Provider tops best lists for both home and car insurance claims handling

Insurance Business America | April 29, 2019

It looks like one rural insurer is doing all the right things. NFU Mutual, the only UK-headquartered company on the latest roster of Gallup’s great workplace awardees, is again being recognized… this time for how it handles home and car insurance claims. After surveying 2,111 motor insurance customers and 1,456 home insurance policyholders who had made a claim in the past two years, independent consumer body Which? has identified ‘the best and the worst’ insurance providers in terms of claims handling. According to the exclusive research, NFU Mutual emerged as the best for both home and car insurance claims for the second consecutive year. It is followed by LV=, Churchill, Direct Line, and M&S Bank for home; and by RSA, LV=, Direct Line, and Co-op for motor. Meanwhile Which? named RSA and the AA as the worst performers for home and car insurance, respectively. The latter had a claims satisfaction score of 55% while RSA scored 52% under the home insurance category.

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Learners experience difficulties because even if vocabulary has been learned well, the words have been learned as individual units (e.g. “put” with several possible translations into the native tongue of learner) while now in context only one of these possibilities describes the meaning. Which one is it this time? And if learners have not learned the vocabulary well they will feel helpless, frustrated, even “stupid” and conclude firstly: language learning is very difficult, and secondly.

Spotlight

Learners experience difficulties because even if vocabulary has been learned well, the words have been learned as individual units (e.g. “put” with several possible translations into the native tongue of learner) while now in context only one of these possibilities describes the meaning. Which one is it this time? And if learners have not learned the vocabulary well they will feel helpless, frustrated, even “stupid” and conclude firstly: language learning is very difficult, and secondly.

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COMPLIANCE

Counterpart Launches Excess Insurance Product for Small Businesses with Aspen

Counterpart, Aspen Insurance Holdings | July 21, 2022

Counterpart, the management liability insurtech, today announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation. Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees. This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.” Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners. “Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance. “We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.” To learn more about Counterpart’s Excess product, visit: yourcounterpart.com About Counterpart Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com. About Aspen Insurance Holdings Limited Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.

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CORE INSURANCE

Allianz Global Corporate & Specialty to target multinational insurance with new set-up and dedicated investments

Allianz Global Corporate & Specialty | July 15, 2022

Allianz is aiming to substantially expand its business from customers in the global insurance program sector to serve the increasing demand from large and medium-size companies needing cross-border coverage. Its international corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is strengthening its capabilities, including a new market-facing team as well as dedicated investments in data and technology, and will expand its customer services. To support its Multinational customers, AGCS has moved the Management Board responsibility to the ‘Regions and Markets’ area led by Henning Haagen, who oversees market-facing activities including distribution. The new AGCS Multinational set-up also includes a strengthened global leadership team and enhanced regional responsibilities. Guy Money, currently Global Head of Product at AGCS, has been appointed Global Head of Multinational Business. The well-established AGCS Captive Solutions team, led by Brian McNamara, will be integrated into the Multinational business to serve customers with a broad range of services from traditional, multi-line global programs to captive fronting and reinsurance as well as hybrid combinations of traditional and alternative risk transfer. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. New AGCS Multinational team Further key leadership appointments in the new AGCS Multinational team include Jayesh Patel who is leading the Multinational Market Practice Team. He and his regional representatives will work closely together with AGCS’ global and regional distribution teams to drive business development in target markets. Karol Dobias remains in charge of the Business Excellence unit responsible for global standards, performance tracking and steering. The Network Management Team is overseen by Melanie Windirsch, who is responsible to deliver local services across all network countries. Nigel Leppitt will oversee the Multinational transformation program. About Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs. Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience. Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.

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RISK MANAGEMENT

Lexisnexis Risk Solutions Acquired Flyreel

Lexisnexis | June 02, 2022

Flyreel, a Denver-based property insurtech that uses artificial intelligence (AI) and machine learning to enable self-service property inspections, which provide additional visibility into a property's interior and exterior to improve and automate new business and renewal underwriting and claims processes, has been acquired by LexisNexis® Risk Solutions, part of RELX. Flyreel will join the insurance division of LexisNexis Risk Solutions. This will add to the insurance data and analytics leader's current data assets and models for figuring out how risky a building's occupants and location are. Flyreel employs unique computer vision technologies to walk a home or business owner through a thorough property scan using their smartphone. Consumers may easily capture interior and exterior property characteristics using the Flyreel app. The data is digitized, checked for accuracy, and sent directly to the workflows of insurance companies, so there is no need to visit the site. Insurers need a modern solution for the home inspection process that reduces costs, gives them the insight they need to underwrite and improve loss ratios, and offers a convenient, intelligent customer experience, By combining Flyreel's innovative capabilities with our vast data analytics assets, we will create a transformative platform for property risk assessment that offers insurers comprehensive underwriting insights and more effectively identifies the properties that need inspections at renewal. The benefits are game-changing." Bill Madison, CEO, Insurance, LexisNexis Risk Solutions. Insurers can better figure out the right premium for each scanned property, improve loss ratios by identifying critical hazards up front, reduce premium leakage by capturing details about insurable assets, and simplify the inspection process to make property owners happier. Flyreel's technology also provides a better customer experience by reducing scheduling issues, improving a consumer's understanding of their home or business hazards, and creating a record of their belongings in case of a future claim.

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