AXA XL boosts environmental insurance policy

insurancebusinessmag | June 18, 2019

AXA XL has announced the addition of supplemental coverage to its pollution and remediation legal liability (PARLL) policy in North America.The supplemental coverage provides added protection to owners, operators, and developers of fixed facilities against loss, remediation expense, and legal defense expense for sudden and gradual pollution conditions.

Spotlight

The insurance industry – from product development to underwriting to claims – is being fundamentally transformed by AI technologies. Although some companies are investing aggressively in AI to slash costs while also enhancing the customer experience, most insurers will need to accelerate their efforts or risk discovering that it has become too late to catch up.


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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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INSURANCE TECHNOLOGY

Auto Insurers Aim to Streamline the Total-Loss Process with Verisk’s New Lien Check Solution

Verisk | May 13, 2022

Insurers can now aim to reduce the inefficiencies and challenges involved in settling total-loss vehicle claims with Lien Check, a new solution from Verisk (Nasdaq: VRSK). The tool automatically provides claim handlers with critical lender data points to streamline the total-loss process. Total-loss claims are often inefficient, as claim handlers must manually verify lienholder information and obtain payoff data, which delays settlement payments to policyholders. Lien Check provides critical lien holder data such as payoff amounts, title and registered owner information. The solution uses Verisk’s ClaimSearch® platform to automatically notify participating insurance carriers when lender data is available for a total-loss claim. This exciting new feature will facilitate the reduction of manual processes for both carriers and lenders to help simplify, streamline and automate the total-loss process, Connecting lenders and insurers digitally will help carriers provide faster customer service and take a significant step toward straight-through processing for total-loss vehicle claims.” Carlos Martins, senior vice president of claim solutions at Verisk. Lien Check can help solve communication challenges between insurers and lenders, which typically involves multiple phone calls, emails and faxes. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

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INSURANCE TECHNOLOGY

HUB INTERNATIONAL LAUNCHES NONPROFIT SPECIALTY PRACTICE

HUB International | May 16, 2022

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, announced today the launch of its Nonprofit Specialty practice, HUB's 10th Specialty in five years. The formation of the practice formalizes HUB's capabilities in serving the unique risk management, insurance and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious and other charitable organizations. HUB has a long-proven track record of successfully assisting nonprofit organizations and creating a new Nonprofit Specialty practice formalizes our work in this area, Nonprofits face unique operational, financial, and governance challenges, and our specialized brokers will help them flourish by offering proactive consultation and advice to protect against all aspects of their risk." Marc Cohen, CEO and President of HUB International. HUB's nonprofit insurance veteran Scott Konrad will lead the new specialty practice. He will be responsible for galvanizing HUB's decades of nonprofit client experience, industry relationships and sector engagement to develop innovative risk management, insurance and human capital products and solutions. Konrad is a nationally recognized author and speaker on nonprofit risk management themes with direct experience as a servant leader of nonprofit civic, religious and professional organizations, including the Nonprofit Risk Management Center's Corporate Advisory Council. According to Independent Sector, nonprofits make up 10% of the American workforce, the third largest in the U.S., behind retail and manufacturing. In Canada, there are more than 170,000 charitable and nonprofit organizations, and over 85,000 of these are registered charities recognized by the Canada Revenue Agency. According to Statistics Canada, nonprofits represent nearly 13% of all jobs in Canada. Nonprofits face increasing pressure to demonstrate operational efficiency and prudent stewardship, which means maximizing value at every turn -- in reducing risk, safeguarding their assets, and taking care of their people, We understand the charitable sector's challenges, needs, and temperament, and use our skills and resources to tackle issues such as board protection, talent recruitment and retention, volunteer risk management, and more. By lightening the burden for busy nonprofit leaders so they can focus on mission, we're an effective catalyst for the greater good." Konrad. Having a dedicated practice supports our effort to build out more specialized products, expand carrier relationships and provide industry specific integrated P&C, employee benefits and retirement solutions for our customers, This is a unique sector of the economy with unique needs, and we are excited to provide specific services to fuel its success." Chris Treanor, HUB President of Programs & Specialties. About HUB International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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HEALTH INSURANCE

HealthSmart® Launches DFW SmartCare™ Health Plan

HealthSmart | May 20, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of DFW SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to DFW-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to the Baylor Scott & White Quality Alliance (BSWQA), inclusive of Catalyst Health Network (CHN). BSWQA is a clinically integrated network of hospitals, facilities, and doctors that members can access through Employers Health Network (EHN). DFW SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, DFW SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the DFW Metroplex is a perfect example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in North Texas control their health benefit costs by providing deeply discounted access to the BSWQA clinically integrated network through EHN.This is big news for DFW small and medium employer groups and DFW SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks.

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Spotlight

The insurance industry – from product development to underwriting to claims – is being fundamentally transformed by AI technologies. Although some companies are investing aggressively in AI to slash costs while also enhancing the customer experience, most insurers will need to accelerate their efforts or risk discovering that it has become too late to catch up.

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