Core Insurance, Risk Management
PR Newswire | August 03, 2023
CCIG, a leader in risk management and insurance solutions for business and individual clients nationwide, has announced a dedicated partnership to support the growth of an established group captive insurance program for companies across the country.
Instead of navigating the volatile traditional insurance market to obtain coverage, group captives unite companies with a shared commitment to safety, risk management and financial oversight to create and fund their own insurance program.
When business leaders embrace this approach as a long-term business strategy, they achieve greater stability in their annual insurance costs by partnering with other like-minded owners. The opportunity to earn a return on premiums allows companies to drive down net costs every year.
"Group captives are an extension of our clients' entrepreneurial spirit, and we're proud to partner with a captive manager that provides an established track record of successful, profitable and stable group captives which we can now offer to clients," CCIG President Andrew Mahoney said. "Clients who already take the initiative to manage their costs through robust safety programs and risk management strategies can further capitalize on additional savings not available in the traditional marketplace."
A successful group captive contains highly vetted members whose stability builds a peer group environment. The group's members have the benefit of sharing best practice ideas and learn from other highly profitable and safe firms that a traditional insurance relationship cannot provide.
Mahoney said that CCIG's exclusive captive manager partnership includes a myriad of industry-specific group captives. He added that a construction-specific group captive has gained attention from clients already, having produced approximately 27% of returns on premium and distributed more than $45 million in premiums back to captive members in its 20 years of existence.
CCIG's practice area leader of safety, Gary Glader, was instrumental in creating the construction captive offering in 2003.
"The historical knowledge he has gained throughout this period results in safer companies and our ability to deliver fast, proactive solutions that others cannot," Mahoney said.
Glader said group captives can be a game-changer for participating businesses.
"Group captives provide a competitive edge for sophisticated companies who are ready to maximize their financial investment in insurance," Glader said. "Not only do companies benefit from a built-in network of peers with a common goal, it can also drive phenomenal business results for participating companies."
Since 1985, CCIG is a fiercely independent, rapidly growing insurance brokerage, delivering risk management and insurance solutions to their clients. They represent clients nationally and have offices in Denver, CO and Austin, TX. Living up to their "curious broker" philosophy, their Advisors are relentlessly focused on understanding the needs and evolving landscape within their respective industry verticals. CCIG has an award-winning culture, being named Max Performer of the Year and a "Best Practices" Insurance Broker by The Independent Insurance Agents and Brokers of America. CCIG lives by the acronym of RISE: Relationships, Innovation, Strategy, Excellence, and this is the foundation on which all decisions are made.
Risk Management, Life Insurance
PR Newswire | August 11, 2023
Vitech Systems Group announced that it has been named a Leader of U.S. life and retirement (L&R) policy administration systems (PAS) in the ISG Provider Lens™ Insurance Platform Solutions report for the third year in a row. This report is conducted by Information Services Group (ISG) and offers an L&R PAS provider quadrant analysis and a comprehensive comparison of strengths, challenges, and competitive differentiators.
Vitech's V3locity cloud-native platform was commended in the study for its end-to-end functionality, flexible and agile operationalization, and robust support of group insurance benefits. Its capabilities enable quick time to value, straight-through processing, and an excellent user experience for employees, employers, and brokers.
Ashish Jhajharia, the author of the report, noted, "Vitech's V3locity cloud-native platform, which caters to the market with a system created exclusively for the group benefits area, offers a high degree of configurability, capabilities across the value chain and enhanced functionalities for carriers operating in this category."
According to ISG, L&R PAS quadrant Leaders possess a comprehensive product and service offering, a strong market presence, and an established competitive position. They also represent innovative strength and competitive stability.
"We are thrilled that Vitech has once again achieved the prestigious recognition of Life & Retirement Insurance Platform Solutions Leader by ISG," said David Burns, Vitech's CEO. "Receiving this recognition for the third consecutive time is market validation that our focus on innovation and unwavering commitment to providing market-leading capabilities and services continues to bring exceptional value to our customers and their beneficiaries."
V3locity is Vitech's cloud-native administration, engagement, and analytics platform. It is a transformative suite of complementary applications that offers full life cycle business functionality and robust enterprise capabilities. It marries core administration with a revolutionary digital experience. Its modular design enables flexible, agile deployment strategies. V3locity employs a cloud-native architecture that leverages the unique capabilities of AWS to deliver a solution with unparalleled security, scalability, and resiliency.
Vitech is a global provider of cloud-native benefit and investment administration software. The organization helps their insurance, retirement, and investment clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs more than 1,400 professionals, serving the world's most successful insurance, retirement, and investment organizations. An innovator and visionary, Vitech's market leadership has been recognized by industry experts, such as Gartner, Celent, Aite-Novarica, and ISG. For more information, please visit vitechinc.com.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry's most comprehensive marketplace data. For more information, visit isg-one.com.
Core Insurance, Risk Management
Businesswire | July 28, 2023
Socotra, the leading provider of modern, cloud-based solutions for technology-driven insurers, today announced that high-risk homeowners provider Annex Risk is processing business with Socotra. Annex Risk has successfully implemented the true cloud-native insurance policy core platform, Socotra Connected Core, and is now live, offering a digitally-forward approach to close critical coverage gaps in coastal Texas, Florida, and the Eastern Seaboard. Annex Risk’s innovative platform combines algorithmic underwriting and capacity, empowering retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes.
“Technology is core to our business, not an enabler - we needed the most modern, continuously improving policy administration system we could find. No-code/low-code platforms were less compelling to us than Socotra’s flexible, API-centric solution,” said Annex Risk Co-Founder Charlie Sido. "Socotra's API-driven platform allows us to configure the entire policy lifecycle natively, while also seamlessly integrating with external solutions for payments, e-signatures and inspections. This flexibility ensures our ability to adapt and scale as the business evolves, while also providing a foundation for future innovation.”
Socotra's cloud-based architecture allows Annex Risk to eliminate significant operational overhead and leverage Socotra's ongoing investments in the platform. This partnership has expedited Annex Risk’s market entry, enabling them to sell their complex product in four states within six months. As a technology startup, Annex appreciates the capital-efficient and self-sufficient nature of Socotra's implementation, allowing them to maintain control and agility while minimizing reliance on third-party consultants.
"We are thrilled to have Annex Risk join our ecosystem of innovative insurance providers," said Dan Woods, CEO of Socotra. "By leveraging Socotra Connected Core, Annex Risk can offer their retail partners a streamlined and digitized experience that sets them apart in the market. Additionally, Socotra's modern underpinnings will future-proof Annex Risk's investment as they continue to grow and evolve their business."
Socotra offers a game-changing alternative to legacy underwriting systems that rely on emails, PDFs and proprietary tools, resulting in quote times that could stretch into days. With Socotra's powerful capabilities, Annex Risk can deliver an instant quote and bind experience, aligning with retail insurance agents’ expectations and setting a new standard in the industry.
Annex is a leading provider of homeowners insurance for properties with significant natural catastrophe exposure. Through its partnership with over two thousand retail agents, Annex focuses on closing critical coverage gaps in coastal areas from Texas up the Eastern Seaboard. Annex's sophisticated algorithmic underwriting and capacity enable retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes. With a technology-driven approach, Annex leverages innovative solutions to deliver an exceptional customer experience.
Socotra provides insurance companies with the flexible modern core platform and ecosystem they need to adapt, innovate, and grow their business. By leveraging solutions such as Socotra CorePlus and Socotra Connected Core, insurers can streamline policy administration, enhance digital experiences, and deliver products to market faster. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.