Nationwide offers one-time premium refund

Nationwide | April 13, 2020

Nationwide has announced that, due to the economic impact of the COVID-19 outbreak, it is offering a one-time premium refund of $50 per policy for personal auto policies. “As a mutual company devoted to protecting people, businesses and futures with extraordinary care, we are offering this rapid relief at a time when drivers are making the right choice to stay off the road and remain home to help flatten the curve,” said Nationwide CEO Kirt Walker. The refund is equivalent to an average saving of 15% for two months, according to Nationwide. It is on top of any existing discounts customers have already earned. The refund will arrive in the next 30 days, subject to individual state regulatory approval.

Spotlight

The Internet of Things (IoT) is driving a new era of digital disruption in the home and property insurance markets. We’ve already seen this in the automotive and healthcare insurance.

Spotlight

The Internet of Things (IoT) is driving a new era of digital disruption in the home and property insurance markets. We’ve already seen this in the automotive and healthcare insurance.

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INSURANCE TECHNOLOGY

INNOVU Group Holding Company Limited Acquired by Arthur J. Gallagher & Co.

Gallagher | June 28, 2022

Arthur J. Gallagher & Co. announced today the acquisition of INNOVU Group Holding Company Limited, based in Wexford, Ireland ("INNOVU Insurance"). The transaction's terms were not disclosed. INNOVU Insurance, founded in 2018 by Ronan Foley, is a retail insurance broker that provides a wide range of commercial and personal insurance products and services, as well as financial services, to clients in various industry sectors from seven offices across Ireland. Ronan Foley and his colleagues will remain in their current locations and report to Michael Rea, who oversees Gallagher's retail property and casualty brokerage operations in the UK and Ireland. INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region, We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings." J. Patrick Gallagher, Jr., Chairman, President, and CEO. The headquarters of Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management, and consulting services firm, are in Rolling Meadows, Illinois. Gallagher offers these services in 130 countries via its operations and a network of correspondent brokers and consultants.

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CORE INSURANCE

AXA UK&I Selects Cognizant as a Technology Partner to Support part of its IT Operations

Cognizant and AXA | August 04, 2022

Cognizant today announced that it has been selected by AXA UK & Ireland as a technology partner to help consolidate, modernize and manage part of its IT operations. AXA UK & Ireland is transforming its technology ecosystem to create a more digitally-enabled, modern and agile IT environment that is data-rich, secure and sustainable with lower overall cost. Under the new multi-year agreement, Cognizant will provide multi-faceted managed services and cloud migration services, helping AXA UK & Ireland to create a platform to continually improve its customer experience with more intuitive and secure digital channels. Cognizant will provide integrated IT services spanning service desk support and maintenance, end-user computing, application development and maintenance, cloud operations, and IT infrastructure management. "AXA UK & Ireland's priority is providing customers with the choice and flexibility that meets their insurance needs. The foundation to deliver that is a modern, digital IT infrastructure that enables us to make data-driven business decisions, Cognizant's track record, expertise and behaviors in helping organizations simplify delivery and manage IT environments were the primary factors in choosing them as a technology partner." -Shali Vasudeva, chief operating officer, AXA UK & Ireland Digitally-enabled IT is critical for delivering better customer experience, bringing innovations to market faster and reducing overall cost, We're honored to have been selected by AXA UK & Ireland to help transform their legacy environment and to support them in enabling technology to achieve better business outcomes. This new partnership builds on our strong momentum as a leader in helping global insurance clients meet their ambitions,said Rob Walker, president, Global Growth Markets, Cognizant. Global analyst firms continually recognize Cognizant for its industry leadership across sectors. Analysts highlight the company's client partnerships, scalability, digital capabilities and expertise as key drivers of Cognizant's leadership. Learn more about Cognizant's insurance services here. About AXA We’re continuously striving to make your life better and safer. We work tirelessly to turn innovations into improvements in people’s lives, by exploring, learning and playing with new ideas. Because we always believe things can be better. That’s why we support visionary startups shaping the future of healthcare technology, research to help people live longer healthier lives and even driverless car projects to revolutionise road safety. We challenge the way things are. We push boundaries. And the reason for this uncompromising approach - to help make our customers’ lives better and safer. About Cognizant Cognizant engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life.

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LIFE INSURANCE

Collaboration of Policygenius and Impact Announced to Ease and Direct Term Life Insurance for Impact Advisors and Clients

Policygenius | June 27, 2022

Impact Partnership intends to use Policygenius Pro to enable its member firms to significantly reduce the time spent placing term life insurance while increasing overall profitability. Policygenius and Impact Partnership are collaborating to bring the term life fulfillment platform Policygenius Pro to Impact's network of financial advisory and broker-dealer partners. Policygenius Pro is a turnkey partnership platform that assists advisors in accelerating and streamlining life insurance sales. Advisors and agents can use this tool to refer their clients to Policygenius, who will walk them through the entire process, from policy selection to coverage implementation. The change allows Impact's extensive partner network, including over 200 constituent firms and 2,000 advisors, to save significant time and energy while still providing a superior client experience. The time savings enables Impact to reduce its current costs of placing term life insurance while also capturing additional opportunity that advisors may have missed due to the time-consuming process of assisting clients in obtaining term life insurance. The partnership is one of many innovation partnerships. Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO). We're thrilled to be able to offer Policygenius Pro to Impact partners, Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point." Clay Eschrich, Impact SVP of Life and Distribution. This gives Impact advisors who use Policygenius Pro access to a wide range of insurers, coverage types, and policy options, including accelerated underwriting offerings that are only available on the Policygenius platform. Case management, underwriting, and product support are also provided by an expert staff of 200+ dedicated specialists.

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