Hamilton Insurance Group reveals Lloyd's syndicate placed into run-off

Hamilton Insurance Group | November 19, 2019

“As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital.” Those were the words of Hamilton Insurance Group boss Pina Albo when it was announced that Acappella Syndicate 2014 is being placed into run-off and will cease writing business effective immediately. “As conscientious stewards of both our and third-party investors’ capital, and with our focus on underwriting profitability, it was determined that the best course of action would be to discontinue the business,” stated the group chief executive, who noted that they are currently in discussions with the impacted employees.

Spotlight

As much as insurance seems to be a slow-paced industry, it is actually on the forefront of innovation.  Having to deal with new opportunities and threats to the market as new technologies evolve it makes it a great industry to benefit from artificial intelligence technologies. In this infographic Cognilytica showcases eight ways AI is helping to transform the insurance industry.


Other News
HEALTH INSURANCE

HOMETOWN HEALTH ENTERS THE AFFORDABLE CARE ACT MARKETPLACE WITH SOFTHEON'S ENROLLMENT AND BILLING SOLUTIONS

Hometown Health | December 20, 2021

Nevada's largest not-for-profit health insurance company, Hometown Health, has entered the Affordable Care Act (ACA) marketplace and has expanded their health plan offerings through a partnership with Softheon, a leading cloud-based health insurance exchange and service provider. Softheon's innovative platform is helping bring quality health care to Nevada residents enrolling in Hometown Health insurance through Nevada Health Link. "Softheon's expert knowledge of the ACA marketplace coupled with their leading enrollment and billing technology has made them the perfect partner during Hometown Health's first open enrollment period on the exchange, Today, more than 100,000 people in Nevada choose Hometown Health for their insurance needs. Thanks to Softheon, we look forward to expanding insurance coverage options, in a way that is simple and convenient, to our friends and families who use Nevada Health Link." -David Hansen, Hometown Health CEO. Since the beginning of the 2021 open enrollment period, over 800 new members have seamlessly enrolled in Hometown Health's insurance thanks to Softheon's cutting-edge software. The partnership with Softheon will improve member enrollment, billing and communications, enabling Hometown Health to remain focused on their core mission of providing excellent healthcare to Nevada residents. As the health insurance division of Renown Health, northern Nevada's leading healthcare provider, Hometown Health offers members competitive rates and the largest network of providers in the region. Renown Health provides advanced medical services including Renown Regional Medical Center, an 808-bed full service regional hospital, Renown South Meadows Medical Center, a 76-bed acute care community hospital, Renown Children's Hospital, the region's only children's hospital with 83 beds, and Renown Rehabilitation Hospital, a 62-bed rehabilitation hospital. These facilities provide quality healthcare for Renown's primary service area, Washoe County and the secondary service areas of northern Nevada and northern California. Renown Health has more than 7,000 employees and serves northern Nevada, Lake Tahoe and northeast California with a total population in excess of 2 million. In addition to hospitals, Renown also has 110 medical group practice sites, urgent care and outpatient imaging sites. Renown Health and Hometown Health offer advanced care for patients and embrace their role in improving the health and well-being of the people and communities. "The continued growth of the Affordable Care Act marketplace is welcome news for consumers who are seeking more options for accessing health coverage, We are excited to partner with Hometown Health on their entrance into the ACA marketplace to create seamless experiences for their members and connect more individuals in Nevada with quality health care." -Eugene Sayan, CEO and founder of Softheon. Along with improving member enrollment, billing and communications, Softheon helps Hometown Health continue to ensure accuracy through monthly Advanced Premium Tax Credits premium reconciliation. The turnkey solution provided by Softheon has guided Hometown Health in handling all regulatory and operational requirements required of insurers in the ACA marketplace. The partnership has given Hometown Health the opportunity for expanded reach while making a bigger impact on communities across the state. About Softheon Founded in 2000, Softheon's Software-as-a-Service (SaaS) and Business Process-as-a-Service (BPaaS) solutions solve complex challenges for health plans and government health agencies. Currently, Softheon's solutions serve 8 State agencies and over 90 health plans. Issuers and consumers utilizing Medicaid, Medicare, and the ACA Marketplace benefit from Softheon's innovative technology that reduces administrative overhead and enhances user-experiences. Softheon is an Agent, Broker, and Merchant of Record that facilitates health insurance enrollment, billing, and renewal. About Hometown Health Established in 1988, Hometown Health is the insurance division of Renown Health and is Northern Nevada's largest local, not-for-profit health insurance company. Providing wide-ranging medical coverage and great service to members, Hometown Health represents a philosophy of health care that emphasizes active partnerships between members and physicians.

