second calculations, and an interactive experience to reduce re-keying, resulting in fewer errors, faster time to decision and better engagement. Sapiens' simple, intuitive, device-agnostic user engagement with flexible branding and integrations enhances EquiTrust Life's partner experience. Leveraging Sapiens' toolkit, the solution provides self-sufficiency and reduces total cost of ownership. We were looking for one vendor to drive our digital transformation and accelerate innovation within our agent sales process. Innovation is a key pillar within EquiTrust Life, and we felt that Sapiens' digital tools would enable innovation much faster than any other competitor, while providing us industry insights and best practices, We administer financial products for retirees, and Sapiens' solution delivers a superior agent experience to market complex financial products that help protect our growing senior population." Carol Woodruff, Vice President, Information Systems with EquiTrust Life. We are very excited to partner with EquiTrust Life on their digital transformation journey, Sapiens not only provides a wide array of best-of-breed solutions, but we also truly understand our customers' operational goals and are committed to delivering best-in-class solutions, seamlessly to drive growth and deliver value. " Jamie Yoder, Sapiens North America President & General Manager. Sapiens IllustrationPro for Life & Annuities is a cloud-first, point-of-sale illustration and quoting solution, offering a fully responsive, modern, intuitive user experience for the life and annuities and health markets. Sapiens ApplicationPro is a robust electronic application software that helps carriers address critical business drivers, such as decreasing time–to–issue and reducing policy acquisition costs, all in an extremely intuitive and easy–to–use package. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience. The flexible, component-based platform can be leveraged together with Sapiens' core solutions or on top of other (non-Sapiens) solutions. About EquiTrust Life EquiTrust Life Insurance Company is a trusted provider of life insurance and annuity products with a strong track record of operating performance. EquiTrust is a national carrier of competitive, client-friendly options, available through various distribution channels including more than 15,700 independent sales representatives and independent marketing organizations. EquiTrust offers fixed-rate and indexed annuities and life insurance and is headquartered in Chicago with operations in West Des Moines. In June 2015, Magic Johnson Enterprises became the majority shareholder, making EquiTrust Life Insurance one of the largest minority-owned life insurance company in the history of the country at $25.7 billion in assets. About Sapiens Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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