CORE INSURANCE, RISK MANAGEMENT
Insurify | March 13, 2023
Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023.
This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand.
Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company.
Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market."
(Source – Business Wire)
Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity.
About Insurify
Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.
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CORE INSURANCE
Root Insurance | February 17, 2023
On February 16, 2023, CCC Intelligent Solutions Inc., a SaaS platform for the personal and casualty insurance industry, announced that Root Insurance would extend its relationship with it for a technology-based first-party casualty solution. This extended relationship empowers Root Insurance to connect APD claims data and insights with casualty claims processing.
The addition of a CCC-powered first-party casualty solution enables Root to manage auto physical damage along with first- and third-party casualty claims through a single digital workflow. It digitalizes reimbursement recommendations, bill intake, and review. It provides accident data and insights so that it could help insurers with reviewing the medical bills for appropriateness and accuracy of medical treatment and medication charges through a digital medium.
Chief Claims and Customer Service Officer of Root, Mark LeMaster, said, "As a digital-first insurer, it is essential for Root to leverage data and technology to inform decisions and deliver seamless experiences." He added, "By working with CCC we can do both across the life of a claim, spanning auto physical damage, first- and third-party casualty and subrogation claims. CCC's network, technology, and AI are coming together in a way that will enable us to deliver on our policyholders' expectations for straight-through claims experiences."
(Source – Business Wire)
Chief Commercial and Customer Success Officer of CCC, Mike Silva, said, "We are excited to continue to support Root's vision for smart, digital claims management." He added, "Connecting the auto-physical damage and casualty claims processes will help Root gain greater insights to achieve better claims efficiency and better outcomes."
(Source – Business Wire)
About Root Insurance
Headquartered in Columbus, Ohio, Root insurance, an insurance company, has been providing insurance products and technology platforms for fairness, simplicity, and personalization in the FinTech industry since 2015. It offers services for car insurance, data science, engineering, automotive telematics, mobile applications, technology, and related insurance. It has been reported that the Root application has about 11 million app downloads, collecting more than 18 billion data for insurance offerings. Through the application, it measures driving behaviors like route consistency, driving times, speed of turns, and braking, determining the safe drivers.
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WORKERS COMPENSATION, RISK MANAGEMENT
Origami Risk | March 09, 2023
Fleming Insurance Holdings informed on March 8, 2023, that it has chosen the multi-tenant core solution platform from Origami Risk to improve its data and analytics capabilities for liabilities, including workers' compensation, auto liability, and general liability lines.
Fleming Insurance Holdings is a provider of property and casualty capital solutions. Origami's platform is set to give it several tools and capabilities for data collection, reporting, and advanced analytics that the company can use to speed up and improve its underwriting and claims management processes.
Benjamin Bomhoff, CTO of Fleming, stated, "As our insurance carrier partners look to us for innovative reinsurance and capital solutions, we are committed to leveraging state-of-the-art technology to facilitate timely and accurate decision-making."
He added, "Origami's end-to-end solution should be a real difference-maker for our enterprise, enabling us to operate with expanded data/analytics capabilities, greater speed and efficiency."
(Source – Business Wire)
Chris Bennett, President of Core Solutions division at Origami Risk, remarked, "By implementing Origami's risk management information system, Fleming will be able to drive efficiency in its underwriting and claims operations, and deliver added value to its carrier partners."
"These capabilities are among several innovative solution sets we've developed to help carriers and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance," he concluded.
(Source – Business Wire)
Origami Risk offers all internal and external stakeholders a complete digital engagement experience and integrated SaaS solutions for policy, rating, billing, loss control, claims administration, reporting, and analytics.
About Origami Risk
Origami Risk offers comprehensive SaaS solutions that make insurance, risk, and safety easier for insurers, including managing general agents, program administrators, third-party claims administrators, risk pools, brokers, and others. The company's core insurance system, risk management, and safety solutions are all delivered through a secure, multi-tenant platform that can be accessed through a web browser or a mobile app.
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