Spotlight

Do you know the difference between a Hard Insurance Market vs a Soft Insurance Market and the impact it has on your insurance rates? Check out the info-graphic below explaining the difference between the two. Soft insurance markets tend to lead to good conditions for buying insurance, while hard markets tend to lead to the opposite or bad conditions for buying insurance, IE higher costs. What market are we currently in you ask? In short, we are currently in a soft insurance market that is beginning to harden.

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INSURANCE TECHNOLOGY

Grange Insurance Uses Digital Tools to Improve the Claims Experience

Grange Insurance, | April 30, 2021

The insurance claims process is commonly regarded as a pivotal point in the customer experience journey. Grange Insurance has enabled next-generation policyholder interactions through the claims journey in response to changing customer expectations in the modern age. Digital updates include: • Two-way texting to enable Grange claims associates to connect with policyholders within multiple modes of communication • Electronic claims payments for faster claims resolution and payment • Proactive customer texts to keep our policyholders informed of their claim status throughout the claims process. • These improvements are part of Grange and its associate partner Integrity Insurance's dedication to engaging in new solutions to provide exceptional customer experiences. Two-way texting Grange has implemented next-generation business technology to provide claims customers with text message services. Policyholders will text pictures of their assigned insurance claims and get real-time answers to their claims questions when they need them the most. This program, which is powered by Hi Marley, an AI-based conversational service interface designed specifically for the insurance sector, needs no IT integration or app to get started. Grange saw an improvement in its already high customer loyalty scores within months of allowing two-way texting capability. Grange policyholders may connect with their adjuster in a variety of ways, including phone and email. Paying claims electronically Grange policyholders can also receive claims payments more quickly due to a secure electronic settlement system built to expedite restitution. Customers who file a home, vehicle, or business claim with Grange will choose to pay their claims electronically. Customers who use this payment method will collect their electronic payment in as little as a few hours by direct deposit to a checking or savings account, direct deposit to a debit card, or instant prepaid virtual cards. Other advantages of this new capability include the ability to easily navigate payment status in a touchless experience and reduce the chance of fraud through mailed checks. Grange allows customers to have a say in how they want to receive claims payment in the manner they find most convenient. Claims status notification Grange also offers automatic text messages, enabling policyholders to access claim status notifications on their mobile devices quicker than ever before. Grange's mission, with further updates already in the works, is to make the claims experience more manageable and less frustrating, allowing policyholders to get back on their feet as soon as possible. Policyholders do have the option of participating or not, and their choices can be changed at any time. Grange is deeply committed to protecting individuals and enterprises with exceptional service and takes tremendous interest in consumer loyalty, as shown by strong ratings from J.D. Power and positive customer feedback. The business is dedicated to keeping ahead of user preferences, attitudes, and desires to have a customized and effortless customer experience. About Grange Insurance Grange Insurance Company, with $3 billion in assets and more than $1.3 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin

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Massachusetts’ Safety Insurance Extends Personal Auto Relief Credit

insurance journal | June 15, 2020

Safety Insurance has extended its Personal Auto Relief Credit through June 30 to reflect changing consumer patterns and needs during the ongoing COVID-19 pandemic, according to a company press release. The original credit was announced in April and offered all eligible Safety Insurance personal auto policyholders a 15% credit off of their premium for the months of April and May. “Our goal during the past 12 weeks has been to support our policyholders and broader community as they address the economic and health realities associated with the coronavirus,” said Safety Insurance President and CEO George Murphy in the release. “Given the current focus on limiting public activities, continuing this discount through the end of the month is the right thing to do. The positive feedback we received during the first discount period indicated that this was a meaningful step for our policyholders.” The additional credit will be applied automatically, and policyholders already paid in full will receive a refund. “This has been a difficult period for our community. In addition to heartbreaking loss of life and illness, many local residents have seen serious financial implications from this quickly changing situation,” Murphy added in the release. “It is important to our team that we contribute to addressing these challenges.”

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R&Q inks transfer agreement with Phoenix-based insurance company

Randall & Quilter Investment Holdings (R&Q) | April 27, 2020

Randall & Quilter Investment Holdings (R&Q) has announced that it has entered into a loss portfolio transfer reinsurance contract and a transfer agreement with Repwest Insurance Company. Repwest is based in Phoenix, Ariz., and is a wholly owned subsidiary of AMERCO, the parent company of U-Haul. The transaction assists Repwest in reaching its target of economic finality for its Assumed Re run-off business, which it underwrote from 1978 to 2003. Aon served as the reinsurance broker for the transaction, R&Q said. “We are delighted to have completed this loss portfolio transfer with the mutual intention to undertake an insurance business transfer in Oklahoma, subject to appropriate approvals,” said Paul Corver, group head of M&A for R&Q. “This once again proves our capabilities to utilize our international team to provide full finality legacy solutions across the US and Europe. Our legacy pipeline across the group remains strong despite the current turmoil from COVID-19, and we look forward to closing more transactions in the coming months.”

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Spotlight

Do you know the difference between a Hard Insurance Market vs a Soft Insurance Market and the impact it has on your insurance rates? Check out the info-graphic below explaining the difference between the two. Soft insurance markets tend to lead to good conditions for buying insurance, while hard markets tend to lead to the opposite or bad conditions for buying insurance, IE higher costs. What market are we currently in you ask? In short, we are currently in a soft insurance market that is beginning to harden.