Core Insurance
PR Newswire | October 03, 2023
NSM Insurance Group, a global specialty insurance provider with more than $1.6B in premium across 25+ niche insurance programs, today announced the completion of its acquisition of Envisage International. Based in Neptune Beach, Fla., Envisage is a leading provider of global health and travel insurance plans for international students and cultural exchange participants around the world.
"The travel insurance market is booming and will continue to grow at a rapid pace — with the industry predicted to reach $41B by 2027. We plan to seize this market opportunity and become a dominant player in the space," said Bill McKernan, President of NSM Insurance Group. "Envisage is a market leader in international education and cultural exchange insurance with a talented team, strong customer base, established revenue relationships and cutting-edge technology infrastructure. They are an enterprising addition to our portfolio as we look to build our footprint in the international health and travel insurance space."
Envisage offers a wide range of international health and travel medical insurance products through its two brands, International Student Insurance (ISI) and Envisage Global Insurance (EGI). ISI serves colleges, universities, ESL programs, study abroad programs, students, teachers and scholars with A+ rated plans and best-in-class resources. EGI is the leading provider of group insurance plans to organizations in the J1 cultural exchange and global youth travel market, offering unparalleled service and custom-built technology to its clients around the world.
"We're absolutely thrilled to join forces with NSM to help us continue to grow and scale the business," said Keith Clausen, President of Envisage International. "Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help ISI and EGI grow by expanding our distribution channels, further enhancing our technology platforms and expanding our global market reach."
Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable insurance programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance.
For more information about NSM or for investment opportunities, please visit nsminc.com.
About NSM Insurance Group
NSM Insurance Group is a global specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.6 billion in premium across 25+ specialty insurance programs and brands around the world focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; general contractors; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.
About Envisage International
Envisage International Corporation specializes in international health and travel insurance under its two key brands, International Student Insurance (ISI) and Envisage Global Insurance (EGI). With more than 20 years of experience, we take a consultative approach to helping our clients understand their insurance needs, creating customized solutions and providing support every step of the way. With offices in the United States, Mexico, China and Europe, Envisage is well placed to help organizations around the world with their international insurance needs. You can find more information about Envisage, ISI and EGI at envisageinternational.com
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Claims, Life Insurance
Genpact | November 30, 2023
Genpact a global professional services firm focused on delivering outcomes that transform businesses, announced it is working with Amazon Web Services (AWS) and Amazon Business to introduce a transformed approach to property loss replacement and claims management.
Genpact is leveraging its extensive claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement API integrations, including pricing information, to reduce the claims submission process from weeks to days. This initiative is streamlining replacement item identification and enabling more efficient and timely delivery of policyholder estimates. Amazon Bedrock is a fully managed service that provides access to foundation models (FMs) from leading AI companies through an application programming interface (API) to build and scale generative AI applications.
"AI is fundamentally reshaping the landscape of the insurance industry,"
said Sameer Dewan, Global Operating Officer, Genpact.
Our Genpact AI-driven automated pricing workflow, powered by AWS, is transforming the research, significantly reducing the time adjusters spend investigating by as much as 75 percent. By automating routine tasks and enhancing decision making, our AI solution is empowering smarter pricing decisions, expediting claims settlements, and bringing about a profound transformation in the customer experience.
[Source - PR Newswire]
Genpact is committed to delivering measurable value to its clients through ongoing innovation. In the future, the company plans to integrate additional AI services into the automated workflow to introduce enhanced features. These include real-time summaries of market values for claimed contents and optimal action recommendations for further processing.
About Genpact
Genpact is a global professional services firm delivering the outcomes that transform our clients' businesses and shape their future. We're guided by our real-world experience redesigning and running thousands of processes for hundreds of global companies. Our clients – including many in the Global Fortune 500 – partner with us for our unique ability to combine deep industry and functional expertise, leading talent, and proven methodologies to drive collaborative innovation that turns insights into action and delivers outcomes at scale. We create lasting competitive advantages for our clients and their customers, running digitally enabled operations and applying our Data-Tech-AI services to design, build, and transform their businesses. And we do it all with purpose. From New York to New Delhi and more than 30 countries in between, our 115,000+ team is passionate in its relentless pursuit of a world that works better for people.
