Life Insurance
PR Newswire | January 10, 2024
Employee Navigator, one of the nation's leading benefits and HR solutions for brokers, and MGIS, a national insurance manager offering specialized insurance programs for doctors, have announced a new partnership to bring leading-edge HR and benefits technology integrations to doctor group practices. The new partnership builds on MGIS's relationship with Reliance Matrix, a leading benefits and absence provider, and its unique Employee Navigator integration.
"We believe the partnership with Employee Navigator will transform the employer and employee benefits experience," said Jeff Brunken, President of MGIS. "Through our relationship with Employee Navigator, our mutual clients will benefit from the technology-enabled efficiencies and ease of business that are so important in today's insurance marketplace. These integrations will help to drive participant engagement and client retention for our benefit brokers."
Through the Employee Navigator relationship, MGIS clients will benefit from a dedicated support team that will help brokers build out a full-service enrollment experience and provide additional case management support, at no additional cost. As always, MGIS account managers also provide white-glove, specialized account management and billing support, all critical features for brokers and administrators.
"MGIS has a long history of offering the highest quality insurance program for doctors. We're confident that our customers will receive an enhanced benefits experience through MGIS and Employee Navigator," said George Reese, CEO of Employee Navigator. "This partnership provides seamless, integrated benefits administration and will lead to a positive enrollment experience for brokers, employers and participants."
In 2023 MGIS announced its exclusive partnership with Reliance Matrix, a national leader in benefits solutions and absence management. Together, MGIS and Reliance Matrix serve doctors in all practice settings and medical specialties. An Employee Navigator carrier partner since 2022, Reliance Matrix more than doubled the number of benefit plans and employer clients enrolled and managed on the Employee Navigator platform in 2023, through more than 150 unique broker partners.
"Employee Navigator has played a big part in our overall success in the small and midsize employer market, thanks in part to our unique streamlined billing solution available on the platform," said Paula Hanson, AVP Benefit Technology Solutions for Reliance Matrix. "Our proprietary process raised the bar on service and convenience and continues to win fans among brokers and clients."
Marketed through independent brokers and agents, benefit solutions include Disability Guard for Doctors, a unique long-term disability product blending the highly valued policy provisions of an individual product with the guaranteed issue and simplified administration of a group long-term disability plan, as well as short-term disability, group life and Accidental Death & Dismemberment plans.
MGIS also supports a High Limits Disability Insurance program, offering an increased level of protection for high earners, providing more robust and holistic protection for doctors above and beyond any group long-term disability and individual disability coverage. For those groups offering the high limits program, this specialized product will also be available on Employee Navigator as part of an integrated, holistic enrollment experience.
About MGIS
MGIS is a leading national insurance program manager experienced in building and managing specialized insurance programs for doctors. MGIS partners with highly rated insurers and focuses on disability and life insurance for practices of all sizes, types, and medical specialties. Insurance policies managed by MGIS are backed by the underwriting companies of Reliance Matrix and Certain Underwriters at Lloyd's, and are marketed exclusively through select brokers and insurance advisers. MGIS services are provided by MGIS affiliated companies: The MGIS Companies, Inc., Medical Group Insurance Services, Inc., and MGIS Underwriting Managers, Inc. (DBA as MGIS Professional Insurance Solutions in CA and MGIS Underwriting Agency in NY).
About Employee Navigator
Employee Navigator is a rapidly growing benefits and HR software company integrated with over 400+ of the nation's leading insurance carriers, payroll companies, and TPA's. Its platform delivers brokers and employers a truly connected digital experience, streamlining the management of everything from online enrollment and onboarding to ACA reporting, time off tracking, and more. The company currently works with more than 5,000 brokers, providing benefits administration and HR products to over 175,000 companies and 14+ million employees and dependents.
About Reliance Matrix
Reliance Matrix delivers employee benefit, absence management and workforce productivity solutions through the financial stability of a top-rated (A++ by AM Best) insurance carrier, the proven innovation of an absence TPA, and the daily commitment of thousands of team members across America.* Born in 1907, Reliance Standard Life Insurance Company (Home Office Schaumburg, IL) is a leading provider of employee benefits, absence management and retirement savings solutions. Matrix Absence Management, Inc. (Home Office Phoenix, AZ) traces its roots to Silicon Valley at the dawn of the tech boom.
Reliance Matrix is a member of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group's main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan.
About Lloyd's of London
Lloyd's is the world's leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market's underwriters and brokers, Lloyd's helps to create a braver world. The Lloyd's market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd's protects what matters most: helping people, businesses and communities to recover in times of need. Lloyd's began with a few courageous entrepreneurs in a coffee shop. Three centuries later, the Lloyd's market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
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Insurance Technology
PR Newswire | January 29, 2024
AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork.
The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research.
"ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes."
The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry.
"Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases."
Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution.
About AgentSync
AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.
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Risk Management
PR Newswire | January 10, 2024
Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerage, underwriting and consulting facilities, announced today the acquisition of the assets of Disaster Recovery Services, LLC and its affiliate, Disaster Recovery & Risk Solutions, LLC (collectively, DRS), a premier provider of disaster preparation, response, and recovery consulting for commercial and public entities. Established with a commitment to aid organizations in their times of need, DRS brings to the table extensive experience in disaster preparedness planning and mitigation, real-time response coordination, forensic accounting and financial recovery services, particularly in responding to adverse events such as fires, floods, and hurricanes. DRS rounds out this comprehensive support with construction project management, grant administration, and procurement consulting.
