CEO delves into why "technology is not the silver bullet" for insurance

Charles Taylor InsureTech | November 25, 2019

Throughout his career to date, CEO of Charles Taylor InsureTech, Jason Sahota (pictured) has worn a wide variety of professional hats. Having spent the majority of his career in professional services, he has worked in a diverse range of roles from account manager to service delivery manager to head of sales to CIO of a FTSE 30 company and advisory. Sahota views his key functional skill as “business transformation with a major element of technology” and when his present role became available, he seized the opportunity to build a technology company from scratch. Speaking with Insurance Business, Sahota touched on the essential questions of digital transformation in the insurance industry and the role of different entities in the current insurance environment.

Spotlight

Content—and how brands use it to interact with buyers at all stages of the engagement journey—has fundamentally reshaped every business’ go-to-market strategy. This shift has been particularly challenging for “top-of-the-funnel” demand generation marketers, most of who are under tremendous pressure to produce results. One study found that 70% of marketers surveyed expect their demand generation budgets to increase in 2018, with one-third expecting them to increase by more than 20%.1 Of course, generating demand is the job of marketing writ large. Marketers make markets. They work to create groups of viable buyers where none existed before.


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CORE INSURANCE

Inszone Insurance Services Acquires Pacific Redwood Insurance Agency in Pacifica, CA

Inszone | January 15, 2022

Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced the acquisition of Pacific Redwood Insurance. Pacific Redwood Insurance Agency was incorporated in 2002 under the direction of agent Lynne Fried. The agency grew organically through the years, with a focus on providing first-class service to both personal and commercial insurance customers. Pacific Redwood Insurance Agency customers will continue to receive the service they are accustomed to under the Inszone Insurance brand. “Pacific Redwood Insurance Agency has done phenomenal work connecting and growing locally, We are looking to build and connect Pacific Redwood customers to our expanding network in California and provide them with expanded resources to better serve their needs.” -Norm Hudson, CEO of Inszone Insurance The acquisition continues Inszone Insurance Services rapid growth within its home state of California as the company continues to broaden its national footprint and continues its steady growth trajectory. A number of important transactions will be completed and announced in the upcoming months. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 26 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

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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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INSURANCE TECHNOLOGY

Insurance Navy Names The Most Affordable Used Cars to Buy Car Insurance For

Insurance Navy | April 18, 2022

Sedans are some of the best-selling used cars in the auto world. These cars asking prices, gas mileage, and longevity are appealing to drivers of all ages, even those who just got their drivers license. Being one of the best sellers of autos, sedans are also one of the most commonly insured cars. Insurance Navy, the fastest-growing car insurance broker in Illinois, handles car insurance policyholders with sedans regularly as well and has noticed some correlations in how much a sedan driver will pay for their car insurance coverage. Some sedans are less to insure than others, There are certain vehicle makes and models that have better safety features and are more reliable in the long run. Another great thing we found out about insuring cars such as sedans is that repairs and parts cost less. Solid cars like these have lower auto insurance premiums than average." Insurance Navy CEO Fadi Sneineh Insurance Navy is a provider of non-standard auto insurance, selling products in over 30 storefronts, a call center, and online in Illinois, Indiana, Wisconsin, Texas, and California. In addition to auto insurance, the company sells other financial products and services, including homeowners insurance, renters insurance, and roadside assistance. Insurance Navy provides non-standard car insurance to drivers for liability coverage that meets their state's minimum limits. Insurance Navy specializes in providing SR22 insurance, which is a certificate of financial responsibility for high-risk drivers. They also offer homeowners insurance, renters insurance, and roadside assistance to complement their auto insurance offerings. Insurance Navy is dedicated to helping our customers connect with trusted companies to find the best and most cost-effective insurance policy. Regardless of your level of risk, Insurance Navy provides options for auto, home, and life policies that make being covered easy and affordable. Above all, Insurance Navy prides itself on high-tier customer service.

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INSURANCE TECHNOLOGY

Auto Insurers Aim to Streamline the Total-Loss Process with Verisk’s New Lien Check Solution

Verisk | May 13, 2022

Insurers can now aim to reduce the inefficiencies and challenges involved in settling total-loss vehicle claims with Lien Check, a new solution from Verisk (Nasdaq: VRSK). The tool automatically provides claim handlers with critical lender data points to streamline the total-loss process. Total-loss claims are often inefficient, as claim handlers must manually verify lienholder information and obtain payoff data, which delays settlement payments to policyholders. Lien Check provides critical lien holder data such as payoff amounts, title and registered owner information. The solution uses Verisk’s ClaimSearch® platform to automatically notify participating insurance carriers when lender data is available for a total-loss claim. This exciting new feature will facilitate the reduction of manual processes for both carriers and lenders to help simplify, streamline and automate the total-loss process, Connecting lenders and insurers digitally will help carriers provide faster customer service and take a significant step toward straight-through processing for total-loss vehicle claims.” Carlos Martins, senior vice president of claim solutions at Verisk. Lien Check can help solve communication challenges between insurers and lenders, which typically involves multiple phone calls, emails and faxes. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

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Spotlight

Content—and how brands use it to interact with buyers at all stages of the engagement journey—has fundamentally reshaped every business’ go-to-market strategy. This shift has been particularly challenging for “top-of-the-funnel” demand generation marketers, most of who are under tremendous pressure to produce results. One study found that 70% of marketers surveyed expect their demand generation budgets to increase in 2018, with one-third expecting them to increase by more than 20%.1 Of course, generating demand is the job of marketing writ large. Marketers make markets. They work to create groups of viable buyers where none existed before.

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