Motor insurance enjoys its best year since 1985

insurancebusinessmag | June 14, 2019

Motor insurance enjoys its best year since 1985
If you think of motor insurance like the Formula 1 World Championships, 2018 would be laps ahead of the competition right now.In 2018, the UK motor insurance market enjoyed a massive year, its best since 1985 in fact, when EY first started recording figures on the industry. Tony Sault (pictured), UK general insurance market lead at EY, said that everyone in the industry would be very pleased with the results given there was a Net Combined Ratio (NCR) of 94.8% for the year.Its only the third time its had two years of profit, year after year, but its the highest weve seen for 33 years. So, its a record year,Sault said.

Spotlight

Medicare Supplement insurance, sold by private companies, can help pay some of the health care costs that Medicare does not cover, such as copayments, coinsurance, and deductibles. If you have Medicare and you buy a supplemental policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs; then your Medicare Supplement policy pays its share.

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LIFE INSURANCE

Paperless Solutions Group Acquired by MIB

MIB, Paperless Solutions Group | November 30, 2020

MIB, the life insurance industry's generally trusted and secure partner for data-driven services, declared that it has acquired Paperless Solutions Group (PSG), a computerized solutions supplier. The obtaining extends MIB's arrangement of solutions pointed toward making the application and endorsing processes snappier and more productive. MIB's extended portfolio will incorporate PSG's items and apparatuses that mechanize and encourage the application process, including necessity gathering, signatures, policy conveyance, application accommodation and endorsing risk appraisal. These services incorporate deftly and effectively with transporter frameworks and supplement MIB's current items, which assist guarantors with evaluating risk during and after the endorsing process. "PSG has a long history of service to the life & health space with a special eye to process improvement," said Jeff McCauley, President of PSG. "The team and I are very excited to join the MIB Group as we believe the alignment of our products, services and personnel will bring even more innovation to the industry." PSG's tools can be used individually, or on a bundled basis, and are easily incorporated into a carrier's existing systems through robust API plug-in capabilities. "We believe PSG's platform could provide significant value to the life insurance industry by streamlining the underwriting process and providing an efficient and reliable portal to collect key data closer to the point of sale," said Winikoff. That value is of critical importance as the life insurance industry looks to new technologies to help them drive efficiencies. About Paperless Solutions Group PSG is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Our products and services provide unparalleled automation and integration for the insurance services industry. These innovative offerings conduct millions of transactions annually by enabling the presale, new business and underwriting, point of sale, and post-sale support. About MIB MIB Group, Inc. is the life and health insurance industry's most trusted and secure partner for data-driven risk management and digital solutions that protect the financial integrity of its members and clients while addressing their evolving needs. Owned by its members who span the life insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably.

