LIFE INSURANCE

Glia and Sureify Partner to Transform Life Insurance Carriers' Real-Time Interactions with Policyholders

Sureify | February 21, 2022

Reinsurancde news
Sureify, an insurtech leader working to modernize the life insurance industry with its modular enterprise platform, announced its partnership with Glia, a leading provider of Digital Customer Service (DCS). The integration of Glia's capabilities into Sureify's Lifetime platform will enable insurers to reinvent how they serve and support customers in a digital world.

"We're excited to formalize our partnership with Glia, a company we've collaborated with for years, Integrating Glia's Digital Customer Service solution brings chat, voice, video and CoBrowsing technology to our Lifetime platform—which enables insurers to acquire, service and continuously engage with policyholders digitally—giving our partnering carriers an even more streamlined way to provide service to their customers in real time, every step of the way."

- Greg Yoder, Head of Business Development at Sureify.

Through the integration, insurers' call center representatives will be able to communicate directly with customers via their preferred communication method and guide them using CoBrowsing. This will allow representatives to efficiently access online digital support, resolving issues more quickly as customers complete online applications and service their policies digitally. Advisors will be able to easily collaborate with an underwriting help-desk mid-quote or complex illustration, receiving support without ever having to leave the digital domain.

"The life insurance and annuity space is ripe for change in how carriers engage with and guide customers in today's digital-first world, We're excited to officially establish a partnership with market leader Sureify to help their customers offer seamless digital experiences. We're confident this partnership will be a win for all involved: for insurers and their customer service staff, for life and annuity policyholders and advisors in the field, and for the future growth of Glia and Sureify."

- Steven Kaish, SVP Product Marketing and Alliances at Glia.

About Glia
Glia is reinventing how businesses support their customers in a digital world. Glia's Digital Customer Service (DCS) solution enriches web and mobile experiences with digital communication choices, on-screen collaboration, and AI-enabled assistance. Glia has partnered with over 250 banks, credit unions, insurance companies and other financial institutions worldwide to improve the customer experience and drive business results. Named both a Deloitte Technology Fast 500™ company and a Great Place to Work (with a 97% employee satisfaction rating) for a second year in a row, Glia continues to achieve broad industry recognition and customer service thought leadership including publishing the definitive book on DCS with Wiley. The company has raised over $100 million in funding from top investors. To learn more visit glia.com.

About Sureify
Sureify's mission is to modernize the life insurance industry by helping carriers acquire, service and engage their customers with one enterprise platform: Lifetime. Sureify enables omnichannel sales with LifetimeACQUIRE, a product that drives placement rates via quoting, e-application, automated underwriting and new business transmission. With LifetimeSERVICE, insurers are offering their in-force customers comprehensive self-service portals and native applications. Lastly, LifetimeENGAGE fosters a lifelong relationship between carriers and their policyholders with multifaceted engagement programs and analytics, leading to greater lifetime value of each policyholder. Learn more at sureify.com.

Spotlight

A briefing book or briefing paper is a distilled version of a traditional report that may resemble a long decision memo. It supplies targeted information about and analysis of a particular subject, sometimes with policy recommendations. It features brief sentences and paragraphs, bulleted lists, headings, subtitles, underlining, boldface, and effective use of white space as mechanisms that enhance skimmability. The bottom line is usually up front with recommendations stated first, followed by a logical breakdown of the conclusions, arguments, and evidence analyzed to reach those conclusions.


Other News
HEALTH INSURANCE

HealthSmart® Launches DFW SmartCare™ Health Plan

HealthSmart | May 20, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of DFW SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to DFW-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to the Baylor Scott & White Quality Alliance (BSWQA), inclusive of Catalyst Health Network (CHN). BSWQA is a clinically integrated network of hospitals, facilities, and doctors that members can access through Employers Health Network (EHN). DFW SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, DFW SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the DFW Metroplex is a perfect example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in North Texas control their health benefit costs by providing deeply discounted access to the BSWQA clinically integrated network through EHN.This is big news for DFW small and medium employer groups and DFW SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks.

Read More

RISK MANAGEMENT

Truist Insurance Holdings launches new Insurance Services Division with close of Kensington Vanguard acquisition

Truist Insurance Holdings, Inc | March 03, 2022

Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation and the sixth-largest insurance brokerage in the U.S., announced todaythat it has closed on the acquisition of Kensington Vanguard National Land Services (KV), one of the country's largest independent full-service national title insurance agencies. BridgeTrust Title Group, the company's existing title and settlement services business, will be integrated into and operate under the KV brand. The consolidated operation will be one of the largest real estate service agencies in the U.S. Concurrent with the close of this transaction, Truist Insurance Holdings announced the creation of a new Insurance Services Division, which will include not only the combined KV organization but also its Premium Finance business, which is marketed through its AFCO brand in the U.S. and CAFO brand in Canada. The new division will report to Todd Wartchow, executive vice president of business development and strategy for Insurance Holdings. "At Truist Insurance Holdings, we serve our clients across a broad and diversified portfolio of businesses, augmented with value-added services like real estate transaction support and premium financing, We're excited about how our expanded title insurance business and our new division allow us to deliver on our purpose of inspiring and building better lives and communities." -John Howard, the company's chairman and CEO. The newly combined KV business will be led by Brian Cooper and Jarett Fein, currently co-chief executive officers of KV. Barbara Jones, title insurance manager at BridgeTrust, will delay a previously planned retirement until year-end to support the transition. Additional KV leadership announcements will follow as the business integrates into Truist Insurance. There are no changes to the Premium Finance organization and leadership as part of its transition to the new Insurance Services Division. About Truist Insurance Holdings Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation and CAFO Inc.). To learn more, visit www.truistins About Kensington Vanguard National Land Services Kensington Vanguard National Land Services, LLC, headquartered in New York City with 400 employees, is one of the largest full-service national title insurance and settlement agencies in the U.S. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services.

Read More

CORE INSURANCE

Data-fueled Insurance Platform Accelerant Announces Growth Funding Round in Excess of $190M

ELDRIDGE | January 13, 2022

Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers. "Aspects of the insurance industry have been broken for a long time, At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We're bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I'm thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact." -Jeff Radke, CEO and co-founder of Accelerant. Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members. Accelerant's InSightFull™ data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs. "The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they've built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant's platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration, We're excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach." -Todd Boehly, co-founder and CEO of Eldridge. ABOUT ACCELERANT Accelerant is a data-driven, technology-fueled insurance platform that empowers underwriters to more effectively serve their insureds. We're using advanced data intelligence tools to rebuild the way that underwriters share and exchange risk. With a current focus on the small and medium-sized businesses that power our global economy and their niche insurance needs, we align incentives to improve outcomes for everyone. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We're proud to have been awarded an AM Best A- (Excellent) rating. ABOUT ELDRIDGE Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.

Read More

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.

Read More

Spotlight

A briefing book or briefing paper is a distilled version of a traditional report that may resemble a long decision memo. It supplies targeted information about and analysis of a particular subject, sometimes with policy recommendations. It features brief sentences and paragraphs, bulleted lists, headings, subtitles, underlining, boldface, and effective use of white space as mechanisms that enhance skimmability. The bottom line is usually up front with recommendations stated first, followed by a logical breakdown of the conclusions, arguments, and evidence analyzed to reach those conclusions.

Resources