QBE delivers climate change action

Insurance Business America | April 01, 2019

As part of its commitment to act on climate change, Australia’s third largest insurer has announced its plans to stop offering insurance cover for thermal coal mines and coal-fired powered stations and has released its new energy policy. QBE Insurance Group said that by 2030, it will phase out all direct insurance services for thermal coal customers, which make up less than 0.5% of its current coal revenue, but will continue to invest in and provide insurance services for metallurgical coal and oil and gas companies. Effective July 01, QBE will stop offering any new direct insurance services for construction projects for thermal coal mines, coal-fired power stations, or thermal coal transport infrastructure, Reuters reported. “We also commit to targeting zero direct investments in the thermal coal industry by July 01 this year, while maintaining a margin of up to 0.5% of total funds under management,” said Pat Regan, QBE Group CEO.

Spotlight

Written by Sovos’ team of regulatory specialists, this guide for insurers provides everything you need to know about the IPT regulatory landscape.

A mix of deep dive country-by-country information in addition to guidance on IPT and the digital tax landscape, this guide is for any insurer wanting to know more about IPT compliance.

Despite its focus on Europe, our guide also explores other jurisdictions in Asia, Australia, North and South America. This guide is your trusted source of information wherever in the world you write business.

Spotlight

Written by Sovos’ team of regulatory specialists, this guide for insurers provides everything you need to know about the IPT regulatory landscape.

A mix of deep dive country-by-country information in addition to guidance on IPT and the digital tax landscape, this guide is for any insurer wanting to know more about IPT compliance.

Despite its focus on Europe, our guide also explores other jurisdictions in Asia, Australia, North and South America. This guide is your trusted source of information wherever in the world you write business.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Boston Mutual Life and Majesco Collaborate to Improve Customer Experience

Boston Mutual Life and Majesco | January 27, 2023

In a statement released on January 26, 2023, Majesco informed that Boston Mutual Life has chosen the company to modernize its core business platform and improve customer experience and engagement. Paul A. Quaranto, Jr., Chairman, CEO, and President at Boston Mutual Life, stated, "By partnering with Majesco, we're able to transform our business and legacy solutions that will offer enhanced experiences for our policyholders, producers and employees." He added, "We're focused on doing what's best for our stakeholders, so we're excited to invest in advanced technology that enriches the customer experience and empowers us to leverage innovation to better support our mission to make it easier to do business with Boston Mutual Life." (Source – Business Wire) Boston Mutual Life Insurance Firm, a nationwide carrier that offers insurance solutions for working Americans and their families, was established as a progressive life insurance company in 1891. As a mutual company with locations in Canton, Massachusetts, and Omaha, Nebraska, it is committed to acting in the interests of its policyholders, producers, workers, and communities. Adam Elster, CEO at Majesco, remarked, "We are looking forward to partnering with Boston Mutual Life on their transformation journey." "They have over 131 years of experience and success and continue to invest in solutions that keep them at the forefront of the industry. We are honored they selected Majesco to not only address their current needs but to also provide a foundation for innovation and enhance the customer experience of the future," he concluded. (Source – Business Wire) About Majesco Majesco is one of the partners that P&C and L&A insurers choose to create and deliver great customer experiences. Its SaaS platform solutions for core, digital, data & analytics, distribution, and a rich ecosystem of partners are used by more than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups to create their next now. With more than 900 successful implementations, it is one of those companies that can bridge the gap between the old way of doing things in the insurance industry and a digital-only mindset. About Boston Mutual Life Insurance Boston Mutual Life Insurance Company, a prominent US insurer, offers a variety of insurance alternatives to industrious families and individuals. The progressive life insurance company, founded in 1891, provides insurance products and services to working Americans and their families with convenient enrollment and billing options through the workplace. Its headquarters are in Canton, Massachusetts, and Omaha, Nebraska. Boston Mutual Life puts policyholders, clients, employees, and communities first.

