INSURANCE TECHNOLOGY

Invoice Cloud Assists the Insurance Industry in Accelerating Digital Transformation

Invoice Cloud | March 17, 2021

Invoice Cloud, an EngageSmart answer for online bill payment services, today reported huge development in the insurance industry, having marked 150 insurance clients in three years. Invoice Cloud presently serves clients in large commercial and personal lines, laborer's compensation, farm bureaus, medical malpractice, regional carriers, and managing general agents (MGAs)— supplanting significant contenders more than 40 times.

The previous year brought a restored push for advanced change in the insurance industry as a worldwide pandemic challenged insurers to communicate, service and process manual payments, and to win new business. All must be managed without taking a chance with the wellbeing and prosperity of workers acquainted with an in-person working model.

With mail frameworks under huge tension in the midst of extreme climate occasions and a critical expansion in volume, the requirement for protected, productive, easy to use computerized payment choices has additionally skyrocketed. People and independent ventures have been under colossal monetary pressure with worldwide disturbance and a financial plunge at play, just enhancing the requirement for disentanglement of payments.

Invoice Cloud clients have encountered striking, substantial advantages from the stage. California Mutual, for instance, encountered a 151% expansion in e-appropriation and higher consumer loyalty, a 15x expansion in paperless enlistment, a normal diminishing of 15 hours of the week spent on payment compromise, and a lessening in sent payments, all inside a year of carrying out the Invoice Cloud arrangement.

Invoice Cloud has additionally as of late marked two large clients in laborer's compensation insurance. The organization's work with carriers of laborer's compensation insurance shows the arrangement's top-rate customization abilities, as these clients frequently choose a pay-more only as costs arise plan rather than the basic level fee model utilized by most insurance organizations.

About Invoice Cloud
Invoice Cloud, an EngageSmart solution, is the leading provider of online bill payment services. Founded in 2009, the company has grown to be one of the leading disruptors in the cloud-based electronic bill presentment and payment (EBPP) space, helping legacy institutions put customer experience first. By switching to InvoiceCloud, clients improve customer engagement, loyalty, and efficiency while reducing churn and missed payments in the process. With over 2,100 clients across the US and over 50 million payments processed annually, InvoiceCloud is one of the most secure, innovative, and inclusive fintech solutions in the market.

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Public policy is the principled guide to action taken by the administrative executive branches of the state with regard to a class of issues, in a manner consistent with law and institutional customs. The foundation of public policy is composed of national constitutional laws and regulations. Further substrates include both judicial interpretations and regulations which are generally authorized by legislation.

Spotlight

Public policy is the principled guide to action taken by the administrative executive branches of the state with regard to a class of issues, in a manner consistent with law and institutional customs. The foundation of public policy is composed of national constitutional laws and regulations. Further substrates include both judicial interpretations and regulations which are generally authorized by legislation.

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INSURANCE TECHNOLOGY

NYCM Insurance Launches Snapsheet Payments Software to Enable Digital Payment Options for Claimants and Vendors

Snapsheet | August 27, 2021

Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management software, today announced that NYCM Insurance, a leading personal lines insurance carrier serving customers in New York State, is tapping Snapsheet Payments software to enable digital payments for customers alongside its existing check option. In addition to digitizing payments, Snapsheet will also facilitate faster communication methods during the payments process, power automated workflows, and offer increased transparency into payment statuses. Further, Snapsheet is providing NYCM Insurance with access to a vendor network, enabling the carrier to electronically pay vendors, including third-party administrators, law firms, property contractors, and others. NYCM Insurance prides itself on providing the outstanding service and security it was founded on more than 120 years ago in 1899. Snapsheet is dedicated to supporting the multi-line carrier as it embarks on its digital transformation journey. "Our customers are our top priority, and we strive to do everything possible to make their experience as efficient, transparent, and easy as possible," said V. Daniel Robinson, President and CEO of NYCM Insurance. "By expanding our options for payment beyond the traditional check and enhancing our digital communication capabilities, we're able to provide our customers, employees, agents, and business partners a sense of control in an uncontrollable event." Snapsheet Payments software seamlessly integrates with modern, legacy or multiple core systems with business line configurations to support multiple brands. The platform digitizes the payment experience for personal and commercial P&C to life, annuity, and disability insurance carriers to rideshare disruptors. The solution enables configurable workflows, built-in banking integrations and automated digital engagement capabilities and expedites digital disbursements for policy holders, vendors and third parties. In addition, the solution achieves greater payment status transparency and increased automation through financial integration within claims and treasury organizations, delivering greater consistency for everyone involved in the disbursements process. "An established and trusted insurance carrier for more than 120 years, it's clear that NYCM Insurance values customer service and satisfaction," said Brad Weisberg, CEO and founder of Snapsheet. "Today, as customers have grown increasingly accustomed to the convenience and efficiency that comes with digital experiences, electronic payment options are a must-have. We are proud to pioneer the digital payments transformation for our clients across the globe, helping them better meet, and exceed, modern customer expectations." Snapsheet transforms claims experiences for clients around the globe, from the world's largest insurance carriers such as Zurich, to insurtechs like Branch Insurance and Clearcover, to sharing economy disruptors like Outdoorsy and Getaround. About Snapsheet Snapsheet is the pioneer in virtual appraisals and a leader in cloud-native claims management software, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched software and processes to improve customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet Cloud software suite and Appraisal Services offerings. Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 125 clients, including many of the largest insurance carriers, third-party administrators, MGAs, insurtechs and sharing economy disruptors. About NYCM NYCM Insurance is a property and casualty insurance carrier that has been providing coverage to residents and businesses in New York since 1899. The company has grown tremendously over the last 120 years and is currently under the direction of founder VanNess Robinson's great grandson, V. Daniel Robinson II. Aside from the Edmeston headquarters, NYCM Insurance has three additional offices in Sherburne, Canajoharie and Orchard Park. With a team of over 850 employees, and a network of over 1,200 independent agents, NYCM Insurance is dedicated to providing superior service and a quality customer experience to their over 525,000 customers. Insurance lines include Home, Auto, Umbrella and Business. NYCM Insurance is rated A by A.M. Best Company.

