InsureMyTrip | February 23, 2022
Travel insurance companies have reported a significant increase in travel insurance claims in recent weeks, according to licensed travel insurance agents at InsureMyTrip. With an upsurge in recent claims submissions, travelers should anticipate possible delays.
"Many trips were affected by the Omicron surge and other factors, especially during December and January. Those travelers, who have coverage, are likely in the process of submitting claims to their insurance company. This high volume may lead to subsequent delays,"
- InsureMyTrip Travel Insurance Expert Meghan Walch.
When filing a travel insurance claim, InsureMyTrip says travelers can help prevent additional lag time by understanding requirements in advance and supplying the proper paperwork to the travel insurance company:
Specific forms may be required for each benefit within a policy. If documents are missing, this may cause a claim to be delayed.
Use your travel insurance company's online portal to submit a claim or check the status of an existing claim.
Obtain and save all receipts and documents related to an incident to help verify a claim. Once you return home from a trip, it can be more difficult to obtain documentation from travel suppliers or medical facilities.
For travelers seeking additional help, InsureMyTrip travel insurance customers have access to Anytime Advocates, a claims assistance service.
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.
HealthComp | January 18, 2022
HealthComp Holding Company LLC (“HealthComp” or “the Company”), a New Mountain Capital company and a leading Third-Party Administrator (TPA) of healthcare benefits for self-funded employers, today announced that it has acquired Gilsbar’s TPA and Care Management (MedCom) divisions (Gilsbar, LLC). Together, the combined business will continue to deliver on two critical priorities for its clients: managing healthcare costs and delivering a best-in-class member experience.
“HealthComp has chosen to invest in Gilsbar’s TPA because of its exceptional reputation, its outstanding market performance, and its high caliber of talent, By combining the strengths of both our organizations, we’ll be able to deliver unmatched expertise and innovation in the field of health benefit administration, particularly in regard to healthcare cost containment, member engagement, and care management. In addition, Gilsbar’s geographic location will give HealthComp the local presence to better serve clients and brokers in the South and Southeast.”
-Jose Rivero, CEO of HealthComp.
Gilsbar’s TPA offers a fully-integrated approach to benefit plan administration, which includes sophisticated technology and personalized service. Through MedCom, Gilsbar’s in-house care management division, the company delivers care management programs that positively impact employee health and wellbeing. It has successfully provided clients with savings, process efficiencies, and member satisfaction. Gilsbar’s strong national presence and care management capabilities will move HealthComp one step closer to building a leading, national TPA of self-insured health plans.
“It’s a phenomenal fit – both HealthComp and Gilsbar are forward-thinking companies, delivering value through a now shared vision of operational excellence, clinical expertise, and technological advancements, HealthComp’s financial and operational support will enable additional investment in technology and enhanced service offerings. Additionally, HealthComp will bring its leading-edge technology and capabilities to Gilsbar clients, including a proprietary analytics platform and digital tools. More importantly, we remain committed to delivering the same level of service our clients have come to expect and rely on.”
-Ryan Haun, CEO and President of Gilsbar Holdings, LLC.
Moving forward, HealthComp and Gilsbar will work together to enhance products, services, and support for their customers. Whereas traditional health plans have been unable to deliver tailored offerings, these companies fill the need for highly customizable solutions, as employers want health benefits configured to the needs of their unique member populations.
Gilsbar Holdings and its remaining subsidiaries will continue their core businesses. Gilsbar Specialty Insurance is a nationally recognized retailer of professional liability and commercial insurance products to attorneys, CPA’s and other professionals. Gilsbar Group Benefits will maintain its presence in the Southeastern US as a full-service benefits brokerage house to employer and association groups.
Established in 1959, Gilsbar Holdings, LLC® is one of the largest privately held insurance services organizations in the country. Recognized as a catalyst for creating healthy businesses while delivering health plan savings, Gilsbar, LLC offers self-funded and fully-insured benefit plan management services, along with Wellness, Advocacy, and overall Population Health Management. Gilsbar Specialty Insurance, LLC and Gilsbar Group Benefits, LLC are industry leaders in their fields of professional liability insurance retail and benefits advisory and brokerage, respectively. Gilsbar has been honored by Inc. magazine for its sustained growth, Modern Healthcare and Business Insurance magazines as a Best Place to Work, and WELCOA and the American Heart Association for its proven wellness methodology.
HealthComp, a New Mountain Capital company, is a leading independent health plan administrator for self-funded employer groups. For more than 25 years, HealthComp has been dedicated to transforming benefits administration. Our solution brings together concierge-level service, best-in-class operations, powerful analytics and expert medical cost management and integrates seamlessly with any benefits ecosystem. The result is an industry-leading experience that delivers better clinical outcomes for our members and higher savings for our book of business. HealthComp has offices in California, Illinois, Kentucky, West Virginia and Pennsylvania.
ELDRIDGE | January 13, 2022
Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers.
"Aspects of the insurance industry have been broken for a long time, At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We're bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I'm thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact."
-Jeff Radke, CEO and co-founder of Accelerant.
Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members.
Accelerant's InSightFull™ data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs.
"The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they've built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant's platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration, We're excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach."
-Todd Boehly, co-founder and CEO of Eldridge.
Accelerant is a data-driven, technology-fueled insurance platform that empowers underwriters to more effectively serve their insureds. We're using advanced data intelligence tools to rebuild the way that underwriters share and exchange risk. With a current focus on the small and medium-sized businesses that power our global economy and their niche insurance needs, we align incentives to improve outcomes for everyone. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We're proud to have been awarded an AM Best A- (Excellent) rating.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.
RLI | March 10, 2022
Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, today announced the launch of tailored insurance solutions for home-based businesses. The new offering, RLI Home Business Insurance, is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory. Adequate protection for these risks is not typically provided through standard homeowners' insurance policies.
A record number of new businesses were established in the U.S. last year, and many of those are owned and operated from home, This new offering from RLI is yet another example of the way we listen to our customers' needs and respond with products that help protect, and ultimately grow, their businesses."
David Summers, Group CEO of Simply Business.
We are excited about our partnership with Simply Business, RLI has insured home-based businesses for more than two decades, and we believe the combined expertise of our organizations uniquely positions us to serve small business owners and help protect their livelihoods."
Eric Raudins, Senior Vice President, RLI Transactional Insurance Solutions.
RLI provides tailored home business insurance for a wide range of entrepreneurs, including bakers, photographers, artists, entertainers and more. Coverage is available in all 50 states with limits up to $100,000.
About Simply Business
Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value.
RLI Corp. is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's subsidiaries are rated A+ "Superior" by AM Best Company.