CLAIMS

The Penn Mutual Life Insurance Company Continues Historic Dividend Track Record

The Penn Mutual Life Insurance Company | November 23, 2021

Penn News
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2022 and the Board of Trustees has approved a $123 million payout to eligible policyholders in 2022.

Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders.

"We're proud to continue our track record of financial strength and maintain our dividend scale, A mutual life insurance company's ability to consistently pay dividends is a solid indicator of its financial strength. Over the last 20 years, our dividend action remains one of the strongest and most consistent in the industry, reinforcing our commitment to serving the best interests of our policyholders and financial professionals now and into the future."

- Eileen McDonnell, chairman and CEO.


About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

Spotlight

Whether your car insurance prices have gone up, your policy is expiring soon, you have a new teen driver in the house or an old speeding ticket finally fell off your record, you may find yourself in a situation where shopping for car insurance quotes could help you save some money. The scenarios in the infographic below can help you determine if spending a little time reviewing auto quotes now might pay off.

Spotlight

Whether your car insurance prices have gone up, your policy is expiring soon, you have a new teen driver in the house or an old speeding ticket finally fell off your record, you may find yourself in a situation where shopping for car insurance quotes could help you save some money. The scenarios in the infographic below can help you determine if spending a little time reviewing auto quotes now might pay off.

Related News

INSURANCE TECHNOLOGY

Vouch Partners with Capsule To Support Startups Internationally

Capsule and Vouch | November 11, 2022

Capsule, a specialist insurance provider to high-growth companies in the UK, today announced a partnership with Vouch, a San Francisco-based insurance platform that provides business insurance for high-growth technology startups in the US. With this partnership, the two companies will work together to ensure that they can support their clients' needs internationally. The partnership comes just a year after Capsule's launch and will help startups and tech innovators across all the main markets protect themselves as they grow. As part of the partnership, Capsule will also assist Vouch's US venture and incubator partners with their UK portfolio companies, and Vouch has made an investment in Capsule. The additional funding will be used by Capsule to advance its technology and recruitment. Since Capsule launched in September 2021, the company acts for some of the country's top startups and scale-ups including Onfido, Codat, Otta, Hofy and Castore, and has in recent months partnered with SeedLegals, Crowdcube and a number of leading VCs. Prior to launching Capsule, co-founders Thomas Wynne and Liam Green successfully scaled and sold UK insurance group Kingsbridge in a nine-figure exit to US-based NSM in March 2020. Vouch, founded by CEO Sam Hodges (formerly CEO of Funding Circle US) and CRO Travis Hedge (formerly of Silicon Valley Bank), is a new kind of insurance platform for startups that offers fully digital, tailored coverage that takes minutes to activate. With over $160 million raised to date from the likes of Y Combinator, Ribbit Capital, Silicon Valley Bank and Index Ventures, as well as a recent valuation of over $550 million, Vouch has cemented its status as a 'soonicorn' with its sights firmly set on the next stage of business growth. "Vouch is committed to protecting founders and company builders where they are today and where they'll be tomorrow. Our partnership with Capsule represents an important first step in our plan to provide holistic international risk management solutions, so our clients can protect their global operations with the same ease and confidence they experience with us today. We're excited to start this journey with the Capsule team." -Sam Hodges, CEO of Vouch Thomas Wynne, Co-Founder and CEO of Capsule, added: The hyper-growth startups we support have global aspirations. Yet even the most sophisticated teams face a steep learning curve when scaling their risk management programs internationally. Our partnership with Vouch enables us to solve insurance holistically across markets and unlock further growth. About Capsule Capsule is a specialist insurance provider that helps startups and scale-ups in sectors such as Web3, Fintech, Enterprise (SaaS) and Consumer Tech navigate the risks of rapid expansion by ensuring they have the proper protection in place. Specialising in cover for businesses from seed stage through to IPO, Capsule offers policies including Directors' and Officers', Key Person, Professional Indemnity and Cyber Liability insurance, as well as many others. Their advice is geared for growth ('Capsule' is an anagram of 'scale-up') and backed by state-of-the-art technology that tracks clients across more than 300 data points. As a certified B Corporation, Capsule is also committed to using business as a force for good. Their team is equally passionate about helping similarly mission-driven and impactful organisations get these factors recognised and rewarded by the insurance sector. About Vouch Vouch is a US-based provider of business insurance to thousands of high-growth companies. Since its inception in 2018, the company has empowered its clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.

Read More

CORE INSURANCE,CLAIMS

APRIL signs strategic partnership with KKR for its next phase of growth

APRIL | November 28, 2022

With a turnover of €544 million in 2021, double-digit growth dynamics for 2022 and a nearly 20-point rise in its NPS, the APRIL Group has completed its transformation, achieving its objectives more than a year in advance. Building on this upward trajectory and its position as the French leader in wholesale insurance, the group has decided to take its ambitions to the next level and secure the means to become a key player at an international level. To support this new stage of growth, the APRIL Group will now be supported by KKR, which, as a majority shareholder, will bring its global expertise in insurance and financial services. The transaction will be subject to the usual legal and regulatory approvals. "The APRIL Group was created 35 years ago by a visionary entrepreneur. After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale. This next chapter will be enabled by the management team, our 2,300 employees, and KKR, for the benefit of our partners and policyholders," - Eric Maumy, President & CEO of APRIL Group Over the past 3 years, the APRIL Group has reinvented itself: Organic growth of +8% in 2021 thanks to substantial work on products in France and worldwide across all its markets - loan insurance, health / personal protection, casualty niche insurance, international medical insurance - and entering a new market, property insurance, through the acquisition of Magnacarta; Improvement in customer experience, as recognised by 24-point NPS; Returned to its position as an industry leader, with all actors mobilised around the liberalisation of the loan insurance market; Strengthened digital and technological capabilities, with the creation of the dedicated APRIL X hub and the acquisition of ELOA and Comparadise; 800 employees recruited in 3 years; International expansion, with offices opened in Germany and Dubai. About APRIL APRIL is the leading wholesale broker in France, with a network of 15,000 partner brokers. The group's 2,300 staff members aim to offer their customers and partners – individuals, professionals and companies – an outstanding experience, combining the best of human relationships and technology, for health and personal protection for individuals, professionals and VSEs; loan insurance; international health insurance; property and casualty niche insurance; and asset management. By 2023, APRIL aspires to become an agile, omnichannel, digital operator, a champion of customer experience and a leader in its markets, while committing to the social responsibility goals in its Oxygen programme. The APRIL Group operates in 17 countries and recorded turnover of €544m in 2021.

Read More

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.

Read More