Regulator decreases Progressive auto insurance rate in Louisiana

insurancebusinessmag | June 17, 2019

Progressive Security Insurances submission to decrease its auto insurance rates in Louisiana has been approved by the states insurance commissioner.Jim Donelon, insurance commissioner of Louisiana, said that drivers in the state will see a decrease of 2.2% on auto insurance policies offered by Progressive starting September. According to the states Department of Insurance, Progressive is Louisiana’s second-largest auto insurer with approximately 175,000 policyholders.

Spotlight

Theres a one in four chance a worker will be disabled before retirement, and the top causes of disability are more common than most people think. This infographic shows top causes of disability, key drivers impacting todays workforce, and 10-year trends in disability, according to data from Unum - the world's largest provider of disability insurance.

Spotlight

Theres a one in four chance a worker will be disabled before retirement, and the top causes of disability are more common than most people think. This infographic shows top causes of disability, key drivers impacting todays workforce, and 10-year trends in disability, according to data from Unum - the world's largest provider of disability insurance.

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INSURANCE TECHNOLOGY

Breeze Disability Insurance Platform Now Available to Appalachian Underwriters Network

Breeze and Appalachian Underwriters | September 05, 2022

Breeze, the insurtech simplifying how disability insurance is bought and sold, announced today a new partnership with leading insurance wholesaler Appalachian Underwriters, Inc. (AUI). Health-licensed agents and brokers partnered with AUI can now use Breeze's turnkey disability insurance platform to rapidly scale income protection sales. Breeze's proprietary technology makes it possible to quote disability insurance in seconds and submit client applications in minutes – entirely online. Breeze also handles case management, making this new partnership a low-strain, high-growth opportunity for AUI's partner agents. "Whether you're focused on home, auto, health or life insurance sales, income protection is a natural next conversation for agents and advisors. We're thrilled that Appalachian Underwriters has selected Breeze to power their disability income insurance offerings, and we look forward to supporting their agents," - Colin Nabity, CEO & co-founder of Breeze AUI has an impressive network of around 30,000 insurance agencies comprising roughly 70,000 agents. It was recently ranked the fifth largest MGA in the country by Business Insurance. We're extremely excited to partner with Breeze to continue our mission to support our agents and agency partners with diverse new product solutions and tools that increase efficiency, After seeing strong success with our recent entrance into the life insurance space, the partnership with Breeze is perfect to represent AUI's first voyage into the health market,said William Chambers, Director of Digital Partnerships at Appalachian Underwriters. With AUI already having strong commercial P&C and workers' compensation lines, disability insurance through Breeze should fit nicely into the wholesaler's newly-launched health business. Small business owners and employees could find financial peace of mind in disability insurance that protects their income against injuries and illnesses that happen on and off the job. Breeze currently offers two long-term disability insurance products, short-term disability insurance, and critical illness insurance. AUI's health-licensed agents and brokers can seamlessly and near-effortlessly offer any of these products to their clients via Breeze's simple online platform that uses predictive analytics to expedite underwriting. Despite the average employee being 3.5 times more likely to need disability insurance instead of life insurance during their career, just 14% of consumers own disability insurance due to an overly-complex application process that has kept both buyers and sellers away. Breeze has simplified disability insurance and is now uniquely-positioned to be the leader in an untapped market. The partnership with Appalachian Underwriters is a major step towards making disability insurance accessible for a range of workers. About Breeze Breeze is an online insurance broker simplifying how disability and critical illness insurance are bought and sold. Leveraging industry expertise and innovative technology, our team is building a better way to distribute income protection insurance for life's most financially vulnerable moments like cancer, depression, and bad accidents. Policies offered through Breeze replace a portion of a policyholder's regular income and can be used to help with large medical bills, mortgage payments, groceries, and more. Breeze currently offers long-term disability insurance, short-term disability insurance, and critical illness insurance. About Appalachian Underwriters Appalachian Underwriters, Inc. (AUI) is a full-service MGA and wholesale insurance brokerage, providing independent agents a national outlet to multiple specialized markets for workers' compensation, commercial, life, and personal lines of insurance. Appalachian Underwriters is wholly owned by Acrisure, LLC.

