Missouri Statute Update Shields Insurers from Certain Bad Faith Litigation

insurancejournal | May 17, 2019

In Missouri, insurance companies owe a contractual duty to defend civil actions that allege liability of their insured’s that is potentially covered under the terms of the subject insurance policy.As part of that duty, the insurer must act in good faith in its attempt protect its insured from a judgment in excess of the insurance policy limits. This task can be made even more complicated when there are multiple parties asserting claims against the insured.

Spotlight

According to NOAA, in 2017, the US saw 16 weather events with losses exceeding $1 billion and a cumulative cost greater than $300 billion. This put a stop to the five-year trend of falling prices and a softening market. Premiums are expected to rise for most, and more in disaster prone or impacted areas. Overall, a build up of surplus may keep this more stable than one would expect.

Spotlight

According to NOAA, in 2017, the US saw 16 weather events with losses exceeding $1 billion and a cumulative cost greater than $300 billion. This put a stop to the five-year trend of falling prices and a softening market. Premiums are expected to rise for most, and more in disaster prone or impacted areas. Overall, a build up of surplus may keep this more stable than one would expect.

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CORE INSURANCE

Sapiens and Munich Re Collaborate to Assist Insurers in Targeting the Commercial Insurance Market

Sapiens | July 23, 2021

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today a collaboration with Munich Re, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions, to provide technology-led consultancy and services to enable primary insurers to serve better the commercial insurance market (small and medium-sized businesses). The commercial insurance market in the United Kingdom is one of the fastest-growing insurance sectors in the country. However, until recently, this market has been underserved, with few insurance packages suited to the segment's specific demands and expectations. Sapiens and Munich Re will collaborate with insurers to help them better target and address this market promptly. The combined solution aims to provide insurers with a modular, scalable technology refresh that allows them to tailor services to the expanding SME sector and actively participate in the post-COVID-19 recovery period. The Sapiens/Munich Re collaboration complements the recent rise in government-backed and retail banking SME support initiatives, such as backed-loan schemes, increased infrastructure spending, tax exemptions, and restart grants, which are fueling the recovery. According to aggregated Companies House registrations, over 200,000 new companies have been established in the UK this year, with the bulk centered on retail, business services, and construction. Because of the industry's push toward digital, coverage explanation, flexible offers, verified self-selection, and how commercial insurers adapt their customer journey are all important. About Munich Re Munich Re is a global leader in reinsurance, primary insurance, and insurance-related risk solutions. Munich Re has exceptional, innovative strength and is a key driver of the insurance industry's digital transformation. Munich Re is one of the world's most sought-after risk partners for businesses, institutions, and private individuals because of its tailor-made solutions and close connectivity to its clients. About Sapiens Sapiens International Corporation enables insurers to succeed in an ever-changing industry. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial sectors. Sapiens has over 35 years of expertise delivering to over 600 organizations worldwide, demonstrating a proven ability to fulfill clients' core systems, data, and digital requirements.

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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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INTELLECTUAL PROPERTY

High Street Insurance Partners Successfully Acquires Southeastern Agency Group.

High Street Insurance Partners | January 14, 2022

High Street Insurance Partners ("HSIP") announced its December acquisition of Southeastern Agency Group (SAG), a full-service insurance firm based in Greensboro, North Carolina. "Our rapid expansion bringing together like-minded agencies allows us to leverage our relationships to better serve our clients," said Scott Wick, CEO of HSIP. "With this acquisition, we're uniquely positioned to meet the full range of insurance solutions for current and future clients." Greg Myers, President of SAG, stated, "HSIP has a proven track record of success and industry leadership. We're excited for all this means for our firm and our clients." This acquisition is one of 17 finalized in December, making HSIP one of the most active brokerage firms in 2021, in terms of acquisitions. HSIP has acquired 97 agencies in just three years. The firm has a geographical footprint that includes 23 states. About High Street Insurance Partners High Street Insurance Partners (HSIP) is a full-service, independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,700 insurance specialists & consultants in offices based in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Washington.

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