EPIC introduces national farm & ranch practice

EPIC | January 30, 2020

EPIC Insurance Brokers & Consultants is launching a new national farm & ranch practice, to be led by Chris Moore, who serves as president of EPIC Farm & Ranch. A release said that EPIC’s farm & ranch practice is the combination of the brokerage’s specialists in Indiana and Florida, who will serve clients across a national footprint. Moore joined EPIC from ONI Risk Partners, where he most recently led the company’s farm & agribusiness practice. ONI Risk Partners was part of the acquisition of Prime Risk Partners by EPIC back in November 2019. Presently, Moore works with more than 100 farm clients across 12 states. A company release stated that he has co-created specialty insurance products outside of typical P&C coverage, such as the first health insurance product for hog producers that protects against the PRRS and PEDv viruses. Moore was also credited for co-creating the first Foreign Animal Disease (FAD) insurance program in the US.

Spotlight

Since the passage of the federal Patient Protection and Affordable Care Act of 2010 (ACA), there has been a lot of speculation about its potential impact. The goal of the law is to make affordable, quality health insurance available to all Americans through a combination of premium tax credits, individual and employer mandates and health insurance market reforms, including guaranteed issue, a prohibition on preexisting condition exclusions, and adjusted community rating in the individual and small group markets.


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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

ZENTIST IMPROVES THE VERIFICATION OF INSURANCE ELIGIBILITY AND PATIENT BENEFITS

Zentist | June 08, 2022

The denials management feature in Zentist's Remit AI software revolutionizes the way dental support organizations (DSOs) and dental practices utilize Electronic Remittance Advice (ERA) while meeting the crucial challenge of dealing with denials. Claims are commonly returned to dental practices unpaid and under a 'pending' status because they were submitted with insufficient information.While eligibility and coverage issues render some claims unpayable, many more are closed prematurely, leaving hundreds of millions of dollars on the table. This money goes unpaid, to the benefit of the insurance company instead of the patient. According to the National Association of Dental Plans, just 4% of insurance company revenue is used to pay patient benefits. Our goal is to help dental practices minimize denials to almost 0 by providing actionable data that improves eligibility and benefit verification and eliminate blind spots in revenue cycle management." Ato Kasymov, CEO and Co-founder of Zentist. Remit AI decreases the level of accounts receivable (AR) by cleaning the claims coming from payment information. The software automatically filters all ERAs and Explanations of Benefits (EOBs), gathering and categorizing denials. Remit AI identifies any further actions to be taken before a denial can be resubmitted. We have an enormous ability to control our revenue cycle management process with Remit AI and are excited with the results we achieved with Denials Management. Our team's efficiency to manage claims has at least quadrupled and we have clear data as to how we can improve and drastically reduce claim denials pretty fast." Semira Avanessian, Director of Revenue Cycle Management for Cambridge, Massachusetts-based Boston Pediatric Dental Group. When Remit AI is able to identify the cause of an unpaid claim and solve that problem, preventing other claims from being returned for the same reason, the software pays for itself – eventually tenfold." Mr. Kasymov. About Zentist Zentist is a platform that uses advanced technology to simplify and automate insurance revenue cycle management (RCM) for dental practices. At a time when dental businesses lose an estimated $2.1 billion due to legacy billing systems, Zentist leverages robotic process automation (RPA) and machine learning to place otherwise tedious billing tasks on autopilot. Zentist's platform is fully and easily scalable to meet the more complex billing needs of the modern dental industry—which has been marked by aggressive consolidation and unprecedented pressures for scaling RCM. Its software minimizes human error, maximizes insurance payout, provides advanced analytics on revenue, and improves the patient-provider relationship.

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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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RISK MANAGEMENT

Marsh McLennan Agency Acquires CS Insurance Strategies

Marsh McLennan Agency, Marsh | July 08, 2022

Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of CS Insurance Strategies, Inc., a full-service insurance agency based in Chicago. Terms of the acquisition were not disclosed. Founded in 2009 by CEO Charles Smith, CS Insurance Strategies is a minority-owned brokerage providing employee health and benefits, business insurance, and risk management consulting services to organizations of all sizes across the US. CS Insurance Strategies serves clients across all industries, with specialized expertise in municipal, non-profit, and minority-owned businesses. All ten employees will join MMA. “Over the years, CS Insurance Strategies has grown to be a dynamic and influential organization under Charles’ leadership. The agency’s commitment to helping clients navigate complicated risk and insurance issues very much mirrors our own passion for serving growing businesses. We are looking forward to welcoming the CS team to MMA,” commented Tony Chimino, CEO of MMA’s Midwest region. Mr. Smith added: “This is an exciting next step for CS Insurance Strategies. By joining MMA, our capacity to deliver more competitive strategies and innovative solutions to mid-market clients has increased exponentially. In addition, the growth opportunities for our colleagues and dedication to serving the local community will continue to expand.” About Marsh McLennan Agency Marsh McLennan Agency (MMA) provides business insurance, employee health & benefits, retirement, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 9,000 colleagues and 160 offices across North America, MMA combines the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan (NYSE: MMC). About Marsh Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $18 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

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Spotlight

Since the passage of the federal Patient Protection and Affordable Care Act of 2010 (ACA), there has been a lot of speculation about its potential impact. The goal of the law is to make affordable, quality health insurance available to all Americans through a combination of premium tax credits, individual and employer mandates and health insurance market reforms, including guaranteed issue, a prohibition on preexisting condition exclusions, and adjusted community rating in the individual and small group markets.

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