EPIC launches asset lifecycle management national specialty practice

EPIC | January 17, 2020

EPIC Insurance Brokers & Consultants has launched a new national specialty practice – asset lifecycle management. The new practice will offer risk consulting and risk transfer solutions focused on clinical and electronic equipment. Possible clients of the practice include large healthcare systems, major universities, and financial institutions, which all rely on electronic equipment to conduct daily operations. The practice’s solutions will deliver coverage for things such as the cost associated with parts, labor, travel, emergency repair, and preventative maintenance. EPIC hopes to leverage its expertise in providing equipment maintenance management programs for its new practice, a release noted. The practice will be led by managing principals John Bowman and Tony Gerrato.

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Insurers are under greater pressure than ever before to ensure that every dollar invested can be evaluated in terms of optimizing vital business processes while supporting growth for tomorrow. Incremental performance improvements can put insurers in a better competitive position given rising customer expectations and new, disruptive competitors.


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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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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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CORE INSURANCE

Improving the Canadian insurance industry through big data

Canadian Institute of Actuaries | July 07, 2022

A new statement from the Canadian Institute of Actuaries (CIA), Big data and risk classification: Understanding the actuarial and social issues, says that using big data derived from new technologies can contribute to the healthy functioning of insurance markets. Insurance companies establish different classes of risks to determine the availability and pricing of insurance coverage. This ensures that policy owners have coverage that appropriately matches their level of risk. “As big data becomes increasingly available through new technologies, insurers can use it to further refine their classes of risks and offer insurance that is more aligned with the different needs and situations of policy owners,” says Matthew Buchalter, FCIA, Co-Champion of the CIA’s task force on this issue. “As big data becomes increasingly available through new technologies, insurers can use it to further refine their classes of risks and offer insurance that is more aligned with the different needs and situations of policy owners,” says Matthew Buchalter, FCIA, Co-Champion of the CIA’s task force on this issue. The CIA believes that the use of big data is appropriate in insurance ratemaking, and that access to such data creates improved insight about risk and its contributing factors. Conversely, restricting access to this data could adversely impact the availability or price of insurance for individuals. “The foundation of actuarial work is to analyze risks based on complex datasets. Access to more data means insurance ratemaking can be based on more appropriate factors, ultimately reducing risk and setting more refined insurance costs,” says Emile Elefteriadis, FCIA, task force Co-Champion. Canada’s actuaries stress that big data – like all data used in ratemaking – is subject to the ethical data collection practices, privacy laws, and information security requirements necessary to protect consumers. “We believe in thoughtful innovation and evolution in the use of big data, while ensuring that the public interest is at the forefront of insurance and policymaking,” says Hélène Pouliot, FCIA, CIA President.

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INSURANCE TECHNOLOGY

Intact Insurance Group USA LLC to Acquire Specialty Managing General Agent Highland Insurance Solutions

Intact Insurance | June 18, 2022

Intact Insurance Group USA LLC (Intact), doing business under the brand name Intact Insurance Specialty Solutions, announced today that it has entered into a definitive agreement to acquire Highland Insurance Solutions ("Highland"), the U.S. construction division of Tokio Marine Highland (TMH), from Tokio Marine Kiln (TMK). Highland is a managing general agent specializing in the builders risk segment of the construction market, and will expand Intact's portfolio of owned distribution assets. The transaction is expected to close in the second half of 2022, subject to regulatory approval and the satisfaction of other closing conditions. The acquisition of Highland is well aligned with our global specialty lines strategy and supports our growth, distribution and outperformance objectives, Highland has established itself in providing specialized insurance and adds a complementary offering to the more than 20 specialty lines available to our brokers and customers. We look forward to welcoming the exemplary Highland team, led by Rick Girden and Kaileigh Bowe, to Intact." T. Michael Miller, Chief Executive Officer, Global Specialty Lines, Intact. Highland will operate as a standalone managing general agent, available to serve the risk management needs of its clients and broker partners through its current select markets, and now additionally though Intact. About Intact Insurance Specialty Solutions: Throughout the United States, Intact Insurance Specialty Solutions' underwriting companies offer a broad range of specialty insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment and providing distinct products and tailored coverages and services. Targeted solutions include group accident and health; commercial and contract surety; entertainment; environmental; excess property; financial institutions; financial services; inland marine; management liability; ocean marine; technology; and tuition refund. For further information about U.S. products and services visit: intactspecialty.com. Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC, a subsidiary of Intact Financial Corporation (TSX: IFC), the largest provider of property and casualty insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. The insurance company subsidiaries of Intact Insurance Group USA LLC include Atlantic Specialty Insurance Company, a New York insurer, Homeland Insurance Company of New York, a New York insurer, Homeland Insurance Company of Delaware, a Delaware insurer, OBI America Insurance Company, a Pennsylvania insurer, OBI National Insurance Company, a Pennsylvania insurer, and The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076.

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Spotlight

Insurers are under greater pressure than ever before to ensure that every dollar invested can be evaluated in terms of optimizing vital business processes while supporting growth for tomorrow. Incremental performance improvements can put insurers in a better competitive position given rising customer expectations and new, disruptive competitors.

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