Report: Insurance M&A activity continues to go strong

Insurance Business America | April 12, 2019

A new report by advisory firm OPTIS Partners found that the insurance mergers and acquisitions (M&A) market for the first quarter of 2019 continues to be “hot.” For Q1 2019, there were 151 announced insurance agency mergers and acquisitions; one more deal than was announced in Q1 2018, the report noted. Data used for the report covers US and Canadian agencies that sell primarily P&C insurance, agencies that sell both P&C and employee benefits, as well as agencies that sell only employee benefits. According to the report, Patriot Growth Insurance Services was the insurance company-buyer with the most transactions for the quarter, at 18; the company also had 17 closed deals. Other top buyers for the quarter included Acrisure (16), Hub (12), Gallagher (10), and Broadstreet Partners (10). OPTIS Partners observed that there were no signs of any changes in buyer and/or seller behavior, in terms of appetite for transactions and valuations of agencies for sale. The advisory firm also noted that for Q1 2019, there were only 57 unique buyers – the lowest number in any first quarter since 2014.

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CORE INSURANCE

Betterfly and Chubb Announce Alliance to Offer Wellbeing, Insurance, and Social Impact Solutions across Latin America

Betterfly | December 06, 2021

Chubb, the world's largest publicly traded property and casualty insurer, announced its most recent digital alliance with Betterfly, a Latin America digital benefits platform used by companies to encourage employees' commitments to self-care. The platform rewards healthy habits with charitable donations and life insurance protection that grows at no cost based on lifestyle choices that foster physical, mental, and financial wellbeing. Betterfly has developed a unique embedded insurance B2B2C model and has chosen Chubb as its preferred insurance provider for Mexico, Colombia, Ecuador, Chile, and Argentina. Chubb will make Betterfly's membership and benefits platform available to its consumer line insureds in these countries through existing distribution channels. The integration of Chubb's digital insurance into the Betterfly ecosystem uses the capabilities of Chubb Studio, Chubb's global digital product distribution platform. "We are thrilled to start working together with Chubb to bring our Betterfly Effect to every corner of Latin America. This alliance combines Chubb's global expertise in risk management, data analytics, and superior claims service with our AI-based customer behavioral science to complement our prevention, protection, and purpose solutions. This is a huge step towards scaling our platform throughout the region and to our vision of protecting the future of 100 million people by 2025," - Eduardo della Maggiora, Founder and CEO of Betterfly. "We are excited by this new digital alliance. Betterfly's wellbeing platform will convert good habits into tangible benefits, combining social purpose with financial protection, I am pleased to join efforts with Betterfly for a healthier Latin America and to provide greater access to insurance protection for people, families, and businesses." - Marcos Gunn, Senior Vice President, Chubb Group and Regional President, Latin America. Most people in Latin America do not have life insurance coverage. According to a Swiss Re Institute's Report from October 2020, the region had an estimated total mortality protection gap of US$14 trillion. Betterfly is making it easier and more affordable for individuals and companies in Latin America to access financial, insurance, and lifestyle benefits. Integrated with apps like Google Fit, Apple Health, and Strava, the platform tracks members' activities and rewards healthy habits, such as walking, exercising, sleeping, and meditation, with "Better Coins" that can be exchanged for charitable donations, lifestyle rewards, and increased life insurance coverage. Chubb's technology, analytics, and data capabilities provide its global partners and their customers with a seamless experience. These capabilities are being utilized in Latin America with partners like Betterfly and in other regions around the world, including Asia and Europe. Specifically, Chubb's global digital product distribution platform, Chubb Studio, allows business partners to quickly and easily add "white label" insurance offers to their existing digital platforms, with significant speed-to-market capabilities. Additionally, it provides a secure and scalable platform with multiple APIs to simplify the process. The platform enables Chubb's partners in retail, e-commerce, banking, fintech, airline, telecommunications, and other industries to add digital insurance options to their product and service offerings, as well as the ability for their customers to submit claims 100% digitally within their ecosystems and platforms. About Chubb Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. As an underwriting company, we assess, assume, and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations and employs approximately 31,000 people worldwide. About Betterfly Betterfly, one of Latin America's most valuable insurtech startupi, is a leading technology company that combines wellbeing, insurance, and social purpose with a mission to help people do better, live better, and be better. The company is pioneering a new way of bringing flexible and simple financial protection to all by empowering people to help others and take care of their own mental, physical, and financial wellbeing. Betterfly is making it easier and more affordable for individuals in Latin America to access financial, insurance, and lifestyle benefits and for organizations to provide these benefits to their employees. Its fully digital benefits subscription gives each member smart life insurance coverage. The company leverages its platform to track and rewards members' good habits with charitable donations options and life insurance coverage that grows at no cost. As a Public Benefit Corporation and Certified B-Corp, Betterfly is reimagining insurance with a purpose-driven approach that empowers members to protect their families, communities, and the environment.

