Persian Gulf violence leads to spike in shipping insurance costs

insurancebusinessmag | July 03, 2019

Insurance underwriters are increasing premiums for ships that pass through the Persian Gulf in response to recent attacks in the region.Sources told The Lodestar that after the attack on two tankers on June 13, 2019, war-risk insurance premiums have soared for the region.

Spotlight

Cisco Application Centric Infrastructure (Cisco ACI) technology provides the capability to insert Layer 4 through Layer 7 (L4-L7) functions using an approach called a service graph. One of the main features of the service graph is Policy-Based Redirect (PBR).

Spotlight

Cisco Application Centric Infrastructure (Cisco ACI) technology provides the capability to insert Layer 4 through Layer 7 (L4-L7) functions using an approach called a service graph. One of the main features of the service graph is Policy-Based Redirect (PBR).

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INSURANCE TECHNOLOGY

Exavalu and Topa Insurance Company Successfully Implement Digital Claims Payment Capabilities with One Inc and Guidewire Technology

One Inc | January 18, 2022

Exavalu Inc., a leading global digital solutions and IT consulting company and Guidewire PartnerConnect Consulting Select partner, announced today that they have partnered with Topa Insurance Company to successfully enable digital claims payment capabilities for the insurer. Topa Insurance Company seeks to achieve faster claims processing, improved customer experience, and lower operational costs through its use of digital payment capabilities from One, Inc., a Guidewire PartnerConnect Solution Advantage partner, integrated with its Guidewire InsuranceNow core suite. Topa Insurance Company engaged Exavalu Inc, a One Inc. partner and a Guidewire PartnerConnect Select Consulting partner, to deliver the digital payments capability. Exavalu provided technical and business process expertise around Guidewire InsuranceNow integrations with One Inc, helping with requirements definition and overall implementation of the integration. "I was very impressed with the skills and experience demonstrated by both One Inc and Exavalu in making this a successful project, In a very short period of time, we were able to greatly improve user experience in claims payment processing, while creating efficiencies for our claims examiners." -Tracy Tillinghast, Vice President and Chief Information Officer of Topa Insurance Company. "The One Inc. implementation was completed successfully within three months from inception to deployment of the product. The integration between Guidewire InsuranceNow and One Inc. was a unique feature of the implementation as was the range of payment methods that we helped enable with the initial deployment." -Smitha Sasidharan, Guidewire InsuranceNow Practice Leader, Exavalu "Digital payments is a critical component of the digital journey for insurers to help improve customer experience and reduce costs. We've been a trusted partner to Topa on their technology needs and glad to have collaborated successfully on this initiative." -Saurav Basu, President and Founder, Exavalu One Inc. enables insurance carriers to digitally pay claimants, vendors, mortgagees, lienholders, third party carriers and multiple parties. Payments can be made with a variety of payment methods including direct debit, ACH, claims cards, Venmo, PayPal, and checks. About Topa Insurance Company Topa Insurance Company is one of the wholly owned subsidiaries of Topa Insurance Group, a boutique insurance holding company which provides insurance products through the wholesale market. Other subsidiaries include Dorchester Insurance Company (USVI) and Topa Insurance Services (USVI). The group is led by President and Chief Executive Officer, Michael Day. Topa Insurance Group is focused on underwriting profit, operational excellence and agility for continuous growth. About Exavalu Exavalu is a Specialized Digital Transformation Advisor & Digital Solutions Partner for the Insurance Industry. Founded by former Industry CIOs and Consulting Executives with background in complex transformation and change Initiatives within the Insurance Industry, Exavalu brings the best in Strategic Advisory and Digital Solutions delivery on Industry leading technology platforms. About One Inc One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payment platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments.

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INSURANCE TECHNOLOGY

Simply Business Partners with USG Insurance Services to Offer Small Businesses Cyber Liability Insurance

USG Insurance Services, Inc. | September 29, 2021

Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, announced the launch of cyber liability insurance. The new product, developed in partnership with USG Insurance Services, provides small businesses with coverage for financial losses resulting from data breaches and other cyber events, as well as for crisis management, public relations, fraud response, and forensic and legal expenses. Cyber risk is a top concern for small business owners across all industries, and the costs of a single attack can be significant, Our new, affordable solution provides entrepreneurs with the ability to better protect against cyber threats and safeguard the businesses they've worked so hard to build. - David Summers, Group CEO of Simply Business. This cyber offering is available for an annual premium of $250 and expands Simply Business's suite of tailored insurance solutions, which includes general liability, professional liability, errors and omissions, and tools and equipment coverage. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. About USG Insurance Services, Inc. USG is a national wholesale broker and managing general agent (MGA) with 20+ offices across the country. USG represents 300+ A rated carriers, both admitted and non-admitted and is an MGA for 17 carriers, writing business in all states. USG's mission is to become the #1 provider of innovative solutions for the risk management industry – exceeding expectations with its advanced technology, creative problem solving, and research capabilities.

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CLAIMS

The Penn Mutual Life Insurance Company Continues Historic Dividend Track Record

The Penn Mutual Life Insurance Company | November 23, 2021

The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2022 and the Board of Trustees has approved a $123 million payout to eligible policyholders in 2022. Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders. "We're proud to continue our track record of financial strength and maintain our dividend scale, A mutual life insurance company's ability to consistently pay dividends is a solid indicator of its financial strength. Over the last 20 years, our dividend action remains one of the strongest and most consistent in the industry, reinforcing our commitment to serving the best interests of our policyholders and financial professionals now and into the future." - Eileen McDonnell, chairman and CEO. About The Penn Mutual Life Insurance Company Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

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