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CORE INSURANCE

PCF Insurance Services' Earns Recognition as Industry Leader

PCF Insurance Services | September 22, 2022

PCF Insurance Services (PCF), a leading national insurance brokerage, was recently named a top 20 insurance broker on Business Insurance's "2022 Top 100 Brokers of U.S. Business" list. The list, which ranks companies by their 2021 brokerage revenue generated by U.S.-based clients, identifies the highest-grossing companies in the insurance industry. The company also placed within the top 15 on Insurance Journal's "2022 Top 100 Property/Casualty Agencies" list, which ranks companies by total property and casualty (P&C) agency revenue. With 2021 revenue of $590 million, PCF Insurance increased its Business Insurance ranking from No. 27 last year to No. 20 in 2022, representing the largest year-over-year jump among top 20 companies. The company's year-over-year revenue increase of more than 150% was also the largest percentage increase of any company in the top 20. PCF Insurance's 167% P&C revenue increase from $176 million in 2021 to $470 million in 2022 provided the momentum for the company to boost its standing in the Insurance Journal ranking from No. 20 last year to No. 13 in 2022. Over a three-year period, PCF Insurance has seen a 3,830% growth in revenue. "In just under four years, PCF has scaled from an agency with more than $10 million in revenue to a leading national insurance brokerage with annual revenue exceeding $640 million, This recognition is a testament to our pursuit thoughtful, value-accretive expansion and our partners' commitment to delivering best-in-class services to clients." -Peter C. Foy, Chairman, Founder and CEO of PCF Insurance The rapid ascension among the industry's leading brokerage firms is a testament to PCF Insurance's collaborative partnership model and culture. PCF Insurance has an intentional approach to attracting and bringing on entrepreneurial-minded, growth-focused agency owners who perform at a high level, deliver year-over-year increases in organic growth, and retain clients. PCF Insurance has earned a reputation as being a preferred partner for entrepreneurs because even though our partners are independent, everyone has a stake in the success of our organization, Our Agency Partners are the fuel to our success. They collaborate, share knowledge, and as a result, propel our growth strategy. Because when one of us grows, we all grow.,said Peter C. Foy. In addition to the expansion of its technology and infrastructure investments, PCF Insurance completed six acquisitions in 2019, 36 in 2000, 89 in 2021, and is on pace to complete more than 100 acquisitions this year. Of these acquisitions, XX% of these deals were a direct result of referrals from within the PCF partner network. To continue to add value and diversification to its network of offerings, PCF recently announced acquisitions of California-based Andreini & Company, Utah-based MGA United Underwriters, and specialty MGA Professional Warranty Service Corporation (PWSC). According to analysis by Chicago-based Optis Partners LLC. Through the company's collaborative structure, PCF Insurance currently serves more than 465,000 clients through its network of nearly 165 Agency Partners* across 37 states. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. PCF Insurance is a notable leader in the insurance space, ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies.

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INSURANCE TECHNOLOGY

CogniSure AI Announces Solution Partnership With Duck Creek Technologies for Transforming Unstructured Submission Data Into Risk Insights

Duck Creek Technologies and CogniSure | September 15, 2022

CogniSure Submission Ingestion API allows commercial insurance carriers quicker access to risk insights buried in submission emails and attachments such as Loss Runs and SOVs. CogniSure AI, an Illinois-based corporation, has entered into partnership with market-leading insurance software provider Duck Creek Technologies, which allows insurance companies to exponentially gain underwriting efficiencies while enhancing their risk decision-making capabilities. CogniSure AI's algorithms extract data from complex submission documents such as applications, schedules, SOVs and loss runs into structured formats and further derive risk insights for underwriter consumption. Duck Creek customers can easily integrate CogniSure AI's Submission Ingestion APIs through its Marketplace. With ever-increasing risk complexity and customer expectations, it's important that underwriters focus their time on risk assessment and nurturing relationships rather than manually extracting and aggregating data buried in PDF/Excel documents attached to submissions. PropertyCasualty360 reported that commercial insurers receive roughly 100 million submissions each year; as such, underwriters are extremely selective as to which risks they are willing to work. A majority of the commercial submissions come in emails, and unstructured data is one of the biggest challenges to digitization of commercial underwriting operations. "Unstructured Data ingestion is a big challenge for property and casualty (P&C) insurance carriers, and we are excited to have CogniSure AI join the Duck Creek solution partner ecosystem. CogniSure AI drives significant operational efficiencies and helps underwriters make better risk decisions by providing access to data that is buried in unstructured documents." - Robert Fletcher, Head of Global Partnerships at Duck Creek Sai Raman, Founder & CEO, CogniSure, said, We're really excited to roll out our submission intake solution for Duck Creek customers. We believe it's a tremendous opportunity to complement the Duck Creek platform and drive the automation of underwriting submission processes. We have invested significantly to pre-train our solution through large volumes of insurance documents such as loss runs and schedules to make it production ready and deliver best-in-class precision and responsiveness. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. About CogniSure The CogniSure AI platform provides actionable insights from unstructured data buried in insurance documents such as submissions, loss runs, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data extraction and provides unrivaled insights to address the complexity of insurance document processing.

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