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EvolutionIQ Executive Co-Chairs the International Claims Association's Insurance Technology and Analytics Committee

EvolutionIQ | February 28, 2022

EvolutionIQ, the most rapidly adopted Claims Guidance platform amongst insurance carriers, is pleased to announce its Chief Operations Officer & Co Founder Mike Saltzman has been named Co-Chairperson to the International Claims Association's (ICA) Insurance Technology and Analytics Committee. Together with Chairwoman Wendy Berndt, Mike will facilitate technology discussions with members and industry thought leaders to address the major topics and challenges facing today's claim executives. Mike's appointment comes as EvolutionIQ leads claims the industry's transition to leveraging claim guidance platforms for complex claims, delivering enhanced financial results and claimant satisfaction. "I'm thrilled to join the ICA's Insurance Technology and Analytics Committee, especially at this moment when the industry is realizing the benefits of predictive technologies to benefit staff, claimants, and the bottom line, The ICA has always been at the forefront of best practice in claim handling, and I'm excited to help build our thesis on how technology, guidance and predictive processes should be used in tandem with skilled adjusters and staff members to arrive at fair, accurate and timely claim adjudication." -Chief Operations Officer & Co Founder Mike Saltzman Before founding EvolutionIQ, Mike spent years as an investor focused on insurance companies at Bridgewater Associates, the world's largest hedge fund. He became an expert on the effects of claims on carriers' financial results, as well as seeing the power of algorithmic strategies on Bridgewater's own processes. Mike then received his MBA at Stanford University. EvolutionIQ was started while Mike was at Stanford and his Co-Founder, Tom Vykruta, was completing a near decade-long tenure at Google, where he was a Machine Learning leader across several marquis Google products. "Our organization is pleased Mike Saltzman has agreed to join the Insurance Technology and Analytics Committee as Co-Chairman, There is no shortage of issues confronting the claims insurance sector, and with Mike's many years of combined experience and extensive expertise in the insurance space, we strongly believe that he will provide high-caliber discussions and learnings to our community." -Christopher Murphy, Executive Director, International Claim Association. On the committee, Mike will be leading educational efforts, virtual seminars, and the creation of best practice guides for the industry to use in their transformation processes. The committee will also lead in-person educational sessions for claims leaders at their annual conferences. The first session was held on February 23rd at 2 PM ET, a virtual panel discussion titled "How Claims Guidance is Turning Examiners into Superheroes" with three industry leading claims executives from Reliance Standard Life Insurance, Principal Financial Group & Disability RMS. About EvolutionIQ EvolutionIQ is the leading provider of claims guidance software. Its software combines the predictive power of historical claims analysis with unstructured claimant data and third party information to automatically identify high-opportunity claims. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. About ICA ICA is the largest organization of claims professionals in the life and health insurance industry. Its specialties include life, accident, health/medical, disability, workers' compensation, and fraud. ICA members include insurance companies and claims professionals from around the world.

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INSURANCE TECHNOLOGY

RVOS Insurance Selects Majesco’s CloudInsurer® Platform to Transform its Core Operations

Rvos Insurance, Majesco | January 18, 2021

Majesco, a worldwide head of cloud insurance programming, today announced that RVOS Farm Mutual Insurance Company (RVOS), a long-lasting multi-line customer of Majesco's has selected Majesco P&C Core Suite Version 11 and will implement Majesco Enterprise Data Warehouse (EDW) on Majesco CloudInsurer® as part of their business change. The new platform will support their personal, farm and commercial lines of business including farm and ranch property, farm obligation, comprehensive personal risk, mortgage holders, abiding policy, commercial property fire, and commercial general risk. This includes ISO and non-ISO based products. This followed a multi-month market appraisal bringing about the selection of Majesco arrangements. Situated in Texas in the course of recent years, RVOS has developed from a solitary company offering a basic fire insurance policy to a group of companies offering inventive and competitively priced insurance products to address the issues of property proprietors across the state. RVOS is committed to providing peace of brain to property holders, farmers and ranchers. As a farm mutual, they have an interesting capacity to adapt quickly to new circumstances and offer an assortment of insurance products to address different issues and spending plans. “To successfully address ever-changing market conditions and evolving customer demands, we needed a next-generation platform that was flexible, agile and would rapidly support product, customer and new market demands,” says Jamie Smith, Corporate Secretary of Information Technology at RVOS. “The combination of Majesco P&C Core Suite and Enterprise Data Warehouse on CloudInsurer® will provide a next-generation platform with robust business and data capabilities that are crucial as a digital insurer. As a long-time Majesco customer, we’re confident that the Majesco platform is the right solution to expedite our digital transformation and meet the demands of a new generation of insurance customers.” The upgrade and implementation will use broad prepared to-utilize content and capabilities of Majesco P&C Core Suite and rollout to CloudInsurer® that will facilitate a successful change and provide an establishment to rapidly scale as their business develops. Majesco EDW provides a hearty data structure that is pre-incorporated with P&C Core Suite helping to unlock bits of knowledge to optimize the business. “We’re honored that RVOS will continue and expand our long-standing partnership as they transform their business to a new era of digital insurance,” says Prateek Kumar, Executive Vice President of Sales at Majesco. “In an increasingly competitive and rapidly changing insurance marketplace, the powerful combination of our P&C Core Suite, EDW and CloudInsurer® solutions provide a powerful platform to modernize and optimize RVOS’ business while positioning them to capture growth opportunities with new products that their customers, agents and brokers demand in a new digital era of insurance, helping them surpass their competition.” About Majesco Majesco, provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.

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