Prudential picks Vitech's V3locity for its Insurance Administration

Cision PR Newswire | September 09, 2020

Vitech Systems Group announced today that Prudential Group Insurance has signed a long-term contract to use Vitech's V3locity® as Prudential's new core administration platform across its entire group insurance business. Prudential will use V3locity to administer a broad range of insurance products including Accident, Critical Illness, Hospital Indemnity, Term Life, Short and Long-Term Disability, Universal Life, Variable Universal Life and more. The insurer's decision to leverage V3locity across its entire group insurance business is aligned with Prudential's overall growth and transformation strategy and follows the successful implementation of V3locity for its voluntary benefits business in May 2019.

Spotlight

Medicare Supplement insurance, sold by private companies, can help pay some of the health care costs that Medicare does not cover, such as copayments, coinsurance, and deductibles. If you have Medicare and you buy a supplemental policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs; then your Medicare Supplement policy pays its share.

Spotlight

Medicare Supplement insurance, sold by private companies, can help pay some of the health care costs that Medicare does not cover, such as copayments, coinsurance, and deductibles. If you have Medicare and you buy a supplemental policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs; then your Medicare Supplement policy pays its share.

Related News

INTELLECTUAL PROPERTY

Networked Insurance Agents Rebrands to AmWINS Access

AmWINS Group, Inc. | January 04, 2021

AmWINS Group, Inc. a worldwide merchant of specialty insurance products and administrations, today reported the rebranding of subsidiary Networked Insurance Agents to AmWINS Access – Admitted Placement Services, compelling January 1, 2021. Networked joined AmWINS in 2017 as a main insurance aggregator, bunch, and showcasing network composing conceded business for in excess of 1,300 retailers in each of the 50 states. AmWINS Access is a cross country restricting stage for little property and loss business involving three fragments: E&S Small Commercial, Personal Lines, and Admitted Placement Services. “The culture that Networked Insurance Agents has instilled over the past 28 years remains intact, and building partnerships that result in meaningful, lasting relationships is still at our core,” said Larry Oslie, Chief Operating Officer of Admitted Placement Services. “With further integration into AmWINS Access, we can provide our retail agency partners with a one-stop shop for admitted and E&S capabilities.” The move reflects AmWINS’ rich legacy of being built as one team supporting clients, markets, and spheres of interest on every continent through a global platform of network partnerships and local expertise. “Great progress has been made since joining the AmWINS family three years ago, as Networked Insurance Agents steadily expanded their membership footprint while enabling members to realize their full potential,” said Tony Gresham, President of AmWINS Access. “AmWINS Access – Admitted Placement Services will continue offering independent agents and brokers innovative solutions now paired with the expertise and market access of the largest P&C wholesaler in the United States.” About AmWINS Group, Inc. AmWINS Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company operates through more than 115 offices globally and handles premium placements in excess of $20 billion annually.

Read More

INSURANCE TECHNOLOGY

Vesttoo Joins NVIDIA Inception to Further Develop AI-Based Technologies and Grow Insurance Linked Program

Vesttoo | September 06, 2021

Vesttoo is proud to announce that it has joined NVIDIA Inception, a program designed to nurture companies revolutionizing industries with advancements in AI and data sciences. Vesttoo's AI-based risk modeling technology creates accurate and objective risk models which are used to structure, price and place alternative reinsurance deals. This transfers insurance risks to capital market investors with a faster time-to-market, full risk transparency and performance monitoring, promoting liquidity in the reinsurance ecosystem. NVIDIA Inception will allow Vesttoo to further develop its independent, proprietary technologies in order to support its growing global pipeline and insurance-linked program (ILP), Vesttoo's security-based investment portfolio. The ILP program is based on Life and P&C insurance risks, giving institutional investors the opportunity to earn additional long-term, sustainable alpha from existing assets, without the need to allocate cash. The program will offer Vesttoo technological support, access to an extensive network, and the opportunity to collaborate with industry-leading experts and other AI-driven organizations. "We are thrilled to be part of NVIDIA Inception and join a network of market leaders that are reshaping entire industries. We look forward to collaborating with NVIDIA and taking advantage of their in-depth knowledge in AI and machine learning to further grow our ILP program," said Yaniv Bertele, Vesttoo's Chief Executive Officer. NVIDIA Inception helps startups during critical stages of product development, prototyping and deployment. Every NVIDIA Inception member gets a custom set of ongoing benefits, such as NVIDIA Deep Learning Institute credits, marketing support, and technology assistance, which provides startups with the fundamental tools to help them grow. About Vesttoo Vesttoo is the world's first marketplace for Life and P&C insurance-based risk transfer and investments. Our proprietary AI-based technology facilitates risk transfer between insurance companies and institutional investors, providing insurance-linked investments to asset managers of all types, while enhancing risk transfer and liquidity in the Life and P&C insurance markets.

Read More

INSURANCE TECHNOLOGY

Carvana and Root, Inc. Exclusively Partner to Develop Industry-First Integrated Auto Insurance Solutions for Carvana Customers

Carvana | August 12, 2021

Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, and Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company (“Root”), the leading insurtech carrier, today announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.” “In Root, we have found a partner that shares our customer focus and technology-driven approach to delivering exceptional customer experiences. We are excited to build on the success of our existing partnership by creating a unique, integrated solution,” said Carvana CEO Ernie Garcia. “We look forward to introducing our customers to Root’s seamless insurance process and believe that this integrated offering will deepen and extend our customer relationships between transactions.” “Carvana has revolutionized the used car buying experience for consumers. This partnership further elevates the Carvana experience by integrating insurance alongside car purchasing and financing decisions,” said Root CEO Alex Timm. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.” Under the terms of the investment agreement, Carvana will invest approximately $126 million of primary capital in Root, Inc. in a convertible preferred security, convertible at $9.00 per share, into approximately 14 million Class A shares in Root, Inc., or an ownership interest of approximately 5% on a fully diluted basis as of today. The investment agreement also provides CAbout Caarvana with warrants for Class A shares in Root, Inc. that are linked to the performance of the commercial partnership. Ardea Partners LP is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Root in connection with this transaction About Carvana Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 45,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s proprietary automated Car Vending Machines. About Root, Inc. Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s mobile-first customer experience is designed to make insurance simple.

Read More