Argo US: Keeping clients switched on during a blackout

Insurance Business America | April 15, 2019

Venezuela is in the grips of political turmoil. In recent weeks, an electricity crisis has resulted in extended blackouts and power cuts across the country, causing chaos in major hubs like Caracas, Maracaibo, Valencia, Maracay and San Cristobal. The blackouts, which the Venezuelan government has claimed are the result of sabotage in an effort to force President Nicolás Maduro from office, have hit hospitals, public transport, water, food and other services – and a quick fix does not seem to be lurking around the corner. One sector to be hit hard by the power outages is Venezuela’s grocery and food retail business. Supermarkets and restaurants are experiencing huge problems around food spoilage and ultimate loss of revenue. While such power outages as a result of potential political dispute are unlikely in the US, the country is vulnerable to extreme weather, with hurricanes, floods and wildfires all causing various localized blackouts in recent years. Rooney Gleason, president of Argo Group’s US grocery and retail division, spoke to Insurance Business about what supermarkets and restaurants can do to mitigate their exposures to power outages.

Spotlight

Canada’s P&C insurance sector has progressed for decades using business models and practices that have changed very little and reflect a world that no longer exists. Today, P&C insurers find themselves facing a perfect storm of change. Evolving consumer behavior intensifying competition and disruptive technologies are creating new business pressures. At the same time, climate change is playing havoc with insurers’ ability to predict losses from catastrophic events, and regulatory scrutiny and requirements are on the rise. Taken together, these factors are forcing P&C insurers to rethink how they secure competitive advantage and sustainable, long-term value in the years to come. In 10 years, we’ll see a radically different landscape in Canadian P&C Insurance.


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INSURANCE TECHNOLOGY

Roostify Partners with Covered Insurance to Streamline Homeowner's Insurance Process

Roostify | May 18, 2022

Roostify, a leading mortgage technology provider, now supports integration with the Covered Insurance Marketplace to streamline the homeowners' insurance buying process and shorten the loan lifecycle. This integration gives borrowers flexibility to shop and compare quotes from over 30 leading insurance companies and quickly purchase it within the Roostify platform. Our integration with Covered is a major step in continuing to simplify the home lending process by elevating the customer experience when shopping for home insurance, We're helping lenders to offer greater convenience in their workflow and improve customer satisfaction, further exemplifying Roostify's goal of providing the most customer-friendly, streamlined homeowner journey from start to close." Roostify co-founder and CEO Rajesh Bhat. Lenders are able to offer competitive advantages through increased operational efficiency by creating a tailored homeowners insurance buying experience within their workflow. They can deliver a self-service borrower experience by allowing borrowers to see eligible quotes in less than 90 seconds and finalize a policy in just 15 minutes, saving an average 3 days in funding their loan. Our embedded insurance capabilities are providing a more personalized borrower experience, accelerating transaction timelines and intersecting with the customer when and where they need it most, Roostify's integration with Covered allows both organizations to truly elevate the home lending experience, with customer satisfaction and convenience at its core." Ross Diedrich, CEO, Covered. Through this seamless experience within the lender portal, borrowers can explore multiple insurance quotes within minutes and quickly compare the annual premiums, dwelling limits, and deductibles. Within the Roostify platform, users can easily connect with Covered Insurance Advisors for education and support through the communication channel of their choice. This integration expedites the loan lifecycle by giving borrowers the flexibility to shop for the best quotes and choose their path to complete the homeowners' insurance process. The integration of the Covered Insurance Marketplace is another step forward in the digitization and simplification of the home lending process. It further highlights Roostify's leadership and ingenuity within the space, along with the company's continued commitment to help facilitate a better lending experience for both lenders and borrowers. About Roostify Based in San Francisco, Roostify was founded in 2012 to modernize and simplify the manual, inefficient mortgage process and create a more enjoyable experience for the customer and lender. Today, Roostify is helping lenders process more than $50 billion in loans each month, from large enterprise banks to thriving independent brokerages. We empower lenders to accelerate and simplify the lending process to help lenders and customers alike unlock more of life's big moments. About Covered Insurance Solutions, Inc. Covered is the leading embedded insurance platform and most trusted partner for lenders, banks, servicers, and fintech companies. As a leading independent, innovative InsurTech, we offer a comprehensive online insurance marketplace with over eight insurance products, personalized quote options from 30+ carriers, and multiple policy purchase methods. We make it easy to compare, shop, and purchase personalized insurance in minutes with the best coverage and rates, while our licensed Covered Advisors add a human touch to the insurance shopping experience by providing tailored service to each customer.

