PR Newswire | January 10, 2024
Employee Navigator, one of the nation's leading benefits and HR solutions for brokers, and MGIS, a national insurance manager offering specialized insurance programs for doctors, have announced a new partnership to bring leading-edge HR and benefits technology integrations to doctor group practices. The new partnership builds on MGIS's relationship with Reliance Matrix, a leading benefits and absence provider, and its unique Employee Navigator integration.
"We believe the partnership with Employee Navigator will transform the employer and employee benefits experience," said Jeff Brunken, President of MGIS. "Through our relationship with Employee Navigator, our mutual clients will benefit from the technology-enabled efficiencies and ease of business that are so important in today's insurance marketplace. These integrations will help to drive participant engagement and client retention for our benefit brokers."
Through the Employee Navigator relationship, MGIS clients will benefit from a dedicated support team that will help brokers build out a full-service enrollment experience and provide additional case management support, at no additional cost. As always, MGIS account managers also provide white-glove, specialized account management and billing support, all critical features for brokers and administrators.
"MGIS has a long history of offering the highest quality insurance program for doctors. We're confident that our customers will receive an enhanced benefits experience through MGIS and Employee Navigator," said George Reese, CEO of Employee Navigator. "This partnership provides seamless, integrated benefits administration and will lead to a positive enrollment experience for brokers, employers and participants."
In 2023 MGIS announced its exclusive partnership with Reliance Matrix, a national leader in benefits solutions and absence management. Together, MGIS and Reliance Matrix serve doctors in all practice settings and medical specialties. An Employee Navigator carrier partner since 2022, Reliance Matrix more than doubled the number of benefit plans and employer clients enrolled and managed on the Employee Navigator platform in 2023, through more than 150 unique broker partners.
"Employee Navigator has played a big part in our overall success in the small and midsize employer market, thanks in part to our unique streamlined billing solution available on the platform," said Paula Hanson, AVP Benefit Technology Solutions for Reliance Matrix. "Our proprietary process raised the bar on service and convenience and continues to win fans among brokers and clients."
Marketed through independent brokers and agents, benefit solutions include Disability Guard for Doctors, a unique long-term disability product blending the highly valued policy provisions of an individual product with the guaranteed issue and simplified administration of a group long-term disability plan, as well as short-term disability, group life and Accidental Death & Dismemberment plans.
MGIS also supports a High Limits Disability Insurance program, offering an increased level of protection for high earners, providing more robust and holistic protection for doctors above and beyond any group long-term disability and individual disability coverage. For those groups offering the high limits program, this specialized product will also be available on Employee Navigator as part of an integrated, holistic enrollment experience.
MGIS is a leading national insurance program manager experienced in building and managing specialized insurance programs for doctors. MGIS partners with highly rated insurers and focuses on disability and life insurance for practices of all sizes, types, and medical specialties. Insurance policies managed by MGIS are backed by the underwriting companies of Reliance Matrix and Certain Underwriters at Lloyd's, and are marketed exclusively through select brokers and insurance advisers. MGIS services are provided by MGIS affiliated companies: The MGIS Companies, Inc., Medical Group Insurance Services, Inc., and MGIS Underwriting Managers, Inc. (DBA as MGIS Professional Insurance Solutions in CA and MGIS Underwriting Agency in NY).
About Employee Navigator
Employee Navigator is a rapidly growing benefits and HR software company integrated with over 400+ of the nation's leading insurance carriers, payroll companies, and TPA's. Its platform delivers brokers and employers a truly connected digital experience, streamlining the management of everything from online enrollment and onboarding to ACA reporting, time off tracking, and more. The company currently works with more than 5,000 brokers, providing benefits administration and HR products to over 175,000 companies and 14+ million employees and dependents.
About Reliance Matrix
Reliance Matrix delivers employee benefit, absence management and workforce productivity solutions through the financial stability of a top-rated (A++ by AM Best) insurance carrier, the proven innovation of an absence TPA, and the daily commitment of thousands of team members across America.* Born in 1907, Reliance Standard Life Insurance Company (Home Office Schaumburg, IL) is a leading provider of employee benefits, absence management and retirement savings solutions. Matrix Absence Management, Inc. (Home Office Phoenix, AZ) traces its roots to Silicon Valley at the dawn of the tech boom.
Reliance Matrix is a member of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group's main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan.
About Lloyd's of London
Lloyd's is the world's leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market's underwriters and brokers, Lloyd's helps to create a braver world. The Lloyd's market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd's protects what matters most: helping people, businesses and communities to recover in times of need. Lloyd's began with a few courageous entrepreneurs in a coffee shop. Three centuries later, the Lloyd's market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
Global Atlantic | December 11, 2023
Global Atlantic Financial Group a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has signed a $10 billion reinsurance agreement with Manulife Financial Corporation.
