Progressive to offer $1 billion in rebates to auto insurance customers

Progressive Insurance | April 09, 2020

Progressive Insurance has announced that it is providing approximately $1 billion to its auto insurance customers due to the reduced number of claims and less frequent driving brought about by the COVID-19 pandemic. Subject to state regulatory approval, the insurer’s personal auto customers who have a policy in force as of April 30 will be credited 20% of their April premiums in May. Additionally, personal auto customers with a policy in force as of May 31 will be credited 20% of their May premiums in June. Progressive estimated that the sum of both credits will total $1 billion. A release said that customers will not need to take any additional action to receive the benefits, and that the credits will be automatically applied to their policies.

Spotlight

The rise of Artificial Intelligence has brought in technology transformation in many industries. This presentation will show use cases in insurance that leverage the recent developments of AI. These use cases are being used across the entire insurance value chain. Artificial Intelligence is used here as a broad terminology that refers to the modeling methods, tools and platforms, applications, big data utilization, and the thought process for problem-solving in the field of Artificial Intelligence.

Spotlight

The rise of Artificial Intelligence has brought in technology transformation in many industries. This presentation will show use cases in insurance that leverage the recent developments of AI. These use cases are being used across the entire insurance value chain. Artificial Intelligence is used here as a broad terminology that refers to the modeling methods, tools and platforms, applications, big data utilization, and the thought process for problem-solving in the field of Artificial Intelligence.

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CORE INSURANCE

Majesco Acquires Utilant LLC

Majesco | June 17, 2021

Majesco, a global leader in cloud insurance software solutions platforms, announced today the completion of its acquisition of Utilant LLC, a U.S.-based InsurTech company that offers the industry-leading survey management SaaS product suite for Loss Control and Premium Audit surveys, as well as artificial intelligence (AI)/machine learning (ML) data and analytics. Utilant's cutting-edge SaaS solutions, contributory database, and AI/ML models provide the required next-generation technology to address important insurance trends and keep up in today's digital race. This acquisition broadens Majesco's extensive product offering and adds approximately 87 new clients in the P&C sector, including global insurance carriers and top risk engineering companies. Majesco is launching an innovative Data and Analytics business unit with this acquisition, merging Utilant technology with Majesco's current, market-leading data and analytics offering. Patrick Davis, Founder and CEO of Utilant has joined the Majesco Senior Leadership Team and will lead this new business. With proactive risk management, the new service expands Majesco's digital capabilities, creates operational value for insurers, and ultimately enhances customer experience. According to Adam Elster, CEO of Majesco, "the recent pandemic has pushed the timeline for insurers to implement essential technologies like AI/ML, digital core platforms, and data and analytics." "We are excited to provide our customers with advanced, embedded data and analytics capabilities, as well as next-generation insurance SaaS products that can provide them with a competitive edge, improve underwriting profitability, and accelerate their digital transformation journey." Utilant's financial advisor was Raymond James & Associates, whereas Majesco's financial adviser was Nomura Securities International, Inc., and Majesco's legal advisor was Sheppard, Mullin, Richter & Hampton LLP. About Majesco Majesco is the leading software partner for the P&C and L&A insurance industries, helping them to modernize, optimize, and innovate at scale. Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance. Our technology, expertise, and leadership assist insurers in innovating and connecting to create their business's future. We have an incredible track record of innovation and real-world results, with over 825 successful installations and over 65% of our clients on Cloud with Majesco platform solutions.

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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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INSURANCE TECHNOLOGY

CoverEase Helps Businesses Instantly Shop and Save on Business Insurance

CoverEase | March 21, 2022

Today, CoverEase, a digital insurance brokerage, announced the launch of its digital platform that leverages artificial intelligence to automate underwriting, and deliver a simple way to shop, compare, and buy workers' compensation, in 3 minutes. The company has transformed the typical long and complicated process of purchasing business insurance into a lightning-fast, easy, and awesome experience. CoverEase instantly shops the workers' compensation marketplace, and during the same journey, quotes business property and liability, cyber liability, and for California businesses, group health insurance, comparing pricing and coverages from top-rated insurance companies including The Hartford, Travelers, Liberty Mutual, Markel, Berkshire Hathaway Guard, Employers, AmTrust, Anthem, Kaiser Permanente, United HealthCare and Cowbell Cyber, among others. CoverEase's AI-powered, embeddable solution offers a seamless way for its partners to offer business insurance to its customers, at the point of sale, via a browser. We're obsessed with delivering a best-in-class customer experience that makes it easy to shop and save on the insurance that businesses need. CoverEase offers choice and transparency by providing seven different workers' comp quotes along with business, property, cyber liability, and group health quotes within a unified platform. We're uniquely positioned within the digital insurance marketplace to provide instant quotes and best-in-class service with a broad product suite through multiple distribution models." Shawn Edgington, Founder and CEO. CoverEase's digital platform is supported by Coverage Concierges, the company's business insurance experts, who help customers navigate the options and purchase the right insurance at the best price. Start your quotes with CoverEase to explore coverages, tailored to your business. About CoverEase: CoverEase is a digital insurance brokerage that simplifies the way business insurance is quoted and purchased across the United States. CoverEase combines artificial intelligence and broker expertise to instantly quote, and purchase workers' compensation plus other business insurance coverages from top insurance companies. CoverEase, headquartered in Livermore, California, with offices in New York, was built on the same technology that their sister company's pay-go workers' comp agency, E-COMP NOW! has been using and improving for the past 5 years. Both companies were founded by Shawn Marie Edgington.

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