Insurtechs plus Guidewire’s developer platform equals innovation for insurance

Guidewire | January 03, 2020

Insurtechs plus Guidewire’s developer platform equals innovation for insurance
The ceiling for investment in the insurtech space hasn’t been reached yet. In fact, far from it, according to a recent report from QBE and Village Capital, which stated that investment in the space came in at just $140 million in 2011 and by 2018, it grew to $4.9 billion. As the insurtech field keeps on growing, the report also noted that it is increasingly important for the industry to stay abreast of key trends. An expert in the insurance technology realm broke down some of the key trends he’s seen rise to the surface in recent years. “One of the technologies that I would highlight that we’ve been seeing at the insurtech shows for a couple of years is the video collaboration in adjusting and claims handling with self-service. We’re seeing really strong carrier interest in this,” said Neil Betteridge, VP of strategy at Guidewire.

Spotlight

An extended warranty, sometimes called a service agreement, service contract or maintenance agreement, is a prolonged warranty offered to consumers in addition to the standard warranty available on a new item. The extended warranty may be offered by an insurer, a retailer or a manufacturer.

Spotlight

An extended warranty, sometimes called a service agreement, service contract or maintenance agreement, is a prolonged warranty offered to consumers in addition to the standard warranty available on a new item. The extended warranty may be offered by an insurer, a retailer or a manufacturer.

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CORE INSURANCE

Ardonagh announces acquisition of MDS Group

MDS Group | December 24, 2021

The Ardonagh Group today announces that it has agreed to acquire MDS Group, a leading insurance broker and risk management advisor across the Portuguese-speaking world and Europe. Headquartered in Porto, Portugal, MDS has offices in Brazil, where it is the country's largest independent broker, as well as Angola, Mozambique, Spain, and Malta. It is the only Portuguese Lloyd's Broker. MDS employs 900 colleagues and recorded revenue of €74.8 million (£65 million[1]) in the 12 months to 30 June 2021. MDS manages over €500 million in insurance premiums for 1.2 million private and corporate clients each year. Ardonagh intends to fund the acquisition with a combination of equity and debt. MDS will be acquired by Ardonagh Overseas Investments Ltd and operate as part of Ardonagh Global Partners. In addition to its core broking operations, spanning property & casualty, health, retail and wholesale, MDS operates Highdome PCC in Malta, offering sophisticated alternative solutions to the traditional insurance market including captive and reinsurance solutions to large clients. Completing MDS' offering is Risk Consulting Group (RCG), a multinational risk management consultancy. MDS is also the founding member and a shareholder of Brokerslink, a network of brokers and speciality risk and consulting firms operating in 122 countries. Upon completion, Ardonagh Global Partners will acquire 100% of the issued shares of MDS from its two shareholders, Sonae Group and IPLF Holding. The management team led by MDS Group Global CEO José Manuel Fonseca will remain with the business and continue to lead an expansive growth plan in all of the MDS territories. "Having considered our future very carefully, we saw in The Ardonagh Group and its leadership a perfect match for our vision and growth ambitions. We are incredibly excited to be joining forces with a global independent group with Ardonagh's scale and dynamic culture. With access to Ardonagh's considerable resource and capital, we look forward to accelerating our organic and inorganic growth plans." -José Manuel Fonseca Ardonagh Global Partners was launched in January 2021 to invest in best-in-class businesses and management teams around the world and in turn support their growth ambitions. It is a great privilege to partner with a distinguished and high-profile broking platform such as MDS. Jose Manuel together with his experienced and high calibre management team have developed a world class reputation for client service, innovation and professionalism, delivering outstanding service to their clients for over 30 years. -Ardonagh Global Partners CEO Des O'Connor THE ARDONAGH GROUP The Ardonagh Group is the UK's largest independent insurance distribution platform and a top 20 broker globally. We are a collection of best-in-class entrepreneurial and specialist brands with a network of more 100 locations and a combined workforce of more than 8,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. MDS Group MDS is a multinational group doing business as an insurance and reinsurance broker and risk consultancy, with a presence in over 125 countries. MDS is a market leader in Portugal, one of the largest players in Brazil and Angola, and maintains a direct presence in Mozambique, Spain, Malta, and Switzerland. Through Brokerslink, a global brokerage firm founded by the group which relies on 21,000 insurance professionals, it addresses customers' needs across multiple geographies and sectors. The group includes MDS RE, a reinsurance specialist doing business in Europe, America and Africa, and RCG — Risk Consulting Group, a leading firm in risk analysis, loss control, business continuity plans and enterprise risk management. Through HighDome, a Protected Cell Company (PCC), MDS offers risk transfer solutions that function as an alternative to the traditional insurance market. MDS also works with benefits management and flexible benefits through the companies 838 Soluções (Brazil) and Coverflex (Portugal).

