Calls made for coronavirus insurance bill

Insurance Business America | April 01, 2020

An industry expert is calling for legislators to pass a bill that would mandate that insurance companies pay for business losses incurred due to a pandemic such as the current COVID-19 outbreak. Zach Finn – a professor and director of the Davey Risk Management and Insurance Program at Butler University in Indiana – has helped craft, outline, and lobby for a Pandemic Risk Insurance Act (PRIA) together with a group of colleagues. PRIA is similar to the Terrorism Risk and Insurance Act (TRIA) that was written into law after the September 11, 2001, terrorist attacks. “Every business in America doesn’t understand where they’re going to get their money from,” Finn told Inside Indiana Business.

Spotlight

Insurers have been accustomed to the current market realities of relatively low premium growth, rising loss costs, and ever-increasing customer expectations. Over the years, carriers have focused on adapting the business to address the challenges posed by these conditions. Senior management, business unit, and IT leaders have directed investments primarily towards performance improvement initiatives including cost take-out.


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INSURANCE TECHNOLOGY

Empathy and New York Life Group Benefit Solutions Partner to Provide Bereavement Care to More Employees

Empathy | June 15, 2022

Empathy, a platform helping families navigate the journey they face after losing a loved one, today announced a partnership with New York Life Group Benefit Solutions, a leader in the group insurance market. The partnership is an expansion of the partnership announced between Empathy and New York Life1 last year to provide beneficiaries with logistical and emotional support after the loss of their loved ones. Bereaved employees and their families are often left grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow. According to Empathy's recently released Cost of Dying 2022 Report, families spend, on average, 420 hours tending to their loved one's affairs in the weeks and months following the loss. Moreover, the same report found that returning to work created additional stress, with 70% of younger respondents reporting either lowered performance, concern for their job, or both. New York Life Group Benefit Solutions offers compassion and caring guidance to help employees and their families navigate a loss. Through their partnership, Group Benefit Solutions will bring Empathy's award-winning platform to their employer clients and their employees in need of support. Empathy offers a holistic approach to bereavement care, helping simplify end-of-life bureaucracy, minimizing tedious tasks, and automating processes involved in the administration of an estate—while providing emotional support throughout. Dedicated care specialists are available to support families through every aspect of loss, both emotionally and logistically, 24/7. Going back to work after losing a loved one can be extremely challenging. There are so many logistical burdens that still need to be navigated that it often feels like you are working two jobs when you are grieving and at your most vulnerable. We have seen, unequivocally, the quantifiable impact technology can have in easing the burdens on bereaved employees, Employers who acknowledge and support their grieving team members are doing more than extending a kindness. They are also making a decision that is good for their organization. We are delighted to further our work with New York Life and proud of our shared dedication to supporting bereaved families across the U.S." Ron Gura, Co-Founder & CEO of Empathy. Empathy's partnership with Group Benefit Solutions follows its ongoing work with New York Life's Group Membership Association Division, an operation dedicated to delivering protection products to group and affinity organizations. The Group Membership business provides life insurance beneficiaries with loss support through access to the Empathy app. New York Life Group Benefit Solutions provides services and caring guidance through efforts and opportunities that align with the values of our company, Our partnership with Empathy, plus grief resources from the New York Life Foundation, highlight the breadth of bereavement programs and tools available to our clients and their employees." Meghan Shea, head of strategy, product, and marketing for Group Benefit Solutions. About Empathy Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application, awarded Google Play's 2021 "Best App for Good" and CB Insights' "Top Digital Health Companies Of 2021," simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy is backed by top tier VC firms and serves Fortune 100 enterprise customers alongside its direct-to-consumer offering.

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INSURANCE TECHNOLOGY

HUB INTERNATIONAL EXPANDS EMPLOYEE BENEFITS SOLUTIONS WITH ACQUISITION OF EVO INSURANCE SERVICES, INC. IN CALIFORNIA

Hub International Limited | April 13, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of EVO Insurance Services, Inc. (EVO Insurance Services). Terms of the transaction were not disclosed. Headquartered in Chico, California, EVO Insurance Services is a privately held insurance agency specializing in employee benefits programs. EVO works with companies of all sizes to establish customized benefits programs that allow clients to attract and retain the top employees. Shawn Blofsky, President & Founder of EVO Insurance Services, and the EVO Insurance Services team will join Hub Central & Northern California (HUB CNC) and report into the Sacramento region. We are excited to have Shawn and his team join us, We have a clear line of sight on how we can grow our client base together." Darren Caesar, President of HUB CNC. EVO Insurance Services supports clients through various resources, knowledge and expertise. They are known for their creativity in building benefits programs to maximize value for clients. The move to Hub builds on this strategy and provides EVO Insurance Services clients access to Hub's vast resources and in- house expertise. In addition, EVO Insurance Services will be able to broaden their offering to clients with property and casualty insurance, retirement and private wealth services, and a variety of individual, personal lines, and high net worth coverage options. As the 7th largest employee benefits broker in North America, Hub's employee benefits team supports clients with tailored solutions in cost management, employee engagement, HR technology, compliance consulting, health & performance, and client advocacy. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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HEALTH INSURANCE

