Canterbury Earthquakes Insurance Tribunal launches

insurancebusinessmag | June 18, 2019

he special insurance tribunal that will see the resolution of outstanding insurance claims arising from the 2010 and 2011 Canterbury earthquakes has officially launched.The Canterbury Earthquakes Insurance Tribunal will be a circuit-breaker for ongoing insurance disputes, according to Justice Minister Andrew Little. He noted the Wellbeing Budget allocated a total of $3.387 million for the establishment of a tribunal for the fiscal year 2019-2020.

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Wondering what return of premium life insurance is? In this video, Jeanna and Natasha from Quotacy explain how return of premium life insurance works in both term life insurance products and permanent life insurance products. They also discuss the pros and cons of return of premium life insurance and whether or not it's a good idea.


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INSURANCE TECHNOLOGY

InsurTech Carrot Enters Exclusive Partnership with Naver

Carrot | May 19, 2022

Carrot ("Carrot" or the "Company"), a digital insurance platform of South Korea, is pleased to announce that it has entered into an Exclusive Promotion and Distribution Agreement with platform giant Naver Financial Corp. (Naver), whereby Carrot has been appointed to exclusively supply shipment return insurance for the merchants of Naver's online shopping platform (Smart Store). Smart Store is the nation's largest ecommerce marketplace in terms of transaction volume as of current. Compensating for the cost of return shipping and handling of goods, the proposed insurance is a non-traditional product designed to meet the needs of the marketplace sellers, as well as the shoppers. Sellers who purchase the cover are expected to boost their revenue through added marketing advantage, as the online shoppers are provided with extra layer of peace of mind in case they want to return or exchange the purchased items. Likewise, resounding success has been recorded from the pilot test co-conducted by two parties for the duration of four months during the second half of previous year, affirming that Carrot's business model works. Thousands of vendors who implemented the coverage reported 15% jump in sales volume while achieving 31% growth in revenue on average. In addition to the users' overwhelmingly positive responses, a surge in demand for the insurance to cover more shopping categories has been observed. We are excited to be working alongside with Naver, We share Naver's vision of innovating on behalf of clients, and the launch of this service is one way how we address customers' pressing needs. We are distinctively positioned to develop and deliver digital insurance solution to Naver that will broaden access to small online business owners and help them grow and protect their businesses. We look forward to continually introduce series of platform integrated solutions through our long-lasting partnership." Speaking of the recent partnership announcement, Paul Jung CEO of Carrot. Carrot anticipates that the concept of integration of insurance services into e-commerce transaction will expand to other "ecosystem partners". 11th Street, the 2nd largest shopping and open-market platform of Korea has started distributing Carrot's shipping return cover since 2020 and has plan to promote for wider adoption by the vendors to bolster their profitability, according to the firm. Not to mention that Amazon last year has inked exclusive partnership with 11th Street to enter the lucrative Korean e-commerce market. About Carrot General Insurance Corp. Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.

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INSURANCE TECHNOLOGY

Marble Launches First Rewards-Based Mobile App For Insurance

Marble | May 23, 2022

Marble, the all-in-one insurance rewards platform where households can confidently organize, optimize, and save on all of their insurance, no matter who their provider is, announced the launch of their highly anticipated mobile app today. Marble’s app is now available for free download via the Apple App Store or Google Play Store. Since the launch of the Marble public beta a year ago, tens of thousands of households have used Marble’s free tools to take control of nearly 20 million dollars of insurance premiums. Typically seen as a frustrating household expense, Marble is empowering members to proactively manage their insurance and risk. As challenger banks have grown in popularity and established financial institutions have adopted modern technology, American consumers now have an expectation of managing their finances through leading-edge digital experiences and intuitive design. While the legacy insurance industry has been putting millions of dollars into TV commercials instead of meeting this consumer demand, Marble has built the modern, one-stop-shop for savvy and proactive policyholders. Americans spend up to 10% of their household budget on insurance, but the industry has yet to introduce a modern, engaging rewards program At the same time as the industry spends nearly “$60 for the typical insurance-purchasing single person, couple or family” on advertising, consumers are reporting less and less differentiation between brands each year Since 2014, NPS scores for insurance companies have only improved 2%, despite the wave of new digital tools that have been brought to market, and millions of dollars in investment Within the year, Marble will store and manage more premium than some of the largest insurance agencies in the US. That is the clearest possible sign that we are building something that millions of Americans want. Policyholders are tired of seeing rising rates and back-to-back insurance commercials — they want simple, intuitive digital tools and rewards that they can use in their daily lives.” Stuart Winchester, founder & CEO at Marble. Marble built a universal insurance app to provide a secure and innovative online service that also allows modern households to earn rewards for protecting what they love. Member benefits include: Taking control of all risk and insurance in one account Shopping and lowering rates using Marble’s spam-stopping tools Researching carriers with our double-verified reviews — users can be confident that our reviews are written by real Marble members who actually have insurance from that company Quickly contacting a carrier or start a claim process with a few taps Taking advantage of exclusive partnership offers and perks via our Marble Monday series Earning and redeeming rewards for gift cards, charity, or even cryptocurrencies And Marble is just getting started. Working in partnership with our community of hundreds of Marble ambassadors who have private access to make direct product and feature requests, we’ll be releasing new, delightful features to the Marble mobile app every month. About Marble If you have insurance, you need Marble. Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, explore, pay, and — for the first time ever — earn rewards on their insurance premium payments. There's no cost to join. Marble members are insured by the nation's largest insurance agencies and can link their automotive, home, renters, pet, life, and other types of personal insurance. Marble is proudly based in New York, New York.

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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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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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Spotlight

Wondering what return of premium life insurance is? In this video, Jeanna and Natasha from Quotacy explain how return of premium life insurance works in both term life insurance products and permanent life insurance products. They also discuss the pros and cons of return of premium life insurance and whether or not it's a good idea.

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