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INSURANCE TECHNOLOGY

ProSight Selects Cenata SURE for Its Outwards Reinsurance Management Solution

ProSight Global, Inc. | August 23, 2021

ProSight Global, Inc., a domestic specialty insurance holding company, today announced their agreement with Cenata Limited ("Cenata"), a leading insurtech software provider, to use Cenata's uniquely capable outwards reinsurance solution, Cenata SURE. Cenata SURE is a full cycle outwards reinsurance management solution, able to take and process real time premium and claims data from multiple inwards systems to provide real-time analysis irrespective of the complexity of a reinsurance program. Cenata SURE caters for all forms of reinsurance contracts, and as a true cloud deployment, has unlimited performance capability regardless of data volumes, and complexity of company structure. With Outwards Reinsurance data touching every part of the business, Cenata SURE will be the cornerstone of a fully integrated ProSight technology eco-system. "We identified Ceded Reinsurance as a 'process critical' part of our business data flow, and having undertaken a detailed review of comparable offerings, Cenata SURE provides all of the business functionality identified for both our current and future needs. The granularity of the data will provide our business with unparalleled analytical insights into our Reinsurance purchasing, provide incredible value to our Reinsurance partners, and be an intricate component of our future strategy. Equally important is that it is built on a truly modern SaaS Cloud stack and compliments our technology roadmap, which when combined with the comprehensive functionality will deliver the necessary competitive commercial edge ProSight desires. The Cenata team is exceptional, which was a significant selection decision driver. They (Cenata) have successfully delivered every implementation they have worked on and have unparalleled knowledge of the ceded reinsurance sector. We have every confidence in them and enjoy working with them as they are true partners", comments Mike Sciole, Chief Operating Officer at ProSight. Cenata's Managing Director, Nick Freer, adds "We are extremely excited to be working with ProSight. We respect and admire their passion as innovators and visionaries for the insurance industry. Their vision for how technology can deliver a commercial competitive edge seamlessly aligns itself with our goals for Cenata SURE. ProSight wants to set a pace that their competitors cannot sustain, and we are 100% supportive of that strategy." About ProSight Global, Inc. Founded in 2009 and headquartered in Morristown, New Jersey, ProSight is a specialty property and casualty insurance holding company, providing a wide range of property and liability solutions to customers across the United States. ProSight 's insurance company subsidiaries are rated "A-" (Excellent) by A.M. Best. To learn more about ProSight. About Cenata Limited Cenata is a niche technology provider, utilizing its deep subject matter expertise and industry experience to transform the insurance industry. Cenata SURE, Cenata's outwards reinsurance software solution, delivers unmatched functionality and seamless integration, all built on leading-edge technological efficiencies.

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Valmark Financial Group Launches Life Insurance Fulfillment Tool (LIFT)

Valmark Financial Group | May 14, 2020

Valmark continues its rich history of innovation in the life insurance industry by expanding its toolkit for independent insurance and financial professionals. Its newest offering, the Life Insurance Fulfillment Tool™ (LIFT™), is focused on making the process of buying life insurance simpler for both clients and advisors. The global health pandemic and economic crisis have impacted most major industries, turning on its head the traditional purchasing processes of many businesses. At the center of this disruption is the life insurance industry, one that is notorious for its laborious requirements of paper applications, wet signatures, overnight packages, and physical examinations. The current environment only makes an already difficult process, historically focused on physical interaction, even more challenging, especially for larger policies. Valmark has capitalized on this challenging environment by creating a tool that makes the life insurance buying process simpler and faster for clients, and more efficient for financial professionals. By combining the accelerated programs currently offered by insurance companies and its existing Private Underwriting Risk Evaluation™ (PURE™) process with a new HIPPA-compliant application process called LIFT™, Valmark is taking the life insurance process to where the rest of society is – remote!

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