Walmart quietly enters into health insurance business

Walmart | July 09, 2020

In a surprise move, retail corporation Walmart has entered the health insurance market and has even begun hiring licensed insurance agents for its new business.
The company announced in a virtual conference that it would start selling health insurance plans with the creation of “Walmart Insurance Services LLC.” MedCity News reported that the new business’s name was first filed with the Arkansas Secretary of State late last month.

Spotlight

Direct Recognition vs Non-Direct Recognition, which one is better? Which one do you want? When an insurance company issues a contract they agree to assume certain risks on behalf of the policyholder in exchange for a premium. One of the risks they have to assume is the risk associated with providing loans to policyholders who want to leverage their death benefit to take a policy loan. 1. They can force ALL policyholders to assume the risk associated when someone takes a policy loan against their policy. (this is called non-direct recognition).

Spotlight

Direct Recognition vs Non-Direct Recognition, which one is better? Which one do you want? When an insurance company issues a contract they agree to assume certain risks on behalf of the policyholder in exchange for a premium. One of the risks they have to assume is the risk associated with providing loans to policyholders who want to leverage their death benefit to take a policy loan. 1. They can force ALL policyholders to assume the risk associated when someone takes a policy loan against their policy. (this is called non-direct recognition).

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INSURANCE TECHNOLOGY

Witness the Finest Amalgamation: G2 Insurance Services Joins Relation Insurance Services

G2 | June 21, 2022

Bringing Nation’s leading independent insurance brokerage firms to Relation, transaction will expand national footprint and areas of expertise. Relation Insurance Services, one of the nation's largest and fastest-growing insurance agencies, announced today the acquisition of the assets of G2 Insurance Services, LLC ("G2"). Procuring an established, high-growth insurance brokerage firm expands Relation's growing national footprint and areas of expertise. The transaction became effective on June 1, 2022, and the terms were not disclosed. Adding G2 Insurance to the Relation team will bring together a potent combination of forward-thinking people and best-in-class products and services to what is already one of the nation’s fastest-growing insurance platforms, G2 Insurance’s commitment to client service, expertise, and innovation fits seamlessly with Relation’s mission and culture.” Joe Tatum, CEO of Relation. G2 Insurance was founded in 2012, by Matthew and Jason Goldman to provide the best in insurance, technology, and client service. The firm has established itself as an industry leader in several areas, including non-profit organizations, high-net-worth individuals, family offices and wealth advisory, commercial real estate, equine, and agribusiness. The new partnership will foster Relation and G2's collective growth while providing a more robust service platform for its clients. The entire G2 team has merged with Relation and will continue to provide clients with the same high-quality service. Bob Zenoni will remain President and COO of G2 Insurance, a Relationship Company, while Matthew and Jason Goldman will drive growth and strategy. About Relation Insurance Company Relation Insurance Services is a nationwide insurance brokerage that provides superior risk management and benefits consulting services. According to Insurance Journal, it is one of the top 35 most prominent agencies in the country in terms of revenue, with approximately 1,200employees spread across more than 125 locations. Relation is a privately held company backed by Aquiline Capital Partners, a private equity firm based in New York and London that invests in financial services and technology companies worldwide.

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CORE INSURANCE

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Coherent, Duck Creek Technologies | July 13, 2022

Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy. Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.” Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry. Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.” Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.” To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent. About Coherent Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/. About Duck Creek Technologies Duck Creek Technologies (NASDAQ: DCT) 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. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

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INSURANCE TECHNOLOGY

Piper Sandler Expands Insurance Investment Banking Team with Addition of Christopher Grady

Piper Sandler Companies | July 06, 2022

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the hiring of Christopher Grady. He is joining the New York office as a director in the financial services group as part of the insurance investment banking team. “We are thrilled to have Chris join the Piper Sandler insurance investment banking team. Having worked closely with Chris over many years, we have enormous respect for his deal acumen and integrity. His experience successfully executing insurance distribution M&A transactions, in particular, is unparalleled,” said John Butler, managing director and co-head of insurance investment banking at Piper Sandler. Grady will be focused on advising clients on strategic M&A and executing M&A and capital raising transactions for insurance distribution clients. Previously, Grady was the head of corporate development for Marsh McLennan Agency, where he was responsible for leading strategy, corporate development, principal investment and M&A activity. In his time with Marsh McLennan Agency, he completed 80 transactions including over 70 acquisitions of insurance distribution firms in the U.S. and Canada. Grady holds a Master of Business Administration degree from NYU Stern School of Business and a bachelor’s degree in finance and corporate accounting from Ithaca College. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. The Piper Sandler insurance investment banking group is an industry thought leader providing financial advisory and capital raising services to insurance underwriters, brokers, third-party administrators and other insurance services companies. The team completed 31 M&A and strategic advisory and capital raising transactions in 2021 representing $4.0 billion in aggregate M&A deal value and $4.0 billion in aggregate capital raised.** ABOUT PIPER SANDLER Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.

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