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RISK MANAGEMENT

Westwood Insurance Agency Achieves Exceptional 2021 Net Promoter Score®

Westwood Insurance Agency | January 20, 2022

Westwood Insurance Agency is pleased to announce its year-end, industry-leading Net Promoter Score® (NPS®) of 91. The NPS® indicates customers' likelihood of recommending a company or product to others. Bain & Company, creators of the NPS®, define a score of 20 and above as favorable, 50 and above as excellent, and 80 and above as world-class. "We are extremely proud to have achieved such an outstanding NPS® score. It's a testament to our team members, who have remained dedicated to providing exceptional customer service, Westwood has always stood for innovating the way insurance is done, and our people complement our technology." -Alan Umaly, President of Westwood Insurance Agency, Westwood Insurance Agency accomplishes this high-quality performance by keeping customers at the heart of its business and prioritizing an improved user experience. "We're making insurance easy to navigate for our customers. We offer a fully digital process that's backed by highly knowledgeable agents. Because we work with more than 40 insurance companies, we can combine our user-friendly platform and exceptional service with the best coverage and rates." -Vice President of National Sales and Growth Christi Burkhardt Westwood Insurance Agency plans to continue its exceptional quality of service in 2022 and beyond by investing in the highest quality talent and technology to help customers address their insurance needs efficiently and with the best available options and prices. About Westwood Insurance Agency Westwood Insurance Agency is one of the largest personal lines agencies in the United States, having helped more than a million people protect what matters most since its founding in 1952. As a full-service agency, Westwood offers a complete array of personal, commercial, and surplus line products. Westwood partners with the world's leading insurance companies to offer its customers choice and competitively priced insurance products. About Net Promoter Score (NPS) A company's NPS® measures customer experience and satisfaction by asking customers to rate their likelihood of recommending the brand on a scale of one to ten and subtracting the percentage of detractors from the percentage of promoters. Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.

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INSURANCE TECHNOLOGY

Arthur J. Gallagher & Co. Acquires Colorado-based Ryan Insurance Strategy Consultants

Arthur J. Gallagher | April 26, 2022

Arthur J. Gallagher & Co. today announced the acquisition of Greenwood Village, Colorado-based Ryan Insurance Strategy Consultants. Terms of the transaction were not disclosed. Founded in 1990, Ryan Insurance Strategy Consultants assists financial advisors with insurance recommendations for their clients. With its research focused on life, disability and long-term care insurance planning, the Ryan team performs due diligence on new and existing insurance plans prior to recommending any insurance solution. Ryan also helps administer association group insurance benefit programs that insure thousands of financial advisors for their own personal insurance needs. John Ryan and his associates will continue operating from their current location under the direction of Kevin Garvin, head of Affinity North America for Gallagher's retail property/casualty brokerage operations. Ryan's strong relationships with leading financial planning associations will help us deepen and expand our existing footprint in professional lines programs into new and growing segments, I am excited to welcome John and his colleagues to Gallagher." J. Patrick Gallagher, Jr., Chairman, President and CEO. Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

