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

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

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Core Insurance, Insurance Technology

Innoveo Announces Strategic Alliance with Capgemini to Address Insurance Business Challenges with No-Code Solutions

PR Newswire | August 28, 2023

Innoveo, a leading no-code technology provider for insurance enterprises, today announced a strategic alliance with Capgemini, a leading global consulting and technology services firm. This partnership will enable both companies to join forces and deliver innovative digital transformation solutions to insurance clients across various lines of business. As businesses navigate an increasingly complex and rapidly evolving digital landscape, the need for agile and efficient technology solutions has become paramount. Innoveo's full-stack no-code platform enables insurers to build robust and scalable applications rapidly, without the need for extensive coding knowledge. Capgemini's deep expertise in consulting, technology, and industry-specific solutions makes them the perfect partner to further enhance the value of Innoveo's platform. Combining Innoveo's innovative platform with Capgemini's extensive experience in digital transformation, insurers will be equipped with the tools and guidance needed to accelerate their path to success. The alliance between Innoveo and Capgemini will provide clients with a comprehensive range of services, including: Accelerated Digital Transformation: By harnessing Innoveo's full-stack no-code platform, organizations can rapidly develop and deploy digital solutions tailored to their unique needs, resulting in accelerated digital transformation journeys. Streamlined Application Development: Innoveo's platform simplifies the application development process, allowing businesses to build robust and scalable applications with minimal coding. This enables organizations to streamline their development cycles and bring solutions to market faster. Industry-Specific Expertise: Capgemini's deep industry knowledge combined with Innoveo's full-stack insurance focused platform will enable the creation of solutions that address unique challenges and opportunities across the insurance landscape. Enhanced Operation Efficiency: The alliance will focus on enhancing operational efficiency by leveraging Innoveo Skye's platform capabilities to develop user-friendly applications that address the complicated workflow and back-end integration issues of the Insurance industry. "We are excited to announce our strategic alliance with Capgemini," said Manisha Bhargava, Chief Revenue Officer at Innoveo. "Combining our full-stack no-code platform with Capgemini's extensive capabilities, our jointly created industry solutions/accelerators and industry innovation lab will provide our clients with much needed acceleration for their transformation efforts and empowering them to stay ahead in the digital age." "Legacy modernization is top of mind for the insurance industry. To minimize the risk of full-scale legacy core replacement and accelerate the process, we are increasingly seeing insurers partner with firms that provide low-code and no-code platforms," said Kathy Miller, VP and Head of Worldwide Insurance Alliances, Capgemini. "Innoveo's cutting-edge technology solution aligns perfectly with our goal of delivering superior value to our clients, driving innovation, automating manual processes, and unlocking new revenue streams for Insurance Carriers." About Innoveo We believe you can build modern applications that deliver digital experiences and drive business growth without having to write any custom code. That's why it's our mission to empower enterprises in complex and regulated industries to re-imagine application development by enabling them to be connected, innovative, quick, and nimble. Backed by leading investors including Everstone Capital and Paulson & Co, Innoveo's cloud based, AI enabled no-code platform is currently in production globally at over 30 industry leaders across insurance, financial services, healthcare and real estate. With Innoveo, you'll get the solutions and industry expertise you want, plus a little extra: a thoughtful, no-nonsense experience delivered with a refreshing dose of honesty.

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Risk Management, Life Insurance

Nassau Financial Group Completes Acquisition of Delaware Life Insurance Company of New York

