United States: HUD Update To Single Family Housing Policy Handbook Incorporates Dozens Of New Policies And Technical Enhancements

mondaq | May 17, 2019

On March 27, 2019, the US Department of Housing and Urban Development's ("HUD") Federal Housing Administration ("FHA") published the first update to its Single Family Housing Policy Handbook in over two years. The update contains numerous policy changes and technical adjustments of which FHA lenders should be aware. This Legal Update highlights some of the most noteworthy changes that have the potential to impact lender operations.

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With car accidents, vehicles and hospitalizations can be covered by insurance but the amount of time you need to recover and fatalities won’t. It is best to follow proper traffic regulations, wear your seatbelt, and avoid texting or intoxication when driving. Still, accidents could still occur if another party would be responsible which means that keeping yourself safe does not only benefit you but others as well. In case you have been in an accident, here are several tips provided by The Brown FirmThe Brown Firm, which you can follow in order to resolve commotions, avoid further injuries, and have proper legal actions.

Spotlight

With car accidents, vehicles and hospitalizations can be covered by insurance but the amount of time you need to recover and fatalities won’t. It is best to follow proper traffic regulations, wear your seatbelt, and avoid texting or intoxication when driving. Still, accidents could still occur if another party would be responsible which means that keeping yourself safe does not only benefit you but others as well. In case you have been in an accident, here are several tips provided by The Brown FirmThe Brown Firm, which you can follow in order to resolve commotions, avoid further injuries, and have proper legal actions.

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AUTOMOBILE INSURANCE

CURE Auto Insurance Choose Guidewire InsuranceNow to Accelerate Speed-to-Market and Business Growth

CURE Auto Insurance, Guidewire Insurance | May 03, 2021

Citizens United Reciprocal Exchange (CURE), a not-for-profit full specialist organization of accident protection authorized in New Jersey, Pennsylvania, and Michigan, and Guidewire Software, Inc., the platform P&C back up plans trust to draw in, develop, and develop proficiently, today declared that CURE has chosen InsuranceNow and Predictive Analytics to speed up speed-to-market and business development. The organization intends to start carrying out InsuranceNow for their greenfield individual auto line of business in the province of Michigan, trailed by their collision protection lines of business in New Jersey and Pennsylvania. "Speed-to-showcase was a significant driver in our thought of another framework to help work with our objective of venturing into new business sectors. InsuranceNow met the entirety of our models as an adaptable, exceptionally configurable, easy to use, and affordable framework that will want to deal with that development," said Douglas Benalan, boss information official, CURE. "The cloud and across the board parts of InsuranceNow were additionally appealing to us and basic to our dynamic, as they will help our IT staff increment their effectiveness by moving upkeep and backing to Guidewire and empowering them to zero in on the crucial business goals that will speed up our development." Benalan added, "We were likewise wanting to carry out prescient examination abilities into our activities. We discovered Guidewire Predictive Analytics to be our most ideal alternative since it coordinates well with InsuranceNow to empower our group to zero in on their work as opposed to chipping away at information joining." "We are satisfied to invite CURE to the Guidewire client local area," said Frank O'Dowd, boss deals official, Guidewire Software. "We respect the organization's main goal of giving drivers in New Jersey, Pennsylvania, and now Michigan with accident coverage at a reasonable rate dependent on their driving records." About CURE Auto Insurance Settled in Princeton, N.J., Citizens United Reciprocal Exchange, (CURE) is a not-for-profit reciprocal exchange. Established in 1990 by New Jersey Insurance Commissioner James J. Sheeran and grant-winning insurance master, Dr. Lena Chang as a response to the insurance emergency in New Jersey, CURE keeps on driving the path as the not-for-profit answer for dependable drivers and the "fix" for consistently advancing collision protection issues. The fix is at present accessible in New Jersey and Pennsylvania. About Guidewire Software Guidewire is the platform P&C guarantors trust to draw in, develop, and develop productively. We join the computerized, center, investigation, and AI to convey our platform as a cloud administration. As of the finish of our financial year 2019, more than 380 safety net providers, from new dares to the biggest and generally complex on the planet, run on Guidewire. As an accomplice to our clients, we persistently advance to empower their prosperity. We are glad for our unmatched execution history, with 1,000+ fruitful activities, upheld by the biggest R&D group and accomplice biological system in the business. Our commercial center gives many applications that speed up joining, confinement, and development.