AXA XL announces new leadership for Specialty Niche insurance business in the Americas

AXA XL | January 10, 2022

AXA XL Insurance has promoted Maria Duhart to lead its Specialty Niche insurance business in the Americas. Ms. Duhart steps into the role of Chief Underwriting Officer for Specialty Niche from her previous role as head of AXA XL's Commercial Bonds business. In her new role, Ms. Duhart reports to Donna Nadeau, Chief Underwriting Officer for the Americas and assumes multi-line underwriting management responsibility of AXA XL's collective Specialty Niche insurance lines in the Americas which includes Political Risk, Trade Credit and Commercial Bonds; War, Terrorism and Political Violence; Fine Art & Specie, Leisure and Entertainment and Structured Risk Solutions. "Since joining us in 2017, Maria has led our Commercial Bond business, impressively growing this business and building a talented underwriting team. With more than 20 years of insurance, business strategy and finance experience, Maria is well prepared for her new responsibilities, already having a strong grasp of our specialty lines businesses and the respect of our brokers, reinsurers, and colleagues." -Ms. Nadeau Before joining AXA XL, Ms. Duhart served as Head of Commercial Surety at Nationwide. She also previously held the roles of Regional Commercial Surety Manager, Assistant Vice President – Surety and Senior Surety Underwriting Specialist at Chubb. She is a graduate from the Catholic University of Argentina and holds a Master's in Business Administration from New York University.

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INSURANCE TECHNOLOGY

Insurtech Startup ennabl and Insurance Data Innovator Fenris Digital Launch Partnership

ennabl | May 09, 2022

Insurtech startup ennabl and insurance data innovator Fenris Digital have announced a partnership allowing insurance brokers and agents to leverage Fenris' extensive pool of data to accelerate their prospecting activities and nurture client relationships. Brokers using the ennabl platform can now leverage Fenris' universe of company, consumer, and asset data to uncover insights about their clients and provide a higher level of service to their customers. Fenris is a leader in the rapidly growing insurance data market and brings a comprehensive database of companies, customers, and automobiles to brokers and agents on the ennablCROSSCHECK application. ennablCROSSCHECK allows insurance producers to accelerate their prospect research from within the ennabl data analytics platform, generating a more complete and accurate picture of their customer base. Fenris utilizes data repositories of 255+ million adults, 130+ million households, 30+ million small businesses, and complete coverage of all properties in the U.S. to enable better customer acquisition for traditional, innovative, and embedded insurance providers. Insurance brokers leveraging Fenris data can accelerate the quoting process by pre-populating forms for customers, saving customers' time, and improving downstream underwriting accuracy. To succeed in today's market, insurance brokers require a deep knowledge of their potential customer base. With Fenris data incorporated into ennabl's platform, we are giving brokers the information that they need, when and where they need it." Jennifer Linton, CEO of Fenris Digital. ennabl was founded on the belief that insurance brokers spend too much time and money across disjointed systems entering and correcting data. ennabl's mission is to allow insurance professionals to get out of the data entry business and focus on their most critical assets: their customers. The insurance industry is undergoing a radical transformation catalyzed by data, and ennabl, now powered by the addition of data from Fenris Digital's data, is poised to lead the charge." Kabir Syed, CEO of ennabl. With this partnership, ennabl becomes one of the fastest growing providers of data and growth solutions for the insurance industry. This partnership expands the reach of ennabl's platform, broadening its services and providing access to the world's largest network of data. About Fenris Digital Fenris Digital (Fenris) is an insurance data sourcing innovator delivering a suite of API-delivered, SOC 2-compliant products that leverage well-established, proprietary data repositories for Predictive Scoring, Data Enrichment and Pre-fill, and Life Event Monitoring & Alerts (LEMA), to enable modern customer acquisition workflows across auto, home, life, and small commercial lines. About ennabl ennabl was created by Kabir Syed, founder, and former CEO of RiskMatch, and former managing director at Marsh. Syed brought together a world-class team of engineers, data experts, interface designers, and industry veterans to build a platform that will totally transform the way insurance brokers conduct business. With this tool, brokers will spend less time keeping data current and more time focusing on their clients' experiences, improving their bottom line.

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Spotlight

Insurers have been accustomed to the current market realities of relatively low premium growth, rising loss costs, and ever-increasing customer expectations. Over the years, carriers have focused on adapting the business to address the challenges posed by these conditions. Senior management, business unit, and IT leaders have directed investments primarily towards performance improvement initiatives including cost take-out.

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