Liberty Mutual to refund $250 million to auto insurance customers

Liberty Mutual | April 08, 2020

Liberty Mutual to refund $250 million to auto insurance customers
Liberty Mutual has recognized the financial burden caused by the COVID-19 pandemic, and has responded by announcing a “Personal Auto Customer Relief Refund” program that will give auto insurance customers a 15% refund on two months of their annual premium. A release said that this refund program returns about $250 million to both Liberty Mutual and Safeco personal auto insurance customers. Pending regulatory approval, personal auto insurance customers will receive the 15% refund on two months of their annual auto premium as of April 07, 2020. The refunds will be paid out starting April, and will be issued either in the form of a check or in the manner the customer made their most recent payment. Liberty Mutual also indicated that the refund payments will happen automatically – customers do not need to call the insurer to receive the refund.

Spotlight

The insurance industry sits on the stable bedrock of legacy. Until now, most successful insurance companies could be characterized as traditionalists rather than technologists. However, the mobile revolution has changed the game of even the most established industries. In what Forrester has coined the “mobile mind shift,” customers now expect to engage via mobile with companies in all sectors.

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Oakbridge Insurance Continues Expansion Through New Partnership with Snider Killingsworth Insurance & Risk Management

Oakbridge Insurance | September 17, 2021

Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the Southeast, today announced a new partnership with Snider Killingsworth Insurance & Risk Management (Snider Killingsworth) based in Griffin, Georgia. The partnership strengthens Oakbridge's footprint in Georgia, particularly within the growing Metro Atlanta region, and sets the stage for continued expansion in the Southeast. The partnership provides both firms with access to a broader pool of resources, industry knowledge, and niche expertise across several specialty insurance offerings, such as specialized construction, non-profit, transportation and logistics, and retail. We are excited for our partnership with Snider Killingsworth and how the combination provides expanded expertise and resources for our clients, At its core, our purpose is about helping people and we do that through providing our clients with the highest levels of service and expertise. By combining forces with Snider Killingsworth, we increase our ability to strategically support our clients with an expanded offering of solutions while also strengthening our already deeply rooted presence in the Griffin community. - Oakbridge CEO Robbie Smith. Founded in 1947 by Otis M. (Pete) Snider Jr., and purchased by Terry L. Killingsworth in 1983, Snider Killingsworth has long been known for excellence in client service, from listening attentively to client needs to providing comprehensive, straightforward, and thoughtful independent risk management solutions to advocating for client interests. In addition to aligning with Oakbridge's values and culture, the firm's existing carrier relationships and industry practice areas are a great complement to Oakbridge's offerings. We are thrilled to become an Oakbridge partner and look forward to the growth and momentum that's ahead for our organization. This partnership will allow us to share best practices, create greater efficiencies and deliver even higher levels of value for our clients. - Snider Killingsworth CEO Terry Killingsworth. As an Oakbridge partner, Snider Killingsworth will maintain its office in Griffin, Georgia. About Snider Killingsworth Insurance Agency Snider Killingsworth is an independent insurance agency in Griffin, Georgia, that has been serving businesses, individuals and families in the southeast since 1947. Snider Killingworth offers personal and business insurance as well as general risk management and is affiliated with the Independent Insurance Agents & Brokers of America (IIABA) and its Trusted Choice program, as well as with the National Association of Professional Insurance Agents (PIA).. About Oakbridge Insurance Agency Founded in 2020 through the merger of four leading insurance and risk management firms in the Southeast, 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 now one of the largest privately owned insurance, risk management, and employee benefits agencies in the region. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living and transportation industries.

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US National Flood Services to drive innovation and modernization into the flood insurance industry

