Burns & Wilcox expands Houston office

Burns & Wilcox | February 28, 2020

Burns & Wilcox has announced that it will expand and renovate its Houston office to support continued growth. The expansion will allow for 20% more personnel in order to support increased demand for specialty insurance. “Burns & Wilcox has operated in Houston for nearly 30 years, expertly managing a catastrophe-prone area with a thriving real estate market,” said Suzette Torres, managing director of Burns & Wilcox Houston. “This investment helps strengthen our existing capabilities and support the talent necessary to manage future growth.” The new office will be curated by Kaufman Real Estate Management, a subsidiary of Burns & Wilcox parent company H.W. Kaufman Group. Additional offices, a conference room, a collaborative workspace, a café and a wellness room have been added to the space’s footprint.

Spotlight

Our study of digitization in the UK motor insurance sector by LexisNexis Risk Solutions found that only 18% of the insurers surveyed believe the industry is ‘fully prepared’ to manage digital risks. This figure drops to 14% for those who regard their own organization as being ‘very prepared’.


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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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CLAIMS

Automate and Improve Claims Subrogation Management with CCC Intelligent Solutions�� AI-Powered Safekeep Guidewire Marketplace App

CCC | August 01, 2022

Guidewire (NYSE: GWRE) and CCC Intelligent Solutions (CCC), a leading SaaS platform digitizing the P&C insurance economy, today announced that CCC’s new Ready for Guidewire validated accelerator for ClaimCenter – CCC® Safekeep – is now available to users in the Guidewire Marketplace. Insurers deploy digital strategies and AI to streamline workflows and improve their customer’s experience. Insurers’ ability to recover payments from third-party entities for claims losses, called subrogation, traditionally has been a time-intensive, manual process requiring in-depth investigations and analyses. CCC Safekeep, an enterprise platform that is part of CCC’s suite of smart digital solutions, is designed to leverage AI to speed and improve subrogation management to monitor, score, and prioritize claims according to an insurer's specific parameters. The CCC solution removes manual touchpoints to help streamline the recovery process, reduce cycle times and improve accuracy by digitally packaging and automatically sending data, materials and evidence needed for negotiations. CCC Safekeep for Guidewire ClaimCenter integrates subrogation data directly into insurers’ digital workflows according to insurer rules, streamlining recovery identification, referrals, and the investigation process. Within ClaimCenter, CCC Safekeep enables claims and subrogation adjustors to: Leverage AI-powered technology to quickly analyze data and evidence, and Provide near-real time detection of potentially recoverable dollars across the claims process. CCC Safekeep can be used to help improve subrogation management across auto, property, workers’ compensation, and other insurance lines of business. “Safekeep’s AI engine applies a combination of machine-learning, natural language processing, rules, and predictive models to score and prioritize claims for more efficient subrogation management,” said Jeff To, senior vice president, CCC Safekeep. “That increases the identification of subrogation opportunities, as well as accelerates time to resolution. We're excited to expand upon the number of integrations that already exist between CCC and Guidewire.” “We congratulate CCC Safekeep on its accelerator for ClaimCenter,” said Becky Mattick, vice president, Global Solution Alliances. “We congratulate CCC Safekeep on its accelerator for ClaimCenter,” said Becky Mattick, vice president, Global Solution Alliances. “As an AI-decisioning solution, Safekeep simplifies subrogation and enables insurers to better serve customers and manage their businesses more profitably.” About CCC CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.

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RISK MANAGEMENT

Marsh McLennan Agency Acquires CS Insurance Strategies

Marsh McLennan Agency, Marsh | July 08, 2022

Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of CS Insurance Strategies, Inc., a full-service insurance agency based in Chicago. Terms of the acquisition were not disclosed. Founded in 2009 by CEO Charles Smith, CS Insurance Strategies is a minority-owned brokerage providing employee health and benefits, business insurance, and risk management consulting services to organizations of all sizes across the US. CS Insurance Strategies serves clients across all industries, with specialized expertise in municipal, non-profit, and minority-owned businesses. All ten employees will join MMA. “Over the years, CS Insurance Strategies has grown to be a dynamic and influential organization under Charles’ leadership. The agency’s commitment to helping clients navigate complicated risk and insurance issues very much mirrors our own passion for serving growing businesses. We are looking forward to welcoming the CS team to MMA,” commented Tony Chimino, CEO of MMA’s Midwest region. Mr. Smith added: “This is an exciting next step for CS Insurance Strategies. By joining MMA, our capacity to deliver more competitive strategies and innovative solutions to mid-market clients has increased exponentially. In addition, the growth opportunities for our colleagues and dedication to serving the local community will continue to expand.” About Marsh McLennan Agency Marsh McLennan Agency (MMA) provides business insurance, employee health & benefits, retirement, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 9,000 colleagues and 160 offices across North America, MMA combines the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan (NYSE: MMC). About Marsh Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $18 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

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INSURANCE TECHNOLOGY

Cannabis Insurance Company TRICHOME Announces Organizational Changes and Improvements in Dispensary Product

TRICHOME | June 06, 2022

Attender Underwriting Managers dba TRICHOME, a managing general agency, with the only cannabis dispensary insurance product endorsed by the National Cannabis Risk Management Association, today announced new initiatives designed to improve its ability to offer its unique products to a cannabis marketplace in need of broader solutions. Jeffrey C. Conway will assume the combined role of CEO and President of TRICHOME. Conway is currently the CEO and a founding member the company with over 30 years of underwriting, reinsurance, wholesale, program, and captive management experience. He replaces Rocco Petrilli who served in a role as interim president before accepting the role of CEO and president of National Cannabis Risk Prevention Services (NCRPS). Conway is joined by Thomas Cioletti, who was recently promoted to Vice President of Underwriting and Operations. Together they lead a team that builds, underwrites, launches, and manages property and casualty insurance coverages focused solely on cannabis. TRICHOME has upgraded its dispensary offering to "A" rated paper and continues to make improvements to its easy-to-use agent platform and extremely user-friendly application process. TRICHOME features extensive risk management and loss control, broad coverage enhancements, a proprietary property rating systems that rates perils from a single point geographic location, and a pseudo-Insurtech approach to dispensaries, which enables their team to turn quotations around within 24 hours. "We are wildly excited about the future and extremely thankful to Rocco Petrilli for his leadership and brilliant approach to truly risk management-based insurance products", stated Conway. "We will continue the vision to build and offer risk management and insurance that promotes the long term sustainability needed in the cannabis marketplace."

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Spotlight

Our study of digitization in the UK motor insurance sector by LexisNexis Risk Solutions found that only 18% of the insurers surveyed believe the industry is ‘fully prepared’ to manage digital risks. This figure drops to 14% for those who regard their own organization as being ‘very prepared’.

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