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Insurance Technology
Integrity Marketing Group, LLC | December 05, 2023
Integrity Marketing Group, LLC a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Hemati Insurance Agency, an independent marketing organization based in Austin, Texas, and led by Eric Hemati. Financial details of the partnership were not disclosed.
"Eric comes to Integrity with two decades of experience and a deep understanding of this business, but he knew there would be more opportunities for growth through our partnership — he wanted to help even more people and offer the strongest support and products possible to his agents," explained Bryan W. Adams, Co-Founder and CEO of Integrity. "We created Integrity precisely to give leaders, like Eric, the meaningful foundation and cutting-edge resources they need to take an agency to the next level. Now that Hemati Insurance Agency is partnered with Integrity, it can tap into an amazing network of expertise and experience. Our partners are positioned to help one another expand and thrive, which stems from our philosophy that a rising tide lifts all boats. I can't wait to see the 'Integrity Effect' of powerful growth make an impact on Hemati Insurance Agency — this business will be one to watch!"
After spending several years in the field, Hemati brought a valuable agent perspective when founding Hemati Insurance Agency in 2003. The company provides clients across the country with life and health insurance products. In order to help protect more families, Hemati focuses on optimizing the agent experience by constantly expanding its support, mentorship and technology offerings. This commitment led to a partnership with Integrity.
"Integrity is a force multiplier! Its vision of bringing together world-class services, technology and leaders to elevate agents' potential is an approach I resonated with immediately,"
shared Eric Hemati, Principal of Hemati Insurance Agency.
Integrity has also created the dream team of partners in the insurance space — these are the leading players in the industry who have founded some of the country's most successful agencies. The opportunity to tap into their wisdom and collective experience is a game-changer for any entrepreneur. My agents are thrilled to utilize Integrity's best-in-class products, especially LeadCENTER and MedicareCENTER, which take the guesswork out of prospecting and allow us to help more people faster and more efficiently. This partnership is a major milestone for our business and significantly accelerates our growth. With Integrity's support, our future looks exceptionally promising.
[Source -PR Newswire]
By developing thoughtful solutions and best-in-class products, Integrity offers resources that make an agent's job more effective and fulfilling. Its end-to-end insurtech platform offers proprietary access to groundbreaking products such as Ask Integrity, a revolutionary AI-powered and voice-activated customer relationship management technology, and LeadCENTER, an on-demand platform which instantly connects qualified leads anywhere in the country with agents ready to serve. Integrity partners receive additional world-class resources and support, including strategic leadership guidance, richly insightful data and analytics, and ongoing product innovation to keep agents at the forefront of industry developments.
Integrity empowers agents to reach more families through its holistic approach to life, health and wealth solutions. The Integrity partner network, comprised of many of the country's leading insurance and financial services companies, recognizes the growing need for cross-industry initiatives to offer comprehensive planning and services to every consumer. This prestigious group is collaborating on best practices and innovations that benefit all stakeholders. Their ingenuity and commitment help more Americans plan for the good days ahead.
About Integrity
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its broad partner network of agents and advisors, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's proprietary, cutting-edge technology helps expand the insurance and financial planning experience for all stakeholders using an omnichannel approach. In addition, Integrity develops products with carrier partners and markets them compliantly through its nationwide distribution network. Providing best-in-class service to our clients and consumers is at the center of Integrity's holistic approach to life, health and wealth protection. The company and its partners focus on helping families and individuals prepare for the good days ahead, so they can make the most of what life brings.
About Hemati Insurance Agency
Hemati Insurance Agency has rapidly become a key and influential player in the insurance industry. The Austin, Texas-based agency focuses on empowering its agents, thereby ensuring the best possible service for its clients. Hemati Insurance Agency consistently provides in-depth training, resources and support designed to help its team of hundreds of agents work more efficiently and effectively. It is also committed to delivering a wide range of personalized solutions that help protect more than 20,000 American families annually.
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