Aviva boss to take place on insurance think tank’s board

insurancebusinessmag | June 17, 2019

The Geneva Association has named four new board members, including Aviva Plc chief executive Maurice Tulloch.An announcement by the global organisation of insurance and reinsurance chief executive officers outlined that Tulloch as well as Ping An Insurance Company of China co-CEO Yuansiong Lee, Prudential Financial chief executive Charles F. Lowrey, and The People’s Insurance Company of China chairman Jianmin Miao had been elected.

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Cisco Application Centric Infrastructure (Cisco ACI) technology provides the capability to insert Layer 4 through Layer 7 (L4-L7) functions using an approach called a service graph. One of the main features of the service graph is Policy-Based Redirect (PBR).


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INSURANCE TECHNOLOGY

Embroker Raises $100 Million for Business Insurance Platform Expansion

Embroker | June 14, 2021

Embroker, the digital business insurance platform that makes getting insured radically simple, announced today that it had raised $100 million in Series C funding. The round was headed by FTV Capital, with participation from HSCM Bermuda and Gaingels and Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures. Embroker intends to use the new funding to develop its insurance carrier, transforming the company into a full-stack insurtech. Embroker's revolutionary platform and products are generating significant market growth and creating industry-leading customer satisfaction. Embroker exceeded $20 million in gross written premium for the first quarter of 2021 across all products and achieved over 100% retention. Year to date, the company's digital products have expanded more than 300 percent, garnering an NPS score of 77. This latest funding announcement will support Embroker Access, a vital component of the company's platform that enables retail and wholesale brokers to deliver Embroker's digital insurance products to customers. Embroker uses new data-driven underwriting algorithms to analyze better risk and design policies and premiums that protect companies from that risk. This one-of-a-kind algorithmic-based risk management reduces premiums for businesses by up to 20%. The Embroker experience is both digital and personal, depending on whether customers want the convenience of technology or the guidance of experts. Embroker's digital insurance products are underwritten quickly by Embroker's insurance platform and fully backed by A+ rated reinsurers such as Munich Re and Everest Re. About Embroker Embroker is revolutionizing commercial insurance by making it very simple for businesses to find the best insurance at the most excellent price. Embroker specializes in industry-specific coverage for the most complicated and inefficient insurance lines, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker offers patented technology and predictive modeling to automate underwriting and make the buying process easy, fast, and affordable. Embroker Access enables Embroker's partner agencies and wholesalers to sell all of Embroker's industry-leading insurance products to their customers. Embroker, founded in 2015 and located in San Francisco, has secured more than $140 million in funding from major Fintech and Insurtech investors.

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CORE INSURANCE

Data-fueled Insurance Platform Accelerant Announces Growth Funding Round in Excess of $190M

ELDRIDGE | January 13, 2022

Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers. "Aspects of the insurance industry have been broken for a long time, At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We're bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I'm thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact." -Jeff Radke, CEO and co-founder of Accelerant. Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members. Accelerant's InSightFull™ data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs. "The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they've built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant's platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration, We're excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach." -Todd Boehly, co-founder and CEO of Eldridge. ABOUT ACCELERANT Accelerant is a data-driven, technology-fueled insurance platform that empowers underwriters to more effectively serve their insureds. We're using advanced data intelligence tools to rebuild the way that underwriters share and exchange risk. With a current focus on the small and medium-sized businesses that power our global economy and their niche insurance needs, we align incentives to improve outcomes for everyone. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We're proud to have been awarded an AM Best A- (Excellent) rating. ABOUT ELDRIDGE Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.

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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

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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Spotlight

Cisco Application Centric Infrastructure (Cisco ACI) technology provides the capability to insert Layer 4 through Layer 7 (L4-L7) functions using an approach called a service graph. One of the main features of the service graph is Policy-Based Redirect (PBR).

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