BGC Insurance Group announces CEO for new aviation brokerage

insurancebusinessmag | July 02, 2019

It looks like BGC Insurance Groups (BGCI) new global aviation and space (re)insurance brokerage will soon be ready for take-off. The new team, which last month welcomed Marsh Aviation and JLT Aerospace alumnus Marcel Chad as its president, will be joined by freshly appointed chief executive Philip Smaje.

Spotlight

What is Contract Works Insurance? When you’re working on a construction site, plenty of things can go wrong. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss. That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.


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INSURANCE TECHNOLOGY

IMG Launches iTravelInsured Essential, an Economical Travel Insurance Product

IMG | May 27, 2022

International Medical Group® (IMG®), an award-winning global insurance benefits and assistance services company, is excited to introduce iTravelInsured Essential, a new cost-effective travel insurance offering ideal for price-conscious travelers seeking only the most vital trip protection benefits. IMG's lowest-priced travel protection program, iTravelInsured Essential allows travelers, such as U.S. residents traveling within the U.S., to protect their prepaid, non-refundable trip costs with the most fundamental travel insurance benefits. We are thrilled to introduce our new iTravelInsured Essential plan to travelers that have been long awaiting an economical travel insurance option in the market, Customers who purchase iTravelInsured Essential are able to attain essential coverage at a reasonable price and can still have the same Global Peace of Mind® that comes with the other travel and health safety solutions we offer." Grant Hayes, IMG Director of International Sales – Travel. The iTravelInsured Essential plan provides limited travel protection with coverage for trip cancellation and interruption, travel delay, and accidental death and dismemberment. The plan also includes access to IMG's 24/7 emergency non-insurance travel assistance service. With this service, travelers are just a call away from IMG's world-class customer service team that can help with lost luggage, emergency translations, emergency cash transfers, and much more. The iTravelInsured Essential plan is a fantastic addition to IMG's market-leading travel insurance product suite, We know that some travelers want coverage for a select few scenarios, and the iTravelInsured Essential plan provides exactly that." Amanda Winkle, IMG Chief Commercial Officer. About International Medical Group® (IMG®) International Medical Group® (IMG®), a SiriusPoint company, is an award-winning global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. The preeminent provider of travel and health safety solutions, IMG offers a wide range of insurance programs, including international private medical insurance, travel medical insurance, and travel insurance, as well as enterprise services, including insurance administrative services and 24/7 emergency medical, security, and travel assistance. IMG's world-class services, combined with an extensive product portfolio, provide Global Peace of Mind® for travelers, students, missionaries, marine crews, and any other individuals or groups traveling, working, or living away from home.

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CLAIMS

Sapiens Recognized by Celent as Functionality Standouts for Property & Casualty and Workers' Compensation Claims

Sapiens | June 16, 2022

Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has announced that Sapiens' claims solutions for P&C and for Workers' Compensation have been recognized by Celent as a Functionality Standouts in the Celent 2022 Claims System Vendors report for North American Property & Casualty Insurance. The Celent report profiled 23 claims administration systems available in North America for property-casualty insurance carriers, including an overview of their functionality, customer base, technology, implementation, pricing and support. Celent credited Sapiens ClaimsPro for Property & Casualty as 'a full function core claims system that many midsize and small insurers may wish to consider, especially in light of Sapiens' growing add-on analytic and digital offerings,' according to the recent report. Key benefits highlighted include faster claims cycle times, lower expenses and settlement costs, intuitive and easy-to-use interface, 360-degree customer experience and vendor management. Customers rated the solution favorably, particularly the medical case management/disability management features and configurability. Clients felt the solution integrated most easily with their other internal applications, such as reporting, documents or financial systems. Regarding their implementation experience, responsiveness and issue resolution received the highest marks. Sapiens ClaimsPro for Workers' Compensation, a component of CoreSuite for Workers' Compensation, received outstanding recognition by Celent as 'a full-function core claims system tuned over the years for Workers' Compensation claims that both monoline workers' compensation insurers and other insurers with a substantial workers' compensation book of business may wish to consider.' Its key features highlighted in the report include statistical reporting, configurability, continuity with the implementation team and consistently meeting service level. We are delighted to receive this prestigious recognition by Celent, which illustrates our depth of impact, breadth of knowledge and keen understanding of the property-casualty industry, As Sapiens continues to power the insurance transformation, leading analysts are taking notice of our deep industry acumen." Jamie Yoder, Sapiens North America President and General Manager. Sapiens ClaimsPro for Property & Casualty is a critical component of Sapiens CoreSuite for Property and Casualty. ClaimsPro streamlines end-to-end claims processing for all personal, commercial and specialty lines, preparing carriers to adapt to new business requirements. The solution provides full lifecycle support for handling claims for all personal and commercial lines of business, including workers' compensation. Sapiens ClaimsPro for Workers' Compensation supports carriers to improve operational performance by reducing claim inventories and supporting medical costs using advanced outcome-based case management. Its real-time payment processing allows automatic and split payments, offsets and deductions, refunds, transfers and 1099 processing for financial efficiency. The platform's rules-driven auto-adjudication and decision support enables proactive case management that reduce claims time to settle and claims closure. About Sapiens Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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CORE INSURANCE

