State Farm slashes auto insurance rates in Louisiana

State Farm | September 06, 2019

State Farm Mutual Automobile Insurance Company has filed for another reduction in auto insurance rates in Louisiana. Overall personal auto rates in the state will drop an additional 2.6% once State Farm’s request is approved. A release said that the rate decrease will lead to a total statewide impact of about $36.6 million. This is the fourth time in the last two years that State Farm has lowered auto rates. The combined impact of all four reductions is a 10.4% rate reduction. Although State Farm filed for rate changes, the overall changes in premiums for individual motorists will vary depending on the specific details of each of their policies and chosen coverages. The proposed effective date for new and renewal business is November 25, 2019.

Spotlight

In early 2018, Insurance Innovators and Earnix surveyed over 500 insurance professionals to assess the value of personalization in the insurance sector. The insights present an industry expecting a significant change in the way insurance products are developed and sold, in order to meet the growing demand of consumers who expect highly personalized products that meet their unique needs. For those already making strides towards personalization – the survey showed that they are already reaping the benefits.

Spotlight

In early 2018, Insurance Innovators and Earnix surveyed over 500 insurance professionals to assess the value of personalization in the insurance sector. The insights present an industry expecting a significant change in the way insurance products are developed and sold, in order to meet the growing demand of consumers who expect highly personalized products that meet their unique needs. For those already making strides towards personalization – the survey showed that they are already reaping the benefits.

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RISK MANAGEMENT

Azentio Software wins the InsureTek Core Transformation Leader of the Year Award 2022

Azentio Software | February 17, 2022

Azentio Software ("Azentio"), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced that it has won the InsureTek Core Transformation Leader of the Year Award 2022. The award was presented during the InsureTek Middle East 2022 International Conference and Golden Shield Excellence Awards ceremony, at the Address Dubai Marina, UAE, on February 9 &10. InsureTek's Awards recognise leading companies from within the sector that are helping the insurance industry evolve. The InsureTek Core Transformation Leader of the Year category is created to recognise technology innovations, digital solutions, rich product functionality, customer value, lines of business supported, implementation methodology, pricing, and support services. Across all these facets, Azentio Software has been especially deserving. "We are very pleased to see Azentio Software win the InsureTek Core Transformation Leader of the Year award. This incredible industry validation reaffirms the trust our clients have in our software and is therefore a powerful driver to keep on investing in our Insurance platform. Further, this recognition reflects our client-centric approach and commitment to bring the best of emerging technologies which enable our clients to be future-ready," - Vipul Sud, Head – Insurance at Azentio Software. Azentio's Insurance Suite is a fully developed, highly configurable, and multi-line administration suite, with configurable ratings and business rules engines that can help meet the industry's most stringent requirements. It enhances the speed for standard transactions by fast-tracking them with automation and straight-through processing. More than 250 leading insurers across the globe have adopted Azentio Insurance Suite to transform their businesses using innovative technology for improved operating models, better premium growth, customer retention and profits. About Azentio Software Azentio Software provides mission critical, vertical-specific software products for clients in banking, financial services and insurance verticals including key products such as Kastle™ (universal banking platform), iMAL™ (Islamic core banking platform), Amlock™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund Plus™ (asset and wealth management platform). Azentio has over 800 clients in more than 60 countries with a team of over 2,400 employees across offices in 9 countries globally.

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CLAIMS

Donegal Insurance Group Selects CoreLogic’s Leading Property & Casualty Claims Workflow and Management Solution

CoreLogic, Donegal Insurance Group | March 01, 2021

CoreLogic®, a leading global property data and analytics-driven solutions provider, today announced that Donegal Insurance Group, a family of property and casualty insurance companies, has chosen CoreLogic as the innovation provider to control and streamline their property claims operations and help improve the policyholder experience. “Donegal is known for its superior claims service and takes pride in being ‘There When It Matters Most’ for its policyholders,” said Bob McCafferty, VP of Claims for Donegal Insurance Group. “By engaging with CoreLogic and leveraging their Claims Platform, we will be able to further enhance the customer experience. Using the tools and integrations available through CoreLogic, we can keep customers connected and informed throughout the claims process. In many cases, our claim representatives can quickly estimate damages from their desk, resulting in faster settlements and higher levels of customer satisfaction.” CoreLogic conveys solutions across guaranteeing, claims and risk management that enable insurance carriers to give a convincing digital policyholder experience and unrivaled ease of utilization through each touchpoint in the property insurance environment. Its exceptional approach to join all parts of the insurance workflow onto one cloud-native simultaneous platform, improves on claims measure, enables innovation agility through top tier InsurTech and integrates production network sellers with a flip of a switch. The cloud-based insurance hub utilizes a safe and open architecture enabled by an industry-leading API framework, making it easy for customers to associate with a large group of innovative outsider InsurTech solutions through the CoreLogic Digital Hub Alliance. “We have been fortunate that many insurance companies are turning to CoreLogic as they look to deliver a better experience with more efficient claims handling and ease of integration with their key suppliers and third-party technologies,” said Frank Martell, president and CEO, CoreLogic. “This newest collaboration with Donegal demonstrates CoreLogic’s future growth and transformation in the insurance sector to significantly improve the customer experience at their most critical moment of need.” About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes.

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INSURANCE TECHNOLOGY

Oakbridge Insurance Partners with Brock Insurance Agency

Oakbridge | June 15, 2022

Oakbridge Insurance Agency announced a new partnership with Brock Insurance Agency. Brock Agency is an independent agency with corporate offices in Rossville, Georgia, Chattanooga, Tennessee, and Savannah. This partnership establishes Oakbridge’s first presence in Tennessee and also promotes the agency’s continued Southeastern expansion. We are very excited to join Oakbridge and have been working with Oakbridge's founding firms for over a decade, and this partnership is evidence of the trust and bond we have built and will continue to nurture." Brock's President Mark Brock. For the past three years, Brock has been recognized by Independent Insurance Agents & Brokers of America as a Best Practices Agency and a top performer in their revenue category in 2021. As a result of the agreement, Brock gains access to extra resources and initiatives and a network of like-minded professionals dedicated to offering innovative solutions for their clients. The alliance doubles Oakbridge's employee benefits presence in the region and complements the firm's focus on construction, real estate, manufacturing, charities, and energy. About Oakbridge Insurance Agency Oakbridge Insurance Agency LLC is a fast-developing partnership model for organizations seeking expedited growth, access to finance, and an expanded array of capabilities to service clients. Oakbridge is one of the region's largest privately-owned insurance, risk management, and employee benefits businesses, having been named a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines. Agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, and transportation are among the areas where the agency has specific experience. Visit oakbridgeinsurance.com for more information.

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