US investment firm expands stake in Sabre Insurance Group

Sabre Insurance Group | August 01, 2019

Kayne Anderson Rudnick Investment Management has acquired further shareholding in Sabre Insurance Group Plc. The US investment firm, whose stake previously stood at 5.07%, now has 6.22% of voting rights attached to shares out of Sabre’s 250 million total. That means Kayne Anderson Rudnick’s voting rights in the British motor insurer, following the acquisition, are in excess of 15.5 million. Earlier this year, it was revealed that AXA Investment Managers owns 5.04% of the underwriter, whose ordinary shares were admitted to trading on the London Stock Exchange in December 2017. This week Sabre announced its financial results for the first half of 2019. Pre-tax profit in the six months ended June 30 was at £30.5 million (around US$37 million), while profit after tax amounted to £24.7 million (around US$30 million).

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Spotlight

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ANNUITIES

Luma and Insurance Technologies Partner to Bring Annuities Solution

Luma Financial Technologies, Insurance Technologies | February 24, 2021

Luma Financial Technologies ("Luma"), a free, multi-issuer structured products and annuities platform, reported today that they have chosen Insurance Technologies, LLC, supplier of FireLight®, a multi-transporter start to finish insurance and retirement deals platform, as its most recent accomplice to bring their annuities solution, "Luma Annuities," to market. The Luma platform, which is sponsored by three of the world's biggest banks, was worked to improve on the structured item venture measure. After solidly setting up itself as the worldwide fintech market leader in the structured products space, Luma is currently presenting an unequaled annuities solution that gives improved customer worth and helps consultants in battling their customers retirement saving difficulties, which are being driven by increasing market unpredictability and a low interest rate climate. Luma Annuities is a turn-key annuity deals and lifecycle management solution that straightforwardly addresses the greatest difficulties confronting counselors selling annuities today. The solution works on all parts of getting the hang of, executing, arranging, and overseeing annuities for venture firms and guides, allowing them to unquestionably offer their customers a more extensive scope of income-generating products. “Our mission has always been to simplify product complexities and give advisors smart solutions that they can believe in,” said Jay Charles, Director of Annuities at Luma Financial Technologies. “By partnering with Insurance Technologies and leveraging the FireLight platform’s embedded API capabilities, we bring a seamless order entry experience to financial professionals around the world. It is through our scale that we’re able to provide advisors with this unmatched experience, allowing them to offer their clients a wider-range of solutions to potentially put them on a path to a more secure retirement.” The new solution offers best in class innovation modules that are worked by guides, for counselors. It was intended to offer top tier instructive substance just as highlight broad information across a merchant seller's whole annuity item rack so guides can look at rates, riders, and item includes. Additionally included are prescient investigation and transporter delineation includes that enable consultants to introduce the best, most secure item solutions to their customers. Independently, the solution additionally allows guides to track and screen the presentation of the products they sold through the Luma platform, just as products in their past book of business. By inserting the Insurance Technologies FireLight solution inside the Luma platform, clients get a durable deals insight, allowing them to oversee products and rules in one incorporated area. Since 1995, Insurance Technologies has been altering the insurance and financial services industry to enable financial experts and counsels to all the more likely serve their customers. Their solutions have for some time been executed inside industry-driving insurance transporters and wholesaler firms. “We’re extremely excited to partner with a company that is adding tremendous value to the annuity category at a time when Americans need guaranteed income options more than ever,” said Doug Massey, EVP of Sales and Relationship Management, Insurance Technologies. “The ability for Luma to utilize the FireLight sales platform to access e-application and illustration data demonstrates the power of FireLight to allow carriers to build product rules once and re-use anywhere, seamlessly offering products in various user interfaces and effective solutions such as Luma Annuities. The transparency, efficiency, objectivity, and easy-to-manage tools that Luma provides financial professionals are simply powerful. We look forward to working with them to enhance the annuity investment experience provided to their customers.” About Luma Financial Technologies Luma Financial Technologies is the creator of Luma, a fully customizable, independent, buy-side platform that helps financial teams more efficiently learn, create, order and manage market-linked investments such as structured products, structured annuities and more. Launched in 2011, Luma is one of the largest and longest-tenured structured product platforms in the U.S. market and is used by broker/dealer firms, RIA offices and private banks to automate and optimize the full process cycle for offering and transacting in market-linked investments. This includes education and certification; creation and pricing of custom structures; order entry; and post-trade actions. Luma is multi-issuer, multi-wholesaler and multi-product, thus providing teams with an extensive breadth of market-linked investments to best meet clients’ specific portfolio needs. About Insurance Technologies Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.

