American Family announces partnership to offer smart-home protection

Insurance Business America | April 09, 2019

American Family Insurance has announced a partnership with UK start-up Neos to help US customers proactively protect their homes using smart-home technology. The partnership is the first of its kind for a US insurer, according to American Family. “This value-added approach aligns with American Family’s strong customer focus on proactively protecting customers,” said Andy Kearns, state product director for American Family. “It’s one thing to be there for customers to provide payment after an unforeseen event, but it’s another to help prevent a major incident – which benefits us both.” Neos launched its smart-home insurance products and services in the UK in 2016 and the start-up has since expanded through partnerships with carriers in the UK and the Netherlands, including global multiline insurer Aviva, a majority owner of Neos.

Spotlight

In this paper we focus on Digital Transformation in the Insurance Sector; and examine the legal, regulatory and commercial challenges facing Insurers as they seek to optimise their operations and processes using new technology to empower a digital revolution within their organisation and the wider global marketplace. The prize for effective implementation is clear: greater visibility in the market; smoother and more effective customer journeys; better speed to market and customer retention; ability to cross-sell products and services, as well as scalable and agile processes, which can all contribute to increased profitability and shareholder value.


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CORE INSURANCE

PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. ANNOUNCES PARTNERSHIP WITH BRP GROUP, INC.

Baldwin Risk Partners | January 11, 2022

Performance Bonding Surety & Insurance Brokerage, L.P. ("Performance Bonding") is pleased to announce that its business will now be operated within the BRP Group, Inc. ("BRP Group") (NASDAQ: BRP) family through BRP Group's previously announced Partnership, BRP Group's nomenclature for a strategic acquisition, with Wood Gutmann & Bogart Insurance Brokers and certain of its affiliates and related entities (collectively, including Performance Bonding, "WGB"), which closed on December 1, 2021. BRP Group is an independent insurance distribution firm delivering tailored insurance solutions. With a strong foundation in surety company underwriting criteria and practices, Performance Bonding provides contract, commercial and miscellaneous surety bonds across a broad client base, including general contractors, subcontractors, developers, service industry professionals, private equity firms and publicly-traded entities. "This Partnership with Performance Bonding through WGB will add critical bonding and commercial insurance expertise to our national practice, Performance Bonding is highly-respected in their industry, and we are thrilled to welcome their team of experts into the BRP Group family." -Trevor Baldwin, Chief Executive Officer of BRP Group. "Performance Bonding could not be more excited to be joining forces with the highly-respected BRP Group organization and their brokerage Partners, We believe this Partnership will enable Performance Bonding to continue to grow while providing expanded resources and expertise to our clients. We look forward to continuing the expansion of our National and Global Surety brokerage platform with an organization that shares a common culture and desire to provide best-in-class service to their Colleagues, Clients, and Carrier Partners." -Erik Johansson, previously President of Performance Bonding ABOUT BRP GROUP, INC. BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. ABOUT PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P. Performance Bonding has a combined 60+ years of surety experience, and an extensive resume of managing bond programs for notable clients in various industries. They specialize in creating custom surety solutions for their clients and insurance brokerage partners. Performance Bonding is a full-service national surety brokerage offering surety solutions for commercial, contract, and developer bond needs for private equity-owned firms, publicly-traded entities, and closely held private companies. Founded in 2014 and headquartered in Orange County, California, Performance Bonding provides a complete range of surety products and services, with access to every major surety carrier in the nation.

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INSURANCE TECHNOLOGY

Heffernan Insurance Brokers Introduces Women Empowered

Heffernan Insurance Brokers | April 06, 2022

Heffernan Insurance Brokers, one of the largest full-service, independent insurance brokerage firms in the United States, announces a new resource group called Women Empowered (WE). WE is open to all interested in participating and aims to increase confidence and competence, encourage a positive self-brand, provide an opportunity to expand their network, support career planning, and offer guidance on how to align their work and life goals. Women Empowered is the next iteration of the Women of Influence (WOI) group founded at Heffernan Group by Leticia Trevino, Elizabeth Bishop, and Jennifer Mahoney, who demonstrate professional merit and leadership in their careers. We are united, connected, and gather as one integrated front. Together WE are empowered. As women, we have so much to offer. WE is focused on creating opportunities and forums for us to share, learn, and grow as we strive to be the best versions of ourselves." Jen Mahoney, Chief Operations Officer, Heffernan Insurance Brokers. We are all enriched by providing a place and space for women from different backgrounds to come together and support each other along life's journeys while educating men on the challenges women face." Leticia Trevino, Chief Insurance Compliance Officer, Heffernan Insurance Brokers. About Heffernan Insurance Brokers Heffernan Insurance Brokers, formed in 1988, is one of the largest independent insurance brokerage firms in the United States. Heffernan provides insurance and financial services products to a range of businesses and individuals. Headquartered in Walnut Creek, Calif., Heffernan has offices in San Francisco, Petaluma, San Jose, San Mateo, Truckee, Bakersfield, Woodland Hills, Cypress, Los Angeles and Irvine, CA; Phoenix, AZ; Portland, OR; Seattle, WA; St. Louis, MO; Philadelphia, PA; and London UK.

