K2, Homesite partner to offer insurance for manufactured homes

K2, Homesite | January 27, 2020

K2 Insurance Services, a subsidiary of Aegis General Insurance Agency, has announced a strategic partnership with Homesite Underwriting Managers, the program business unit of Homesite Insurance Group. “Homesite’s record of success and innovative focus within the residential property market will allow Aegis General to continue our growth trajectory and industry-leading profitability within the manufactured-home and affordable-housing insurance sectors,” said Bob Kimmel, president and CEO of K2. Aegis General is a specialty program administrator that manages property insurance products for manufactured homes and specialty dwellings. Homesite, an affiliate of American Family Insurance Group, offers homeowners’, condo, renters’, small business, flood and term life insurance in nearly all 50 states.

Spotlight

In the increasingly competitive world of insurance, staying one step ahead of the competition is vital if an insurance company is to grow profitably and improve the underlying performance of its books of business. Direct Line famously showed the power of this when it introduced the direct business model to insurance and, more recently, the price comparison websites have once again shook up the market, leaving those slow to adapt trailing in the wake of their more agile competitors.

Spotlight

In the increasingly competitive world of insurance, staying one step ahead of the competition is vital if an insurance company is to grow profitably and improve the underlying performance of its books of business. Direct Line famously showed the power of this when it introduced the direct business model to insurance and, more recently, the price comparison websites have once again shook up the market, leaving those slow to adapt trailing in the wake of their more agile competitors.

Related News

CORE INSURANCE

Yum China to Further Upgrade Employee Benefits, Adding One Million Yuan Medical Insurance Coverage for Restaurant General Managers

Yum China Holdings, Inc. | November 26, 2021

Yum China Holdings, Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) announced at its 2021 Restaurant General Managers ("RGMs") Convention, held virtually, that it will offer enhanced medical insurance coverage of up to RMB 1 million to each of its approximately 10,000 RGMs. The Company will also increase critical illness insurance coverage for family members of qualified RGMs to RMB 200,000. As one of the most extensive employee benefits plans in the industry in terms of number of people covered, the newly upgraded benefits will be implemented from January 2022 and will build on existing initiatives including equity incentives, family insurance and housing subsidies. The Company is also upgrading its "Family Care Fund" plan for the restaurant management team (RMT) and restaurant service team leaders, increasing critical illness insurance coverage under the plan to RMB 150,000, while offering access to certain expedited medical services for eligible employees and their family members. The newly upgraded benefits are expected to cover more than 60,000 RMT employees and their family members, as well as 26,000 restaurant service team leaders, helping them mitigate the financial risks brought about by critical illnesses. "The Company is extremely grateful to our restaurant managers for their diligence and agility on the front lines of our restaurants, particularly while navigating the challenges of Covid-19. Thanks to their dedication, Yum China has been able to provide customers with uninterrupted access to meals and excellent service while also supporting the community through trying times, Employee satisfaction is the key to customer satisfaction. Therefore, it is the responsibility of our company to create a working environment for employees guided by our principle of Fair, Care and Pride, as well as taking steps to protect their families." - Joey Wat, CEO of Yum China. Yum China has always adhered to a "people-first" philosophy, ensuring that the health and wellbeing of employees is the Company's top priority. Additionally, the Company continues to increase investment in protecting the health of employees and their families. The upgraded medical insurance package for RGMs covers a wide range of mild and severe diseases, providing greater support against the challenge of high medical expenses. In 2018, Yum China launched the "Family Care Program" for RGMs. In 2020, the Company launched the "Family Care Fund" for RMT employees, which entitles them to additional coverage for critical illness for their parents as well as additional accident insurance coverage for their children and spouses. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children. In December 2020, the fund was extended to also provide critical illness coverage to restaurant service team leaders. The newly announced benefits upgrade is the latest manifestation of Yum China's long-standing commitment to its RGM No.1 corporate culture. The Company believes that RGMs are the most important leaders at Yum China and play a key role in the Company's long-term success. Yum China not only provides employees with competitive salaries and benefits, but also ensures that employees share in the Company's success. After becoming an independently listed company in 2016, Yum China announced that it would award RSUs valued at US$2,000 to every qualified RGM. Following its secondary listing in Hong Kong in 2020, the Company awarded additional RSUs valued at US$3,000 to eligible RGMs. Up to now, a total of 14,000 RGMs have received RSUs. About Yum China Holdings, Inc. Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list in 2021. Yum China has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2021, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute, both for the third consecutive year.

Read More

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.

Read More

LIFE INSURANCE

Paperless Solutions Group Acquired by MIB

MIB, Paperless Solutions Group | November 30, 2020

MIB, the life insurance industry's generally trusted and secure partner for data-driven services, declared that it has acquired Paperless Solutions Group (PSG), a computerized solutions supplier. The obtaining extends MIB's arrangement of solutions pointed toward making the application and endorsing processes snappier and more productive. MIB's extended portfolio will incorporate PSG's items and apparatuses that mechanize and encourage the application process, including necessity gathering, signatures, policy conveyance, application accommodation and endorsing risk appraisal. These services incorporate deftly and effectively with transporter frameworks and supplement MIB's current items, which assist guarantors with evaluating risk during and after the endorsing process. "PSG has a long history of service to the life & health space with a special eye to process improvement," said Jeff McCauley, President of PSG. "The team and I are very excited to join the MIB Group as we believe the alignment of our products, services and personnel will bring even more innovation to the industry." PSG's tools can be used individually, or on a bundled basis, and are easily incorporated into a carrier's existing systems through robust API plug-in capabilities. "We believe PSG's platform could provide significant value to the life insurance industry by streamlining the underwriting process and providing an efficient and reliable portal to collect key data closer to the point of sale," said Winikoff. That value is of critical importance as the life insurance industry looks to new technologies to help them drive efficiencies. About Paperless Solutions Group PSG is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Our products and services provide unparalleled automation and integration for the insurance services industry. These innovative offerings conduct millions of transactions annually by enabling the presale, new business and underwriting, point of sale, and post-sale support. About MIB MIB Group, Inc. is the life and health insurance industry's most trusted and secure partner for data-driven risk management and digital solutions that protect the financial integrity of its members and clients while addressing their evolving needs. Owned by its members who span the life insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably.

Read More