Japan Post ordered to report on inappropriate insurance sales

Insurance Business Magazine | August 12, 2019

Japan Post Holdings Co. has been ordered by regulators to report on the inappropriate insurance sales at its Japan Post Insurance arm. The order was jointly issued by the Financial Services Agency and the Ministry of Internal Affairs and Communications on August 08, Jiji Press reported. The former state-owned postal operator will be required to discuss the issue of inappropriate sales when it releases an interim report on the scandal in late September, according to sources cited by the report. Regulators said that Japan Post Holdings has failed to provide proper oversight of its insurance unit as well as its mail and parcel delivery arm. The group’s information sharing has also been criticized as insufficient.

Spotlight

What is a personal umbrella insurance policy and how does it work? This video answers that questions in a clear and easy to understand way. We'll explain "excess liability" so you can decide if it's insurance coverage that you need.

Spotlight

What is a personal umbrella insurance policy and how does it work? This video answers that questions in a clear and easy to understand way. We'll explain "excess liability" so you can decide if it's insurance coverage that you need.

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CORE INSURANCE

Specialty Program Group LLC Acquires the Assets of Catapult Insurance Solutions, LLC

Specialty Program Group and Catapult Insurance Solutions | November 03, 2022

Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced today the acquisition of the assets of Catapult Insurance Solutions. Catapult is a privately held managing general insurance agency and wholesale brokerage for niche industries and hard-to-place risks. Led by President Tim Sunderman, Catapult's largest delegated authority program is dedicated to providing residential homebuilders, commercial general contractors and trade contractors with best-in-class products and services, including general liability, umbrella, builder's risk, contractor's equipment and workers' compensation. In addition, Catapult is a Lloyds Coverholder and also provides solutions for hard-to-place risks for coastal and other high hazard property, specialty trade contractor GL, deductible buy downs, commercial DIC (EQ & Flood), and contractor's equipment. Catapult's infrastructure is designed for program incubation and development. "Tim and his team have implemented a targeted growth strategy and innovative technology platform that have enabled them to become an extremely successful and growing niche player, Their deep expertise in the construction space will expand SPG's offerings and accelerate our growth in this growing industry." -SPG President & CEO Christopher Treanor We are extremely excited to join the SPG team. Our firms share in the entrepreneurial spirit that has made the specialty distribution space so dynamic and appealing, Their operating philosophy allows for significant autonomy, which was very important as we selected a business partner. The resources and market presence SPG offers will allow us to build upon our capabilities in the niche segments we represent, expand our geographical footprint and ultimately benefit our current and future distribution partners through enhanced products and service. We are encouraged by what we can build together,said Tim Sunderman, President of Catapult. About Specialty Program Group Headquartered in Summit, NJ, Specialty Program Group is a fully licensed holding company established to acquire and scale best-in-class insurance underwriting facilities and specialty businesses throughout North America. SPG has a vast portfolio of specialty companies and is over two billion in premium. About Catapult Insurance Solutions Founded in 2007, Catapult Insurance Solutions, LLC is a privately held managing general agency, wholesale brokerage and Lloyd's Coverholder that currently underwrites and administers premium in excess of $50 million through niche programs. Catapult's products are distributed through a group of select agents and brokers throughout the U.S.

