Reaction pours in as insurance research makes case for flood defences

insurancebusinessmag | June 13, 2019

In case anyone needed more convincing, new research on the benefits of river water defences has been released by Flood Re at the Building a resilient future for the UK’s property insurance market conference organised by the Association of British Insurers (ABI).Conducted by Risk Management Solutions (RMS) on behalf of the reinsurance scheme, the study quantified the financial contribution of the British network of river barriers and defences based on thousands of simulations of weather events.

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Finally! We’ve put together an infographic on personally owned versus bank owned mortgage life insurance. In this infographic, we highlight the difference and importance of personally owning life insurance instead of getting it from the bank. As most advisors know, having your life insurance tied to your mortgage at the bank is typically not beneficial to the client.

Spotlight

Finally! We’ve put together an infographic on personally owned versus bank owned mortgage life insurance. In this infographic, we highlight the difference and importance of personally owning life insurance instead of getting it from the bank. As most advisors know, having your life insurance tied to your mortgage at the bank is typically not beneficial to the client.

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FastTrack, Insuretech leader announced its migration to a cloud computing platform.

Cision PR Newswire | September 04, 2020

FastTrack, a leading provider of insurtech solutions for the Life & Disability insurance industry, announced today the completion of their migration to a cloud-computing platform. The project resulted in a transition to Microsoft Azure for their entire suite of solutions and was completed without any service disruption to its customers. Leveraging the hosting platform's ability to handle the multiple coding languages employed by FastTrack demonstrates their continued dedication to using all resources at their disposal to create a flexible, easy-to-use platform for their client base without compromising on security. The new model also allows for a system that will seamlessly scale computing needs to match the growth of FastTrack, who has seen a 60% increase in insurance claims under management over the last 12 months.

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INSURANCE TECHNOLOGY

Sedgwick acquires Managed Care Advisors

Sedgwick | September 24, 2021

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, today announced it has acquired Managed Care Advisors, Inc. (MCA), a Bethesda, Maryland-based government contracting firm and leading provider of workers' compensation and specialty health plan products and services to the U.S. federal government. Managed Care Advisors' expertise includes a comprehensive, outsourced federal agency workers' compensation case and claims management solution, anchored by the full functionality of its technology platform. MCA's federally compliant solutions and established performance record will broaden Sedgwick's access to a wide range of public sector opportunities. The acquisition will also enable MCA to expand its breadth and depth of offerings to the government to include a broad array of world-class risk management and claims solutions that Sedgwick currently delivers in the commercial sector. Sedgwick and Managed Care Advisors have a shared focus on delivering excellence and taking care of people. We are well aligned to optimize outcomes for our clients and look forward to bringing our combination of value-added services to the employees of federal government agencies. - Elizabeth Demaret, Sedgwick president, specialty. MCA will operate as a wholly owned subsidiary of Sedgwick Public Sector, a Sedgwick holding company dedicated to delivering claims services to government entities. Joining forces with Sedgwick opens the door to new opportunities for bringing the public sector an even higher level of industry best practices and expertise. I'm excited for what lies ahead in our next chapter with Sedgwick. - Lisa Firestone, Managed Care Advisors president and CEO. About Sedgwick Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to our clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of more than 27,000 colleagues across 65 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact the bottom line. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders. About Managed Care Advisors Established in 1997, Managed Care Advisors specializes in workers' compensation, case and claims management, disability and absence management, analytics, technology solutions, specialty health plan management and employee benefits. Based in Bethesda, Maryland, Managed Care Advisors services customers throughout the United States and all U.S. territories. Since 2005, MCA has provided a comprehensive suite of products and services to the federal market to support federal agencies in improving outcomes, reducing costs, and avoiding unnecessary medical and vocational disability resulting from work-related injuries and illnesses.

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INSURANCE TECHNOLOGY

K2 Insurance Services launches another innovative product on the DRC Insurance Platform

LoadStar and K2 Insurance | October 05, 2021

Decision Research Corporation (DRC), an industry-leading provider of cloud-based enterprise solutions for the P&C insurance sector, announced today K2 Insurance Services has successfully deployed their innovative LoadStar Customs Inspection Insurance product on the DRC Insurance Platform. Via the DRC Agent Portal, freight forwarders and Customs Brokers are now able to purchase coverage online, submit claims, and are issued certificates in a single session, with full policy service, billing, and claims enabled for back-office processing. LoadStar, developed by K2 in partnership with a global insurance leader, is the first insurance solution to solve the problem of unpredictable shipping container inspection costs. President of LoadStar Insurance Services, Dan Williams said, "By creating a predictable cost to eliminate an unpredictable threat, LoadStar can mitigate uncertainty and protect profit margins to keep containers flowing smoothly." Due to the novel nature of the product, K2 required a platform that could handle any risk, not just established insurance products. DRC is our longtime technology partner, so we felt extremely confident turning to them to help us get this unique new product to market quickly and in a cost-effective manner. We were able to get LoadStar up and running on the DRC Insurance Platform, and totally integrated with our enterprise architecture, in just a few months. We take pride in serving our customers using the best and most efficient systems available to the insurance industry, which is why we rely on the DRC Insurance Platform. - Rebecka Kilkenny, CIO of K2. Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage. At K2 we're always looking to launch creative programs run by exceptional people. We consider it part of our core mission to provide innovative products and exceptional results in specialty markets, and DRC's technology empowers us to do exactly that. - Mark Smith, K2 President. Innovative thinking is part of DRC's DNA, so we're always excited to see how visionary clients like K2 are able to use our solutions to create a brand-new market. We have been honored to be part of their success and growth for the past seven years and look forward to continuing our partnership for many more to come. -Karen Yamamoto, CEO of DRC. About LoadStar and K2 Insurance LoadStar Customs Inspection Insurance was born out of a decade long "thorn in the side" problem of Importers who have never been offered a solution to offset the unpredictable financial sting of a Customs Inspection. Today we pride ourselves on offering a first ever solution to deliver "a predictable cost to eliminate an unpredictable threat". LoadStar is there to cover your inspection fees from an X-Ray Exam to a Tailgate Exam to a full devanning of your container in an Intensive Exam. LoadStar covers the expense of the invoice and reimburses the claim in 24-48 hours. Fast and efficient processing of your invoice ensures you'll be back up and running and protecting your profit margins and future business. K2 partners are top-tier insurers and MGAs in the specialty areas they serve. In addition to working with financially sound companies, we also employ robust, modern technology that aligns with our expansion plans and allows us to bring products to the marketplace efficiently and quickly. We understand how important it is in today's environment to have a policy administration system nimble enough to accommodate new products, enhancements, and regions. We're continually looking for acquisitions and growth opportunities. Through a combination of specialized, successful MGAs and well-capitalized, nationwide insurance carriers, K2 offers a compelling value proposition to the marketplace. About DRC DRC provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium.

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