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RISK MANAGEMENT

Bubble Launches Online Embedded Insurance for Housing Industry in the Wake of $1.75M in Funding

Next by Pacific Life | January 14, 2022

Bubble, the company that has made getting tailored home and life insurance an instantaneous online process, today launched its turnkey Insurance-in-a-Box offering on the heels of $1.75M in pre-seed funding anchored by The House Fund with participation from Tuesday Capital, Correlation Ventures, and North Coast Ventures. With Bubble, real estate and mortgage companies are able to embed digital homeowner's and life insurance seamlessly into real estate transactions. This enables people buying a home or refinancing a mortgage to easily – often in just a few minutes online – protect their homes as well as their families' futures at the same time as making a home/loan purchase. Bubble's Embedded Insurance-in-a-Box offering includes widgets, APIs, white-labeled or co-branded consumer sites and referral URLs that real estate companies can use to embed accurate home and life insurance quotes into home and loan purchase flows. Combining data from home and mortgage transactions with its own extensive database and proprietary analytics, Bubble delivers custom-tailored quotes in real-time. Through Bubble's online portal, customers can further personalize their coverage, maximize discounts, complete their applications, and have their policies approved and issued in a matter of minutes. Bubble integrates directly with top-rated insurance companies to match customers with customized policies instantly online. Its AI-guided recommendation engine, Bubble LifePal, currently finds the products with optimal coverage from Stillwater for homeowner's insurance along with SBLI and Pacific Life for term life, and integrations with other insurers are forthcoming. Customers are presented with transparent, personalized insurance packages, and often are able to get underwriting decisions and have their policies issued, all online in minutes. "We are excited to offer our range of home insurance products on Bubble's all-digital platform, Bubble's intuitive online flows demystify the process while giving users the flexibility to customize coverages to their needs. Together with Bubble, we're making insurance buying as easy as pie." -Stillwater VP of Inside Sales and Sales Systems, Alisa Ruenprapan. Recognizing that home ownership is a key catalyst to life insurance purchase, Bubble pairs two unique term life products especially suited for younger home buyers: Next by Pacific Life & SBLI's Simplified Issue Term Life. "With Next Term Life, you don't have to anticipate the future and buy more life insurance than you need, You start with the coverage you need today and can increase or decrease at key life events, such as buying a house, without additional underwriting. It's an innovative product that lets you 'lock in' your health rating, typically when you're young and healthy. Bubble's online platform that integrates life insurance at this key milestone is the perfect entry point for Next Term Life." -Joe Kordovi, AVP of Innovations at Pacific Life. The other term life product by SBLI offers a completely fluid-less (i.e., no medical test) underwriting process and provides instant online decisions in minutes, a perfect complement for busy home buyers that already have their hands full. "SBLI is very happy to work with Bubble and offer a unique and simplified issue digital term insurance solution to Bubble customers through this valuable partnership. This strategic collaboration supports SBLI's continued commitment to build diversification in both our product and digital distribution areas," said Denis Clifford, SVP of Sales & Distribution at SBLI. "Bubble streamlines the natural flow of life events: starting a family, buying a home, insuring it, and insuring everyone living there, Millennials especially stand to reap the benefits of bundling life and home insurance while they're young and healthy. They can lock in a great rate for the next several decades. Our mission is to make it as simple and straightforward as possible for them to do that." -Bubble Co-founder & CEO Avi Gupta. Bubble's digital Insurance-in-a-Box helps real estate companies minimize friction and speed transactions by enabling customers to quickly get insurance when they're buying a home. Lenders and loan servicers also mitigate the risk of default with term life policies covering borrowers. These companies in the housing ecosystem can even monetize insurance by sharing commission splits or referral fees with Bubble under certain circumstances. Dan Zettler, partner at Barnstable Mortgage Group, noted: "As mortgage brokers for nearly 20 years, partnering with Bubble allows us to leapfrog our offerings into the digital world with a completely online experience for personalized home and life insurance. Taking the pain and hassle out of insurance purchases is a no-brainer!" About Bubble Bubble's mission is to help homeowners protect their homes, loved ones and everything under their roof with the right insurance coverages, at the right time for the right price. By embedding online insurance into the path of a home or mortgage purchase, Bubble's sophisticated AI algorithms combine data from the real estate transaction with its own extensive library, to streamline the process of buying insurance, from an online quote to application to instant approval. About Next by Pacific Life Next by Pacific Life was created to provide a better, seamless digital experience for the modern customer. Offering an innovative insurance product built for customer engagement, Next by Pacific Life easily integrates with key digital distribution partners like Bubble. About SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) For over 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, they offer dependable protection, at a fair price.

