AXA Partners unveils collaboration with Shell Energy Retail

AXA | November 18, 2019

It looks like AXA Partners is on a roll. The transversal business unit, which in recent months extended its existing relationships with Atlanta Group and Lloyds Banking Group, has a new friend in the form of Shell Energy Retail. The latter, in conjunction with AXA Partners, has launched boiler care and home emergency services for British households. Lifting the lid on the tie-up, Shell Energy Retail chief executive Colin Crooks noted: “This launch builds our credentials as a trusted partner in the home. We began earlier this year by switching all customers to 100% renewable electricity as standard and look forward to rolling out further services and products – beyond core energy and broadband – that will help more people save energy and money at home.

Spotlight

The claims management lifecycle is a complex and detailed process. While electronic claims have reduced phone calls with payers, minimized duplicated data entry, and decreased reimbursement times, they have increased the scale of the insurance claims your biller has to create, track, and manage throughout the lifecycle.


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RISK MANAGEMENT

Sky Wolfe joins Fast-Growing Newfront's Northwest Team

Newfront | January 06, 2022

Top risk consultant Sky Wolfe is the latest addition to Newfront, a tech-enabled, full-service brokerage based in San Francisco, CA. As Assistant Vice President and Producer, Sky will serve clients in the Real Estate and Development, Construction, Architects and Engineers, and Manufacturing industries. "We are thrilled to welcome Sky, as we continue expanding our Newfront Pacific Northwest team, with his unparalleled record of service, His high level of expertise, effective leadership, and proven results in developing effective risk management solutions for clients builds on Newfront's strong value proposition." -Newfront Chief Sales Officer Garth Hamilton. Sky, who is based in Portland, Oregon, joins the company from Parker, Smith & Feek and brings more than a decade of experience in working with top global firms. He says that Newfront intrigued him due to its unique combination of insurance brokerage services and technology. About Newfront Newfront is transforming the delivery of risk management, employee experience, insurance, and retirement solutions by building the modern insurance platform. Transparent data delivered real-time translates into a lower total cost of risk and greater insights. Newfront makes insurance work for you.

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INSURANCE TECHNOLOGY

InsurTech Carrot Enters Exclusive Partnership with Naver

Carrot | May 19, 2022

Carrot ("Carrot" or the "Company"), a digital insurance platform of South Korea, is pleased to announce that it has entered into an Exclusive Promotion and Distribution Agreement with platform giant Naver Financial Corp. (Naver), whereby Carrot has been appointed to exclusively supply shipment return insurance for the merchants of Naver's online shopping platform (Smart Store). Smart Store is the nation's largest ecommerce marketplace in terms of transaction volume as of current. Compensating for the cost of return shipping and handling of goods, the proposed insurance is a non-traditional product designed to meet the needs of the marketplace sellers, as well as the shoppers. Sellers who purchase the cover are expected to boost their revenue through added marketing advantage, as the online shoppers are provided with extra layer of peace of mind in case they want to return or exchange the purchased items. Likewise, resounding success has been recorded from the pilot test co-conducted by two parties for the duration of four months during the second half of previous year, affirming that Carrot's business model works. Thousands of vendors who implemented the coverage reported 15% jump in sales volume while achieving 31% growth in revenue on average. In addition to the users' overwhelmingly positive responses, a surge in demand for the insurance to cover more shopping categories has been observed. We are excited to be working alongside with Naver, We share Naver's vision of innovating on behalf of clients, and the launch of this service is one way how we address customers' pressing needs. We are distinctively positioned to develop and deliver digital insurance solution to Naver that will broaden access to small online business owners and help them grow and protect their businesses. We look forward to continually introduce series of platform integrated solutions through our long-lasting partnership." Speaking of the recent partnership announcement, Paul Jung CEO of Carrot. Carrot anticipates that the concept of integration of insurance services into e-commerce transaction will expand to other "ecosystem partners". 11th Street, the 2nd largest shopping and open-market platform of Korea has started distributing Carrot's shipping return cover since 2020 and has plan to promote for wider adoption by the vendors to bolster their profitability, according to the firm. Not to mention that Amazon last year has inked exclusive partnership with 11th Street to enter the lucrative Korean e-commerce market. About Carrot General Insurance Corp. Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.

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INSURANCE TECHNOLOGY

One Concern Partners with WTW to Bring Climate Resilience Scores to the U.S. Insurance Market

One Concern | June 17, 2022

Today, One Concern, a climate analytics company, announced a strategic alliance with WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company. The two companies are providing the U.S. insurance market with One Concern Resilience ScoreTM (1CRX™) to facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance. The One Concern Resilience Score indicates the vulnerability a business has concerning downtime arising from the fragility of the infrastructure a business relies upon, such as the power grid, transportation infrastructure, and related community areas, in addition to direct property damage. Incorporating resilience scores into WTW's client-facing analytical platforms, along with the broking workflow, will present a complete picture of existing building damage analyses, with the potential impact of vulnerable external dependencies. We're thrilled to incorporate our resilience score into WTW's cutting-edge analytical solutions and demonstrate to clients that the biggest threats to their business derive from climate-related dependency risk, WTW's ability to apply the latest in disaster science will enhance their clients' decision-making process in choosing how best to integrate physical climate risk into their resilience strategy." Ahmad Wani, Co-Founder and CEO, One Concern. One Concern's analytics will support and augment WTW clients' risk analyses and decision-making regarding specific mitigation steps, costs, and benefits, including alternative risk transfer mechanisms. For example, risk managers and WTW risk advisors can use One Concern insights to suggest pricing adjustments, advise on risk mitigation activities, increase their business resilience to minimize the adverse impact of natural disasters, and secure parametric insurance covers to fill the protection gap they experience when faced with a natural catastrophe. About One Concern We're a technology company building the digital infrastructure for global risk. We map, analyze and monitor every piece of the world's built environment and its connection to the global economy. About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help you sharpen your strategy, enhance organizational resilience, motivate your workforce and maximize performance.

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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

Insurance Care Direct (ICD), one of the nation's leading health benefits providers, today released the below statement in response to a summons enforcement action filed in federal court against corporate officers last month. The summonses, which were issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company. "Insurance Care Direct (ICD) and all corporate executives, including Seth Cohen, Brad Cohen and Ed Carriero, have fully cooperated with every request from the IRS. To date, the company and its executives have spent hundreds of hours and a significant expenditure of company resources to fully comply with requests from the IRS, including multiple rounds of production encompassing thousands of pages of documents. ICD and corporate leadership continue to fully cooperate with the IRS. Seth Cohen, Brad Cohen and Ed Carriero, by and through counsel Brian Harris of Fogarty Mueller Harris, PLLC, are currently working with the Department of Justice to collaboratively resolve the issues raised in the case. In a motion filed on Friday, the company with the DOJ's agreement requested that the court continue the proceedings to allow the parties more time work together toward a mutual resolution." Captive insurance arrangements are recognized under federal law and provide insurance policies that may not be commonly available or not available at affordable prices for businesses. About Insurance Care Direct Founded in 2001, Insurance Care Direct has grown into one of the largest health and life insurance agencies in the country. The Company offers a wide array of competitive products. Headquartered in Deerfield Beach, Florida, Insurance Care Direct is a family-owned business and is heavily involved in the local Florida community.

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Spotlight

The claims management lifecycle is a complex and detailed process. While electronic claims have reduced phone calls with payers, minimized duplicated data entry, and decreased reimbursement times, they have increased the scale of the insurance claims your biller has to create, track, and manage throughout the lifecycle.

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