AXA XL shuffles reinsurance leadership team

AXA XL | December 20, 2019

AXA XL has revealed that it has made several changes to its reinsurance leadership team (RLT). A release explained that the changes are part of AXA XL Reinsurance’s simplified organizational structure, first announced in September. All changes will be made effective January 01, 2020. John Welch, currently serving as chief executive of AXA XL Reinsurance North America and leading the company’s international region, will become chief executive of domestic markets. Rob Littlemore, CEO of London reinsurance, has been named chief executive of reinsurance, global markets.

Spotlight

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements. Insurance companies and policyholders have conflicting interests. This is reflected in various bad¬faith practices of the companies, such as unreasonable delays, denial of payment, etc. Though some jurisdictions try to mitigate this by adopting the tort of insurance bad faith, the general public has a very negative perception of the industry.


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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

Combined Insurance Announces Grants to Support Military Service Members, Veterans, and Their Families

Combined Insurance | April 29, 2022

Combined Insurance, a Chubb company and a leading North American provider of supplemental insurance sold both directly to individuals and at the worksite, today announced charitable grants to two nonprofits focused on supporting military service members, veterans, and their families. The contributions are in keeping with the company's longstanding philanthropic efforts and its enduring commitment to giving back to those who have served the nation. The recipient organizations are: Luke's Wings, which provides for emergency travel by the families of ill and injured service members, veterans, and fallen officers during hospital recovery and rehabilitation. Fisher House Foundation, which builds comfort homes at military and VA medical centers so that family members can stay nearby - at no cost - while a loved one is in the hospital. The grants are part of Operation Veteran Giveback, a nationwide Combined sales competition in which the two highest-performing zone teams earn the honor of selecting a military- or veteran-related grant recipient. The first-place Northeast Zone team (with a market territory extending from Maine to New Jersey) selected Luke's Wings; the second-place South Zone team (encompassing markets from Texas to Kentucky) selected Fisher House Foundation. We appreciate Combined's continued support of our efforts on behalf of military, veteran, and police families during their most difficult times, It's our mission to reunite heroes with family members, so they can receive critical emotional support during recovery and rehabilitation." Fletcher Gill, Co-Founder and CEO of Luke's Wings. By supporting Fisher House, Combined is helping military and veteran family members avoid tremendous out-of-pocket costs for lodging while a service member is in the hospital, We believe that a family's love is good medicine, and our houses help bring loved ones together during critical months of treatment and recovery." Dave Coker, President of Fisher House Foundation. In addition to supporting military and veteran-focused nonprofit organizations, Combined is strongly committed to hiring military veterans. The company established its military recruiting program in 2010, and has hired more than 5,500 veterans, military spouses, and their family members since then. This year's Operation Veteran Giveback program is of special meaning to us at Combined as we celebrate our 100th anniversary this year and honor our company's philanthropic traditions, Each year, our sales teams are proud to compete for the chance to give back to those who have made great sacrifices for the country." Mat Matarrese, Senior Vice President, U.S. Agency at Combined Insurance. About Combined Insurance Combined Insurance Company of America is a Chubb company and a leading provider of supplemental accident, health, disability, and life insurance products in the U.S.* and Canada. Headquartered in Chicago with a tradition of 100 years of success, we are committed to making the world of supplemental insurance easy to understand. The company has an A+ rating by the Better Business Bureau and an A + (Superior) financial strength rating by A.M. Best. We are ranked by VIQTORY as the number one Military Friendly® Employer in 2022 ($1-5 billion revenue category), marking Combined's eleventh consecutive year on the Top 10 list.