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LIFE INSURANCE

SCOR and Its Subsidiary ReMark Announce a Partnership With Atidot on a New In-Force Performance Solution for Life Insurers

SCOR | April 25, 2022

SCOR and its subsidiary ReMark announce that they have signed a partnership agreement with Atidot on a solution designed to increase in-force business value for life insurers. The innovative digital solution will deliver significant value for the partners’ clients by better predicting policyholder behavior and developing engaging marketing strategies to retain customers. A global reinsurer, SCOR continues to leverage its industry expertise and collaboration with ecosystem partners to design and offer innovative solutions to its clients that help drive growth, solve key business problems, and achieve strategic objectives. SCOR believes that it’s not enough for a reinsurer to provide competitive reinsurance in today’s market. This partnership reflects our commitment to foster solutions that add value to our clients, and to ensure that life insurance meets the needs of more consumers in a personalized and engaging way.” Rick Pretty, Senior Vice President and Head of Knowledge Commercialization at SCOR. The solution combines Atidot’s artificial intelligence and data modeling platform, with ReMark’s solid marketing expertise and consumer insight. Insurance companies can expect to better engage with customers, improve retention of existing policies, optimize policyholder coverage and increase the value of their in-force business. The partners have a strong track record in the U.S. market. This partnership provides a unique solution in the industry, Our predictive modeling is based on advanced data science and enriched data that creates a whole new level of engagement opportunities for customers and advisors. It’s a win-win.” Dror Katzav, CEO and Founder of Atidot. Because carriers’ business objectives and distribution needs vary, this new solution was designed to be customizable and flexible. Atidot will first score carrier data sets to identify policies that, for example, are likely to lapse in the next four to six months. ReMark will then use this analysis to develop appropriate marketing campaigns aimed at proactively preventing lapse and following up on those leads with a high propensity to buy. The solution can be easily adapted to also identify opportunities within a customer database for upselling and cross-selling. It is end-to-end, and includes insurer and agent-branded communications, as well as personalized marketing and sales execution strategies. We are proud to bring ReMark’s proven experience of engaging end-consumers to the table, having run over 12,000 campaigns to date. This solution is easy to implement for carriers and I’m excited to see how it will improve our clients’ business outcomes.” Steve Gaertner, Senior Vice President, Distribution Strategies for ReMark. About Atidot Atidot is a cloud-based AI and predictive analytics solutions provider for life insurance companies. Our data-driven turnkey solutions directly impact companies across the value chain, help them serve their customers better, and generate new revenue streams. Founded by a team of data scientists and actuaries, Atidot works with leading carriers in North America and Europe to optimize their book of business. Atidot has offices in California, the UK, and Israel and was awarded by Gartner to be ‘Cool Vendor 2019’ in Insurance.’ About ReMark ReMark is a global insurance consultancy helping insurers worldwide grow sustainably. Part of the SCOR Group, since 1984 they’ve reached over 1 billion people with their data intelligence, marketing and technology solutions, and ran over 12,000 campaigns. ReMark is the brand behind the award-winning Good Life health & wellness app and Velogica underwriting software. They work with over 500 insurers, as well as with partners outside the industry, like Garmin, local governments and more. Each year ReMark publishes the largest survey of insurance consumers worldwide—the Global Consumer Study—relied upon by industry leaders to stay informed on current trends. About SCOR SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 17.5 billion in 2021, and serves clients in more than 160 countries from its 36 offices worldwide.

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Spotlight

In this paper we focus on Digital Transformation in the Insurance Sector; and examine the legal, regulatory and commercial challenges facing Insurers as they seek to optimise their operations and processes using new technology to empower a digital revolution within their organisation and the wider global marketplace. The prize for effective implementation is clear: greater visibility in the market; smoother and more effective customer journeys; better speed to market and customer retention; ability to cross-sell products and services, as well as scalable and agile processes, which can all contribute to increased profitability and shareholder value.

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