Aon's innovation chief "excited" for future with CoverWallet

Aon | January 15, 2020

Global insurance brokerage and professional services firm Aon has officially completed its acquisition of CoverWallet, a US-domiciled digital insurance platform for small and medium-sized enterprises (SMEs). Now finalized, the deal enables Aon to expand its position in the fast-growing commercial insurance market for SMEs. The brokerage giant will also be able to leverage CoverWallet’s technology and data & analytics capabilities to develop and scale innovative digital client experiences that support the Aon United growth strategy. CoverWallet joins the growing portfolio of Aon’s New Ventures Group, which functions as an incubator for growth-stage capabilities focused on delivering new sources of value to Aon’s clients. Moving forward, CoverWallet will go to market as CoverWallet, an Aon company.

Spotlight

The Insurance Industry has been historically called the laggard in terms of acceptance of technological innovation within the Financial Services sector. But over the last few years, the Insurance sector has been getting disrupted. The abundance of data availability in the sector has made it a natural area of interest for data-driven decision-making tools and platforms.


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HEALTH INSURANCE

HealthSmart® Launches DFW SmartCare™ Health Plan

HealthSmart | May 20, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of DFW SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to DFW-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to the Baylor Scott & White Quality Alliance (BSWQA), inclusive of Catalyst Health Network (CHN). BSWQA is a clinically integrated network of hospitals, facilities, and doctors that members can access through Employers Health Network (EHN). DFW SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, DFW SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the DFW Metroplex is a perfect example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in North Texas control their health benefit costs by providing deeply discounted access to the BSWQA clinically integrated network through EHN.This is big news for DFW small and medium employer groups and DFW SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks.

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INSURANCE TECHNOLOGY

Mercury Insurance Launches MercuryGO for Illinois Drivers

Mercury Insurance | April 07, 2022

Today, Mercury Insurance announced that the company has made its usage-based insurance app, MercuryGO, available to drivers in Illinois to help improve driving skills and traffic safety. The app acts as a virtual driving coach, providing skill scores that give real-time feedback about driving behavior. Mercury auto insurance policyholders who enroll to use the app immediately receive a 5% participation discount and teen drivers will receive up to a 10% discount. Then, when MercuryGO customers renew their policies, they could receive a discount of up to 40% in addition to their participation discount, depending upon their driving score. Safe driving is a very important issue for Mercury and we seek to innovate driver education of all ages on the importance of being alert behind the wheel, while also equipping them with the skills to avoid potentially dangerous driving behaviors, Most auto collisions are preventable, so MercuryGO is a practical way to help keep drivers focused on the road, which as a result, reduces fatalities and serious injuries. Plus, they could also end up saving a lot of money with this program. So it's a win-win situation." Barbara Glenn-Rader, Marketing Manager for Illinois at Mercury Insurance. The MercuryGO app generates a driving skill score, which is calculated based on categories that are closely correlated with car crashes: excessive speeding, hard braking, distracted driving (i.e., phone motion and screen interaction), and road type. Cambridge Mobile Telematics (CMT), Mercury's technology partner, is the world's largest smartphone telematics provider, winning multiple awards. CMT is the pioneer of: usage-based insurance with smartphones (in 2012); the measurement of phone distraction (2013); behavior-based insurance (2014); and real-time crash alerts with roadside assistance (2015). Mercury Insurance is utilizing the DriveWell platform to help drivers reduce distracted driving, speeding, and hard braking by keeping them engaged and providing timely feedback, MercuryGO will help make Illinois roads safer and has the potential to reduce the number of car collisions, injuries and fatalities." Ryan McMahon, CMT's Vice President of Insurance and Government Affairs CMT's research shows that 37% of all car trips in the U.S. in 2019 involved significant driver phone distraction; between 7 a.m. and 7 p.m., that figure rises to 41% of all U.S. car trips. MercuryGO will help solve that problem by using technology that has reduced distracted driving by 29%, speeding by 45%, and hard braking by 17%. MercuryGO provides useful in-app tips to help users become safer drivers. Added benefits include: A sharing option for families, which allows all participating drivers to see who is the safest. The ability for parents to receive real-time feedback about their teen's driving behavior, including when, where and how fast they're traveling. Licensed teen drivers, 18 years and younger, who are registered for MercuryGO will instantly receive a 10% participation discount on auto insurance. The opportunity to earn up to an additional 40% discount at renewal. It's important to remember that driving is a privilege and one that shouldn't be taken lightly, Every driver can benefit from sharpening their skills and MercuryGO can help them become a safer driver, while also putting money back in their pockets." Glenn Rader. About Mercury Insurance Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and commercial insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices.

