Growth of aggregators has changed insurance fraud detection

insurancebusinessmag | May 24, 2019

Remember in old-school police films, where the detective would be trying to solve a difficult case, and it would cut to a wall where there would be evidence linked together with red string and pins?
It’s hard to imagine, but that is how it used to be done, and is still done, when investigating some cases.But the world is moving on, and technology is infiltrating everything. Fraud detection and investigation is one area where tech is impacting the insurance sector.Cate Wright, the global insurance product manager for BAE Systems, describes BAE’s NetReveal program as a fraud investigator’s modern version of string on a board, but smarter.The company calls the type of work it does ‘social networking analytics’ – it pulls in huge amounts of data that would take a human months to analyse, and gives an insurer both a risk score and spider diagram of that data.A spider diagram is a visual network of links between risk factors, Wright explained. “It provides a visual network so the investigators can look at the risks and make a decision on what they want to do with it and how risky it is.

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INSURANCE TECHNOLOGY

Combined Insurance Announces Grants to Support Military Service Members, Veterans, and Their Families

Combined Insurance | April 29, 2022

Combined Insurance, a Chubb company and a leading North American provider of supplemental insurance sold both directly to individuals and at the worksite, today announced charitable grants to two nonprofits focused on supporting military service members, veterans, and their families. The contributions are in keeping with the company's longstanding philanthropic efforts and its enduring commitment to giving back to those who have served the nation. The recipient organizations are: Luke's Wings, which provides for emergency travel by the families of ill and injured service members, veterans, and fallen officers during hospital recovery and rehabilitation. Fisher House Foundation, which builds comfort homes at military and VA medical centers so that family members can stay nearby - at no cost - while a loved one is in the hospital. The grants are part of Operation Veteran Giveback, a nationwide Combined sales competition in which the two highest-performing zone teams earn the honor of selecting a military- or veteran-related grant recipient. The first-place Northeast Zone team (with a market territory extending from Maine to New Jersey) selected Luke's Wings; the second-place South Zone team (encompassing markets from Texas to Kentucky) selected Fisher House Foundation. We appreciate Combined's continued support of our efforts on behalf of military, veteran, and police families during their most difficult times, It's our mission to reunite heroes with family members, so they can receive critical emotional support during recovery and rehabilitation." Fletcher Gill, Co-Founder and CEO of Luke's Wings. By supporting Fisher House, Combined is helping military and veteran family members avoid tremendous out-of-pocket costs for lodging while a service member is in the hospital, We believe that a family's love is good medicine, and our houses help bring loved ones together during critical months of treatment and recovery." Dave Coker, President of Fisher House Foundation. In addition to supporting military and veteran-focused nonprofit organizations, Combined is strongly committed to hiring military veterans. The company established its military recruiting program in 2010, and has hired more than 5,500 veterans, military spouses, and their family members since then. This year's Operation Veteran Giveback program is of special meaning to us at Combined as we celebrate our 100th anniversary this year and honor our company's philanthropic traditions, Each year, our sales teams are proud to compete for the chance to give back to those who have made great sacrifices for the country." Mat Matarrese, Senior Vice President, U.S. Agency at Combined Insurance. About Combined Insurance Combined Insurance Company of America is a Chubb company and a leading provider of supplemental accident, health, disability, and life insurance products in the U.S.* and Canada. Headquartered in Chicago with a tradition of 100 years of success, we are committed to making the world of supplemental insurance easy to understand. The company has an A+ rating by the Better Business Bureau and an A + (Superior) financial strength rating by A.M. Best. We are ranked by VIQTORY as the number one Military Friendly® Employer in 2022 ($1-5 billion revenue category), marking Combined's eleventh consecutive year on the Top 10 list.

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INSURANCE TECHNOLOGY

HUB INTERNATIONAL STRENGTHENS COMMERCIAL INSURANCE CAPABILITIES WITH ACQUISITION OF KUHL INSURANCE AGENCY, INC. IN ILLINOIS

Hub International | March 08, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Kuhl Insurance Agency, Inc. (Kuhl Insurance). Terms of the transaction were not disclosed. Located in Morton, Illinois, Kuhl Insurance is an independent agency providing commercial and personal insurance, and employee benefits services. Kuhl Insurance specializes in the manufacturing, healthcare, social services, and construction industries, which supports Hub's Specialty practices by complementing and strengthening its existing capabilities. The Kuhl Insurance team is highly regarded in southern Illinois, and they will be a strong addition to our team as we continue to expand further in the state, We look forward to offering our clients the benefits of their talent and experience." Lerone Sidberry, CEO, Hub Midwest West. Mike Kuhl, President of Kuhl Insurance, and the Kuhl Insurance team will join Hub Midwest West. Joining Hub will provide us with additional depth of insurance carrier markets, resources and services necessary to expand our offerings to clients and continue growing our business." Kuhl. Kuhl Insurance was represented by the consulting firm MarshBerry for the transaction About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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INSURANCE TECHNOLOGY

