LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 20, 2023
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry.
The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members.
The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks:
The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims.
Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers.
Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America.
Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more."
"Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward."
About MIB
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the 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. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.
Read More
CORE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | April 28, 2023
Zinnia, a life and annuity insurance technology and digital services company, today announced it is acquiring Policygenius, a digital insurance marketplace. The acquisition lays the foundation for the industry’s first front-to-back architecture to power the entire insurance value chain and better serve carriers, advisors, and policyholders.
The transaction expands Zinnia’s reach into digital distribution solutions, creating new opportunities to service carriers and distribution partners. Together, Zinnia and Policygenius will offer products and services spanning life and annuities, disability, and property and casualty insurance. At the heart of Policygenius is a platform that simplifies the process for consumers to buy insurance, and an extensive data analytics capability that, combined with Zinnia’s growing tech capabilities and well-established third-party administrator (TPA) infrastructure, lays the groundwork for exceptional experiences for those who buy, sell, manufacture or administer insurance policies.
Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand. These capabilities will connect with Zinnia’s new system of record to further develop the Open Insurance architecture. The acquisition opens growth opportunities for Zinnia’s and Policygenius’ combined 60+ carrier clients, 350 distributors and partners, and 2M+ policyholders.
“At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim,” said Michele Trogni, Zinnia Chief Executive Officer. “Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry.”
“We are thrilled to have a partner in Zinnia, that shares in our vision to transform the industry through technology and a consumer-first approach,” said Jennifer Fitzgerald, Policygenius Co-founder and CEO and newly appointed Zinnia board member. “Their depth of insurance expertise and entrepreneurship has resulted in more than $170B in assets under administration and the launch of 170+ new carrier products. Together, we will expand the reach of our carrier and distribution partners, helping even more consumers achieve financial protection. The promise of Open Insurance is huge, and we are excited to embark on this journey with Zinnia together.”
“This strategic combination positions Zinnia and Policygenius to deliver great benefits for carriers and consumers, and we believe there is enormous unmet demand in the market for a seamless digital experience underpinned by a compelling, end-to-end insurance offering,” said Jake Heller, Partner at KKR and newly appointed Zinnia board member. “We look forward to serving as an investor in the combined business alongside Eldridge and supporting Michele, Jennifer, and these talented teams in their next chapter of growth.”
KKR, through its Technology Growth strategy, was a lead investor in Policygenius and will remain an investor in the combined company.
Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia. Latham & Watkins LLP served as legal counsel to Policygenius.
About Zinnia
Zinnia, an Eldridge business, combines a rich history of insurance expertise and product capabilities to create simplified and digitized outcomes that deliver better value and foster more seamless, secure, and efficient experiences for carriers, advisors, consumers, and reinsurers. The Company’s vision for Open Insurance empowers clients through intuitive technology solutions that decrease processing time, drive product innovation, and bring new products to market faster, enabling more people to protect and enrich their financial futures.
About Policygenius
Founded in 2014 by Francois de Lame and Jennifer Fitzgerald, Policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $200 billion in coverage.
Read More
CORE INSURANCE, RISK MANAGEMENT
Businesswire | March 29, 2023
Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Agape Insurance Services.
Established in 2004, in Anaheim CA, Agape Insurance Services has been a reliable partner in providing Auto, Home, Business, and Life insurance solutions to clients across California. With a focus on personal lines, Agape Insurance Services has gained a reputation for its honest and genuine approach to serving customers.
Under the Inszone Insurance brand, the Agape Insurance team will continue to operate out of Inszone’s Anaheim office and offer the same high-quality service to their clients. The acquisition represents another milestone for Inszone Insurance Services as it strengthens its presence in California and expands its commercial and life insurance offerings.
“We are thrilled to welcome Agape Insurance Services to the Inszone family," said Chris Walters, CEO of Inszone Insurance Services. “This acquisition represents another milestone as we continue to broaden our footprint and capabilities in our home state of California."
Inszone Insurance Services continues to pursue an aggressive growth plan, aiming to enhance its presence in existing markets and expand into new ones. Several important transactions are expected to be announced in the upcoming months.
About Inszone Insurance Services
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.
Read More