CIC Services Launches Captive Program for Small, Mid-Sized Businesses

Insurance Journal | April 24, 2019

CIC Services, LLC, has created a new program help small- to mid-sized companies establish captive programs for their business. The program is designed for companies that would otherwise not be large enough to consider replacing commercial insurance with a captive. The CIC Services Bundled Program allows an insured business to reinsure their current commercial insurance premiums and retain up to 40% of the premium or risk and also retain their existing insurance broker. Captive insurance is a formal method of self-insurance that enables businesses and business owners to keep all or a portion of insurance profits. Insurance profits can be invested and carry over from year-to-year, making the captive stronger financially and helping control the cost of traditional insurance. Captives can often receive favorable tax treatment to help them quickly accumulate assets and loss reserves. Businesses that participate in the Bundled Program are not required to purchase a fractional share of an already established group captive. Each participating business owns and controls 100% of their individual captive insurance company.

Spotlight

The logic of bringing these three aspects of ‘urban policy’ together is twofold. First, and given that much commentary on urban policy has traditionally focused only on the first of these three categories, it provides a comprehensive way of assessing how public policy choices and processes of institutional reform have affected cities, in the round, over time. We assume that in a unitary state such as the UK, where national government is the constitutionally superior body but the bulk of public services is delivered sub-nationally.


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CORE INSURANCE

Insight Risk Deploys the Beyond Policy Administration Platform from ChainThat

Insight Risk, ChainThat | July 05, 2022

ChainThat, an Xceedance company specialising in software-as-a-service (SaaS) platforms for the global insurance sector, today announced that Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform. Based in Westport, Connecticut, U.S.A., Insight Risk is a technology-driven, builders’ risk-focused managing general agency (MGA). To reinforce organisational growth, the company sought a core platform capable of rapid, full product deployment and policy lifecycle change management. Another key requirement was a flexible, adaptable framework to support the evolving priorities of the business, its customers, and fronting partners. Insight Risk identified BPA from ChainThat as the most comprehensive fit to meet the company’s operational needs and expansion objectives. “Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Our company set out to use connected devices to drive better underwriting and risk selection,” said Chad Hollingsworth, president of Insight Risk. “Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.” The advanced and secure technical framework of the BPA platform is built on a modern micro-services architecture. BPA provides full API access to all policy administration system (PAS) components as well as a modern, drag-and-drop interface to deploy, manage, and update both standard and complex insurance products in near real-time. The system supports the end-to-end policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that is configurable to meet the data analytics needs of any insurance organisation. “Insight Risk’s innovative technology deployment approach — to boost underwriting performance, reduce losses, and focus on customer service — is exactly what we had in mind when designing BPA as a SaaS platform that complements and flexes with the business needs and growth of insurers,” said David Edwards, ChainThat CEO. “As the insurance MGA market expands and continues to gain momentum, the organisations in this space need to differentiate themselves effectively. BPA helps our clients level the technology playing field so they can focus on their unique business sectors and product offerings.” For more information about the Beyond Policy Administration platform from ChainThat, visit chainthat.com/bpa. About Insight Risk Insight Risk Technologies is a technology-focused Builder’s Risk MGA that bundles Internet of Things (IoT) water damage prevention solutions, sound underwriting, and proactive risk management to reduce water damage losses by up to 90%. By owning the IoT technology solutions, we remove a major barrier to a safer and better-connected jobsite, helping leading brokers, contractors, and owners/developers avoid losses and minimise the impact of unforeseen events. For more information, visit www.insightrisktec.com. About ChainThat ChainThat, an Xceedance company, provides innovative SaaS-based insurance technology products that allow brokers, carriers, and MGAs to realise the full potential of their business. For more information, visit www.chainthat.com.

