Japan Post Insurance slammed for double-charging premiums

Insurance Business Magazine | July 10, 2019

Japan Post Insurance is under fire for charging thousands of its policyholders double their life insurance premiums, in a scandal that could undermine trust in the formerly government-owned firm. A report by Nikkei said that around 22,000 customers were charged premiums for two policies, due to employees failing to cancel old policies after the customers signed up for new ones. The incidents, which came to light on Monday, July 08, have been happening for at least six months now. This raised suspicion that some employees purposely arranged the double-charging to gain more signing bonuses. In recent years, Japan Post Insurance has also come in for criticism from the public after some customers said the insurer was denying its requests to switch policies. The company defended itself, saying that it was not carrying out any improper acts.

Spotlight

Business email compromise (BEC) has overtaken ransomware and data breach by hackers as the main driver of AIG EMEA1 cyber claims, according to the latest cyber claims statistics. Nearly a quarter of reported incidents in 2018 were due to business email compromise (BEC), up significantly from 11% in 2017. Ransomware, data breach by hackers and data breach due to employee negligence were the other main breach types in 2018.

Spotlight

Business email compromise (BEC) has overtaken ransomware and data breach by hackers as the main driver of AIG EMEA1 cyber claims, according to the latest cyber claims statistics. Nearly a quarter of reported incidents in 2018 were due to business email compromise (BEC), up significantly from 11% in 2017. Ransomware, data breach by hackers and data breach due to employee negligence were the other main breach types in 2018.

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WORKERS COMPENSATION

Oakbridge Insurance Extends Footprint in Metro Atlanta Through Partnership with Marietta Insurance Services

Oakbridge Insurance Agency LLC | March 01, 2022

Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the Southeast, today announced a new partnership with Marietta Insurance Services, an independent agency headquartered in Marietta, Georgia. The partnership extends Oakbridge's footprint in Metro Atlanta in support of the firm's aggressive growth model. The partnership creates a broader suite of carriers, resources and risk management services for specialty personal lines and commercial lines solutions for clients in the growing Atlanta suburbs. "We are excited to welcome Marietta Insurance Services as our newest partner. Their reputation in Georgia as a client-centric advisor is evidenced by their relationships and longevity in the market, This partnership will allow us to further extend Marietta's successful insurance solutions and service offerings in north Atlanta and beyond." -Oakbridge CEO Robbie Smith. The partnership offers Marietta Insurance Services access to Oakbridge's sales training and risk management platform, including its innovative Proactive Services offering that seeks to identify and mitigate risks through proprietary analysis and a hands-on, consultative approach. "Oakbridge's partner-first model allows us to grow our insurance capabilities while maintaining the service our clients know and trust, This opportunity allows us to bolster our current service offerings through increased carrier access, enhanced training and resource offerings while taking advantage of unprecedented industry growth and innovation." -Marietta Insurance Services Principal Jimmy Mayo. As an Oakbridge partner, Marietta Insurance Services will maintain its presence in Marietta, Georgia. About Oakbridge Insurance Agency Founded in 2020 through the merger of four leading insurance and risk management firms in the Southeast, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is now one of the largest privately owned insurance, risk management, and employee benefits agencies in the region. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, and transportation industries.

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RISK MANAGEMENT

Polly and National Automotive Experts/NWAN Announce New Partnership

Polly | March 03, 2022

Polly (formerly known as DealerPolicy), the leading insurance marketplace for automotive retail, today announced a new strategic partnership with National Automotive Experts (NAE) and NWAN, a national provider and administrator of finance and insurance (F&I) products and dealer reinsurance programs. Together, the two companies will deliver Polly's innovative, cost-saving insurance platform to NAE/NWAN's network of dealers across the country. Polly's platform revolutionizes the car-buying process, bringing together insurance and automotive retailing to enable a more holistic car buying experience for consumers. On average, Polly customers who report savings save $64 per month on their automotive insurance. These savings empower customers to reinvest in additional F&I product offerings, giving dealers more profits as a result. Dealers within Polly's network report an average increase of 44 percent in their back-end gross. "NAE/NWAN is a trailblazer in the industry, and renowned for their commitment to providing an outstanding mix of F&I products that set their dealer partners up for success and profitability, These are core values that our companies share. As we realize our vision of transforming the car buying experience, we couldn't be more pleased to be partnering with NAE to provide our automotive insurance platform to dealers and car buyers within their network." -Travis Fitzgerald, Co-Founder and CEO of Polly. "Polly provides a solution to a massive void in the industry. This has been needed for years, Their solution improves the customer experience at the dealer level and provides multiple revenue streams which we have seen firsthand with our clients." -Cliff Childers, National Business Development Manager of National Automotive Experts/NWAN. "The Polly program has allowed my team to go out in the market and get our foot in the door at a dealership where we have not had a relationship, The launch is simple, and the online system is easy to use. This has also allowed us access to the dealer principal which then in turn allows us the opportunity to propose new products into the dealership." -David Tralongo, President of Holcomb & Associates. About Polly Polly: About Polly Polly is the most trusted and complete digital insurance marketplace for automotive retailers and their valued customers. The company's innovative mobile technology enables car-buyers to view multiple insurance quotes and immediately purchase online and/or connect with licensed insurance agents to complete the process. With an exclusive combination of partnerships among premier automotive retailers and data providers, an industry-best insurance carrier network, and access to Polly Insurance licensed agents, Polly is recognized for its place at the forefront of Insurtech. Polly Insurance is a licensed insurance agency with licenses to operate in the lower 48 states.

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HawkSoft Partners with Certificial to Bring Modern Solution to Revolutionize Insurance Verification

Cision PR Newswire | October 13, 2020

Many interactions between businesses hinge on the ability for one party to provide a proof of insurance to the other. For example, delivering commercial shipments, accessing construction sites, or renting a commercial space each require handing over paper attesting to your insurance coverage. HawkSoft is partnering with the dynamic verification platform Certificial to bring a more modern solution to independent agencies. Never before has insurance coverage data been able to connect and send dynamic updates directly to certificate holders. This end-to-end visibility not only eliminates fraud and the misuse of forms but can improve compliance. Certificial uses cloud technology to offer a digital and dynamic proof of insurance. Instead of the old static point-in-time Certificates of Insurance, Certificial allows companies of all sizes to directly monitor, in real time, that a person or business are properly insured. When integrated with the HawkSoft agency management system, insurance agencies can keep Certificial in sync with their client and policy data automatically.

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