Insurtechs plus Guidewire’s developer platform equals innovation for insurance

Guidewire | January 03, 2020

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

Drive efficiency and cost reduction by digitizing documents and enabling Straight Through Processing. Challenges in the Industry Globally, the supplemental health insurance market handles millions of documents every year but faces challenges in efficiently processing the large volume of documents, many containing unstructured data.

Spotlight

Drive efficiency and cost reduction by digitizing documents and enabling Straight Through Processing. Challenges in the Industry Globally, the supplemental health insurance market handles millions of documents every year but faces challenges in efficiently processing the large volume of documents, many containing unstructured data.

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WORKERS COMPENSATION,INSURANCE TECHNOLOGY

Insurity Launches New Payroll Validator Feature for Sure Premium Audit, Enabling Workers’ Comp Carriers to Streamline the Audit Process

Insurity | November 29, 2022

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it had launched a Payroll Validator feature for workers’ compensation carriers leveraging Sure Premium Audit. The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers’ comp carriers and policyholders. The Payroll Validator feature is available for immediate purchase for existing Sure Premium Audit users. Sure Premium Audit enables P&C carriers to uncover additional premiums by automatically screening a carrier’s entire book of business to generate audits based on business-defined rules without human intervention. For example, a top 25 P&C carrier recently presented at Insurity’s customer conference, Excellence in Insurance Innovation, that Sure Premium Audit’s automation tools have allowed them to reduce the operational time of their audit staff by over 24,000 hours a year. Now, with the new Payroll Validator feature, workers’ compensation carriers can further automate their audit process by transferring raw payroll data from over 100 payroll service providers, decreasing wait times as payroll data is imported directly to the field audit tool. Policyholders can log in once and provide permission to pull payroll data throughout the policy period or shortly after. Sure Premium Audit’s Payroll Validator also reduces the opportunity for fraud. Carriers can increase security by eliminating the sending of sensitive data through email or other unsecured channels and minimize fraud by having the unaltered payroll data come directly from the source of the payroll system. “The faster and more efficient workers’ comp providers can make their premium auditing process, the faster they can send out bills, and more likely they are to collect payments, Sure Premium Audit’s Payroll Validator automates a historically time-consuming process for workers’ comp providers by capturing that payroll data directly from the payroll service provider. Not only does this eliminate the time auditors must spend obtaining messaging and payroll data from policyholders, but it creates a more streamlined experience for your policyholders.” -Sylvester Mathis, Chief Insurance Officer at Insurity About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.

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CORE INSURANCE

PCF Insurance Services Acquires Ohio-based Wilber-Price Insurance Group

PCF Insurance Services | September 01, 2022

PCF Insurance Services (PCF), one of the top 20 U.S. insurance brokerage firms, has acquired Wilber-Price Insurance Group, a full-service independent insurance agency offering commercial and personal lines solutions, as well as specialty products, for home, auto, crop, life, business, and more in the southern Ohio region. "Wilber-Price gives PCF Insurance strong leadership in an underrepresented geography, They have proven their ability to grow and now have the opportunity to collaborate with our expanding partner network to further accelerate their success." -Peter C. Foy, Chairman, Founder, and CEO of PCF Insurance In support of its long-term, sustainable growth strategy, PCF Insurance is intentional in supporting Agency Partners growth through investments in resources, technology, and best-in-class talent who are looking to grow beyond their current capacity. PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering Agency Partners alignment through equity ownership, significant leadership incentives, and resources throughout the United States. We chose PCF Insurance because they provided the optimal situation for our people, clients, and the future of our business, When a team has an equity stake in the performance of the business, attitude and overall performance will improve. And the career opportunities for our employees is something I would not have been able to achieve on my own,said John Wilber, Principal of Wilber-Price Insurance Group. The terms of the deal were not disclosed. To date in 2022, PCF Insurance has completed or has under the letter of intent 104 acquisitions, continuing its industry-leading M&A pace. PCF Insurance's well-diversified revenue stream continues to enable its strategic investments in technology and infrastructure buildouts to support its significant network expansion. About Wilber-Price Insurance Group Committed to providing a tailored experience uniting clients' needs and goals, Wilber-Price Insurance Group is a full-service independent insurance agency specializing in auto, home, crop and agriculture life, business, and specialty insurance from its offices in Chillicothe, Cincinnati, and Loveland, Ohio. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. Recognized as a top acquirer by The Hales Report, ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space.

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CORE INSURANCE

Erie Insurance 'Future Focus' program recognized as a RISE Elite 50 industry internship program

Erie Insurance | September 20, 2022

The Erie Insurance (ERIE) Future Focus internship program has been named to the Rising Insurance Star Executive (RISE) list of the insurance industry's 50 best internship programs in 2022. This is the second consecutive year that ERIE has been honored. ERIE's summer internship program offers opportunities for college students to gain relevant and real-world business experience in the insurance industry and at a Fortune 500 company. "We're excited to be included on the RISE Elite 50 list for the second consecutive year. Our interns often tell us that our program is a premier offering in the industry, and this recognition is certainly a bonus, Year after year, the most impactful feedback comes directly from our interns, who, through an overwhelming response to our end-of-program survey, gave our 'Future Focus' program an average satisfaction rating of 4.8 out of 5 this year." -JR Wilwohl, talent acquisition partner and ERIE's internship program coordinator ERIE's internship program, which began more than 20 years ago and has helped launch the careers of hundreds of current ERIE employees, offers paid, competitive internships across several areas of the company. According to Jon O'Camb, talent acquisition manager, ERIE's Future Focus internships are one of the company's largest pipelines for early career talent and ERIE is committed to growing diversity within its talent pool. Our commitment to celebrating and valuing diversity continues, and our internship program is an extension of that. We're widening our talent pipeline by strengthening relationships with historically Black colleges and universities across ERIE's footprint and working with ERIE's affinity networks and DEI leadership to help further reach diverse candidates, Once our interns are hired, we also provide them with multiple opportunities to engage with our company's DEI and community outreach teams and encourage them to become active in ERIE's nine employee affinity networks during their internship with us,said O'Camb. In 2022, more than 100 ERIE interns worked in ERIE's IT, Underwriting, Risk Control, Actuarial, Data, Sales & Marketing, Claims, Corporate Services, Customer Service, Finance, Accounting, Internal Audit, Investments and ERIE Experience departments. Rising Insurance Star Executive (RISE) is an industry group founded to help bridge the talent gap by recognizing and advancing the best young talent in the insurance industry. There is nothing more impactful to building the talent pipeline for the Insurance Industry than our internships, Companies can test drive talent, learn from fresh perspectives, expose young professionals to their brand, foster leadership in current employees, and the list goes on. Interns gain real world experience, learn about their strengths and weaknesses and gauge whether a job or industry is the right career for them,read an announcement of the annual list from RISE. About Erie Insurance According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia.

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