Insight Risk Deploys the Beyond Policy Administration Platform from ChainThat

Insight Risk, ChainThat | July 05, 2022

ChainThat, an Xceedance company specialising in software-as-a-service (SaaS) platforms for the global insurance sector, today announced that Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform. Based in Westport, Connecticut, U.S.A., Insight Risk is a technology-driven, builders’ risk-focused managing general agency (MGA). To reinforce organisational growth, the company sought a core platform capable of rapid, full product deployment and policy lifecycle change management. Another key requirement was a flexible, adaptable framework to support the evolving priorities of the business, its customers, and fronting partners. Insight Risk identified BPA from ChainThat as the most comprehensive fit to meet the company’s operational needs and expansion objectives. “Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.” The advanced and secure technical framework of the BPA platform is built on a modern micro-services architecture. BPA provides full API access to all policy administration system (PAS) components as well as a modern, drag-and-drop interface to deploy, manage, and update both standard and complex insurance products in near real-time. The system supports the end-to-end policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that is configurable to meet the data analytics needs of any insurance organisation. “Insight Risk’s innovative technology deployment approach — to boost underwriting performance, reduce losses, and focus on customer service — is exactly what we had in mind when designing BPA as a SaaS platform that complements and flexes with the business needs and growth of insurers,” said David Edwards, ChainThat CEO. “As the insurance MGA market expands and continues to gain momentum, the organisations in this space need to differentiate themselves effectively. BPA helps our clients level the technology playing field so they can focus on their unique business sectors and product offerings.” For more information about the Beyond Policy Administration platform from ChainThat, visit chainthat.com/bpa. About Insight Risk Insight Risk Technologies is a technology-focused Builder’s Risk MGA that bundles Internet of Things (IoT) water damage prevention solutions, sound underwriting, and proactive risk management to reduce water damage losses by up to 90%. By owning the IoT technology solutions, we remove a major barrier to a safer and better-connected jobsite, helping leading brokers, contractors, and owners/developers avoid losses and minimise the impact of unforeseen events. For more information, visit www.insightrisktec.com. About ChainThat ChainThat, an Xceedance company, provides innovative SaaS-based insurance technology products that allow brokers, carriers, and MGAs to realise the full potential of their business. For more information, visit www.chainthat.com.

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AUTOMOBILE INSURANCE

Buckle Named Best Rideshare & Delivery Driver Insurance Specialists

Buckle | August 02, 2022

Buckle, the financial services company providing auto insurance solutions for the gig economy, has received two awards in the 2022 FinTech Awards by Wealth & Finance International magazine. Buckle was named Best Rideshare & Delivery Driver Insurance Specialists 2022, as well as Most Innovative Rideshare Auto Insurance Product Provider in North America. “We’re so pleased to be recognized for our unique gig insurance and our deep commitment to the success of rideshare and delivery drivers. As both insurance and gig economy experts, our goal at Buckle is to advocate for our members and offer them access to products and services that simply aren’t available anywhere else. These awards reinforce our success in meeting those aspirations,” says Marty Young, Chief Executive Officer of Buckle. “We’re so pleased to be recognized for our unique gig insurance and our deep commitment to the success of rideshare and delivery drivers. As both insurance and gig economy experts, our goal at Buckle is to advocate for our members and offer them access to products and services that simply aren’t available anywhere else. These awards reinforce our success in meeting those aspirations,” says Marty Young, Chief Executive Officer of Buckle. Now in its sixth year, Wealth & Finance International magazine’s FinTech Awards recognize the firms that are redefining finance and banking for the modern age, and for the ever-changing modern consumer. About Buckle Buckle is the digital financial services company providing insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers across personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Shipt, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, Best Rideshare & Delivery Driver Insurance Specialists, a Fastest Growing Company, Most Innovative Driveshare Driver Insurance Provider, Best Tech Startup, an InsurTech 50, and more. Connect with us on Facebook, Twitter, LinkedIn, and www.buckleup.com.

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Spotlight

What is Contract Works Insurance? When you’re working on a construction site, plenty of things can go wrong. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss. That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.

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