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INSURANCE TECHNOLOGY

Hub International Launches Hub Drive Safe App

Hub International | November 10, 2021

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm announced today the launch of its HUB Drive Safe App, a fleet risk management solution that provides driver coaching at scale, automatically detects collisions and helps fleets reduce their insurance costs through safer driving behavior on iOS and Android mobile devices. "The HUB Drive Safe App is our newest fleet risk management solution to help clients across various industries, including transportation , agribusiness , construction and hospitality , to keep their drivers safe, manage driver behavior and reduce collisions and loss. Technology continues to revolutionize the world we live in, and we have been focused on using digital technology to streamline our clients' experience and helping them better manage their costs for doing business." - Lisa Paul, Chief Strategy Officer of HUB's Transportation Specialty. According to a study 1 , the bottom quartile of commercial line drivers account for more than 50% of collisions. With the use of technology that relies on artificial intelligence and machine learning algorithms and leverages massive datasets of driving behavior data, a driver's behavior can improve and reduce collision risk by up to 49%. The HUB Drive Safe App offers immediate feedback and coaching after every trip to ensure that commercial drivers avoid collisions and remain safe on the roads. The mobile app also allows fleet managers to get a detailed overview of the safety and efficiency of their drivers - all via one comprehensive dashboard. The HUB Drive Safe App is powered by a global dataset and first-of-its-kind mobility risk intelligence (MRI) platform to ensure the most precise collision detection and first notice of loss capabilities on the market. Additional safety features on the HUB Drive Safe App include: View and customize a driver profile to improve driving behavior with tips based on performance tracked in the app Gain high-level insights on the fleet's performance with a fleet score Automatically detect collisions, alert the fleet manager and notify an emergency contact or trigger insurance claims process Encourage consistent improvements in driving behavior with positive reinforcements and/or rewards With the HUB Drive Safe App, HUB continues its commitment to providing tailored insurance solutions designed to best manage its clients' risks and needs. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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LIFE INSURANCE

MassMutual Accquires the Great American Life Insurance Company

American Financial Group, Inc. MassMutual | May 31, 2021

Massachusetts Mutual life insurance Company announced today the completion of the previously announced acquisition of American Financial Group, Inc.’s wholly-owned subsidiary, Great American life insurance company, and other subsidiaries and affiliated entities, for a purchase price of approximately $3.5 billion. “We are excited to welcome Great American Life to MassMutual and to assist build on its outstanding leadership position in the annuity market,” said Roger Crandall, Chairman, President, and CEO, MassMutual. “This acquisition immediately broadens our product offerings, further diversifies our distribution capabilities and generates additional earnings – enabling us to assist even more people in securing their future and protecting the ones they love.” The acquisition includes Great American Life and its two insurance subsidiaries, Annuity Investors life insurance Company and Manhattan National life insurance Company, as well as a broker-dealer affiliate, Great American Advisors, Inc., an insurance distributor, AAG Insurance Agency, Inc. With the completion of this acquisition, MassMutual, is among the top five individual annuity writers in the U.S.1. Great American Life will operate as an independent subsidiary of MassMutual led by its current president, Mark Muething, who will report to Mike Fanning, head of MassMutual U.S. Its more than 600 employees will continue to support the business and remain headquartered in Cincinnati. “Today marks a new beginning for great American Life as we join MassMutual to make an even greater impact serving the millions of Americans who need our help in building financial security,” said Mark Muething, President and Chief Operating Officer of Great American Life. “This transaction strengthens our position as a leading U.S. annuity company, enhances our ability to deliver compelling solutions for our policyholders and distribution partners, and positions us for future growth with a company that’s committed to our success.” Fanning, who will oversee the great American Life business, added, “Our goal is to ensure a seamless transition for great American Life’s employees, clients, and partners. we look forward to working together with Great American Life to reach more customers in need of lifetime income solutions and deliver ongoing value to our policy owners and customers.” Debevoise & Plimpton LLP served as legal counsel to MassMutual. Skadden, Arps, Slate, Meagher & Flom LLP, and Keating Muething & Klekamp PLL served as legal counsel to AFG. About MassMutual MassMutual is a leading mutual life insurance company that benefits its members and participating policy owners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect their loved ones. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit massmutual.com. About American Financial Group, Inc. American Financial Group is an insurance company based in Cincinnati, Ohio. Through Great American Insurance Group operations, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American insurance company.

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