Roostify Partners with Covered Insurance to Streamline Homeowner's Insurance Process

Roostify | May 18, 2022

Roostify, a leading mortgage technology provider, now supports integration with the Covered Insurance Marketplace to streamline the homeowners' insurance buying process and shorten the loan lifecycle. This integration gives borrowers flexibility to shop and compare quotes from over 30 leading insurance companies and quickly purchase it within the Roostify platform. Our integration with Covered is a major step in continuing to simplify the home lending process by elevating the customer experience when shopping for home insurance, We're helping lenders to offer greater convenience in their workflow and improve customer satisfaction, further exemplifying Roostify's goal of providing the most customer-friendly, streamlined homeowner journey from start to close." Roostify co-founder and CEO Rajesh Bhat. Lenders are able to offer competitive advantages through increased operational efficiency by creating a tailored homeowners insurance buying experience within their workflow. They can deliver a self-service borrower experience by allowing borrowers to see eligible quotes in less than 90 seconds and finalize a policy in just 15 minutes, saving an average 3 days in funding their loan. Our embedded insurance capabilities are providing a more personalized borrower experience, accelerating transaction timelines and intersecting with the customer when and where they need it most, Roostify's integration with Covered allows both organizations to truly elevate the home lending experience, with customer satisfaction and convenience at its core." Ross Diedrich, CEO, Covered. Through this seamless experience within the lender portal, borrowers can explore multiple insurance quotes within minutes and quickly compare the annual premiums, dwelling limits, and deductibles. Within the Roostify platform, users can easily connect with Covered Insurance Advisors for education and support through the communication channel of their choice. This integration expedites the loan lifecycle by giving borrowers the flexibility to shop for the best quotes and choose their path to complete the homeowners' insurance process. The integration of the Covered Insurance Marketplace is another step forward in the digitization and simplification of the home lending process. It further highlights Roostify's leadership and ingenuity within the space, along with the company's continued commitment to help facilitate a better lending experience for both lenders and borrowers. About Roostify Based in San Francisco, Roostify was founded in 2012 to modernize and simplify the manual, inefficient mortgage process and create a more enjoyable experience for the customer and lender. Today, Roostify is helping lenders process more than $50 billion in loans each month, from large enterprise banks to thriving independent brokerages. We empower lenders to accelerate and simplify the lending process to help lenders and customers alike unlock more of life's big moments. About Covered Insurance Solutions, Inc. Covered is the leading embedded insurance platform and most trusted partner for lenders, banks, servicers, and fintech companies. As a leading independent, innovative InsurTech, we offer a comprehensive online insurance marketplace with over eight insurance products, personalized quote options from 30+ carriers, and multiple policy purchase methods. We make it easy to compare, shop, and purchase personalized insurance in minutes with the best coverage and rates, while our licensed Covered Advisors add a human touch to the insurance shopping experience by providing tailored service to each customer.

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INSURANCE TECHNOLOGY

Heffernan Insurance Brokers Introduces Women Empowered

Heffernan Insurance Brokers | April 06, 2022

Heffernan Insurance Brokers, one of the largest full-service, independent insurance brokerage firms in the United States, announces a new resource group called Women Empowered (WE). WE is open to all interested in participating and aims to increase confidence and competence, encourage a positive self-brand, provide an opportunity to expand their network, support career planning, and offer guidance on how to align their work and life goals. Women Empowered is the next iteration of the Women of Influence (WOI) group founded at Heffernan Group by Leticia Trevino, Elizabeth Bishop, and Jennifer Mahoney, who demonstrate professional merit and leadership in their careers. We are united, connected, and gather as one integrated front. Together WE are empowered. As women, we have so much to offer. WE is focused on creating opportunities and forums for us to share, learn, and grow as we strive to be the best versions of ourselves." Jen Mahoney, Chief Operations Officer, Heffernan Insurance Brokers. We are all enriched by providing a place and space for women from different backgrounds to come together and support each other along life's journeys while educating men on the challenges women face." Leticia Trevino, Chief Insurance Compliance Officer, Heffernan Insurance Brokers. About Heffernan Insurance Brokers Heffernan Insurance Brokers, formed in 1988, is one of the largest independent insurance brokerage firms in the United States. Heffernan provides insurance and financial services products to a range of businesses and individuals. Headquartered in Walnut Creek, Calif., Heffernan has offices in San Francisco, Petaluma, San Jose, San Mateo, Truckee, Bakersfield, Woodland Hills, Cypress, Los Angeles and Irvine, CA; Phoenix, AZ; Portland, OR; Seattle, WA; St. Louis, MO; Philadelphia, PA; and London UK.

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Spotlight

If the United Kingdom leaves the EU on 29 March without a withdrawal agreement in place then there will be some important changes to how you travel in Europe. There may be disruption to your transport or it may not depart at all. When this happens, it may be difficult to know who to speak to get things put right. To help you speak to the right person, you can follow our helpful steps below.

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