Insurers team with governments, environmental groups to fight ocean risk

Insurance Business Magazine | September 20, 2019

As part of the UN Secretary General’s Climate Action Summit, a new alliance between the insurance and finance sectors, governments and environmental organizations is being launched to build resilience to ocean risk. The Ocean Risk and Resilience Action Alliance (ORRAA) will pioneer insurance and finance products that spur investment in coastal resilience, accelerate research to better understand and manage ocean risk, and inform policy, governance, and public understanding. “Ocean changes have widespread implications for the lives and livelihoods of billions of people,” said Denis Duverne, chairman of the board at AXA, one of ORRAA’s founding member companies.

Spotlight

Finally! We’ve put together an infographic on personally owned versus bank owned mortgage life insurance. In this infographic, we highlight the difference and importance of personally owning life insurance instead of getting it from the bank. As most advisors know, having your life insurance tied to your mortgage at the bank is typically not beneficial to the client.

Spotlight

Finally! We’ve put together an infographic on personally owned versus bank owned mortgage life insurance. In this infographic, we highlight the difference and importance of personally owning life insurance instead of getting it from the bank. As most advisors know, having your life insurance tied to your mortgage at the bank is typically not beneficial to the client.

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COMPLIANCE

PPO PROFITS ACQUIRES DENTAL PERFORMANCE EXPERTS AND LAUNCHES THE RCM PROFITS DIVISION TO OFFER DENTAL CLAIMS PROCESSING

PPO Profits | December 22, 2021

PPO Profits acquires Dental Performance Experts (DPE), an elite PPO claims processing and accounts receivables firm serving PPO based dental offices nationwide (terms not disclosed). As part of the acquisition, PPO Profits launches a new division called RCM Profits (Revenue Cycle Management) led by Amy Hernandez, owner of DPE. PPO Profits joined hands with DPE to marry technology and knowledge to streamline the claims process. PPO Profits and DPE shared many clients and crossed paths many times. Often clients commented on having a one stop solution which PPO Profits is now proud to be able to deliver under one umbrella! "Dental offices should have the technological tools and the training to ensure that every claim gets paid which is what this acquisition will deliver. I continuously received rave reviews for Amy's team from existing PPO Profits clients and personally connect with her on a philosophical and strategic level about the solutions we want to provide," - Vivek Kinra, founder & CEO of PPO Profits "I am excited to be a part of such an amazing company that is dedicated to creating successful dental practices that work with PPO insurances. Our goal is to create a division that assists PPO based practices to collect all revenue produced for patients utilizing their PPO insurances so practices can focus on patient care," - Amy Hernandez, founder & CEO of DPE. RCM Profits will focus primarily on OpenDental clients to begin with and then eventually focus on the other key practice management software systems. With this acquisition, PPO Profits gets closer to its mission of providing a connected suite of services that help dental practices that accept PPO insurances to generate and collect higher revenue with same or less effort and reduced stress. About PPO Profits PPO Profits started as a fee negotiation and credentialing company. Through organic growth, affiliations, and acquisition, PPO Profits now offers: Fee negotiations and credentialing, In-office membership plan via its FFS Profits software (FFS Profits division), Revenue cycle management (RCM Profits division) that includes insurance verifications (through its sister company Verrific), claims processing, and patient collections.

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INTELLECTUAL PROPERTY

AXA XL Announces Key Leadership Appointments in Aerospace Underwriting

AXA XL1 INSURANCE | January 11, 2022

AXA XL has appointed Thisiani Matsumura-Martins as Global Chief Underwriting Officer, Aerospace. Effective April 1st and based in Sao Paulo, she will report to Nancy Bewlay, Global Chief Underwriting Officer and work closely with the Regional Business Units to develop and assess underwriting strategic direction and profitability for Aerospace. "Thisiani brings a wealth of technical and market-facing experience. She is a seasoned regional leader prepared to support the Aerospace team in product development, innovation and client and broker engagement across all geographies and markets," - Ms. Bewlay. Ms. Matsumura-Martins brings 27 years of experience in the insurance and reinsurance industry. She has previously worked at Allianz and Liberty, and as an underwriter in a variety of business lines including Aerospace, Property, Construction, Marine, Personal Accident and Life. She first joined AXA XL in 2014 as Technical Director for Brazil and was later appointed as Chief of Staff for Latin America. Currently, she serves as the interim Regional Leader for AXA XL in Latin America and Country Manager for Brazil where she is co-leading the integration of AXA's operations in the country. Additionally, Tom Callahan has been promoted to Global Head of Underwriting Management and CUO of Aviation. Based in New York, Mr. Callahan will be reporting to Ms. Matsumura-Martins. Mr. Callahan has been a member of the Aerospace team at AXA XL since 2006, most recently serving as the Global Head of Underwriting Management. In his new role, he will have increased responsibility and management of the technical underwriting strategy for Aviation. Mr. Callahan has more than three decades experience in the business, having worked across all areas of the aerospace insurance and reinsurance sector. He holds a degree in finance from Manhattan College and an MBA from Pace University. ABOUT AXA XL AXA XL¹, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. ABOUT AXA XL1 INSURANCE AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally.

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INSURANCE TECHNOLOGY

Elephant Insurance Selects Shift Technology to Improve Fraud Detection

Shift Technology, Elephant Insurance | December 15, 2020

Shift Technology, a provider of AI-native fraud detection and claims mechanization solutions for the global insurance industry, today announced Elephant Insurance selected the company to help improve fraud detection in the P&C insurer's claims process. Well known for its customer-centric approach to insurance, Elephant is focused on ensuring consumers approach the best products and services available, at the correct cost, to deliver the protection they need. Recognizing that insurance fraud can impact all policyholders through higher premiums and a lengthier claims process, Elephant sought to strengthen its fraud detection capabilities. After careful evaluation of the technology available, Elephant selected the Shift Claims Fraud Detection solution. According to Elephant, Shift was selected because its artificial intelligence and data science expertise helps improve the detection of fraud earlier in the claims process to maintain a strategic distance from issuing payments on fraudulent claims and provides agents with important tools for investigations. "Insurance fraud is a cost we all bear. Naturally, we want to do our best to reduce fraud, making it possible to offer our customers the lowest price possible," explained Rhys Pearce, Head of Claims at Elephant Insurance. "With Shift, we have found an industry-proven technology that gives us an efficient, effective means of uncovering hidden fraud to the benefit of all our policyholders." Notwithstanding its own evaluation of the Shift solution, Elephant was impressed with the technology's performance at two of the insurer's sister companies in Europe, L'olivier and Admiral Spanish Operation. It was shown that Shift's data scientists can effectively use historical claims data to build models exceptional to Elephant which will aid its agents in flagging potential fraud significantly earlier in their audit process. These capabilities represent important cost efficiencies that Elephant can pass on to customers as lower rates. "It is incredibly gratifying to work with insurers like Elephant who understand that the ability to spot potential fraud, as early as possible, has an incredibly beneficial impact on the claims process overall," explained Jeremy Jawish, CEO and co–founder, Shift Technology. "Effective fraud detection is a very powerful tool in support of delivering phenomenal customer experiences." About Shift Technology Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed billions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.

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