CORE INSURANCE

Brightway Insurance is the only insurance agency franchisor named to a listing of the smartest-growing franchises in the country by Franchise Times

Brightway Insurance | January 25, 2022

Brightway Insurance, a national insurance agency franchisor, is the only insurance franchisor and one of only 40 brands Franchise Times recognized on its eighth annual Fast and Serious list of the smartest-growing franchises in the U.S. Brightway ranks No. 23 on the list. The list is derived using a proprietary 10-point formula that includes financial results over the past three years.  Click here to review Brightway's profile on Franchise Times' website.

"The financial results that put us on this list are the result of the investments we make in empowering our franchisees to reach their potential. They chose Brightway because of the set of tools they can leverage to help people in their communities while building their own business for themselves and their families,"

- Mark Cantin, Brightway's President and CEO.  

Brightway's customer service, back-office support and wide variety of carrier partners enable Brightway Agents to ensure their customers are properly covered and cared for while they build their businesses. In traditional agencies, countless hours are spent servicing existing customers' needs. Brightway handles that work on behalf of its agents, empowering them to focus on new policy sales while building a residual income stream that pays every time policies renew. This results in unlimited earning potential in a recession- and pandemic-proof industry.

Regardless of background, Brightway's team of experts can help anyone be successful in insurance. In fact, half of Brightway's largest Agencies are owned by people with no insurance background; their average agency book size is $18.3 million.

About Brightway Insurance
Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest Personal Lines agencies in the U.S. Brightway's focus is on building unparalleled tools that empower its franchisees to help people in their communities understand and value insurance while reaching their potential in business. Brightway got its start in 2008 and has since grown to 1,200 people in 316 offices across 29 states serving customers in all 50 states.

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.


Other News
INSURANCE TECHNOLOGY

U.S. Insurance Commissioners Endorse Internationally Recognized Climate Risk Disclosure Standard for Insurance Companies

naic.org | April 11, 2022

A bipartisan group of state insurance regulators led by Insurance Commissioners Ricardo Lara of California and David Altmaier of Florida adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD standard is the international benchmark for climate risk disclosure and will help insurance regulators and the public to better understand the climate-related risks to the U.S. insurance market, which is the largest in the world. This announcement during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, Missouri, puts U.S. state insurance regulators on the forefront of climate risk disclosure to protect consumers. Commissioners Lara and Altmaier are co-chairs of the NAIC Climate Risk & Resiliency Task Force (Task Force), which was established in 2020 to coordinate all of the NAIC's domestic and international efforts on climate-related risk and resiliency issues. The Task Force developed the new TCFD-aligned survey over a 14-month public participation process led by Oregon Insurance Commissioner Andrew Stolfi and Rhode Island Superintendent Elizabeth Dwyer in coordination with Commissioners Lara and Altmaier, and marks the first update to the NAIC's Climate Risk Disclosure Survey approach since it was created in 2010. The Task Force determined that implementing a TCFD-aligned disclosure framework would enhance transparency about how insurance companies manage climate-related risks and opportunities and incorporate international best practices, among other benefits that the Task Force identified in the new standard. Insurance regulators from France, Switzerland, and the United Kingdom currently require TCFD-aligned reports. U.S. financial regulators such as the U.S. Securities and Exchange Commission are also taking steps toward requiring TCFD-aligned disclosures for other financial institutions. Our global climate crisis affects every state, requiring us to reach across partisan divides to find solutions that protect all people, By holding insurance companies to this global standard for climate disclosure, insurance regulators are showing the power of united leadership in our efforts to address climate change and reduce the negative impacts on insurance consumers." California Insurance Commissioner Ricardo Lara. The NAIC's action shows that our system of state-based insurance regulation remains strong and flexible in responding to changing conditions in our markets and our world, Thank you to my fellow regulators for your commitment to work together to protect consumers." Florida Insurance Commissioner David Altmaier. We have all been affected by climate-related events, including wildfires, floods, and increased extreme weather. The first NAIC climate risk survey, created more than 10 years ago, led the way at the time, and it's great to see the NAIC lead again by being the first U.S. financial system regulator to adopt TCFD-aligned disclosure requirements, I'm grateful for the robust participation in this process over the past year and the strong support to adopt internationally aligned climate risk disclosures, and I look forward to continuing our work by supporting insurers in shifting to this new reporting framework." Oregon Insurance Commissioner Andrew Stolfi. Aligning U.S. insurance companies' climate disclosures with the global norm is a major step forward to protect financial markets and consumers who rely on insurance for safety and security, The bipartisan leadership of Commissioner Lara of California and Commissioner Altmaier of Florida is in short supply around the globe. It is needed more than ever before as we address climate-related financial risks across investment portfolios and global supply chains." Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets

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INTELLECTUAL PROPERTY

Sun Life introduces employer community to ThrivePass to help manage workplace vaccine verification and testing for COVID-19