Key Highlights of the Transaction
Third block transaction Global Atlantic has executed with Manulife, a leading international financial services provider and wealth manager. Highlights successful partnership between organizations.
Showcases Global Atlantic’s unique ability to underwrite, structure and execute on multiple liabilities and across the global insurance market and includes Global Atlantic’s first block reinsurance transaction in Japan.
The transaction, signed between subsidiaries of the companies, will reinsure a seasoned and diversified block of Manulife’s life, annuity, and long-term care insurance business originated in the US and Japan.
Following a concurrent transaction where 100% of the long-term care (“LTC") insurance risks are simultaneously reinsured with a highly rated third-party global reinsurer, Global Atlantic will only retain the underlying spread-based risks on the subset of the block that involves the LTC business.
Similar to Global Atlantic’s other spread-based reinsurance transactions, the predictable nature of the retained risks makes this an attractive profile for Global Atlantic and Ivy II, its co-investment vehicle.
With this deal, Global Atlantic further advances its position as a reinsurer of choice in the annuity and life insurance marketplace. The company has established a 20-year track record, successfully completing more than 40 transactions with nearly 30 clients and reinsuring more than $140 billion of assets since inception.
“Throughout this process, we partnered closely with Manulife teams in Canada, the US and Japan to gain a strong understanding of their goals”
said Manu Sareen, Co-President of Global Atlantic.
Due to our organizations’ close collaborative process, we were able to develop a tailored solution that aligns with all parties’ strategic objectives. Our innovative LTC structure separates the insurance risks from the underlying investment and spread-based risk, and enables Global Atlantic to reinsure the insurance risks to a highly regarded reinsurance partner. With this structure, our retained liability cashflows on this part of the transaction are not subject to any lapse, longevity or morbidity risks.
[Source -Business Wire]
The block currently has approximately $10 billion in general account assets across multiple product lines including payout annuities, whole life policies and long-term care policies. The Japan whole life block represents approximately $4 billion USD equivalent (¥574 billion) assets making the transaction one of the largest Japanese reinsurance deals in recent history and further advancing Global Atlantic’s presence and commitment across Asia. Global Atlantic will retrocede the long-term care insurance risk to a well-established and highly rated third-party reinsurer.
Under the terms of the agreement, Manulife will reinsure the blocks and transfer general account assets to Global Atlantic. Manulife will also retain servicing and administration of the policies.
The transaction is expected to close in the first half of 2024, subject to satisfaction or waiver of customary closing conditions specified in the agreement, including the receipt of required regulatory approvals.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company's performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR's investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR's parent company is KKR & Co. Inc.
Certain information contained in this press release constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “target,” “intend,” “continue” or “believe,” other variations thereon or comparable terminology. The forward-looking statements speak only as of the date hereof and are based on Global Atlantic’s current beliefs, assumptions and expectations. Due to various risks, uncertainties and contingencies, including but not limited to obtaining required regulatory approvals, closing on signed transactions and whether the anticipated benefits of a transaction can be achieved within expected timeframes, actual events or results or performance may differ materially from what is reflected or contemplated in such forward-looking statements. Global Atlantic undertakes no obligation to update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Past performance is not a guarantee of future results.
Roadzen Inc | December 01, 2023
HCLTech, a global technology company, and Roadzen, a leading AI-driven auto insurance technology company, announced a collaboration to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers.
This partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviors and improve loss ratios.
said Srinivasan Seshadri, Chief Growth Officer and Global Head, Financial Services, HCLTech.
Partnering with Roadzen aligns with our commitment to constantly evolve and offer unparalleled services to our insurance customers. We see AI as a transformative power in the insurance sector and believe the combination of HCLTech’s trusted delivery capabilities with Roadzen’s AI leadership creates a solution that all our clients will be excited to engage with, to redefine insurance experiences.
The HCLTech-Roadzen partnership underscores the significance of telematics, computer vision and AI in the auto insurance industry. The collaboration draws on and significantly enhances HCLTech’s domain expertise in auto insurance and related service offerings, positioning HCLTech as a forward-looking provider of next-gen insurance technology to clients.
"We are thrilled to collaborate with an industry leader like HCLTech. This synergy perfectly embodies Roadzen's mission to revolutionize insurance through AI and tech-forward solutions," said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen.
HCLTech was positioned as Leader in the Everest’s Insurance Business Model Innovation Enablement Services – PEAK Matrix Assessment 2021. It was also recently named a Leader and Star Performer in Everest Group’s Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023.
HCLTech is a global technology company, home to more than 221,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2023 totaled $12.9 billion.
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express.