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CLAIMS

GGA Enters into Tech Partnership with CiiRUS

CiiRUS | February 03, 2022

Generali Global Assistance ("GGA") today announced that it has entered into a partnership with CiiRUS, the leading provider of vacation rental property management software, to integrate GGA's vacation rental insurance and vacation owner protection offers via CiiRUS's technology suite available for vacation property managers. Chris Carnicelli, CEO of Generali Global Assistance, commented on the news, "We're excited to be partnering with CiiRUS. They are the leader in vacation property management and integrating our vacation rental suite of coverages is a real win for those helping to protect and manage their rental properties through CiiRUS's technology platform. As part of our mission of care, we want to give our clients seamless experience with our products by connecting them through innovative technology platforms." CiiRUS software is designed to help clients manage and market their properties in addition to connecting their properties to popular booking sites. Roberto Dicarlo, CEO of CiiRUS, added, "We lead the vacation property management software market so partnering with the leader in the vacation rental insurance market was an easy decision. Working together to give vacation property managers the best tools possible to effectively manage their vacation rental properties." "Integrating our vacation protection plans into the CiiRUS technology platform will offer significant time-savings and minimize effort for property managers. Seamless user experience will make this a one-stop shop for vacation rental managers," added Tony Santilli, National Account Executive at GGA. About Generali Global Assistance Generali Global Assistance (GGA) is a leading brand comprised of Travel Insurance & Assistance, Cost Containment, Identity & Cyber Protection, as well as other care services. GGA is part of the Generali Group, which for over 190 years has provided peace of mind to its clients and their customers and is now supported by more than 72,000 employees worldwide. Our success has been built on establishing trust by putting the customer at the core of everything we do, offering assistance and protection during our customer's most difficult and stressful situations. To learn more about Generali Global Assistance, please visit: https://us.generaliglobalassistance.com/ About CiiRUS Since 2008, CiiRUS has been the leading vacation rental software for vacation rental professionals. We use technology and quality service to make a property manager's day easier – not harder. In addition to the core software, which focuses on increasing our users' operational efficiency, we provide hands-on professional services including revenue management, online merchandising, managed distribution, marketing, and more – to increase our customers' revenue earning potential.

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INSURANCE TECHNOLOGY

New Industry Initiative Launches to Advance Racial Diversity and Equity

Insurance Information Institute | April 28, 2022

The Black Insurance Industry Collective (BIIC), a newly-formed non-profit organization affiliated with The Institutes, today announced its launch. The BIIC is focused on accelerating the advancement of Black insurance professionals. BIIC's mission is to empower Black insurance professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with other organizations that are also working toward those goals. The group will provide customized programs that address the unique needs and experiences of these professionals to tangibly improve the representation of Black insurance industry talent. This initiative, created under the leadership of four insurance industry diversity and human capital leaders, has been two years in the making, and included input from over 50 participants from insurance, talent development, and academia. BIIC will partner with the University of Virginia Darden School of Business to create a specialized leadership development program focused on developing skills necessary for career progression. The leadership program at Darden, part of BIIC's suite of offerings, will provide insurance professionals with the benefits of a supportive community of colleagues. Insurance is an ever-changing industry. No one should have to navigate it alone. With a strong network of peers who share similar interests, BIIC offers the support to learn from executive leaders in the insurance industry while developing critical skills through our strategic partnership with the Darden School of Business at The University of Virginia." Ronald Reeves, Chief Diversity Officer at AIG. The Institutes are excited to contribute to the formation of the BIIC as part of our overall DEI initiative. We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk management and insurance community." Peter L. Miller, CPCU, President and Chief Executive Officer of The Institutes. A lack of exposure to the insurance industry and professional networks are the top two barriers for Black professionals, according to a study conducted by Marsh, The Journey of African-American Insurance Professionals. BIIC is built from the ground up by insurance leaders, We are focused on spotlighting top talent to key leaders and insurance industry role models who share similar cultural experiences." Susan Johnson, Chief Diversity, Equity & Inclusion Officer at The Hartford. Obstacles for Black insurance professionals are greater than for other people of color, according to the Marsh study. These obstacles impact individuals and have far-reaching business impacts. Black employees are also nearly twice as likely as other people of color to perceive their race will make it harder to achieve their goals, according to a recent study by McKinsey, Race in the Workplace: The Black Experience in the U.S. Private Sector. This initiative was named as a collective because we believe we can achieve more together than separately, We seek to address the unique, cultural, mental, and psychological experiences and challenges encountered by Black insurance professionals in achieving their career aspirations." Ivy Kusinga, Chief Culture Officer at Chubb. BIIC is committed to empowering and positioning Black professionals to lead and inspire excellence across the industry by bringing together top talent, mentors, sponsors, and allies, Although we have more work to do, by working together, we can equip leaders with a developmental roadmap, putting them on a path to success." Tony Steadman, Managing Director, Accenture. BIIC invites organizations to join as Founding Year Sponsors in order to grow this critical program. Sponsorship will facilitate funding for BICC's key education and leadership development initiatives.

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Spotlight

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements. Insurance companies and policyholders have conflicting interests. This is reflected in various bad¬faith practices of the companies, such as unreasonable delays, denial of payment, etc. Though some jurisdictions try to mitigate this by adopting the tort of insurance bad faith, the general public has a very negative perception of the industry.

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