"Partnering with DRS aligns perfectly with our mission to offer innovative and comprehensive solutions to our clients," said SPG President & CEO, Christopher Treanor. "DRS's expertise in disaster recovery not only complements our existing services but also strengthens our commitment to providing unparalleled support in times of crisis."
With its expertise in handling complex scenarios, DRS has established itself as a trusted partner in providing turnkey solutions throughout the recovery process, whether it involves commercial insurance recovery, FEMA reimbursement, construction project management, grant administration, procurement support, or mitigation and resiliency.
"Joining forces with SPG opens new avenues for growth and allows us to leverage their extensive network and resources," said DRS CEO, John Albrecht.
This acquisition aligns with SPG's strategic goal to diversify and strengthen its portfolio, extending its reach into the critical areas of disaster preparedness, mitigation, response, and recovery. The enhanced capabilities brought by DRS will help ensure SPG continues to meet the evolving needs of its clients and partners in an increasingly complex risk environment.
About Specialty Program Group
Specialty Program Group LLC (SPG) is a leading specialty platform headquartered in Chicago, IL, with a diverse portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. SPG has a track record of scaling industry leading businesses by providing access to business resources, technology and process efficiency, capital and investment, deep carrier relationships, and a broad distribution network.
About Disaster Recovery Services
Disaster Recovery Services, together with its affiliate, Disaster Recovery & Risk Solutions, LLC, collectively (DRS), is a leading provider of disaster response and recovery solutions, specializing in helping organizations prepare for and navigate the aftermath of disasters like fires, floods, and hurricanes. They offer a range of services including customized disaster preparedness planning and mitigation, real-time coordination during crises, and post-loss insurance and FEMA recovery guidance. DRS is committed to partnering with clients for effective recovery, helping to ensure organizations are well-prepared and resilient in the face of unforeseen disasters.
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Risk Management
Business Wire | January 12, 2024
Riskonnect, the leader in integrated risk management (IRM) solutions, today announces its acquisition of Ventiv Technology, a market-leading provider of risk, insurance, and underwriting technology solutions. The acquisition fuels growth and innovation for Riskonnect and drives value for customers by enabling the organizations to bring all aspects of risk under one roof.
Riskonnect’s acquisition of Ventiv will enhance value for the 2,500+ combined customers globally. Ventiv is known for its innovation in RMIS Analytics (Artificial Intelligence/Machine Learning, Benchmarks, Geospatial), claims administration, billing, and policy solutions. Customers rely on Riskonnect for the breadth and depth of its integrated risk management platform. The combined offerings will create a comprehensive suite of risk management tools that streamlines data management, provides actionable insights tailored to specific business sectors, and turns risk into a strategic advantage.
“We’re thrilled to welcome the entire Ventiv team to Riskonnect. The acquisition adds substantial value for our customers, giving users of both companies access to a broader range of products and services that are intentionally designed to meet the diverse needs of modern risk management,” said Jim Wetekamp, Riskonnect’s CEO. “We’re bringing a value enhancing suite of tools to market that equips organizations to confidently answer the increasingly imperative question – ‘how at risk are we?’. Our complementary technologies and shared commitment to helping customers stay ahead of the rapidly evolving risk landscape positions all our key stakeholders for success.”
The companies’ combined expertise and technology across incident tracking, claims administration, claims management, governance, risk, and compliance (GRC), business continuity and resilience, and predictive analytics creates a one-stop-shop for organizations seeking end-to-end risk solutions.
“We share Riskonnect’s mission to transform the way companies manage risk,” said Salil Donde, Ventiv’s CEO. “Pooling our resources and expertise enables us to continue to innovate on AI-driven predictive analytics and expand our reach globally to best serve the present and future needs of our customers.”
Riskonnect’s current majority investor, TA Associates (TA), a leading global private equity firm, supported the acquisition of Ventiv with additional investment capital. TA will continue as the majority owner. Union Square Advisors LLC served as the exclusive financial advisor to Ventiv and Davis Polk & Wardwell served as legal advisor. Kirkland & Ellis LLP served as legal advisor to Riskonnect.
“By joining forces, Riskonnect and Ventiv Technology, both recognized as industry leaders in the Redhand RMIS Report, are not only consolidating their technological expertise but also strengthening their commitment to providing leading RMIS solutions to customers seeking to optimize their risk management strategies,” said Patrick O’Neill, president and founder of Redhand Advisors.
About Riskonnect
Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 2,500 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 1,100 risk management experts in the Americas, Europe, and Asia.
About Ventiv Technology
Ventiv Technology is a leading global provider of risk management information systems (RMIS), enterprise risk management (ERM), insurance claims, billing, and policy administration technology integrated with its market-leading analytics and predictive models. Ventiv Technology’s SaaS and on-premise solutions are deployed by insurers, brokers, insured corporate entities, federal and regional governments, public entities, third-party claims administrators (TPAs), and risk pools across a variety of industries, including transportation and logistics, retail, financial services, leisure and hospitality, energy, aviation, and manufacturing among several others.
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