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INSURANCE TECHNOLOGY

Bridge Mutual Starts Offering Decentralized Insurance on Stablecoins

Bridge Mutual | November 21, 2020

Decentralized insurance supplier Bridge Mutual has begun the first-since forever insurance inclusion offering in one of the quickest developing computerized resource markets: stablecoins. Bridge Mutual depends on a decentralized, discretionary insurance application that permits users to guarantee one another and get repaid in case of a market decline or an assault. The administration one-ups the competition by offering to guarantee stablecoins and trades, not simply brilliant contracts. Additionally, Bridge Mutual is based on the Polkadot network, which offers fork-less, on-chain updating capacities and an unrivaled transaction expense structure. Users can join the Bridge Mutual biological system by buying BMI tokens and marking BMI in Bridge inclusion pools. Assets inside the inclusion pools are naturally put on-chain in different stages, for example, Compound and Aave to create yields for users. Statements are produced on-chain by an actuarial recipe; users may connect their Web 3 wallet (Metamask and others) to pay for the inclusion subsequent to getting the statement. Part of the charges paid by users purchasing inclusion is part among users giving that inclusion as a benefit sharing motivator. Stablecoin insurance claims are settled immediately. All different cases experience a 3-stage casting a ballot cycle that settles claims in about a month and a half or less. Motivating force frameworks are set up to guarantee that each guarantee is arbitrated reasonably and precisely without misrepresentation or collusion. “Our platform does not require any form of identification from its users. All funds within our ecosystem are held in smart contracts; Bridge is entirely non-custodial. No Bridge team member ever has access to the funds being staked on the system,” said Bridge Mutual Founder and CEO Michael Miglio. Miglio, an accomplished blockchain lawyer, has offered legitimate types of assistance to various profoundly noticeable blockchain ventures, including Akropolis, Certik, Kinesis, NOIA, QTUM, FABRK and Gate.io. Bridge Mutual has collected a heavenly group of insurance and monetary specialists, just as software engineers and different legal counselors. Bridge Mutual plans to be the main stage to give inclusion to the enormous $20B+ stablecoin economy, which is developing at an exponential rate. The task appreciated oversubscribed holy messenger and seed adjusts, and is at present in negotiations with top-level blockchain assets to fill its private round. About Bridge Mutual Bridge Mutual provides a decentralized, scalable and comprehensive system of smart contracts to insure smart contracts, stablecoins, centralized exchanges, and other crypto and DeFi products. It offers transparent, auditable, on-chain investment strategies to return yields and profit-sharing to its users and does not require KYC or personally identifying information.

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INSURANCE TECHNOLOGY

Gore Mutual Insurance Company Becomes First Canadian Insurer to Rollout Solera Qapter® Estimating Platform

Gore Mutual | October 06, 2021

Solera | Audatex (Canada), a global provider of risk and asset management software and services to the automotive, fleet, and property ecosystems, announced that Gore Mutual Insurance Company (Gore Mutual) is the first Canadian insurer to rollout Qapter Estimating, Solera's revolutionary AI-based estimating platform. Joining insurance companies around the world, Gore Mutual is the first Canadian insurer to utilize Qapter to assess vehicle damage for improved customer service. Qapter is the Solera | Audatex (Canada) next-generation browser-agnostic estimating and total loss workflow platform for staff, repair shops, and independent appraisers. At its core, Qapter allows stakeholders to perform their jobs more efficiently, with an intuitive user-interface designed for the needs of modern repair and claims operations. Qapter drives huge efficiency gains for our customers already using it around the world, Those efficiency gains are mostly due to the accuracy of the estimate from quality data. Like other companies using Qapter, we know Gore Mutual and its collision repair partners are keenly focused on and desire both accuracy and efficiency. We are delighted to deliver them both. - Michel Caron, vice president of sales, Solera | Audatex (Canada). About Gore Mutual Built on a foundation of financial strength for more than 180 years, Gore Mutual Insurance Company is one of Canada's first property and casualty insurance companies. Based in Cambridge, Ontario, we are a Canadian mutual company, with more than 500 employees focused on delivering outstanding insurance products and services to customers. In 2019, we launched our Next Horizon strategy—a 10-year plan—to transform Gore Mutual from a mid-size regional carrier to a national-scale insurer with over $20 million invested in talent and technology. We continue to strengthen Canadian communities through the Gore Mutual Foundation. Over the past 22 years, we have donated more than $10 million to over 790 charities. About Solera Solera is a leading global data intelligence and technology solutions provider serving the vehicle lifecycle ecosystem. Through four lines of business - vehicle claims, vehicle repairs, vehicle solutions and fleet - Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, Dealersocket, Omnitracs, eDriving, Explore, cap hpi, Autodata, and others. Solera's innovative solutions empower smarter decision-making through software, enriched data, proprietary algorithms, and artificial intelligence that come together to deliver insights to our customers and accelerate business outcomes. Solera serves over 235,000 global customers and partners in 100+ countries.

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Spotlight

Medicare Supplement insurance, sold by private companies, can help pay some of the health care costs that Medicare does not cover, such as copayments, coinsurance, and deductibles. If you have Medicare and you buy a supplemental policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs; then your Medicare Supplement policy pays its share.