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INSURANCE TECHNOLOGY

AXA Tianping Partners with Akur8 to Strengthen Pricing Process

Akur8 | May 31, 2022

AXA Tianping Property & Casualty Insurance Co., Ltd. (“AXA Tianping”), one of China's largest and most diversified P&C insurers, and Akur8, an AI-driven insurance pricing technology company, are delighted to announce their collaboration to further enhance AXA Tianping’s pricing process with Akur8’s high-performing AI technologies. With this partnership, AXA Tianping’s actuaries and pricing team will officially deploy Akur8 to unlock new potential with unique analytical insights and advanced pricing automation. AXA Tianping will become the 13th AXA entity and the first insurer in China to use Akur8 - a testament to its commitment to continuous innovation and improvement to better serve its customers. Thanks to Akur8’s Transparent Artificial Intelligence proprietary technology, AXA Tianping will be able to shorten the time-to-market by automating rate modeling with machine learning in the pricing process, as well as improve the performance of policies with robust AI-driven predictive power. Staying true to its customer-centric approach to products and services, AXA Tianping will leverage Akur8’s next-generation technologies to respond more promptly to dynamic risk environment. It will also roll out a diverse portfolio of well-priced products to meet evolving customer demands, while maintaining full transparency and strong control. AXA Tianping and Akur8 share the same global expertise and strong commitment to grow in the Chinese market. Fully owned by AXA Group, AXA Tianping provides a comprehensive range of high-quality, personalized products and services across health, motor, lifestyle, and commercial lines. Deeply rooted in China for more than 20 years, the company currently serves over three million customers nationwide and boasts a footprint of 25 branches across China. As AXA Tianping deepens its “Payer-to-Partner” strategy and strives to empower clients in every aspect of their lives, this partnership with Akur8 will enable the company’s professional actuaries and pricing team to focus on what matters the most – customers and products - and make the most informed decisions at a faster speed, driving tangible business impact and growth in the Chinese market. Akur8 brings in cutting-edge technologies to our pricing process, which helps us continue to strive for technical sophistication and empowers us to deliver valuable insurance solutions to our customers more efficiently while ensuring utmost transparency and control. We believe Akur8 will not only be an important asset to our team’s work along the whole pricing value chain, but also of great value to our customers for providing increased personalization and targeted pricing in a dynamic marketplace. We look forward to working with Akur8 in unlocking the potential of our business.” Scott Yin, Chief Pricing Officer & Chief Actuary at AXA Tianping. We are delighted to announce this collaboration with AXA Tianping in China. AXA Tianping is a well-established and renowned insurer, and we are looking forward to supporting its actuarial department in its best-in-class strategy and innovative explorations. APAC has always been a strategic market for us. We have been building our presence there for a while now, across various geographies and insurance lines. This collaboration is an exciting way for Akur8 to enter the Chinese P&C insurance market and to strengthen its global relations with AXA”. Samuel Falmagne, CEO at Akur8. By forging this synergetic partnership with Akur8, AXA Tianping demonstrates its strong commitment to embracing best-in-class technologies and leveraging its technical sophistication globally to serve the local market. AXA Tianping will continue to serve its customers with a comprehensive suite of tailor-made products and services efficiently and effectively, safeguarding its customers from all walks of life as a true partner throughout their entire life journey. About AXA Tianping A member of AXA Group, AXA Tianping (registered in China as AXA Tianping Property & Casualty Insurance Co., Ltd.) is one of China's largest and most diversified global insurers, providing a comprehensive range of high-quality, personalized products and services to meet the evolving needs of customers across Health, Commercial Lines and Property & Casualty. The company currently serves over five million individual and commercial customers nationwide, and boasts a footprint of 25 branches in 20 provinces across China. Transitioning to a focus on Health, AXA Tianping is today leveraging a customer-centric 'Payer-to-Partner' strategy in China, along with innovative technology and distribution, to empower clients in every aspect of their daily lives. In 2019, China Banking and Insurance Information Technology Management (CBIT) recognized its award-winning services with an "AA" rating, the highest in the country. In 2021, the company was awarded The Insurance Brand of the Year at the 16th Annual Finance Summit of Asia and in 2020, the company was recognized with an 'International General Insurer of the Year' award from Insurance Asia and was also recognized in 2021 and 2020 with an "A-rating" from S&P Global Ratings, reflecting the company’s strong global influence and firm commitment to the local market. AXA Tianping first became a member of the AXA Group as a Joint Venture company in 2014, before becoming fully-owned in 2019. Headquartered in Paris, France, AXA Group itself is today one of the world's leading insurance and asset management groups. In 2021, it was ranked 46th on the Fortune Global 500 List of the world's largest companies. It has been operating in China for over 20 years offering the full range of insurance and protection solutions to its local and global clients. About Akur8 Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds.

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RISK MANAGEMENT

RingCentral Enables Preferred Risk Insurance Services to Improve Customer Service as Call Volume Expands

