New York Life in talks to acquire Cigna unit for $6 billion

New York Life | December 11, 2019

New York Life in talks to acquire Cigna unit for $6 billion
First, there was news in August 2019 that US health insurance giant, Cigna Corp, was allegedly seeking buyers for its group benefits insurance business, which was valued at around $6 billion. Now, the company has reportedly found a leading candidate for the acquisition of that unit in New York Life Insurance. Other would-be bidders include MetLife and Sun Life Financial, according to sources familiar with the potential deal. The Cigna business markets insurance products, including life, accident and disability income policies. This isn’t the first time that an insurer has struck a deal for a unit that sells insurance through employers. Lincoln National purchased a group benefits business from Liberty Mutual Holding in 2018 for $3.3 billion, while Hartford Financial Services Group bought an Aetna life and disability business back in 2017.

Spotlight

This Visualizing Health Policy infographic illustrates the trends and challenges for Medicaid and Medicare as the programs mark their 50th year. Nearly 4 million uninsured, low-income adults remain in the coverage gap in states that have not expanded Medicaid under the Affordable Care Act. Across the entire country, the share of Medicaid enrollment in comprehensive managed care increased from 38% to 49% between 2002 and 2011. The program’s per enrollee spending averaged $5790 in 2011 but varied across different covered populations.

Spotlight

This Visualizing Health Policy infographic illustrates the trends and challenges for Medicaid and Medicare as the programs mark their 50th year. Nearly 4 million uninsured, low-income adults remain in the coverage gap in states that have not expanded Medicaid under the Affordable Care Act. Across the entire country, the share of Medicaid enrollment in comprehensive managed care increased from 38% to 49% between 2002 and 2011. The program’s per enrollee spending averaged $5790 in 2011 but varied across different covered populations.

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CORE INSURANCE

Chubb Launches a New and Improved Package Product for Commercial Clients

Chubb | May 24, 2021

Chubb has launched a new insurance product, Benchmarq Package, for the lower middle market segment, setting the standard for package plans based on broader, more scalable coverage and performance. Benchmarq provides a more comprehensive base coverage offering of both property and liability, resulting in insurance protection that is more robust than typical industry package policies. Although Benchmarq's base product is best suited to smaller or less complex package risks, coverage can be scaled up by higher limits and additional endorsements to build completely customized solutions for clients' unique and evolving needs in an underserved middle market space. "Benchmarq addresses a gap in the lower middle market that isn't traditionally filled by a standard plan or company owners insurance scheme," said Ben Rockwell, Division President, Chubb Middle Market. "Chubb's latest modernized package broadens our presence in the middle market and allows us to include the esteemed insurance programs and offerings for which we've been popular to an ever wider range of customers, at a time when exposures in this space begin to emerge." We assume that the scalability, quicker quoting, and simplified product architecture would help agents and brokers—all backed by Chubb's advanced underwriting experience, excellent risk engineering, and claims scalability. Benchmarq's key product features provide comprehensive and flexible property and general liability coverages that protect customers against the risks they are most likely to face within the sectors in which they specialize, which include education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries, with plans to expand into additional industries. Benchmarq is currently accessible via field underwriters in 29 states, with more to follow in the coming months. Benchmarq will be available in the Fall of 2021 on Chubb's award-winning digital platform, the Chubb Marketplace. The Chubb Marketplace is intended to modernize the placement of insurance policies. About Chubb Chubb is the largest publicly traded property and casualty insurance corporation in the world. Chubb, which has operations in 54 countries and territories, offers a wide range to clients commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. We assess, assume, and manage risk with insight and discipline as an underwriting company. We service and pay claimants in a fair and timely manner. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial ability, and global-local operations. Chubb Limited, the parent company, is a member of the S&P 500 index and is listed on the New York Stock Exchange. Chubb has executive offices in Zurich, New York, London, and Paris, among many other places, and employs about 31,000 employees globally.

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Atlas General Insurance Services announced the formation of the Client Solutions Group