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INSURANCE TECHNOLOGY

BriteCore Platform Launch Expands Core Capabilities for P&C insurers

BriteCore | September 19, 2022

BriteCore, a next-generation provider of cloud-native core administration solutions for property and casualty (P&C) insurers, today announced the launch of the BriteCore Platform, a comprehensive suite for managing policies, billing, and claims complete with advanced analytics, a ratings engine, and agent and policyholder portals. As the insurance industry trends toward greater levels of customer-centricity, BriteCore is redefining the traditional boundaries and capabilities of policy administration systems (PAS) with the BriteCore Platform by enabling small to mid-size insurers and managing general agents (MGAs) to gain a competitive edge against larger companies. In fact, recent BriteCore research into current technology and industry trends in North America found 94 percent of survey respondents rely on core systems to support business growth initiatives, improve efficiency and productivity, and modernize operations. Further, the BriteCore P&C Core Systems Survey confirmed industry leaders see modern, cloud-native core systems as a solution to the challenges driving a continuous need for enhanced business operations and customer experiences. “When we decided to move away from the legacy system which had been running our business for years, we chose the BriteCore Platform since it enabled us to establish new business processes that deliver exceptional agent and policyholder experiences, all while providing options to better manage cost and grow our business, In addition, the BriteCore Platform decreased our dependency on on-prem solutions and future-proofed our IT environment by allowing us to easily integrate with existing and emerging technologies going forward.” -Nancy Newmister, President and CEO for Frederick Mutual Insurance Company In addition to the BriteCore Platform’s comprehensive digital core functionality, new and enhanced features available immediately include: E-Signature – Through a new partnership with DocuSign, the BriteCore Platform provides agents and policyholders with the option of signing documents electronically during the quoting and underwriting process. E-signature delivers faster time to revenue, greater ROI and cost savings, and reduced risk through improved compliance. Advanced Analytics & Reporting – BriteCore extended the core platform to deliver persona-based executive dashboards, advanced analytics and reporting. Now agents, executives, and line-of-business leaders (underwriting, claims, billing) can easily create custom and standard reports, identify new business opportunities for growth or cost savings, and translate their data into actionable insight. UI Enhancements – BriteCore performed a major update to the platform user interface to ensure the experience for agents, policyholders, and insurance carrier staff benefits from a simple, modern design that is easy to learn and use while delivering a consistent look-and-feel. Enhanced Comprehensive IT Environment – Backed by AWS for reliability, scalability, and enterprise-grade security, the BriteCore Platform is relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes. BriteCore added to the range of Amazon Web Services (AWS) services and technologies used to support the BriteCore platform in such areas as delivering fast and responsive query performance through a robust in-memory engine. The BriteCore Platform redefines and expands the capabilities P&C insurers industry-wide, and our ever-growing number of insurer customers, can expect from a core system, Historically, core systems focused on automating internal processes and workflows. The BriteCore Platform automates internal AND external processes, provide superior underwriting and claims processing experiences for agents and policyholders, and integrates a wide range of external services and data sources to improve the competitiveness of insurers. Today and into the future, the BriteCore Platform can be relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes,said Ray Villeneuve, CEO for BriteCore. About BriteCore BriteCore is a cloud-native platform for P&C insurers that unlocks business growth, enhances the customer experience, and delivers great efficiency gains. BriteCore provides end-to-end support for insurance operations that includes policy administration, an agent and policyholder portal, rapid product configuration, underwriting rules and rating, billing management, claims management, document management, and reporting. As a cloud-native solution, BriteCore is continually updated for maximum security, efficiency, and durability at scale.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Zywave and DataCrest Announce Digital Forms Integration Between Partner Platform and AppEase

Zywave and DataCrest | September 29, 2022

Partner Platform, a Zywave company, and DataCrest, a leading P&C insurance tech provider, today announced a new integration between Partner Platform and AppEase digital forms to digitize the process of data collection for forms and supplemental applications. The integration of Partner Platform, a leading provider of web-based agency management systems and customer relationship management solutions for P&C insurance agencies, with AppEase, enables agents to increase efficiency to attract and retain more clients. "A top concern for agency owners is the efficiency of their teams, As their business partners, we continually look for ways to help them eliminate roadblocks and improve their processes across the entire lifecycle of selling and servicing policies. We are excited to announce this integration, which improves the experience for both the agent and insured." -Vice President of SIS Revenue Operations Michael Doran Tom Young, DataCrest's founder, adds, Supplemental applications and other documents slow down deal flow, are redundant and are not specific to the insured's operations. We are thrilled by the value this integration can bring to all involved and are confident we can help solve longstanding communications and application issues for agents and their clients. About Zywave Partner Platform was acquired by Zywave in June 2022. Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. About DataCrest DataCrest is a technology company built by P&C veterans to solve inefficiencies they have recognized in various roles over their careers. Those include solutions for commercial supplemental applications, Quote Bind Issue wizards, and claims probability analytics.

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