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INSURANCE TECHNOLOGY

Pacific Life to Discontinue New Sales of Pacific PremierCare Choice and Pacific PremierCare Advantage Life Insurance Products

Pacific Life | April 19, 2022

Effective May 2, 2022, Pacific Life’s Pacific PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice one-year, five-year, 10-year, and lifetime premium whole life insurance products with long-term care (LTC) benefits1 and Pacific PremierCare Advantage Universal Life Insurance with Long-Term Care Benefits2 in California. Pacific Life remains committed to the long-term care market as we continue to recognize U.S. consumers’ large, unmet need in this area, We conducted a thorough strategic review of the LTC marketplace and see great potential in the market for chronic health (CHR) and LTC riders on cash value life insurance policies.” Greg Reber, Pacific Life senior vice president and chief distribution officer, life insurance business. Pacific Life has seen sales of hybrid LTC products decline as the current environment has made it difficult to be both competitive and profitable. By focusing solely on riders for our cash value products to meet the LTC need, the company can prioritize and utilize resources more effectively. Pacific Life will continue to service all in-force Pacific PremierCare policies. For existing policyowners, there will be no change and they will continue to receive the exceptional service they’ve come to expect from Pacific Life. About Pacific Life For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list. Policy Form P17PCH and S17PCHMAXM or ICC17 P17PCH and ICC17 S17PCHMAXM; P17PCH and S17PCH100S or ICC17 P17PCH and ICC17 S17PCH100S; P17PCH and S17PCHMAXS or ICC17 P17PCH and ICC17 S17PCHMAXS; based on product and state of policy issue. Pacific Life Insurance Company’s Pacific PremierCare Advantage (Policy Form #P12PPC-CA) is a flexible premium adjustable life insurance policy with long-term care insurance payable through reimbursements. These products are subject to underwriting and approval of the application and may include obtaining records from a physician. No medical exam is required, but a Medical Information Bureau (MIB) and prescription report will be ordered and a Personal History Interview and Cognitive Assessment will be performed via telephone as part of the underwriting process. These products are intended to provide federally tax-qualified long-term care insurance as defined in IRC Section 7702B(b). Tax treatment of long-term care benefits may depend on factors such as the amount of benefits in relation to certain IRS limitations (referred to as "per diem" limitations), the amount of qualified expenses incurred or if similar benefits are being received under other contracts. When benefits are received from multiple policies providing long-term care for a given insured, including policies with different owners, those benefits must be aggregated to determine their taxability. Pacific Life cannot determine whether the benefits are taxable.

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INSURANCE TECHNOLOGY

Aflac partners with NeuroFlow to enhance Group Long-Term Disability offering with innovative mental health solution

NeuroFlow | February 25, 2022

Mental health and emotional well-being challenges are on the rise, and that's why Aflac, a leading provider of supplemental insurance in the U.S., entered into a strategic relationship with NeuroFlow that adds an innovative mental health solution designed to help individuals screen and monitor existing and undetected behavioral health conditions. With NeuroFlow, employees are empowered through self-service resources that provide insight into the "what" and "why" of their wellness plans to help reduce the impact of behavioral health conditions. "According to the American Psychological Association, 67% of Americans report increased stress over the course of the pandemic, creating a tremendous need to proactively address mental and emotional health challenges, particularly in the workplace, We are excited to partner with NeuroFlow to offer a solution that increases value to our customers before they have ever filed a claim. This program will undoubtedly help people navigate daily stresses, especially as the pandemic continues to shine a spotlight on the need for greater mental and emotional well-being." -Aflac Senior Vice President, Premier Life, Absence and Disability Solutions, Scott A. Beeman. The NeuroFlow solution is designed to help fill gaps that may exist in an employer's behavioral health program by proactively detecting potential issues while also offering digital educational content for general wellness, as well as for conditions like depression, anxiety, sleep disorders and more. To get ahead of preventable adverse events before an individual's condition worsens, NeuroFlow's Response Services provide high-touch telephonic outreach to AI-identified, high-risk individuals to route them to the appropriate level of care. "Organizations like Aflac are setting a new standard of care for their customers by supporting the overall mental wellness of employees, We're thrilled to work with innovative organizations, like Aflac, as they embrace behavioral health, help close the gaps in care, challenge the stigma around mental health, and support customers in a holistic way." -NeuroFlow CEO Chris Molaro. Through its initial offering beginning in Q3 of 2022, NeuroFlow will be available to new and existing clients that have fully insured Group Long-Term Disability policies with more than 1,000 covered lives. Aflac's goal is to be a market leader by providing NeuroFlow to clients meeting these criteria. By offering NeuroFlow widely to qualified accounts, Aflac aims to support and improve employee health. NeuroFlow creates a digital experience that offers tailored activities and assessments to help individuals improve their health and track their progress. These services are not a substitute for treatment, psychological or physician advice. NeuroFlow may not be available in some states in connection with this partnership. ABOUT AFLAC INCORPORATED Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer by paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. In the U.S., Aflac is the number one provider of voluntary/worksite insurance products. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. In 2021, Aflac Incorporated was proud to be included as one of the World's Most Ethical Companies by Ethisphere for the 15th consecutive year. Also in 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory of the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Fortune's list of World's Most Admired Companies for the 21st time and Bloomberg's Gender-Equality Index for the third consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability." About NeuroFlow NeuroFlow provides best-in-class technology and care services for the effective integration of behavioral health. NeuroFlow's HIPAA-compliant platform supports over 14 million users across 300 health systems, payors, and organizations, helping them capture behavioral health insights and take action to proactively manage individuals and populations holistically.

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Spotlight

The Insurance Industry has been historically called the laggard in terms of acceptance of technological innovation within the Financial Services sector. But over the last few years, the Insurance sector has been getting disrupted. The abundance of data availability in the sector has made it a natural area of interest for data-driven decision-making tools and platforms.

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