Assignment of Benefits Reform Moves Forward as Florida House Passes Measure

Insurance Journal | April 12, 2019

Assignment of benefits reform legislation progressed in the Florida legislature yesterday. Lawmakers passed House Bill 7065, one of two key pieces of insurance industry-supported legislation – the other being its companion Senate Bill 122 – that Florida’s insurance regulator and industry and consumer advocates say would help stem the property insurance claims abuse that is leading to higher rates for consumers. Both bills tackle the number one issue that AOB reform advocates say is fueling the abuse: Florida’s one-way attorney fee statute, Insurance Journal previously reported. While Florida Insurance Commissioner David Altmaier in a statement Thursday called Florida unique for its long coastline, increasing population and complex insurance market, he added that Florida also has a unique attorney fee structure relating to AOB agreements. Altmaier stated the current one-way attorney fee structure incentivizes abusive litigation in Florida’s insurance market.

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Segmentation is used in a variety of ways by businesses today. The two most common applications of segmentation are reporting/analysis and targeting. Segmentation is often applied to reporting and analysis to help marketers understand the behavior of one portion of the population when compared to another. Segmentation is also used by virtually every responsible marketer to target sales prospects and customers. This white paper focuses on common applications of segments in targeting within the healthcare industry.customer face-to-face.


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INSURANCE TECHNOLOGY

Polly Announces Technology Integration Partnership with All Mortgage Insurance Providers

Polly | May 17, 2022

Polly, a leading provider of innovative SaaS technology for the mortgage capital markets space, today announced its integration with the six primary mortgage insurance (MI) providers: Arch MI, Enact, Essent, MGIC, National MI, and Radian. These staple integrations come highly requested, not only by the mortgage originators that have contributed to the rapid adoption of Polly’s end-to-end capital markets ecosystem to date, but also by the principal companies leading the private mortgage insurance industry. By embedding each MI company’s quoting capabilities into its state-of-the-art Product and Pricing Engine (PPE), Polly streamlines the process of calculating, quoting, and comparing MI offerings across all providers to save valuable time and effort for the loan officer and mortgage lender, and ultimately, provide the optimal options to the borrower. Users receive a comprehensive list of rates, premiums, summaries on DNI impact, and more from each MI provider with the single click of a button. Polly’s cloud-native PPE will also provide an explanation when a quote is not provided, as well as actionable suggestions for changing parameters. When a quote is selected, the user will instantaneously receive documentation from the applicable MI provider. These integrations are part of Polly’s core service offering and demand no additional cost from the MI companies that populate in the search results. At MGIC, we are dedicated to enabling efficiencies for our customers and are thankful for the opportunity from Polly to meet our customers where they need us most." Leslie Malicki, Director-Partner Solutions at MGIC. Polly is proud to have established a strong partnership with each MI provider, and all share a mutual dedication to providing joint customers with a superior experience. This commitment to industry collaboration, paired with its team of experienced mortgage professionals and first-hand knowledge of the market’s evolution, will serve to further accelerate Polly’s goal to drive true transformation across the mortgage industry. We are committed to our customers’ success and equipping them with the right tools and workflow automation to navigate an ever-changing market, We often receive feedback that legacy processes remain cumbersome and time consuming, so we are thrilled to partner with all six essential MI providers to streamline the mortgage insurance process for lenders and borrowers." Adam Carmel, Founder and Chief Executive Officer of Polly. About Polly Polly is transforming the mortgage industry with its modern, data-driven capital markets ecosystem. Lenders trust Polly’s Product and Pricing Engine (PPE), Loan Trading Exchange, Analytics Platform, and Partner Platform to optimize performance from rate lock to loan sale and delivery, increase gain-on-sale execution, automate workflows, and provide actionable data and analytics. Polly was founded in 2019 by a seasoned team of technology and mortgage experts, and is based in San Francisco, California.

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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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INSURANCE TECHNOLOGY

Insurance King Acquires Two Insurance Agencies in IL: Vic Bernardi Insurance and The Insurance Center

Insurance King | January 17, 2022

Insurance King has announced the rebranding of the two insurance agencies they have purchased in Illinois. Vic Bernardi Insurance Agency located in Chicago Heights, IL established in 1985 primarily known for personal auto and SR-22 insurance filings will be the first Insurance King physical location in the Chicagoland Area. This location also services policies in Northwest Indiana. The office located at 710 Lincoln HWY Chicago Heights, IL 60411 is currently open during the remodeling process. The Insurance Center located in Decatur, IL established in 2009 provides auto, motorcycle, renters and SR-22 insurance. This office has relocated into the newly remodeled Insurance King at 255 E Grand Avenue, Decatur, IL 62521. Insurance King founded in 2001 is headquartered in Rockford, IL offering affordable Auto, Motorcycle, Renters, and SR-22 currently in CO, IA, IL, IN, KS, MO, MS, OH, TN, TX, and WI. Insurance King is a sponsor of NASCAR driver Josh Bilicki.

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INSURANCE TECHNOLOGY

Berkshire Hathaway GUARD Insurance Companies Expands Connectivity with Ivans for Workers’ Compensation Business

Ivans | June 20, 2022

Ivans today announced that Berkshire Hathaway GUARD Insurance Companies has expanded its relationship to extend Workers’ Compensation lines connectivity via the Ivans Distribution Platform. Connecting to the platform creates a single submissions interface for quote data collection via insurtechs and agency management systems. We are happy to work with Ivans on an API for Workers’ Compensation connecting to various agents for real-time quoting.” Dave Simmons, Senior Vice President of Sales at Berkshire Hathaway GUARD Insurance Companies. Ivans Distribution Platform improves the entire commercial lines policy lifecycle. Unlike point solutions available in the market, the Ivans solution supports both straight-through processing as well as more complex risks that require an underwriter’s attention. True industry connectivity has been held back by the need for carriers and MGAs to individually connect to each insurtech and agency management system partner, The Ivans Distribution Platform provides the one-to-many connection that carriers require to connect to thousands of agents on various platforms, making work easier between the carrier and agents and creating opportunities for all to win more business.” Reid Holzworth, chief executive officer, Ivans. About Ivans Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it. About Berkshire Hathaway GUARD Insurance Companies Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurance specialist writing $2 billion in premium nationwide. GUARD offers a variety of products for both commercial and personal lines of insurance.

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Spotlight

Segmentation is used in a variety of ways by businesses today. The two most common applications of segmentation are reporting/analysis and targeting. Segmentation is often applied to reporting and analysis to help marketers understand the behavior of one portion of the population when compared to another. Segmentation is also used by virtually every responsible marketer to target sales prospects and customers. This white paper focuses on common applications of segments in targeting within the healthcare industry.customer face-to-face.

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