CORE INSURANCE,INSURANCE TECHNOLOGY
Alera Group | January 05, 2023
Alera Group, a national insurance, wealth, and retirement plan services provider, has acquired The Ascent Group and allied firms. The deal adds $1.5 billion to Alera Group Wealth Services' RIA business and $1.3 billion to Alera Group Retirement Plan Services.
The Summit Group in Virginia and Walsh & Nicholson Financial Group in Pennsylvania are connected to the Ascent Group. The Ascent Group has 42 employees, 15 of whom are financial advisors. By the end of 2022, Alera Group Wealth Services had $7.5 billion in assets, which included $1.5 billion in RIA assets and about $6 billion in AUM.
One of the most fundamental components of the Ascent Group's investment infrastructure is the turnkey asset management program (TAMP), which was created to lower the overall client expenses by bringing crucial operations in-house and eliminating vendors.
According to Alera Group, The Ascent Group is a good fit for the company's strategy of providing synergies and strategic benefits across its employee benefits and property and casualty verticals. It lets the company offer more complete solutions to clients, which can really help plan sponsors and participants come together. The organization is delighted to have the team join its expanding division in a role that will serve as a cornerstone.
Meanwhile, the terms of the transaction were not disclosed.
About Alera Group
Alera Group serves thousands of clients, offering various services such as employee benefits, P&C, wealth, and retirement plans. It merged 24 dynamic US offices. The organization blends national experience and resources with local, tailored service. It is the nation's 7th largest privately-held employee benefits firm, 15th-largest independent insurance agency, and 16th-largest privately-held insurance firm.
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CORE INSURANCE, RISK MANAGEMENT
Idelic | January 19, 2023
Idelic Inc. recently announced the launch of Idelic Insurance Agency, LLC, a technology-driven managing general agent (MGA) aimed at providing commercial fleets with tailored insurance coverage. The insurance pricing will reflect the fleets’ risk improvement by using the Idelic Program, a comprehensive approach to improving driver safety and reducing crashes.
Idelic Insurance Agency also aims to provide a modern approach to improving insurance outcomes by allowing fleets to use technology and processes to reduce losses. The insurance agency will price renewals based on the fleets’ successful adoption and results.
The Idelic Program consists of two major components: Safety Suite® and Driver Safety Playbook. Safety Suite® is the best driver performance management platform in the trucking industry. It collects driver risk data and uses machine learning algorithms to identify high-risk drivers. Meanwhile, the Driver Safety Playbook is an excellent guide to engaging drivers, providing coaching and step-by-step professional development plans made by working with insurers and trucking's safest fleets.
On average, fleets utilizing Idelic Program can witness a 20% decrease in preventable crashes in the first year.
"Commercial auto fleet insurance is inherently complex with a multitude of nuances from fleet to fleet. The process of evaluating risks has traditionally relied on underwriter experience and judgment, but insurers are increasingly looking for a more data-driven way to evaluate risks. Idelic Insurance Agency will do just that," stated Michael Gramm, Senior Vice President of Insurance at Idelic Insurance Agency. "By working closely with fleets that choose to use the Idelic Program, we can better leverage critical driver behavior data to quote policies that reflect their reduced crash risk," he added.
(Source – Business Wire)
The Idelic Program and Idelic Insurance Agency are timely solutions to help fleets combat rising insurance rates and reduce losses significantly. However, fleet insurance costs and availability are once again among the Top 10 motor carrier executive concerns listed by American Transportation Research Institute (ATRI).
About Idelic Inc.
Pittsburgh-based Idelic is a software provider dedicated to delivering the best insurance outcomes for fleets. The Idelic Program combines process and technology in a tool designed for and proven successful among fleets and insurers alike. Additionally, the program uses predictive analytics to identify risky drivers and professional development plans to help change behavior patterns and provide insurers with evidence of long-term improvements in crash reduction to negotiate lower rates. The company's experienced technical and industry experts understand the trucking and insurance industries' needs and provide tailored solutions to clients' real problems.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Canal Insurance Company | February 16, 2023
Canal Insurance Company has recently announced its partnership with CLARA Analytics to accelerate the resolution of commercial insurance claims with an artificial intelligence interface. CLARA Analytics will optimize commercial insurance claims with the technology of AI.
There is a tremendous increase in claims outcomes of commercial transportation, burdening insurers of the trucking industry. They are forced to search for innovative ways of managing claims so that they can produce better outcomes for their clients. Through the partnership, Canal will access CLARA’s Triage and Litigation modules for its commercial auto claims.
The AI-based insights will monitor these claims and filter those claims which are on the verge of escalation. The Triage module assists insurance claim managers with the best path for the resolution, whereas the Litigation module provides insights for clients to acquire amicable settlements and reduce complicated processes and the cost of litigation.
President and CEO of Canal, Paul Brocklebank, said, “At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value.” He added, “As a well-established insurance specialist in commercial transportation, Canal is addressing many of the same challenges facing commercial auto insurers at large. Through advanced data analytics, CLARA provides the expertise and track record to help Canal drive better and more efficient claims outcomes, and this benefits both our customers and the Canal enterprise. We are excited about CLARA as a critical new business partner and extension of the Canal team as we join forces to embrace future opportunities in motor carrier insurance.”
(Source – Business Wire)
CEO of CLARA Analytics, Heather H. Wilson, said, “Canal is experiencing tremendous results, in large part because they’re led by a visionary CEO and proactive about finding innovative ways to tackle the problems facing the industry. CLARA will help them to resolve claims in ways that serve their policyholders.” She added, “With our AI technology, innovators like Canal can drive measurable loss cost and expense savings.”
(Source – Business Wire)
About Canal Insurance Company
Headquartered in Greenville, South Carolina, Canal company has been providing insurance solutions for commercial trucking and specialty transportation operations since 1939. It offers insurance products and services like auto liability, physical damage, transportation insurance, insurance claims, underwriting, trucking insurance, specialty transportation insurance, motor truck cargo, trucker’s general liability coverages and risk management services. It distributes its insurance products nationwide through professional general insurance agents. It connects shareholders, employees and partners with innovation and expertise for insurance protection and coverage.
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