Atlas General Insurance | May 21, 2020

Atlas General Insurance Services announced the formation of the Client Solutions Group. Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns. The types of questions the Client Solutions Group addresses are often centered on billing, audit, submission, or commission issues. Atlas General Insurance Services is proud and excited to announce the formation of the Client Solutions Group. This group will be housed at our corporate headquarters, managed by Brent Lambert, and staffed by a group of individuals trained to manage the most common questions and challenges observed in our partner base community. Similar to the rest of the insurance industry, Atlas is taking advantage of the technological advances to improve efficiency and convenience for the company and most importantly for our clients. As businesses continue to become highly automated, we find a common denominator in our clients’ feedback regarding the difficulty to reach a ‘live person’ by phone. As a result, innovation loses its value if it comes at the expense of those whom we are trying to serve. Read More: NFS modernized flood insurance space by launching Trident Instead of reaching an automated operator giving you multiple choices that might not fit your particular question or need, all calls are now routed directly to our Clients Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns. In the event that our CSR is unable to assist with your inquiry, they will perform a “warm transfer” to another Atlas team member who is best able to support you. If assistance is not immediately available, they will take ownership of the question or concern and perform all necessary follow-up until a resolution is found. The types of questions the Client Solutions Group addresses are often centered on billing, audit, submission, or commission issues. It is important to point out that very few calls or concerns fall outside our ability to resolve the inquiry. As a value-add to partnering with Atlas, your questions will now be answered with you on the phone. Client Solutions Group is determined in strengthening relationships between our team members and clients for a much more successful interaction with Atlas. Read More: Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity We encourage our clients to try this convenient offering by giving us a call regarding an existing transaction, or perhaps even calling us with a new transaction to show our commitment to efficient solutions and excellent service. About Atlas General Insurance Services, LLC Atlas General Insurance Services is a full-service program administrator that offers a wide range of insurance solutions. Atlas has expertise in developing and underwriting programs with a variety of insurance carrier partners. Atlas provides exceptional service and unique options for clients seeking workers’ compensation, commercial lines and specialty property coverage.

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INSURANCE TECHNOLOGY

Damco Solutions Partners with omni:us to Fast-Track Insurers Adoption of Data-Driven Cognitive Claims Management

Damco Solutions, omni:us | December 07, 2020

Damco Solutions Inc., leading innovation solutions and digital services company, has announced the partnership with omni:us, an Artificial Intelligence as a Service (AIaaS) provider to fast-track insurers adoption of data-driven cognitive claims management. Backed with more than two decades of IT experience, profound insurance domain information, and industry-demonstrated ability in arising advancements, Damco Solutions would leverage omni:us remarkable capabilities to help insurance businesses accelerate their pace of digital transformation. This partnership would uphold insurers to rapidly convey AI into their claim's lifecycle streamlining the interactions among insurers and safeguarded parties. The combination of Damco's Insurance industry experience, innovation capability with omni:us ability in AI would give exceptionally differentiated digitization services assisting insurers with reevaluating the claims venture with high impact automation. Below is a snapshot of omni:us capabilities: Digital FNOL: Real-time claims management that converts information into actionable claims data by minimizing touchpoints with intelligent claim automation Claims Indexation: AI cognitive process that streamlines document extraction and classification to read, interpret, and understand data by eliminating the manual workflow Completeness Check: AI-powered claims handling process with AI-powered decisions and recommendations, providing insights for regulatory compliance and reducing manual claims touchpoints Coverage Check: Intelligent claims automation improving productivity in the claims process by eliminating time-intensive tasks, identifying noncovered claims, detecting fraud, claims leakage, etc. "We look forward to collaborating with omni:us to help insurance companies with AI-based cognitive claims management solution and digital technologies to simplify claims lifecycle," said Mohit Gupta, Founder & Chief Executive Officer, Damco Solutions Inc. "Together, we would be able to help a broader range of insurers industrialize innovation in claims management. With the addition of omni:us, we see tremendous opportunity to enlarge our approach and help more businesses supercharge their future-readiness." "omni:us and Damco share a common aspiration: to drive insurance businesses towards a more efficient and customer-oriented experience", said Sofie Quidenus-Wahlforss, Founder & Chief Executive Officer, omni:us. "We at omni:us are excited to team up with such a veteran player in the field as Damco. Both sides will benefit from the other's strengths and specializations and be further empowered to realize our ultimate goal of bringing about wide digital transformation to the insurance sector." About Damco Damco Solutions is the trusted technology partner of businesses worldwide enabling them to leverage IT as a strategic asset. Empowered by technology expertise, immaculate execution capabilities, and unwavering focus on the customer needs; Damco has nurtured businesses to connect with their customers, clients and employees in an entirely new way. Damco and omni:us partnership aim to deliver data-driven AI-based solutions for streamlining the claims ecosystem, driving efficiency, collaboration, and bringing the digital future to global insurance businesses. About omni:us omni:us is an Artificial Intelligence as a Service (AIaaS) provider for cognitive claims management. Built on a fully data-driven approach, omni:us transforms the way insurers interact with their insured parties. It provides all the necessary tools and information to make fast, transparent and empathetic claims decisions, whilst improving operational efficiency and reducing loss adjustment expenses.

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