Brokers reveal Australia's best insurers

insurancebusinessmag | June 12, 2019

The relationship between brokers and insurers can be strained at the best of times, with common complaints ranging from poor response times to questionable ethics.However, when insurers get things right, brokers are quick to give positive feedback and often share stories of their experience with peers and colleagues.

Spotlight

Blockchain has huge process-efficiency and cost-savings potential that spans the entire insurance value chain, including information gathering, underwriting, rating/pricing, billing, claims and regulation. In addition to improving these existing insurance operations, blockchain technology is inspiring industry innovations such as decentralized autonomous organizations, event-based insurance, index-based insurance, and peer-to-peer insurance. This whitepaper explores the insurance business processes and operations that blockchain applications may impact, now and in the future.


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INSURANCE TECHNOLOGY

Polly Announces Technology Integration Partnership with All Mortgage Insurance Providers

Polly | May 17, 2022

Polly, a leading provider of innovative SaaS technology for the mortgage capital markets space, today announced its integration with the six primary mortgage insurance (MI) providers: Arch MI, Enact, Essent, MGIC, National MI, and Radian. These staple integrations come highly requested, not only by the mortgage originators that have contributed to the rapid adoption of Polly’s end-to-end capital markets ecosystem to date, but also by the principal companies leading the private mortgage insurance industry. By embedding each MI company’s quoting capabilities into its state-of-the-art Product and Pricing Engine (PPE), Polly streamlines the process of calculating, quoting, and comparing MI offerings across all providers to save valuable time and effort for the loan officer and mortgage lender, and ultimately, provide the optimal options to the borrower. Users receive a comprehensive list of rates, premiums, summaries on DNI impact, and more from each MI provider with the single click of a button. Polly’s cloud-native PPE will also provide an explanation when a quote is not provided, as well as actionable suggestions for changing parameters. When a quote is selected, the user will instantaneously receive documentation from the applicable MI provider. These integrations are part of Polly’s core service offering and demand no additional cost from the MI companies that populate in the search results. At MGIC, we are dedicated to enabling efficiencies for our customers and are thankful for the opportunity from Polly to meet our customers where they need us most." Leslie Malicki, Director-Partner Solutions at MGIC. Polly is proud to have established a strong partnership with each MI provider, and all share a mutual dedication to providing joint customers with a superior experience. This commitment to industry collaboration, paired with its team of experienced mortgage professionals and first-hand knowledge of the market’s evolution, will serve to further accelerate Polly’s goal to drive true transformation across the mortgage industry. We are committed to our customers’ success and equipping them with the right tools and workflow automation to navigate an ever-changing market, We often receive feedback that legacy processes remain cumbersome and time consuming, so we are thrilled to partner with all six essential MI providers to streamline the mortgage insurance process for lenders and borrowers." Adam Carmel, Founder and Chief Executive Officer of Polly. About Polly Polly is transforming the mortgage industry with its modern, data-driven capital markets ecosystem. Lenders trust Polly’s Product and Pricing Engine (PPE), Loan Trading Exchange, Analytics Platform, and Partner Platform to optimize performance from rate lock to loan sale and delivery, increase gain-on-sale execution, automate workflows, and provide actionable data and analytics. Polly was founded in 2019 by a seasoned team of technology and mortgage experts, and is based in San Francisco, California.

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INSURANCE TECHNOLOGY

Berkshire Hathaway GUARD Insurance Companies Expands Connectivity with Ivans for Workers’ Compensation Business