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CORE INSURANCE

Wright National Flood Insurance Company announces agreement with Westfield

Westfield | December 30, 2021

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 Westfield Insurance Company ("Westfield"). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents. Additionally, Wright will also assume the servicing of Westfield'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 experience, 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 service clients deserve. Patricia Templeton-Jones, the president of Wright National Flood Insurance Services, said she is excited about the partnership with Westfield agents. "Westfield has provided flood coverage solutions for the past 20 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 National Flood Insurance Program, Wright Flood has been a premier provider of NFIP 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," - Craig Welsh, Westfield's chief distribution officer. Beginning in early 2022, Wright Flood will manage Westfield's NFIP flood placements. All new policies and renewals will be issued by Wright National Flood Insurance Company, which is A.M. Best rated as A- (Excellent) for financial strength. For retail agents accessing flood coverage through Westfield, there will be minimal change in the process to continue to provide NFIP flood insurance coverage for policyholders. Wright and Westfield representatives together will be in contact with their agents. 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 expertise, rated A- (Excellent) by A.M. Best. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve. About Westfield Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as one of the nation's leading property and casualty (P&C) companies, we remain true to their vision and are dedicated to making a positive difference in our customers' lives.

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INSURANCE TECHNOLOGY

TrueMotion Joins Guidewire PartnerConnect Solution Alliance Ecosystem

TrueMotion, Guidewire | February 10, 2021

Guidewire Software, Inc. the platform P&C insurers trust to draw in, advance, and develop efficiently, today announced that TrueMotion, Inc., a main platform for smartphone telematics, has joined Guidewire PartnerConnect as a Solution partner to offer a claims accelerator powered by smartphone telematics data. The companies likewise announced that TrueMotion's new Ready for Guidewire approved accelerator is presently accessible to insurers in the Guidewire Marketplace. TrueMotion's Ready for Guidewire telematics accelerator flawlessly connects TrueMotion's platform to Guidewire ClaimCenter, empowering agents to access crash-scene telematics data directly inside ClaimCenter. At the point when a crash occurs, data like location, time, speed of impact, and climate is automatically accessible for agents to check with the insured at First Notice of Loss (FNOL), smoothing out the claims data collection process for all included. TrueMotion pinpoints the crash location and driving occasions when a crash for coverage examination. Agents can review the crash location with a completely coordinated Google Street and Map view with a collision indicator. With TrueMotion's telematics data, agents can likewise check whether the insured visited a hospital following the crash. This data helps agents ask policyholders the correct inquiries and decide the correct injury group to contact if necessary. With TrueMotion’s telematics accelerator for ClaimCenter, adjusters can: Save time and administrative burden because telematics and crash data are automatically pre-filled with the click of a button; Quickly understand the details of a car crash through an automatically generated, fact-based description of what happened during the incident; and Verify claims information and handle claims faster and more efficiently to improve the claims experience overall for the insured. According to a J.D. Power study, “satisfaction with the claims experience affects customer retention and referrals”, among satisfied claimants, over 80 percent said they “definitely will” renew their policy and recommend their insurer, contributing to as much as 30% higher profitability. Making the claims experience simple and positive for insureds can help considerably with customer retention and loyalty. “We are proud to partner with Guidewire to offer a claims accelerator powered by smartphone telematics data,” said Cornelius Young, Vice President, Claims, TrueMotion. “We’re excited to offer our shared customers the ability to access telematics data directly in ClaimCenter, boosting their efficiency and simplifying their workflows. Adjusters will be able to eliminate redundant tasks, reduce manual entry, and focus on the customer’s needs to get them back on the road sooner.” “We are delighted to welcome TrueMotion as our latest Guidewire PartnerConnect Solution partner and collaborate in helping our joint customers leverage telematics to transform the claims experience,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “TrueMotion’s integration can help improve the speed and quality of auto claims handling for both adjusters and policyholders.” About TrueMotion, Inc. TrueMotion provides the world’s leading smartphone driving data platform. Powered by machine learning, the platform determines when a person is driving, reveals their behaviors behind the wheel, and detects crashes. Insurers, automakers, app developers, telcos, and fleets use TrueMotion data to fuel their pricing, claims, safety, acquisition, and retention programs. Nine of the top 20 US insurers and leading insurers in Canada and Europe rely on TrueMotion technology. TrueMotion is based in Boston with offices in Budapest. About Guidewire PartnerConnect ecosystem and Ready for Guidewire Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire. About Guidewire Software Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. As of the end of our fiscal year 2019, more than 380 insurers, from new ventures to the largest and most complex in the world, run on Guidewire. As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

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