INSURANCE TECHNOLOGY

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

Arthur J. Gallagher | April 26, 2022

Arthur_J_Gallagher
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.

Spotlight

In business, accidents and life happen. To protect yourself and your business from these events you’ll need the right insurance coverage for the various aspects of your business for when things go wrong. Justin talks to Matthew Bryan of Hitson, Crumb & Blazer Insurance about the types of business insurance, and how to go about getting covered.


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CORE INSURANCE

Insight Risk Deploys the Beyond Policy Administration Platform from ChainThat

Insight Risk, ChainThat | July 05, 2022

ChainThat, an Xceedance company specialising in software-as-a-service (SaaS) platforms for the global insurance sector, today announced that Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform. Based in Westport, Connecticut, U.S.A., Insight Risk is a technology-driven, builders’ risk-focused managing general agency (MGA). To reinforce organisational growth, the company sought a core platform capable of rapid, full product deployment and policy lifecycle change management. Another key requirement was a flexible, adaptable framework to support the evolving priorities of the business, its customers, and fronting partners. Insight Risk identified BPA from ChainThat as the most comprehensive fit to meet the company’s operational needs and expansion objectives. “Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.” The advanced and secure technical framework of the BPA platform is built on a modern micro-services architecture. BPA provides full API access to all policy administration system (PAS) components as well as a modern, drag-and-drop interface to deploy, manage, and update both standard and complex insurance products in near real-time. The system supports the end-to-end policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that is configurable to meet the data analytics needs of any insurance organisation. “Insight Risk’s innovative technology deployment approach — to boost underwriting performance, reduce losses, and focus on customer service — is exactly what we had in mind when designing BPA as a SaaS platform that complements and flexes with the business needs and growth of insurers,” said David Edwards, ChainThat CEO. “As the insurance MGA market expands and continues to gain momentum, the organisations in this space need to differentiate themselves effectively. BPA helps our clients level the technology playing field so they can focus on their unique business sectors and product offerings.” For more information about the Beyond Policy Administration platform from ChainThat, visit chainthat.com/bpa. About Insight Risk Insight Risk Technologies is a technology-focused Builder’s Risk MGA that bundles Internet of Things (IoT) water damage prevention solutions, sound underwriting, and proactive risk management to reduce water damage losses by up to 90%. By owning the IoT technology solutions, we remove a major barrier to a safer and better-connected jobsite, helping leading brokers, contractors, and owners/developers avoid losses and minimise the impact of unforeseen events. For more information, visit www.insightrisktec.com. About ChainThat ChainThat, an Xceedance company, provides innovative SaaS-based insurance technology products that allow brokers, carriers, and MGAs to realise the full potential of their business. For more information, visit www.chainthat.com.

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INSURANCE TECHNOLOGY

Vantis Life announces distribution agreement with Everdays

Vantis Life | May 26, 2022

Vantis Life Insurance Company, a Penn Mutual company, announces a strategic marketing agreement with Everdays, an insurtech firm providing retirement, health and end-of-life planning solutions focused on seniors that are entering or planning for retirement. As part of the agreement, Everdays will market Vantis Life insurance products through its online, digital planning platform. Vantis will provide accelerated digital approval, life insurance product underwriting, policy issue and support through Everdays' easy-to-use digital planning platform. We're excited to work with Everdays to help provide life insurance solutions for an underserved and fast-growing market, Everdays delivers a one-of-kind, digital planning platform to reach people who otherwise may not be aware of our products that fit the needs of their life-stage. This innovation puts planning and insurance products together and aligns with Vantis' goal to provide simple, easy-to-afford protection to more American families." Tom Harris, president of life insurance and annuities for The Penn Mutual Life Insurance Company, the parent company of Vantis Life. We couldn't be happier about working with Vantis Life and the backing of Penn Mutual, As the fastest growing insurtech platform focused on young seniors and individuals planning their retirement, we wanted a partner that shared our vision. With its consumer-focused, tech-savvy orientation, Vantis Life is the ideal partner for us. Combining our proprietary digital planning and funding platform, Vantis Life's products and accelerated underwriting process with Penn Mutual's history, stability and strength is a unique offering. Our cultures are perfectly aligned." Mark Alhermizi, CEO and founder of Everdays. Over the coming months, the two companies will work together to launch a seamless, easy-to-use digital experience that offers unique retirement planning and life insurance purchasing solutions through a comprehensive online platform aimed at young, thriving seniors looking for a fulfilling life and secure retirement. About Vantis Life Since 1942, Vantis Life Insurance Company has specialized in providing families with affordable life insurance and annuity products that offer protection and guarantees. Vantis Life provides a convenient, seamless online purchasing experience and offers simple, easy-to-afford products to middle-income American families. The company takes pride in supporting these products with attentive and personal customer service. Vantis Life is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company, backed by 175 years of financial strength and stability. About Everdays Everdays is imagining a new way for young seniors to plan for their golden years on a digital platform purpose-built just for them. As the fastest-growing insurtech platform in retirement, health and end of life planning, we are the only consumer-first and senior-friendly brand to captivate and engage with millions of people 60+ who are looking for a modern solution that fits their lifestyle and needs. The 100% digital platform provides advanced planning tools and Everdays Assured branded insurance products that are designed to bring the customers plans to life, allowing them to live fulfilling lives and secure their futures no matter what lies ahead. Everdays was founded in 2017 by entrepreneur Mark Alhermizi, and is based in metropolitan Detroit, MI.

