TWFG Insurance Services moves in to purchase Panoptic Insurance

TWFG Insurance | April 22, 2020

TWFG Insurance Services, a full-service national retail insurance agency, has acquired the personal and commercial insurance business of Panoptic Insurance. Headquartered in The Woodlands, TX, Panoptic Insurance is a privately-owned national independent insurance agency. The firm was founded in 2008 by Arden Hetland. “This is an exciting opportunity for us. This acquisition increases the value we can deliver to our agency partners, strengthens our well-defined business model, and adds thousands of customers to the TWFG family,” commented TWFG founder and president Gordy Bunch. “We are incredibly proud of what we have achieved with Panoptic over the years and the quality of service we have provided to our customers,” said Panoptic Insurance founder and president Arden Hetland.

Spotlight

Today, the insurance industry is considered among the most innovative industries in the world. This process is primarily driven by factors, such as the development of technologies that are being implemented at different stages of the provision of insurance services. The insurance company’s growth of dependence on innovation in other industries requires elasticity in the strategic planning of its development. Innovations are becoming the main tool of competition in the market, which gives an opportunity to add value to insurance products.

Spotlight

Today, the insurance industry is considered among the most innovative industries in the world. This process is primarily driven by factors, such as the development of technologies that are being implemented at different stages of the provision of insurance services. The insurance company’s growth of dependence on innovation in other industries requires elasticity in the strategic planning of its development. Innovations are becoming the main tool of competition in the market, which gives an opportunity to add value to insurance products.

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CLAIMS,INSURANCE TECHNOLOGY

Zurich Insurance UK Selects CoreLogic’s Digital Platform to Support Its Claims Operations

CoreLogic and Zurich UK | November 07, 2022

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, is pleased to announce that Zurich Insurance UK (“Zurich”) will use CoreLogic’s digital claims workflow and collaboration platform to enhance its claims operations. In the UK, Zurich provides a suite of insurance products including commercial and retail property insurance. The agreement with CoreLogic will enable Zurich to enhance its existing claims capabilities by digitising processes on a secure, real-time web application – bringing a streamlined and much simpler claims experience for its customers, handlers and key supply chain partners. The CoreLogic platform helps to standardise claims processing on a single, cloud-based platform, enabling consistent and efficient triaging, for desk based adjusting and settlement and supply chain allocation. Delivering reduced claim lifecycles, greater cost control, enhanced accuracy and transparency into the claims management process, the platform provides a streamlined workflow management solution. This allows users to easily and securely access, share and process information and data, as well as communicate and collaborate more effectively. “Zurich has a strong reputation for its customer-centric focus and is now looking to enhance the customer experience even further through a faster, streamlined and easy-to-use claims experience. We are delighted that they have put their trust in our claims platform to help them achieve that goal. -Mark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic By digitising processes and bringing everyone on to one single platform, Zurich’s teams, suppliers and customers will all benefit from better communication and transparency throughout the whole claims journey. The Claims Connect™ platform enables higher quality data and resultant insights, greater process efficiencies and ensures that customers can receive the help and support they need at a time that suits them. We are excited about bringing our solution’s value to Zurich’s claims teams, suppliers and customers through this new relationship, saysMark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic. Helen Rogers, Zurich’s Head of Claims Digital Experience, said: This collaboration will benefit both our customers and our supply chain partners. CoreLogic’s technology will enable our teams to speed up the customer journey by putting claims into the right hands, quicker. In addition, we will have a single source of data that will drive greater simplicity and consistency throughout the claims process as well as enhancing supply chain resilience and efficiencies. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, UK and Western Europe, and Asia Pacific. About Zurich UK Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK – with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley – Zurich employs approximately 4,500 people in the UK. Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience. Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil. The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.

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CORE INSURANCE

Wright National Flood Insurance Company announces agreement with IAT Insurance Group

Wright National Flood Insurance | November 02, 2022

Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina ("IAT"). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program (NFIP) for IAT policyholders and agents. Additionally, Wright will also assume the servicing of IAT Insurance Group's private flood business. Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its industry-specific knowledge, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing the service customers deserve. Patricia Templeton-Jones, Wright National Flood Insurance Services president, said she is excited about the partnership with IAT agents. "IAT Insurance Group has provided flood coverage solutions for the past 15 years for its agent partners and policyholders, We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry. Since the inception of the NFIP, Wright Flood has been a premier provider of flood coverage and private flood options for homeowners and business owners." - Templeton-Jones Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss, We are confident customers will continue appreciating the peace of mind that comes with having flood coverage, said Joe Tracy, IAT's executive vice president of inland marine, property and aviation. Beginning in early 2023, Wright Flood will manage IAT's NFIP flood placements. Wright National Flood Insurance Company, which is AM Best-rated as A (Excellent) for financial strength, will issue all new policies and renewals. For retail agents accessing flood coverage through IAT, there will be minimal change in the process to continue to provide NFIP coverage for policyholders. About Wright National Flood Insurance Company Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess, and private flood insurance with leading industry experience, rated A (Excellent) by AM Best. Wright Flood takes pride in its exceptional claims reputation, providing superior service customers deserve and its user-friendly technology. About IAT IAT Insurance Group is a privately-owned, specialty insurance group providing property-casualty and surety insurance products for niche markets. With more than 900 employees and office locations across the country, IAT Insurance Group's specialty units include Commercial Transportation, Excess and Surplus, Inland Marine, Reinsurance, Surety and Management Liability. The IAT Insurance Group companies are rated A- (Excellent) by AM Best.

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CORE INSURANCE

Inszone Insurance Services Continues Expansion in Texas with the Acquisition of Proctor Insurance

Inszone | October 20, 2022

Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Proctor Insurance, providing the fifth acquisition in the state of Texas. Founded by Jeff Proctor in 1988, Proctor Insurance has been a pillar in the Houston area. Jeff started in his community founding two grocery stores in the Houston area, but when those were sold to a local chain, he begun looking for a change of pace which would allow him to provide for his wife and three small children and lead him away from the 7-day work week. After consulting with a friend in the insurance industry, Jeff decided to open his agency and built it from the ground up. He built a reputation of success among small hotels and motels, who appreciated the honesty and dedication of him and his team. Getting ready to retire, Jeff knew he wanted to find a company to provide opportunity for advancement and further education to his employees while also providing great resources to his clients. Proctor Insurance customers will continue to receive the service they are accustomed to, under the Inszone Insurance brand. “Jeff of Proctor Insurance told us his team was his true success story, and he was 100% right, we couldn’t be happier to provide them with the resources to continue their great work under the Inszone brand, We are excited to see our service footprint grow in the state of Texas and look forward to many years of success with the team from Proctor Insurance.” -Norm Hudson, CEO of Inszone Insurance Services Inszone Insurance is expected to announce a number of important acquisitions in the upcoming months as it continues to build its national presence. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 31 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

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