RingCentral, Preferred Risk Insurance Services | July 26, 2022

Preferred Risk Insurance Services (PRIS), a professional services company and subsidiary of Warrior Invictus Holding Co., enables its employees and clients to stay better connected and productive with RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions. With RingCentral MVP™ (Message, Video, Phone) and RingCentral Contact Center™, Preferred Risk Insurance will enable their employees to more efficiently respond to the needs of its fast growing customer base while giving employees the flexibility of working remotely. Like many companies, Preferred Risk Insurance encountered significant challenges during the pandemic using legacy on-premises communications technology which caused call quality issues and broken customer experiences. It became vital for the company to upgrade to a cloud communications solution that would allow employees to call, message, and meet in one app. They also required a cloud contact center that would provide detailed routing and reporting capabilities, while enabling their agents to work from home. “In risk insurance, there is no room for mistakes and delays. Because our call volume has grown tremendously, we chose RingCentral for its ability to scale and because it offers a tightly integrated communications solution that will enable us to continue providing top notch service to our customers,” said Sumit Roy, CIO for Preferred Risk Insurance Services. “In risk insurance, there is no room for mistakes and delays. Because our call volume has grown tremendously, we chose RingCentral for its ability to scale and because it offers a tightly integrated communications solution that will enable us to continue providing top notch service to our customers,” said Sumit Roy, CIO for Preferred Risk Insurance Services. “Our prior solution did not allow our employees to work from home effectively. It became mission critical for us to choose a mobile-first cloud communication solution–which RingCentral delivers. Finally, RingCentral provides the most secure solution on the market – extremely important for Industry/Government Compliance in the insurance industry. With RingCentral, we have a win-win for both our customers and employees.” Preferred Risk Insurance Taps Into Advanced Capabilities of RingCentral Contact Center With RingCentral Contact Center, Preferred Risk Insurance will have the ability for their Claims Agents to take a recorded statement that can be added to an insurance claim, while also ensuring that they can still leverage end-to-end, automated call recordings for compliance purposes. In the next phase of their rollout of the RingCentral solution, Preferred Risk Insurance aims to address other needs by adding omnichannel interactions, quality analytics and other management tools, plus a custom CRM integration to streamline workflow and improve customer engagement. "We're proud to be the provider of choice for Preferred Risk Insurance. Choosing our market leading UCaaS and CCaaS as an integrated solution will transform Preferred Risk's employee and customer experience,” said Carson Hostetter, chief revenue officer of RingCentral. “We look forward to working with them on the journey toward reduced costs, better scale, greater mobility, and reliability. Ultimately this will lead to happier employees, happier customers and greater success." About Preferred Risk Insurance Services Headquartered in Bedford Park, Illinois, Preferred Risk Insurance Services (PRIS) is a professional services management company owned and operated under the Warrior Invictus Holding Co. umbrella. Managed by a team of executives with over 90 years of experience in the insurance industry, PRIS specializes in accounting, marketing, legal, IT, printing, and claims processing services for regional auto and health insurance carriers. Preferred Risk Insurance Services, 6640 S. Cicero Ave., Bedford Park, IL 60638, 708-552-2424, PRISCorp.net. About RingCentral RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone™  (MVP®) global platform. More flexible and cost-effective than legacy on-premises PBX and video conferencing systems, RingCentral® empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, device, and device location. RingCentral offers three essential products in its portfolio, including RingCentral MVP™, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and cloud phone system; RingCentral Video®, the company's video meetings solution with team messaging that enables Smart Video Meetings™; and RingCentral Cloud Contact Center solutions. RingCentral's open platform integrates with leading third-party business applications and allows customers to customize business workflows easily. RingCentral is headquartered in Belmont, California, and has offices worldwide.

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INSURANCE TECHNOLOGY

Berkshire Hathaway GUARD Insurance Companies Expands Connectivity with Ivans for Workers’ Compensation Business

Ivans | June 20, 2022

Ivans today announced that Berkshire Hathaway GUARD Insurance Companies has expanded its relationship to extend Workers’ Compensation lines connectivity via the Ivans Distribution Platform. Connecting to the platform creates a single submissions interface for quote data collection via insurtechs and agency management systems. We are happy to work with Ivans on an API for Workers’ Compensation connecting to various agents for real-time quoting.” Dave Simmons, Senior Vice President of Sales at Berkshire Hathaway GUARD Insurance Companies. Ivans Distribution Platform improves the entire commercial lines policy lifecycle. Unlike point solutions available in the market, the Ivans solution supports both straight-through processing as well as more complex risks that require an underwriter’s attention. True industry connectivity has been held back by the need for carriers and MGAs to individually connect to each insurtech and agency management system partner, The Ivans Distribution Platform provides the one-to-many connection that carriers require to connect to thousands of agents on various platforms, making work easier between the carrier and agents and creating opportunities for all to win more business.” Reid Holzworth, chief executive officer, Ivans. About Ivans Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it. About Berkshire Hathaway GUARD Insurance Companies Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurance specialist writing $2 billion in premium nationwide. GUARD offers a variety of products for both commercial and personal lines of insurance.

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Spotlight

The logic of bringing these three aspects of ‘urban policy’ together is twofold. First, and given that much commentary on urban policy has traditionally focused only on the first of these three categories, it provides a comprehensive way of assessing how public policy choices and processes of institutional reform have affected cities, in the round, over time. We assume that in a unitary state such as the UK, where national government is the constitutionally superior body but the bulk of public services is delivered sub-nationally.

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