CORE INSURANCE

Lenders Service Corporation (LSC) Joins Unitas Financial Services

Unitas Financial Services | September 27, 2021

Lenders Service Corporation (LSC) is excited to announce its merger with Unitas Financial Services (Unitas) whose mission is to provide the nation's simplest portfolio protection to lenders and real estate investors across the country. LSC is a licensed Managing General Insurance Agency that has served the insurance needs of the lending community since 1981. Unitas, pronounced [YOO-ni-tahs], is a Latin word that means "Oneness or Unity". The merger with Unitas serves to provide an even broader range of highly specialized lender and real estate investor protection programs to all clients, backed by exceptional customer service.

The merger of LSC with Unitas brings together a total of 14 insurance carriers and 510 clients across 30 states. LSC is based in Louisville, KY, and Unitas is based in Dublin, OH with offices in Debary, FL, and representatives across the United States. The merger builds upon the "customer first" service philosophy that has guided both companies to success. Clients will also have access to a robust range of new products, including insurance tracking, mortgage settlement solutions, blanket mortgage, blanket consumer protection (VSI), blanket equipment coverage, and more.

In addition, the merger between LSC and Unitas brings unmatched claims handling experience, better coverage for lenders, and a depth of leadership and staff experience that is unmatched in the industry.  Previously, LSC had acquired the Financial Products Division of Assured Partners NL, LLC's Lexington, KY office. The merger with LSC is a clear signal of Unitas's dedication to the lender protection market, as well as its commitment to provide the most up-to-date and innovative products, services, and concepts in financial institution coverage.

With the talent, industry knowledge, and carrier access that comes with our combined organizations, we will be able to provide our clients with a more diverse, creative, and comprehensive lineup of products and services.  We cannot say thank you enough for your loyalty to our agency over these last 40 years. We will continue to work hard in earning that loyalty as we move into the future as a part of the Unitas family.

- LSC President Gary Criscillis

About Unitas
Unitas was formed in 2020 when Golden Eagle Insurance, founded in 1995, merged with Innovative Risk Solutions, founded in 2005. Unitas provides portfolio protection services for lenders, such as vendor's single interest (VSI), blanket mortgage hazard, blanket commercial equipment, collateral protection insurance (CPI), lender-placed hazard and flood coverage, loan default coverage (Protequity), tax tracking, guaranteed asset protection (GAP), as well as portfolio protection for real estate investors. Lenders in the property and automotive sectors will benefit from a combined 82 years of industry experience from LSC and Unitas. The merged companies will be in a strong market position to offer their services to lenders and real estate investors going forward.

Spotlight

We are entering a new era of insurance, the Digital age, driven by major shifts in customers, technology and market boundaries. What will a digital generation of the insurance industry look like? What will it take to compete? What are the trends shaping it? How is InsurTech shaping the digital age and new generation of insurers? Hear from two leaders on where we are today, where digital ecosystems will take us and provide a roadmap to Digital Insurance 2.0.

Spotlight

We are entering a new era of insurance, the Digital age, driven by major shifts in customers, technology and market boundaries. What will a digital generation of the insurance industry look like? What will it take to compete? What are the trends shaping it? How is InsurTech shaping the digital age and new generation of insurers? Hear from two leaders on where we are today, where digital ecosystems will take us and provide a roadmap to Digital Insurance 2.0.

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INSURANCE TECHNOLOGY

Simply Business Partners with USG Insurance Services to Offer Small Businesses Cyber Liability Insurance

USG Insurance Services, Inc. | September 29, 2021

Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, announced the launch of cyber liability insurance. The new product, developed in partnership with USG Insurance Services, provides small businesses with coverage for financial losses resulting from data breaches and other cyber events, as well as for crisis management, public relations, fraud response, and forensic and legal expenses. Cyber risk is a top concern for small business owners across all industries, and the costs of a single attack can be significant, Our new, affordable solution provides entrepreneurs with the ability to better protect against cyber threats and safeguard the businesses they've worked so hard to build. - David Summers, Group CEO of Simply Business. This cyber offering is available for an annual premium of $250 and expands Simply Business's suite of tailored insurance solutions, which includes general liability, professional liability, errors and omissions, and tools and equipment coverage. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. About USG Insurance Services, Inc. USG is a national wholesale broker and managing general agent (MGA) with 20+ offices across the country. USG represents 300+ A rated carriers, both admitted and non-admitted and is an MGA for 17 carriers, writing business in all states. USG's mission is to become the #1 provider of innovative solutions for the risk management industry – exceeding expectations with its advanced technology, creative problem solving, and research capabilities.