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CORE INSURANCE

Root Insurance Extends Relationship with CCC

Root Insurance | February 17, 2023

On February 16, 2023, CCC Intelligent Solutions Inc., a SaaS platform for the personal and casualty insurance industry, announced that Root Insurance would extend its relationship with it for a technology-based first-party casualty solution. This extended relationship empowers Root Insurance to connect APD claims data and insights with casualty claims processing. The addition of a CCC-powered first-party casualty solution enables Root to manage auto physical damage along with first- and third-party casualty claims through a single digital workflow. It digitalizes reimbursement recommendations, bill intake, and review. It provides accident data and insights so that it could help insurers with reviewing the medical bills for appropriateness and accuracy of medical treatment and medication charges through a digital medium. Chief Claims and Customer Service Officer of Root, Mark LeMaster, said, "As a digital-first insurer, it is essential for Root to leverage data and technology to inform decisions and deliver seamless experiences." He added, "By working with CCC we can do both across the life of a claim, spanning auto physical damage, first- and third-party casualty and subrogation claims. CCC's network, technology, and AI are coming together in a way that will enable us to deliver on our policyholders' expectations for straight-through claims experiences." (Source – Business Wire) Chief Commercial and Customer Success Officer of CCC, Mike Silva, said, "We are excited to continue to support Root's vision for smart, digital claims management." He added, "Connecting the auto-physical damage and casualty claims processes will help Root gain greater insights to achieve better claims efficiency and better outcomes." (Source – Business Wire) About Root Insurance Headquartered in Columbus, Ohio, Root insurance, an insurance company, has been providing insurance products and technology platforms for fairness, simplicity, and personalization in the FinTech industry since 2015. It offers services for car insurance, data science, engineering, automotive telematics, mobile applications, technology, and related insurance. It has been reported that the Root application has about 11 million app downloads, collecting more than 18 billion data for insurance offerings. Through the application, it measures driving behaviors like route consistency, driving times, speed of turns, and braking, determining the safe drivers.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Coterie Insurance Joins Vertaforce’s Automated Commercial Submissions

Coterie Insurance and Vertaforce | January 11, 2023

On January 10, 2023, Coterie Insurance officially launched Vertafore's award-winning Commercial SubmissionsTM platform, which handles business owner’s policies (BOP) and general liability policies. Coterie, the platform's first MGA, will make it easier for independent brokers to bind and quote small commercial insurance. The time-consuming process of quoting small business insurance lines has been made simpler using Commercial Submissions by independent agencies since it became available last spring. The platform's automated data entry tasks and connectivity with carriers have produced significant results for independent agents, enabling them to offer their business clients a better experience. Coterie's mission and goals, which focus on revitalizing the business through digital tools, are entirely consistent with those of Commercial Submissions. Using Coterie, agencies will have access to Commercial Submissions and be open to a wider variety of specialized commercial alternatives. Becky Monfre, Coterie's Director of Digital Partnerships, said, "We are excited to engage with Vertafore's vast network of agents on the Commercial Submissions platform and offer our BOP and general liability quotes to their agents. She further added, "Coterie is uniquely positioned on the platform to offer bindable quotes with minimal questions, as a fully digitally underwritten insurance product. This puts a quote in the agent's hand to present to their clients within minutes, offering unique products and coverage in all 50 states." (Source: Cision PRnewswire) "We are thrilled to welcome Coterie Insurance to Commercial Submissions and to further increase connectivity across the entire insurance distribution channel. Coterie's addition expands access to their policy solutions and adds to the platform's momentum, providing participating agents with another communicative, world-class partner who can help them quickly match customers with the product options that are right for them," said James Thom, Chief Product Officer at Vertafore. (Source: CisionPRnewswire) About Coterie Insurance Coterie Insurance helps in getting quotes and buying insurance. Small businesses can get the services they need through their website, through an independent agent, or with help from the company's support team. The company, which started operations in 2018, has its main office in Cincinnati (Ohio). About Vertafore Founded in 1969, Vertafore is modernizing and streamlining the insurance life cycle and helping its customers prioritize what's truly important to them. As a result, independent agencies, MGAs, and carriers can increase efficiency, productivity, and profitability with the help of Vertafore's solutions. It provides end-to-end connectivity across the distribution channel, enhances the client and agent experience, unlocks data's power, and streamlines essential workflows.

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