Businesswire | July 04, 2023

Nassau Financial Group, L.P. (“Nassau”) today announced that its subsidiary, Nassau Life Insurance Company (“NNY”), has completed the acquisition of Delaware Life Insurance Company of New York (“DLNY”) from Delaware Life Insurance Company (“Delaware Life”), a Group 1001 company. NNY and DLNY are New York-domiciled life insurance companies, and Nassau plans to merge DLNY into NNY. “It has been our pleasure to work with the team at Group 1001 and Delaware Life, enabling the sale of their non-strategic business line," said Phil Gass, Chief Executive Officer of Nassau. “As Nassau’s fourth insurance acquisition, the closing of this transaction marks yet another milestone as we continue to expand our New York presence. We look forward to welcoming the DLNY policyholders to Nassau.” "We have worked closely with Nassau Financial Group to ensure a smooth transition for our policyholders,'' said Dan Towriss, CEO and President of Group 1001, the parent company of Delaware Life. "Our highest priority has been to ensure that this change is as seamless as possible." DLNY is a provider of fixed annuities, variable annuities, and life insurance products with approximately 16,000 policies in force and $1.6 billion in assets as of March 31, 2023. The company does not have employees, and its business was managed as part of Delaware Life. Sidley Austin LLP served as legal advisor to Nassau, and Willkie Farr & Gallagher LLP served as legal advisor to Delaware Life. About Nassau Financial Group Based in Hartford, Connecticut, Nassau Financial Group is a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance, and asset management. Nassau was founded in 2015 and, adjusted for the DLNY acquisition, has approximately $24 billion in assets, $1.3 billion in total adjusted capital, and 400,000 policyholders as of March 31, 2023. For more information, visit nfg.com. About Group 1001 Group 1001 Insurance Holdings, LLC (“Group 1001”) is a technology-driven financial services company with a mission to empower customers, employees, and communities by making innovative products accessible to everyone. Group 1001 strives to demystify how insurance and annuity products are purchased today by leveraging technology to provide intuitive financial solutions for all Americans. As part of its mission, Group 1001 invests in strategic partnerships to connect with and transform communities through education and sports. As of March 31, 2023, Group 1001 had combined assets under management of approximately $60.1 billion and comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Health, Clear Spring Property and Casualty Group, and Clear Spring Life. For more information about Group 1001, visit group1001.com. For more information about Delaware Life, visit delawarelife.com.

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Core Insurance

Matic Insurance Launches New Partnership with Dart Bank

GlobeNewswire | September 12, 2023

Matic, a leading digital insurtech platform, and Dart Bank announced today a strategic partnership to provide P&C insurance products to Dart Bank customers. Under the partnership, Matic’s innovative insurance marketplace of 50 A-rated carriers will be integrated into Dart Bank’s customer offerings. Since its inception, Matic has transformed the landscape of the insurtech industry by embedding insurance into the home and auto ownership experience. Through this exclusive partnership, Matic will deploy home and auto insurance across Dart Bank’s mortgage originations, servicing, and banking channels. "This partnership represents a significant milestone in our pursuit of delivering meaningful solutions to the clients of Dart Bank that will enhance their daily lives," said Bryan Clark, Sr. Vice President of Mortgage Banking, Dart Bank. "This will be especially beneficial as we continue to incorporate technology innovation and digital solutions into our customer offerings." "Matic was built to cater to the dynamic nature of the banking industry, enabling a seamless integration of insurance across the customer lifecycle," said Matic CEO and co-founder Ben Madick. "We are thrilled to be an integral part of Dart Bank’s vision to streamline and enhance the banking and lending experiences." All Dart Bank clients are eligible for P&C insurance through Matic’s proprietary matching technology. In addition to home and auto insurance, Matic will offer umbrella, jewelry, flood, dwelling fire, and other personal lines of insurance to meet customer needs within the Dart Bank banking, lending, and mortgage servicing experience. About Matic Since 2014, Matic has changed the landscape of the insurtech industry by integrating insurance within the home and auto ownership experience. Today, Matic’s digital insurance marketplace has 50 A-rated home and auto carriers, as well as distribution partners in industries ranging from mortgage originations and servicing to banking, real estate, personal finance, and more. With a single-minded focus on advocating for policyholders, Matic has created an easy and transparent shopping process, saving customers hours of work and over 30% in premiums each year. For more information, visit matic.com.

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