RISK MANAGEMENT

Knuula Grows Engagement Letter Library via Partnership with McGowan Programs

Knuula | November 11, 2021

Knuula, the leader in digital engagement letters, is excited to announce a partnership with McGowan Programs! As a leading provider of professional liability insurance, McGowanPRO sets the standard for risk management and engagement letters. With this partnership, all of their popular templates are now publicly available for use on Knuula. Additionally, all firms holding an active errors and omissions insurance policy through McGowanPRO will receive a discount on their Knuula subscription!

"Over the last couple of years, Knuula has built the best system out there for finding, drafting, editing, and sending engagement letters. Partnering with McGowanPRO brings high-quality, up-to-date engagement letter templates to our library and streamlines the process even further for our users."

- Jamie Peebles, Founder & CEO, Knuula

"As a leading professional liability insurance broker, McGowanPRO has always maintained that well-written engagement letters are an essential tool for accountants and CPAs to lower their exposure to litigation. Making our engagement letters easily accessible and improving the ability to customize them is so important. A partnership between Knuula and McGowanPRO, Risk Management Advisors to Accountants and CPAs, is a natural fit!"

- Stephen Vono, Senior Vice President, McGowanPRO

Spotlight

Since the passage of the federal Patient Protection and Affordable Care Act of 2010 (ACA), there has been a lot of speculation about its potential impact. The goal of the law is to make affordable, quality health insurance available to all Americans through a combination of premium tax credits, individual and employer mandates and health insurance market reforms, including guaranteed issue, a prohibition on preexisting condition exclusions, and adjusted community rating in the individual and small group markets.

Spotlight

Since the passage of the federal Patient Protection and Affordable Care Act of 2010 (ACA), there has been a lot of speculation about its potential impact. The goal of the law is to make affordable, quality health insurance available to all Americans through a combination of premium tax credits, individual and employer mandates and health insurance market reforms, including guaranteed issue, a prohibition on preexisting condition exclusions, and adjusted community rating in the individual and small group markets.

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CORE INSURANCE

Hub International Acquires the Insurance Brokerage Assets of the Pete Webb Agency in Virginia

Hub International Ltd | July 12, 2021

Hub International Limited (Hub), a leading worldwide insurance brokerage and financial services company, announced the acquisition of Pete Webb Agency's insurance brokerage assets. The transaction's terms were not revealed. Pete Webb, the owner, formerly worked for Nationwide Mutual Insurance Company (Nationwide), which has now moved to an independent broker model. Pete Webb Agency, located in Fredericksburg, Virginia, offers personal and commercial insurance services such as home, car, life, and business. This addition enhances and strengthens Hub's personal insurance services. Since 2019, Hub has added over 20 agencies that were previously exclusive Nationwide agents before becoming independent. Mr. Webb and his staff will join Hub Mid-Atlantic while operating from their present site in Fredericksburg. About Hub's M&A Activities Hub International Limited is dedicated to expanding its global presence and strengthening the industry and product expertise through organic and acquisition growth. About Hub International Hub International Limited, headquartered in Chicago, Illinois, is a major full-service worldwide insurance broker and financial services company offering risk management, insurance, employee benefits, retirement, and wealth management products and services. With over 13,000 employees in locations throughout North America, Hub's vast network of experts provides clarity to a changing world via tailored solutions and unwavering advocacy, ensuring customers are prepared for the future.

