Chubb gives support for US-Mexico-Canada trade agreement

Chubb | December 12, 2019

Following US Congress’s passage of the United States-Mexico-Canada Agreement (USMCA), Chubb has issued a statement announcing the insurer’s full support for the legislation. The USMCA is meant to preserve and improve the trading relationships of the three North American countries, ensuring the free flow of both goods and services in the region. According to Chubb, the agreement includes a number of provisions that are vital to the financial services industry – particularly the parts that discuss protections for the free flow of data. The insurer believes that this provision provides the industry with “greater certainty” as it transitions to a digital economy.

Spotlight

Technology and the availability of new data sources are increasingly having an impact on insurance. Information, once digitalised, is being used to improve processes all along the insurance value chain. The rapid spread of internet-enabled sensors and ubiquitous connectivity are enabling new ways of communicating, information sharing, and insuring. New technology start-up firms – or InsurTech – are entering the industry to deliver some of the services typically provided by traditional insurers and intermediaries, and established technology giants (BigTech) are eyeing opportunities in the sector also.


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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

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

Prime Insurance Company Assigned Financial Stability Ratings® from Demotech, Inc.

Prime Insurance Company | June 13, 2022

Prime Insurance Company announced today that it has been assigned a Financial Stability Rating® of A" (A Double Prime), Unsurpassed, from Demotech, Inc. Demotech, Inc., is a financial analysis firm that provides Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Title underwriters, and other risk-bearing entities. In addition, Prime Insurance Company's affiliate Prime Property & Casualty Insurance Company Inc. has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, underwriters receiving an A" (A Double Prime) or an A, Exceptional rating possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders." "We couldn't be more pleased, as Demotech's ratings reflect our unyielding commitment to our customers and growth." Rick J. Lindsey, President, CEO and Chairman of Prime Insurance Company. Prime Insurance Company provides innovative liability solutions for specialty risks. For over 40 years, Prime Insurance Company has been a leader in excess and surplus lines insurance, providing coverage for many who would otherwise be forced to go uninsured or self-insure their risk. Prime Property & Casualty Insurance Inc. writes commercial auto coverage on an admitted basis in the following states: Florida, Illinois, Kansas, Kentucky, Massachusetts, Minnesota, North Carolina, New Jersey, New Mexico, Nevada, and South Carolina. With more than 40 years behind us, we've handled over 70,000 claims. We look forward to continuing to serve our customers with our proven partnership approach and financial stability they can count on." Lindsey. The Prime Insurance Companies have offices in Salt Lake City, UT; Chicago, IL; Naples, FL and Exton, PA.

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INSURANCE TECHNOLOGY

Synatic Partners with ACORD to Ensure Compliance for Insurance Data Standards

Synatic | June 21, 2022

Synatic, a leader in data integration and automation, today announced it has become a member of ACORD, the global insurance standards-setting body, as well as a Licensed Integrator Partner of ACORD Solutions Group. ACORD membership will ensure Synatic's powerful data platform is fully compliant with insurance industry data standards. Synatic can now handle the automated, digital extraction and population of data in ACORD Forms, as well as converting to the AL3 messaging format. Not only can the platform handle these data structures, but further, the platform can integrate this data to multiple destination systems such as policy management solutions, agency management solutions, and CRMs. Insurance has always been data-driven, applying large datasets for risk assessment and other purposes. As the amount of data available to the insurance industry has dramatically increased, there has been an ongoing challenge to integrate data from disparate sources. Partnering with ACORD and ACORD Solutions Group will ensure that Synatic's unified platform for integration, API management, and data management is compliant with the latest standards for insurance data exchange. ACORD is a 50-year-old non-profit organization responsible for maintaining standards for data exchange within the insurance industry. ACORD maintains a comprehensive library of electronic data standards and forms, including over 1200 messaging transaction types and over 800 industry-standard forms. These data exchange standards facilitate the exchange of insurance data between trading partners. Our Hybrid Integration Platform (HIP) helps tame the data chaos in industries like insurance, The number and variety of data sources used by insurance companies continue to grow, creating more manual work and more opportunities for error. By applying ACORD Standards with our HIP platform, we can speed the exchange and storage of electronic data in compliance with insurance industry standards. The rapid integration of the right data can make the difference between profit or loss for insurance organizations." Jamie Peers, VP of Business Development and Alliances of Synatic. The COVID-19 pandemic has accelerated the insurance industry's need for new data sources. According to KPMG, 85% of insurance CEOs report they have accelerated plans to digitize operations. Seventy-nine percent say they have brought a new urgency to create new revenue streams. Much of that digital transformation will require integrating and aggregating disparate data sources, so data standardization is more critical than ever. ACORD's annual Insurance Digital Maturity Study has shown that the performance gap between digitized competitors and digital laggards continues to grow, Data collection has become a baseline capability – competitive advantage requires extracting the maximum amount of value from that data. Platforms that leverage standardized data exchange allow stakeholders to more easily capture that value." Chris Newman, ACORD's Managing Director – Global. Synatic's HIP is a no-code/low-code/your-code data integration solution aggregating internal and external data sources. HIP combines ETL, data warehousing, API management, and prebuilt connectors allowing businesses to tap a growing set of relevant data. Using a HIP as a holistic data solution can reduce the cost of integrating, automating, and analyzing data by as much as 80%. The Synatic HIP platform is already delivering automated data integration for many insurance market customers. In addition to empowering Salesforce users, Synatic also offers prebuilt connectors to AMS360, Sagitta, DuckCreek, HubSpot, and other commonly used insurance data sources. Synatic offers HIP integration packages to suit any environment, from its Basic package for three applications to its Enterprise Plus package. HIP is a multi-tenanted cloud solution that can be implemented as a private cloud or on-premise solution. Synatic offers custom pricing based on an organization's requirements. About Synatic Synatic is a powerful Hybrid Integration Platform (HIP) that allows for various forms of data to be extracted, manipulated, stored, and moved to a destination. The comprehensive platform can easily transform data according to specific requirements and move data to create a cohesive technology ecosystem. With Synatic, solving complex data challenges is as simple as dragging and dropping connectors and steps into your workflow, removing the need for extensive programming knowledge or the need for additional plug-ins. This eliminates the need to create workarounds for the complex data requirements you may have.

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Spotlight

Technology and the availability of new data sources are increasingly having an impact on insurance. Information, once digitalised, is being used to improve processes all along the insurance value chain. The rapid spread of internet-enabled sensors and ubiquitous connectivity are enabling new ways of communicating, information sharing, and insuring. New technology start-up firms – or InsurTech – are entering the industry to deliver some of the services typically provided by traditional insurers and intermediaries, and established technology giants (BigTech) are eyeing opportunities in the sector also.

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