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INSURANCE TECHNOLOGY

Synatic Partners with ACORD to Ensure Compliance for Insurance Data Standards

Synatic | June 21, 2022

Synatic, a leader in data integration and automation, today announced it has become a member of ACORD, the global insurance standards-setting body, as well as a Licensed Integrator Partner of ACORD Solutions Group. ACORD membership will ensure Synatic's powerful data platform is fully compliant with insurance industry data standards. Synatic can now handle the automated, digital extraction and population of data in ACORD Forms, as well as converting to the AL3 messaging format. Not only can the platform handle these data structures, but further, the platform can integrate this data to multiple destination systems such as policy management solutions, agency management solutions, and CRMs. Insurance has always been data-driven, applying large datasets for risk assessment and other purposes. As the amount of data available to the insurance industry has dramatically increased, there has been an ongoing challenge to integrate data from disparate sources. Partnering with ACORD and ACORD Solutions Group will ensure that Synatic's unified platform for integration, API management, and data management is compliant with the latest standards for insurance data exchange. ACORD is a 50-year-old non-profit organization responsible for maintaining standards for data exchange within the insurance industry. ACORD maintains a comprehensive library of electronic data standards and forms, including over 1200 messaging transaction types and over 800 industry-standard forms. These data exchange standards facilitate the exchange of insurance data between trading partners. Our Hybrid Integration Platform (HIP) helps tame the data chaos in industries like insurance, The number and variety of data sources used by insurance companies continue to grow, creating more manual work and more opportunities for error. By applying ACORD Standards with our HIP platform, we can speed the exchange and storage of electronic data in compliance with insurance industry standards. The rapid integration of the right data can make the difference between profit or loss for insurance organizations." Jamie Peers, VP of Business Development and Alliances of Synatic. The COVID-19 pandemic has accelerated the insurance industry's need for new data sources. According to KPMG, 85% of insurance CEOs report they have accelerated plans to digitize operations. Seventy-nine percent say they have brought a new urgency to create new revenue streams. Much of that digital transformation will require integrating and aggregating disparate data sources, so data standardization is more critical than ever. ACORD's annual Insurance Digital Maturity Study has shown that the performance gap between digitized competitors and digital laggards continues to grow, Data collection has become a baseline capability – competitive advantage requires extracting the maximum amount of value from that data. Platforms that leverage standardized data exchange allow stakeholders to more easily capture that value." Chris Newman, ACORD's Managing Director – Global. Synatic's HIP is a no-code/low-code/your-code data integration solution aggregating internal and external data sources. HIP combines ETL, data warehousing, API management, and prebuilt connectors allowing businesses to tap a growing set of relevant data. Using a HIP as a holistic data solution can reduce the cost of integrating, automating, and analyzing data by as much as 80%. The Synatic HIP platform is already delivering automated data integration for many insurance market customers. In addition to empowering Salesforce users, Synatic also offers prebuilt connectors to AMS360, Sagitta, DuckCreek, HubSpot, and other commonly used insurance data sources. Synatic offers HIP integration packages to suit any environment, from its Basic package for three applications to its Enterprise Plus package. HIP is a multi-tenanted cloud solution that can be implemented as a private cloud or on-premise solution. Synatic offers custom pricing based on an organization's requirements. About Synatic Synatic is a powerful Hybrid Integration Platform (HIP) that allows for various forms of data to be extracted, manipulated, stored, and moved to a destination. The comprehensive platform can easily transform data according to specific requirements and move data to create a cohesive technology ecosystem. With Synatic, solving complex data challenges is as simple as dragging and dropping connectors and steps into your workflow, removing the need for extensive programming knowledge or the need for additional plug-ins. This eliminates the need to create workarounds for the complex data requirements you may have.

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Spotlight

Canada’s P&C insurance sector has progressed for decades using business models and practices that have changed very little and reflect a world that no longer exists. Today, P&C insurers find themselves facing a perfect storm of change. Evolving consumer behavior intensifying competition and disruptive technologies are creating new business pressures. At the same time, climate change is playing havoc with insurers’ ability to predict losses from catastrophic events, and regulatory scrutiny and requirements are on the rise. Taken together, these factors are forcing P&C insurers to rethink how they secure competitive advantage and sustainable, long-term value in the years to come. In 10 years, we’ll see a radically different landscape in Canadian P&C Insurance.

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