National Flood Services | May 06, 2020

NFS has emerged with a technology platform called Trident that enables end-to-end quoting, applications, policy management, and claims. NFS launched Trident, which presents a stark contrast to how flood insurance has traditionally been quoted, sold and managed. NFS has also aimed to make understanding the flood insurance industry easier for agents and policyholders to navigate by supplementing the new application process. The flood insurance market has historically lagged behind other lines of business when it comes to customer simplicity, agent experience, and innovation. There has been limited progress in terms of operations and workflows within companies, the way in which agents are educated, and how the product is sold. However, one flood solutions provider that boasts a 35-year history and deep expertise in this marketplace is driving innovation and modernization into the flood insurance industry. National Flood Services (NFS), the #1 provider of flood solutions in the US, has been on a journey over the past two years to reinvent the flood insurance business and transform access to the flood product for agents and customers. Following a major acquisition, NFS has emerged with a technology platform called Trident that enables end-to-end quoting, applications, policy management, and claims, in addition to a wealth of educational resources that serve agents and policyholders. The transformation of the company began when PEAK6 Investments acquired NFS from Aon in 2018. At that point, the flood insurance market had lacked some of the innovation seen in other fintech sectors, creating a tremendous opportunity and need to transform the customer experience in flood. As part of the company’s reinvention, NFS launched Trident, which presents a stark contrast to how flood insurance has traditionally been quoted, sold and managed. Within the application, the specific questions that property owners need to answer depend on the property and will vary between customers, making the process often challenging to understand for typical agents, especially if they’re not writing flood frequently. - Ralph Blust, CEO of NFS. NFS determined that the quoting, application and policy management process could be significantly simplified using technology to promote a more intuitive and responsive workflow based on the initial responses of an insured. Using Trident, 85% of property owners in the United States – those of the population that are eligible for the lower-risk PRP policy – will be guided through seven questions and provided an instant quote. The platform also integrates third-party data, historical analytics, and optical character recognition (OCR) as a means of simplifying data entry to shorten the process for agent and policyholder. Read More: AIG MADE HISTORY WITH THE LAUNCH OF LARGEST-EVER SYNDICATE AT LLOYD’S “We are solving the complexity of obtaining a quote by streamlining the process and guiding the agent and the policyholder on some of the more intricate application requirements,” said Blust. “As of today, Trident is delivering immediate quotes to two out of three risks, with our goal to be at 95% of all risks getting quoted with us on an immediate basis.” NFS has also aimed to make understanding the flood insurance industry easier for agents and policyholders to navigate by supplementing the new application process with modern training and education programs to build knowledge and expertise in flood. On the NFS website today, agents will find over 140 videos that range from one-minute to three-minutes in length and are designed to answer specific questions that an agent or consumer might have about flood insurance. Those include how to file a claim, how to buy insurance, and whether a homeowner needs insurance, alongside many other key topics. Agents can also find longer training webinars that dive deeper into flood-related subjects, such as deciphering various policy types, the different risks that cause flood and specific requirements within the application process. Another exciting feature on the NFS website is the library of documents available for agents to use when selling flood. “We’ve also given agents a digital library of promotional and marketing material that they can use in order to better solicit flood,” said Blust. “Most agents historically have been hesitant in quoting the flood product and our [mission] has been that if we educate the agent properly and make it easy for the agent to sell the product, more will do that.” Read More: GEICO AND PROGRESSIVE CONTINUE TO LEAD THE U.S. AUTO INSURANCE MARKET Since the acquisition of NFS by PEAK6, the flood solutions provider has become a technology and service provider, an advocate of flood insurance, and an education resource on the peril of flood. Being an expert across these services uniquely positions NFS because there’s no other enterprise that’s integrating all three solutions to the insurance community and to consumers. The education component aimed at agents has been especially successful. Over a six-month period, NFS ran an integrated digital program to 13,000 agents to increase knowledge and awareness of flood. Over that time, the agents that participated in the e-learning program saw a 20% increase in policy growth all over the country, beyond just areas where flood has traditionally been sold. Considering that structures in the US today are three times more likely to have a flood than a fire over the 30-year course of a mortgage, yet only 12% of all homes are insured today for flood, promoting flood insurance education has never been more important. This shows that if you train agents and create awareness of the exposures that are associated [with flood], the coverage options, and how to complete an application, which is a key denominator in our platform, you can help facilitate the government’s mission to cover every structure that’s exposed to flood, And that’s what we’re here to do, is to support that effort. - Ralph Blust, CEO of NFS. AboutNational Flood Services National Flood Services (NFS) is to make a difference in people’s lives by helping protect what’s important. As a leading flood insurance vendor, we service more than 2.4 million flood policies and $2 billion flood insurance premiums each year. We take pride in knowing that flood insurance provides a critical protection against the world’s most catastrophic and costly natural disasters and is essential to helping rebuild lives devastated by flood. Our 550 colleagues across the U.S. are passionate about building valued partnerships with the industry’s largest Write-Your-Own (WYO) carriers, educating insurance agents through the complexities of flood insurance, and providing innovative solutions to meet the changing needs of today’s property owners.

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Accenture and Sopra Steria to Help French Insurance Group Covéa Transform Its Finance Function

Accenture | June 22, 2020

Accenture (NYSE: ACN) and Sopra Steria are helping Covéa, France's largest property and casualty insurer, with its finance transformation program as part of a four-year joint agreement. The program aims to modernize and simplify the insurance group’s finance function across its three notable brands — MAAF, MMA and GMF. Together, Accenture and Sopra Steria will help Covéa converge three separate accounting systems into one integrated platform, which will better integrate with other systems across the business and improve the user experience for finance employees.

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Spotlight

The insurance industry sits on the stable bedrock of legacy. Until now, most successful insurance companies could be characterized as traditionalists rather than technologists. However, the mobile revolution has changed the game of even the most established industries. In what Forrester has coined the “mobile mind shift,” customers now expect to engage via mobile with companies in all sectors.