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INSURANCE TECHNOLOGY

Grange Insurance Uses Digital Tools to Improve the Claims Experience

Grange Insurance, | April 30, 2021

The insurance claims process is commonly regarded as a pivotal point in the customer experience journey. Grange Insurance has enabled next-generation policyholder interactions through the claims journey in response to changing customer expectations in the modern age. Digital updates include: • Two-way texting to enable Grange claims associates to connect with policyholders within multiple modes of communication • Electronic claims payments for faster claims resolution and payment • Proactive customer texts to keep our policyholders informed of their claim status throughout the claims process. • These improvements are part of Grange and its associate partner Integrity Insurance's dedication to engaging in new solutions to provide exceptional customer experiences. Two-way texting Grange has implemented next-generation business technology to provide claims customers with text message services. Policyholders will text pictures of their assigned insurance claims and get real-time answers to their claims questions when they need them the most. This program, which is powered by Hi Marley, an AI-based conversational service interface designed specifically for the insurance sector, needs no IT integration or app to get started. Grange saw an improvement in its already high customer loyalty scores within months of allowing two-way texting capability. Grange policyholders may connect with their adjuster in a variety of ways, including phone and email. Paying claims electronically Grange policyholders can also receive claims payments more quickly due to a secure electronic settlement system built to expedite restitution. Customers who file a home, vehicle, or business claim with Grange will choose to pay their claims electronically. Customers who use this payment method will collect their electronic payment in as little as a few hours by direct deposit to a checking or savings account, direct deposit to a debit card, or instant prepaid virtual cards. Other advantages of this new capability include the ability to easily navigate payment status in a touchless experience and reduce the chance of fraud through mailed checks. Grange allows customers to have a say in how they want to receive claims payment in the manner they find most convenient. Claims status notification Grange also offers automatic text messages, enabling policyholders to access claim status notifications on their mobile devices quicker than ever before. Grange's mission, with further updates already in the works, is to make the claims experience more manageable and less frustrating, allowing policyholders to get back on their feet as soon as possible. Policyholders do have the option of participating or not, and their choices can be changed at any time. Grange is deeply committed to protecting individuals and enterprises with exceptional service and takes tremendous interest in consumer loyalty, as shown by strong ratings from J.D. Power and positive customer feedback. The business is dedicated to keeping ahead of user preferences, attitudes, and desires to have a customized and effortless customer experience. About Grange Insurance Grange Insurance Company, with $3 billion in assets and more than $1.3 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin

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INSURANCE TECHNOLOGY

PZU group adopts Akur8 to improve the charging process in the Baltic countries

PZU insurance group | September 07, 2021

The Baltic activities of the PZU insurance group, one of the most important financial institutions in Central and Eastern Europe, and Akur8 announce the start of a collaboration aimed at improving PZU's pricing process in two of its entities in the Baltic area. This agreement strengthens Akur8's international reach as a next-generation charging platform, as well as its presence in Central and Eastern Europe. “This new collaboration with PZU represents an important result for Akur8: it marks our entry into the Central and Eastern European insurance market and strengthens our international presence. It also represents a validation of the value of Akur8 for insurers already well positioned in the use of AI applied to internal processes " With 200 years of experience in offering the best protection in the industry to its clients, the PZU Group is one of the leading Polish and Central and Eastern European insurers. By choosing Akur8 to drive the transformation of its pricing process, PZU strengthens its commitment to the adoption of innovation and AI at scale to stay at the forefront of insurance. "We are thrilled to adopt Akur8 as an insurance pricing platform for two important businesses. We are the best technology on the market and this choice further confirms our deeply innovative DNA. PZU Estonia is committed to researching the best insurtechs in the industry to continuously raise its standards. and offer customers the best protection at the fairest rates, "commented Mihkel Uibopuu, CEO of PZU Estonia. "Compared to manual solutions, Akur8 offers a totally innovative approach to pricing, which we believe is particularly interesting to adopt. In terms of speed and performance, the advantages offered are considerable, and the process is solid and secure. Even the collaborative and intuitive interface, the intelligent functions and responsive and competent support were highly appreciated by our pricing teams, "added Julius Kondratas, technical director and member of the board of directors of Lietuvos Draudimas AB. About Akur8 Akur8 is revolutionizing the pricing process of insurance products thanks to transparent AI. The company has developed an exclusive pricing solution, intended for insurance companies, which automates modeling, but without compromising on transparency and total control over the models created, as required by international regulatory bodies. Akur8 is the only solution in the industry to harmonize the actuarial world with that of machine learning. About PZU The Powszechny Zakład Ubezpieczeń SA group (PZU group) is the largest financial institution in Poland and in Central and Eastern Europe. PZU SA is the leader of the group, with traditions dating back to 1803, the year of the creation of the first insurance company in Poland. The PZU group manages consolidated assets for a total value of 90 billion euros. The group enjoys the trust of 22 million customers in five countries and offers products and services to customers in the retail and commercial sectors, as well as small and medium-sized enterprises. By diffusion and number of customers, Poland represents the core market of the PZU group, but its subsidiaries play an important role in areas such as Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU scored 92% and 100% in aided recognition, thus establishing itself as Poland's most recognized brand. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it is among the leading stocks in the blue chip segment with the largest capitalization since the start of listing.

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