Ivans | June 20, 2022

Ivans today announced that Berkshire Hathaway GUARD Insurance Companies has expanded its relationship to extend Workers’ Compensation lines connectivity via the Ivans Distribution Platform. Connecting to the platform creates a single submissions interface for quote data collection via insurtechs and agency management systems. We are happy to work with Ivans on an API for Workers’ Compensation connecting to various agents for real-time quoting.” Dave Simmons, Senior Vice President of Sales at Berkshire Hathaway GUARD Insurance Companies. Ivans Distribution Platform improves the entire commercial lines policy lifecycle. Unlike point solutions available in the market, the Ivans solution supports both straight-through processing as well as more complex risks that require an underwriter’s attention. True industry connectivity has been held back by the need for carriers and MGAs to individually connect to each insurtech and agency management system partner, The Ivans Distribution Platform provides the one-to-many connection that carriers require to connect to thousands of agents on various platforms, making work easier between the carrier and agents and creating opportunities for all to win more business.” Reid Holzworth, chief executive officer, Ivans. About Ivans Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it. About Berkshire Hathaway GUARD Insurance Companies Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurance specialist writing $2 billion in premium nationwide. GUARD offers a variety of products for both commercial and personal lines of insurance.

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INSURANCE TECHNOLOGY

Insurance Care Direct Responds to IRS Summons on Insurance Policies Carried by Company

Insurance Care Direct | June 07, 2022

Insurance Care Direct (ICD), one of the nation's leading health benefits providers, today released the below statement in response to a summons enforcement action filed in federal court against corporate officers last month. The summonses, which were issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company. "Insurance Care Direct (ICD) and all corporate executives, including Seth Cohen, Brad Cohen and Ed Carriero, have fully cooperated with every request from the IRS. To date, the company and its executives have spent hundreds of hours and a significant expenditure of company resources to fully comply with requests from the IRS, including multiple rounds of production encompassing thousands of pages of documents. ICD and corporate leadership continue to fully cooperate with the IRS. Seth Cohen, Brad Cohen and Ed Carriero, by and through counsel Brian Harris of Fogarty Mueller Harris, PLLC, are currently working with the Department of Justice to collaboratively resolve the issues raised in the case. In a motion filed on Friday, the company with the DOJ's agreement requested that the court continue the proceedings to allow the parties more time work together toward a mutual resolution." Captive insurance arrangements are recognized under federal law and provide insurance policies that may not be commonly available or not available at affordable prices for businesses. About Insurance Care Direct Founded in 2001, Insurance Care Direct has grown into one of the largest health and life insurance agencies in the country. The Company offers a wide array of competitive products. Headquartered in Deerfield Beach, Florida, Insurance Care Direct is a family-owned business and is heavily involved in the local Florida community.

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INSURANCE TECHNOLOGY

Segal Has Acquired Michigan Insurance Broker Union Services Agency

Segal | June 09, 2022

Segal, a leading benefits and HR consulting firm, has acquired Bayview Insurance Group d/b/a Union Services Agency (USA), a Michigan-based insurance brokerage firm. The brokerage has focused on serving the insurance needs of labor organizations, multiemployer funds and public sector entities for more than 25 years. The acquisition of Union Services Agency better positions Segal to serve the insurance and risk needs of our current and future clients, This is an important addition to our company and the Union Services Agency team’s expertise helps further our mission of delivering trusted advice to clients.” David Blumenstein, President and CEO of Segal. The entire USA team has become part of Segal’s Insurance Brokerage Practice, under the leadership of Diane McNally, Senior Vice President, Segal’s National Insurance Brokerage Services Leader. Segal will now have additional resources to better support clients and expand client relationships in the Midwest. We look forward to offering clients access to Segal’s extensive consulting offerings, Both firms are known for possessing a deep understanding of client needs and developing solutions to address those needs.” Sally Corbin, former CEO of Union Services Agency, who has joined Segal as Senior Vice President and Director of Insurance Relations. Corbin, reporting to McNally, is now responsible for providing brokerage placement consulting and administrative services for property and casualty programs in all markets. This includes the major financial lines of fiduciary liability, cyber liability, fidelity bonds, professional liability and union liability insurance.

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Spotlight

Blockchain has huge process-efficiency and cost-savings potential that spans the entire insurance value chain, including information gathering, underwriting, rating/pricing, billing, claims and regulation. In addition to improving these existing insurance operations, blockchain technology is inspiring industry innovations such as decentralized autonomous organizations, event-based insurance, index-based insurance, and peer-to-peer insurance. This whitepaper explores the insurance business processes and operations that blockchain applications may impact, now and in the future.

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