High Street Insurance Partners | January 24, 2022
High Street Insurance Partners ("HSIP") announced its December acquisition of Insurance Services Group (ISG), a full-service, regional insurance brokerage firm. ISG is headquartered in Washington and serves clients in 12 states, with a large concentration in the West.
"This acquisition represents our continued expansion in the West, With the addition of ISG, we can assist a greater number of clients with a full spectrum of insurance needs."
-Scott Wick, CEO of HSIP.
"We are excited to join HSIP. Their vision aligns perfectly with ours; commitment to our clients and the local communities in which we live. We will be able to leverage the partnership to continue to provide best-in-class solutions to all our clients."
-Trevor Campbell, President of Insurance Services Group
This acquisition is one of 17 finalized in December, making HSIP one of the most active brokerage firms in 2021, in terms of acquisitions. HSIP has acquired 97 agencies in just three years. The firm has a geographical footprint spanning 23 states.
About High Street Insurance Partners
High Street Insurance Partners (HSIP) is a full-service, independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,700 insurance specialists & consultants in offices based in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Washington.
Policygenius | June 27, 2022
Impact Partnership intends to use Policygenius Pro to enable its member firms to significantly reduce the time spent placing term life insurance while increasing overall profitability.
Policygenius and Impact Partnership are collaborating to bring the term life fulfillment platform Policygenius Pro to Impact's network of financial advisory and broker-dealer partners.
Policygenius Pro is a turnkey partnership platform that assists advisors in accelerating and streamlining life insurance sales. Advisors and agents can use this tool to refer their clients to Policygenius, who will walk them through the entire process, from policy selection to coverage implementation.
The change allows Impact's extensive partner network, including over 200 constituent firms and 2,000 advisors, to save significant time and energy while still providing a superior client experience. The time savings enables Impact to reduce its current costs of placing term life insurance while also capturing additional opportunity that advisors may have missed due to the time-consuming process of assisting clients in obtaining term life insurance. The partnership is one of many innovation partnerships. Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO).
We're thrilled to be able to offer Policygenius Pro to Impact partners, Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point."
Clay Eschrich, Impact SVP of Life and Distribution.
This gives Impact advisors who use Policygenius Pro access to a wide range of insurers, coverage types, and policy options, including accelerated underwriting offerings that are only available on the Policygenius platform. Case management, underwriting, and product support are also provided by an expert staff of 200+ dedicated specialists.
PZU, Tractable | November 27, 2020
PZU, the biggest financial institution in Central and Eastern Europe, is using AI to upgrade how it audits its car insurance claims across Poland, it declares today.
PZU handles almost 500,000 motor damage claims for every year. Prior to implementing AI, Poland's biggest insurer was performing a detailed audit of around 20% of its motor claims that are handled by body shops (the remaining body shop cases were affirmed with improved control).
Presently, the AI solutions - gave by the tech organization Tractable - permit PZU to check in detail practically the entirety of the body shop claims it measures, progressively. The calculations can recognize any oddities that should be checked by PZU's specialists or affirm that all repairs are carried out in consistence with methodology and standards defined by PZU. Because of this development, PZU's specialists can zero in on those cases that truly need their consideration.
PZU has worked with Tractable since 2018 and is the primary insurer in Poland to utilize AI to handle its motor insurance claims. Up until this point, the innovation has handled more than 150,000 claims, or 1/3 of PZU's yearly auto claims volume, worth PLN 1.3bn (£260m). According to PZU, the applied arrangement has made claims handling essentially more powerful, while likewise shortening the waiting time for vehicle repair.
Marcin Kurczab, Director of Innovation Lab at PZU, and responsible for cooperation with start-ups, said: "At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology. Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company."
Established in 1803, PZU is the most seasoned and biggest insurer in Poland, with record-breaking benefit and deals in 2019. Net benefit totalled PLN 3,295m (£667m), deals totalled PLN 24.2bn (£4,91bn), and ROE was 21.2 percent, almost twofold the European normal among insurance companies.
Adrien Cohen, Tractable Co-Founder and President, said: "It's been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale. This proves PZU's dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI."
Tractable's AI utilizes machine learning calculations and is trained on photographs and human repair choices across a great many verifiable mishaps. The innovation can be applied internationally to any traveler vehicle. The AI empowers insurers to survey car damage, shares suggested repair tasks, and aides the claims the executives cycle to guarantee these are prepared and settled as fast as could reasonably be expected. The framework continually improves as an ever increasing number of insurers and repairers profit by its utilization.
Tractable's AI has handled over $1 billion in auto claims for the world's top insurers, including Ageas UK, Covéa, the biggest auto insurer in the French market, and Tokio Marine, the biggest auto insurer in Japan.
Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55m in venture capital and has offices in London, New York City and Tokyo.
The Powszechny Zakład Ubezpieczeń SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland.
The PZU Group's consolidated assets total PLN 377bn. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognisable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.