Sun Life U.S. | January 19, 2022

Sun Life U.S. has reached an agreement with ThrivePass to help employers with vaccine and testing verification, including a dashboard for employers to holistically view the vaccination and exemption status of their employee population. The ThrivePass Vaccine Verification Solution is a turnkey solution that offers real-time reporting, automated tracking and ongoing employee communications in a HIPAA (Health Insurance Portability and Accountability Act)-secured platform. "Employers continue to express interest in employee vaccine and testing, and are seeking out solutions that make their lives easier in maintaining a safe workplace, We are pleased to refer employers to ThrivePass, which can help them ensure the wellbeing of their employees." -Sheila Sokolski, assistant vice president, Sun Life Product Management. ThrivePass offers a "self-serve" format for employees to report their vaccination or test results, which are then verified by ThrivePass. Vaccine exemptions can be customized, and testing verification provides employees with personalized profiles that track their results history. Employers can access an administrative dashboard that tracks real-time employee data. "We are thrilled to have the support of Sun Life, As we broaden our market reach with this important solution that so many employers need right now, working with Sun Life provides us with an opportunity to help more employers navigate this uncertain time." -Dave George, sales executive, ThrivePass. About Sun Life Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of C$1.39 trillion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. About ThrivePass ThrivePass is an innovative technology company dedicated to improving the world of employee benefits. Founded in 2014, they work with clients worldwide to provide a holistic benefits suite that supports employee well-being throughout the employment lifecycle. Other ThrivePass offerings include lifestyle accounts, tuition reimbursement, COBRA, HAS, FSA, HRA and commuter benefits.

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RISK MANAGEMENT

Five Sigma Partners with Medlogix to Deliver Seamless Medical Claims Management

Medlogix | February 17, 2022

Five Sigma, an emerging leader in cloud-native Claims Management Solutions (CMS), today announced the launch of native integration with Medlogix, LLC, a national leader in U.S. medical claims management solutions. This innovation connecting the two platforms will help insurers to improve decision making, maximize efficiencies, increase ROI and enhance outcomes in medical claims management. Five Sigma's cloud-native claims management solutions enable property and casualty (P&C) carriers, MGAs, Insurtechs, and self-insurers, to simplify their claims process from first notice of loss to resolution. The partnership with Medlogix provides Five Sigma US-based customers with an out-of-the-box integration to itemize, assess, and aggregate special and general damages for bodily injury claims - to ensure proper, timely settlement and accurate reimbursement while complying with regulations that differ state-by-state. "Five Sigma is on a mission to simplify the claims journey. Our flexible SaaS solution and open APIs allow us to quickly add new partners and integrations to our claims management ecosystem," stated Oded Barak, Co-founder and CEO of Five Sigma. "We are proud to partner with Medlogix to provide our customers a more comprehensive, accurate and efficient claims process." According to Craig Goldstein, President of Medlogix, "Our partnership with Five Sigma represents a strategic combination of two technology-driven organizations that share a dedication to providing innovative, streamlined claims management solutions that exceed the expectations of our customers." About Medlogix Medlogix is a technology-driven, clinically-based medical claims management provider specializing in managed care solutions that deliver exceptional outcomes. Medlogix offers an end to end, integrated medical management solution powered by MyMedlogix™ proprietary technology. Through an exception-based workflow, recommendations from highly qualified medical professionals, and access to a directly contracted network of premier health care providers, Medlogix delivers an efficient, disciplined, and scalable medical claims process suite of solutions. Medlogix develops technology which achieves savings you can measure and see by eliminating redundancies and reducing manual processes. Learn more about the Medlogix story at: www.medlogix.com About Five Sigma Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI/ML capabilities to allow intelligent claims processing for the insurance industry. Five Sigma optimizes claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjuster's decision-making, and reducing errors. Leading insurance carriers, Insurtech, TPAs and Self-Insured companies use Five Sigma's CMS to modernize their claims management operations, reduce claims leakage, enhance compliance and improve their customers' experience.

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CORE INSURANCE

InsureMyTrip Reports Travel Insurance Claims Increase, Delays Possible

InsureMyTrip | February 23, 2022

Travel insurance companies have reported a significant increase in travel insurance claims in recent weeks, according to licensed travel insurance agents at InsureMyTrip. With an upsurge in recent claims submissions, travelers should anticipate possible delays. "Many trips were affected by the Omicron surge and other factors, especially during December and January. Those travelers, who have coverage, are likely in the process of submitting claims to their insurance company. This high volume may lead to subsequent delays," - InsureMyTrip Travel Insurance Expert Meghan Walch. When filing a travel insurance claim, InsureMyTrip says travelers can help prevent additional lag time by understanding requirements in advance and supplying the proper paperwork to the travel insurance company: Specific forms may be required for each benefit within a policy. If documents are missing, this may cause a claim to be delayed. Use your travel insurance company's online portal to submit a claim or check the status of an existing claim. Obtain and save all receipts and documents related to an incident to help verify a claim. Once you return home from a trip, it can be more difficult to obtain documentation from travel suppliers or medical facilities. For travelers seeking additional help, InsureMyTrip travel insurance customers have access to Anytime Advocates, a claims assistance service. About InsureMyTrip It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.

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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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