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CORE INSURANCE

Southern States Insurance Exchange selects OneShield for core system transformation

OneShield Software | November 15, 2021

Striving to provide cost-effective insurance and a great member experience, Southern States Insurance Exchange ("The Exchange") has chosen OneShield Software's (www.OneShield.com) SaaS offering, OneShield Market Solutions, to replace its legacy policy management system. The Exchange seeks to transform its process and delivery platform to provide superior service with greater efficiency to its members and plans to implement OneShield's policy, billing, claims and reporting to support their commercial lines product portfolio, including general liability, commercial auto, inland marine, workers' compensation, and the AAIS Commercial Output Program. "Our members look to The Exchange for comprehensive insurance and risk transfer solutions to protect their agricultural businesses. OneShield's successful track record with digital transformation for regional commercial lines providers made them the clear choice in our technology vendor search." - John Madden, President of The Exchange. OneShield's SaaS offering provides end-to-end policy management (quoting, binding, and servicing), billing (invoicing through to payment), and claims administration (first notice of loss through to payment), including document management, reporting, and analysis. This approach delivers rapid implementation while allowing for customization to address the unique needs of regional commercial insurers within an all-in-one pricing model. "OneShield is excited to partner with The Exchange. This win reflects the advantage we offer insurers – cost-effective SaaS that addresses current requirements while ensuring the technology will be responsive as their needs change." - OneShield Chief Revenue Officer Liza Smith. About OneShield Software OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, our portfolio of standalone, subscription, and As-a-Service products include enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, OneShield has 70+ products in production across P&C and specialty insurance markets. About Southern States Insurance Exchange (The Exchange) The Exchange is a reciprocal insurance company that provides Property & Casualty Insurance and risk management solutions to its Ag-Industry members. Operating in 11 states, The Exchange has been insuring agribusiness since 1953.

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CLAIMS

Majesco Recognized as a Challenger in 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America

Majesco | August 31, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has been recognized as a Challenger in the August 2021 Gartner Magic Quadrant for Life Insurance Policy Administration Systems, North America. Per the report, which evaluates 15 vendors, “The pace of policy administration system adoption by life insurers in 2020 continued uninterrupted despite COVID-19. North American life insurance CIOs can use this research to identify vendors that are most relevant to their future.” “The life insurance industry was upended in 2020 due to the COVID-19 pandemic. But through that upheaval, life insurers in North America continued to move forward with legacy modernization and implementation of new policy administration systems at a pace consistent with 2019,” wrote Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “This signals that CIOs took advantage of this time to eliminate technical debt and prepare for the future. And the pace could accelerate. Life insurers expect to spend more on legacy modernization in 2021 than they did in 2020.” The report also notes, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market. Examples include: Low-code product and system configuration to rapidly launch new products and to provide a more adaptable and easy-to-configure user interface. A service-oriented architecture (SOA) that exposes insurance products, rules, algorithms and processes to wider enterprise systems. In addition, it supports integration and ease of upgrade using technologies common to all life insurance business models — such as APIs and an enterprise service bus (ESB). SaaS or off-premises deployment options that support seamless introduction of state-of-the-art native technologies offered by technical giants, such as Amazon or Microsoft, and that provide ready-made resilient infrastructure. Continuous integration/continuous delivery (CI/CD) that provides seamless and frequent upgrades to avoid technical debt accumulation. Digital accelerators, including business intelligence (BI) capabilities, with an array of dashboards and key performance indicators (KPIs) that assist with decision making and portal capabilities to deliver a multichannel, intuitive user experience configurable for different distribution channels and devices. Maintaining safeguards around security and compliance.” “We have seen the acceleration of life insurance companies moving to a robust, cloud-based core insurance platform that will position them to compete with new products, services and customers experiences demanded in our new normal,” stated Adam Elster, CEO of Majesco. “We are honored to be recognized as a Challenger and will continue our investment and commitment to our customers and the industry in providing next generation SaaS solutions that keep them ahead of the competition and market changes. We believe that the report showcases not only our robust capabilities, but our Ability to Execute with the tremendous growth momentum over the last year in terms of new wins and our growing strategic partnerships with systems integrators supporting our implementations. In our opinion, this recognition reaffirms that we are helping our customers seamlessly transition to building the future of insurance with digitally enabled solutions.” Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing, and claims across a wide array of products, both traditional and new. It brings a host of exciting, innovative capabilities to life, group, and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth. “Nearly every insurance company is in the midst of transforming their business, recognizing the significant need to improve, both operationally and innovatively, to enable profitable growth,” said Manish Shah, President and Chief Product Officer of Majesco. “This era of life insurance is different than even just two years ago and Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and benefits insurance market that digitally enable carriers to meet the emerging shift in new customer needs and expectations while helping them maintain their competitive advantage.” Gartner Disclaimer GARTNER and MAGIC QUADRANT are registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

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