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INSURANCE TECHNOLOGY

HawkSoft Releases HawkLink for Google Chrome to Auto-fill Policy Data

HawkSoft | March 10, 2021

HawkSoft, the Oregon-based management system and insurtech provider, has introduced a new tool to eliminate double-entry on the web: HawkLink for Google Chrome. Insurance professionals often waste valuable hours and risk E&O exposure by physically re-entering client and policy information from their management system into carrier portals or other insurance websites. As an extension for the most popular web browser in the world, HawkLink for Google Chrome enables agency staff to effortlessly auto-fill agency, client, and policy information from their HawkSoft management system into most websites compatible with the Chrome browser. HawkLink passes information from the HawkSoft management system into websites for quoting, policy servicing, digital payment processing, and premium finance. The intelligent tool adjusts as it memorizes where information is flooded to on specific insurance websites. Agents can share their field mappings back to HawkSoft to add to crowd-sourced database of mappings already available to all agencies. The first iteration of HawkLink was introduced in 2003 as a toolbar on the then-dominant Internet Explorer browser. "There was so much rich data in our management system that we wanted to make available to use on company websites," recalls Paul Hawkins, CEO and co-founder of HawkSoft, remembering the genesis of HawkLink. The original toolbar and later dedicated browser version of HawkLink have saved HawkSoft agencies thousands of hours over the years. With the browser popularity shifting from Internet Explorer to Google Chrome, the original toolbar's efficacy needed a rethinking. "We knew it was time to give HawkLink some love," said Paul Hawkins, "and this was an opportunity to re-invent HawkLink with ideas that have come up over the years but that the old toolbar could no longer support." Sean Hawkins, VP of Development and co-founder of HawkSoft, took on the challenge of redesigning HawkLink as a browser extension to Google Chrome. "Our Product and Development teams have made so much progress towards moving HawkSoft into the cloud," noted Sean, "that we could really innovate on how HawkLink works." This included making HawkLink an extension for Google Chrome, leveraging easier data accessibility through HawkSoft Cloud to increase the amount of available data, and making mapping websites a crowd-sourced and community-driven initiative. Sean explained, "crowd-sourced mappings was our Holy Grail for this version of HawkLink. With it, HawkLink for Google Chrome gets better every time a HawkSoft agency uses it to map a new website." HawkLink for Google Chrome has over 50 common and regional insurance carriers, financial services and government websites pre-mapped for auto-fill thanks to crowd-sourcing efforts by agencies and direct collaboration with the website owners. Dozens of new websites are being added every month. For HawkSoft agencies, HawkLink for Google Chrome is cutting down the time it takes to navigate and use their company websites. HawkLink can launch multiple company websites at once, a powerful time saver for agents like Kelly Endicott of Ohio. "My staff and I generally know the three or four companies we might place a new client with, which is why we haven't felt the need to invest in a comparative rater," said Kelly. "With HawkLink, I can launch those websites in one go and make it through each quote process in a matter of minutes." For agents that understand where to place a risk, she observed, "HawkLink is the fastest way to get an accurate and bindable quote from a company." HawkLink for Google Chrome is available with the latest release of HawkSoft, out now for all customers. The feature is available at no additional cost. About HawkSoft Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year.

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LIFE INSURANCE

Sapiens Partners with LifeScore Labs to Innovate Life Insurance Underwriting

Sapiens, LifeScore Labs | December 04, 2020

Sapiens International Corporation, a main worldwide supplier of software answers for the insurance business, reported today an association with LifeScore Labs, a completely possessed insurtech subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to offer life guarantors progressed AI capacities for more exact risk assessment and underwriting. Through a consistent reconciliation with Sapiens Underwriting Pro, transporters can get a moment assessment of mortality risk on their candidates utilizing two diverse scoring models – LifeScore Med360℠, which computes mortality risk dependent on 49 candidate explicit information focuses including a clinical test, and LifeScore Fluidless℠, which evaluates risk using self-detailed candidate data along with credit and freely available reports. AI models can offer a more exact and exact methods for measuring mortality risk than conventional techniques. The mechanization gave by LifeScore Labs improves risk assessment, diminishes underwriting costs and improves proficiency while conveying a superior client experience. "ML, AI and big data are transforming insurance underwriting as we know it," said Roni Al-Dor, President and CEO at Sapiens. "With its team of more than 40 data scientists and more than 1.5 million application records dating back 20 years, LifeScore Labs and MassMutual have the expertise and capabilities needed to drive this transformation, making them ideal partners in our quest to make life insurance more efficient, tech-savvy and customer-friendly." Notwithstanding reams of verifiable application records, LifeScore Labs' AI models additionally fuse more than 1.2 million records with annexed credit and freely available reports information, just as in excess of 23,000 noticed passings. Through the Sapiens-LifeScore Labs association, guarantors will approach a set-up of highlights accessible through Sapiens UnderwritingPro stage, an electronic answer for computerized underwriting and new business case the executives intended to smooth out safety net provider work processes and decrease time to issue and strategy obtaining costs. Sapiens UnderwritingPro gives a total Straight-Through Processing (STP) underwriting climate with its instinctive UI, constant dashboard, refined guidelines motor, and progressed work process and examination. The hearty advanced arrangement encourages the drive for safety net providers to advance toward "fluidless" underwriting encounters with negligible or no human mediation. "To successfully compete in a fast-evolving market, life insurers need best-in-class automation technology, robust data capabilities, a granular understanding of risk and the agility to adapt to changing customer needs – and that's precisely what the synergistic partnership between Sapiens and LifeScore Labs will offer," said Michael Gallary, COO, LifeScore Labs. About Sapiens Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 500 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements. About LifeScore Labs, LLC LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary of MassMutual, was established in 2017 to bring to market selected intellectual property created by MassMutual's Data Science team. LifeScore Labs delivers a toolkit of data-driven risk-scoring models that make underwriting more efficient while generating results that are easier to interpret for both insurers and consumers.

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