INSURANCE TECHNOLOGY
Milliman | November 23, 2022
Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements.
"The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence."
-Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe
Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution.
Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman.
Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining.
About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.
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CORE INSURANCE,AUTOMOBILE INSURANCE
Ford Motor Company and Wejo | November 30, 2022
Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility for Good and cloud and software solutions for connected, electric and autonomous vehicle data, today announced the U.S. expansion of its insurance offering with Ford Motor Company.
Insurance providers will be able to better understand driving behaviors through connected vehicle data and insights to support user-based intelligence for end-to-end insurance with the help of Wejo and Ford’s collaboration. This announcement comes after Wejo and Ford successfully launched the same program throughout Europe in June.
“Expanding our joint capabilities with Ford in the U.S. enables mutual benefit to both policyholders and insurers as auto insurance companies leverage connected vehicle data for good, We’re excited to embrace the estimated $1.7 billion by 2030 total addressable user-based insurance market in the U.S. by working with vehicle OEMs to help insurance providers leverage actionable data insights. Our expanded partnership with Ford for end-to-end insurance is a significant step toward reinventing auto insurance for a smarter, safer future.”
-Richard Barlow, founder and CEO of Wejo
When this offering is available, with customer consent, connected vehicle data can be used to establish usage-based vehicle insurance policies that reward customers based on their driving behaviors. This data can help the vehicle insurance industry better validate customer supplied details, identify and minimize insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policymakers and customers.
We are excited to expand our insurance data services relationship with Wejo into the U.S. market, Connected vehicle data allows insurance providers to better understand driving behaviors which can result in discounts to policy holders and ultimately help reduce the total cost of vehicle ownership for our customers,said Amy Graham, Services Marketing director at Ford Motor Company.
This agreement focuses on using defined data sets created for end-to-end insurance in the U.S. Wejo’s broad range of capabilities and experience in interpreting documented and real-time connected vehicle data, including over 79 billion journeys to date collected from approximately 18 million connected vehicles in the U.S., creates an opportunity to help insurance companies globally deliver the next generation of auto insurance to further its promise of data for good.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, as well as connected services. Additionally, Ford is establishing leadership positions in mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 176,000 people worldwide.
About Wejo
Wejo is a global leader in Smart Mobility cloud and software solutions for connected, electric, and autonomous vehicle data, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables Smart Mobility for Good™ products and services by organizing trillions of data points from approximately 20 million vehicles and more than 85 billion journeys globally, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs approximately 300 people and has offices in Manchester in the UK and in regions where Wejo does business around the world.
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RISK MANAGEMENT,INSURANCE TECHNOLOGY
Oakbridge Insurance Agency | December 20, 2022
Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the United States, today announced a new partnership with NorthShore Insurance LLC, an independent agency located in Chattanooga, Tennessee. The partnership supports Oakbridge's continued expansion throughout the southeast.
NorthShore Insurance offers a broad range of personal insurance products and advice with expertise in addressing the unique and varied needs of the affluent and high net worth clients. For decades, NorthShore has helped individuals protect their personal assets and reduce risk.
"We are excited to welcome NorthShore as our newest partner in Tennessee, Vickie and her team's expertise in personal insurance will serve as an asset for the management of Oakbridge's business in Tennessee and throughout the southeast."
-Oakbridge CEO Robbie Smith
The partnership provides both firms with access to a broader pool of resources, industry knowledge and niche expertise, and further expands its focus on specialization in personal lines.
We look forward to joining the talented team at Oakbridge, We feel certain that the partnership with Oakbridge will further enhance our commitment to client service excellence and move NorthShore to the next level of capabilities for our clients,said Principal Vickie Champion.
About Oakbridge Insurance Agency
Founded in 2020, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital, and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is one of the largest privately owned insurance, risk management and employee benefits agencies in the nation. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, affluent personal and transportation industries.
About NorthShore Insurance LLC
Northshore Insurance serves the insurance needs of individuals, families and businesses. As an independent insurance agency, NorthShore represents many top-rated insurance companies. NorthShore is centrally located on the Northshore of Chattanooga, Tennessee.
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