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INSURANCE TECHNOLOGY

Empathy and New York Life Group Benefit Solutions Partner to Provide Bereavement Care to More Employees

Empathy | June 15, 2022

Empathy, a platform helping families navigate the journey they face after losing a loved one, today announced a partnership with New York Life Group Benefit Solutions, a leader in the group insurance market. The partnership is an expansion of the partnership announced between Empathy and New York Life1 last year to provide beneficiaries with logistical and emotional support after the loss of their loved ones. Bereaved employees and their families are often left grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow. According to Empathy's recently released Cost of Dying 2022 Report, families spend, on average, 420 hours tending to their loved one's affairs in the weeks and months following the loss. Moreover, the same report found that returning to work created additional stress, with 70% of younger respondents reporting either lowered performance, concern for their job, or both. New York Life Group Benefit Solutions offers compassion and caring guidance to help employees and their families navigate a loss. Through their partnership, Group Benefit Solutions will bring Empathy's award-winning platform to their employer clients and their employees in need of support. Empathy offers a holistic approach to bereavement care, helping simplify end-of-life bureaucracy, minimizing tedious tasks, and automating processes involved in the administration of an estate—while providing emotional support throughout. Dedicated care specialists are available to support families through every aspect of loss, both emotionally and logistically, 24/7. Going back to work after losing a loved one can be extremely challenging. There are so many logistical burdens that still need to be navigated that it often feels like you are working two jobs when you are grieving and at your most vulnerable. We have seen, unequivocally, the quantifiable impact technology can have in easing the burdens on bereaved employees, Employers who acknowledge and support their grieving team members are doing more than extending a kindness. They are also making a decision that is good for their organization. We are delighted to further our work with New York Life and proud of our shared dedication to supporting bereaved families across the U.S." Ron Gura, Co-Founder & CEO of Empathy. Empathy's partnership with Group Benefit Solutions follows its ongoing work with New York Life's Group Membership Association Division, an operation dedicated to delivering protection products to group and affinity organizations. The Group Membership business provides life insurance beneficiaries with loss support through access to the Empathy app. New York Life Group Benefit Solutions provides services and caring guidance through efforts and opportunities that align with the values of our company, Our partnership with Empathy, plus grief resources from the New York Life Foundation, highlight the breadth of bereavement programs and tools available to our clients and their employees." Meghan Shea, head of strategy, product, and marketing for Group Benefit Solutions. About Empathy Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application, awarded Google Play's 2021 "Best App for Good" and CB Insights' "Top Digital Health Companies Of 2021," simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy is backed by top tier VC firms and serves Fortune 100 enterprise customers alongside its direct-to-consumer offering.

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INSURANCE TECHNOLOGY

Insurance Care Direct Responds to IRS Summons on Insurance Policies Carried by Company

Insurance Care Direct | June 07, 2022

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Spotlight

In business, accidents and life happen. To protect yourself and your business from these events you’ll need the right insurance coverage for the various aspects of your business for when things go wrong. Justin talks to Matthew Bryan of Hitson, Crumb & Blazer Insurance about the types of business insurance, and how to go about getting covered.

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