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RISK MANAGEMENT

Westwood Insurance Agency Achieves Exceptional 2021 Net Promoter Score®

Westwood Insurance Agency | January 20, 2022

Westwood Insurance Agency is pleased to announce its year-end, industry-leading Net Promoter Score® (NPS®) of 91. The NPS® indicates customers' likelihood of recommending a company or product to others. Bain & Company, creators of the NPS®, define a score of 20 and above as favorable, 50 and above as excellent, and 80 and above as world-class. "We are extremely proud to have achieved such an outstanding NPS® score. It's a testament to our team members, who have remained dedicated to providing exceptional customer service, Westwood has always stood for innovating the way insurance is done, and our people complement our technology." -Alan Umaly, President of Westwood Insurance Agency, Westwood Insurance Agency accomplishes this high-quality performance by keeping customers at the heart of its business and prioritizing an improved user experience. "We're making insurance easy to navigate for our customers. We offer a fully digital process that's backed by highly knowledgeable agents. Because we work with more than 40 insurance companies, we can combine our user-friendly platform and exceptional service with the best coverage and rates." -Vice President of National Sales and Growth Christi Burkhardt Westwood Insurance Agency plans to continue its exceptional quality of service in 2022 and beyond by investing in the highest quality talent and technology to help customers address their insurance needs efficiently and with the best available options and prices. About Westwood Insurance Agency Westwood Insurance Agency is one of the largest personal lines agencies in the United States, having helped more than a million people protect what matters most since its founding in 1952. As a full-service agency, Westwood offers a complete array of personal, commercial, and surplus line products. Westwood partners with the world's leading insurance companies to offer its customers choice and competitively priced insurance products. About Net Promoter Score (NPS) A company's NPS® measures customer experience and satisfaction by asking customers to rate their likelihood of recommending the brand on a scale of one to ten and subtracting the percentage of detractors from the percentage of promoters. Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.

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LIFE INSURANCE

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

Sureify | February 21, 2022

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.

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INSURANCE TECHNOLOGY

Insurtech Startup Honeycomb Raises $15.4MM in Series A Round, Led by Ibex Investors

Honeycomb | January 21, 2022

Honeycomb announced that it has raised $15.4 million in a Series A funding round led by Ibex Investors. The fast-growing digital insurance provider has developed the first technology stack for multi-family properties that dramatically streamlines the arduous, time-consuming process faced by landlords and condo owners associations seeking insurance. Moreover, Honeycomb's proprietary AI-driven technology also is the first to enable the delivery of bespoke, "right-priced" insurance coverages – instantly. The U.S. and Israel-based company, which only began writing U.S. policies in June of 2021, now operates in four states -- Illinois, Arizona, Michigan, and Ohio – with plans this year to launch in ten more states covering 60% of the country. Honeycomb expects to insure more than $1B of real estate assets by the end of Q1 2022. "Commercial lines insurance and specifically insurance for multi-family properties is ripe for disruption given the sheer complexity entailed in underwriting this class of risk, its manual processing legacy, and the absence of a leader in the market, At Honeycomb, we have succeeded in converting the institutional knowledge of our team of industry veterans into algorithms that parse deep, first-party, location-specific data to more accurately evaluate risk. As a result, we can perform more robust underwriting quicker and at a lower cost structure than previously possible," -Honeycomb's co-founder and CEO Itai Ben-Zaken. SiriusPoint Ltd, a global insurer and reinsurer, and Honeycomb's own lead underwriting capacity provider, will also participate in this funding round as a new investor alongside lead investor Ibex Investors, and existing investors Phoenix Insurance, Distributed Ventures (FKA NFP Ventures), IT-Farm, and Sure Ventures, all of which have increased their stakes. With this new round, Honeycomb has to date raised $19 million. "Honeycomb is poised to change the game of real estate insurance, Their platform uniquely leverages both first and third-party data to disaggregate risk in ways that are totally different from the rest of the industry. Honeycomb is growing at a rapid pace since its launch, and we believe they will become the dominant platform in this market," -Gal Gitter, partner at Ibex Investors. In a market segment estimated to be worth $26 billion in the U.S. alone, Honeycomb is the first multi-family property insurance provider to innovate simultaneously on 3 distinct fronts: (1) Streamlining the customer and broker experience; (2) Leveraging unique proprietary underwriting technology that accurately "right-prices" every individual risk and provides discounts no other provider gives, and; (3) Offering bespoke insurance coverage that adapts to ever-changing client needs. For example, Honeycomb allows for customized policies that hadn't existed within the segment's traditional "one-size-fits-all" approach. These include insuring properties with Airbnb rentals while offering enhanced Ordinance and Law coverage, distinct Business Income and Extra Expense coverages, and a right-sized approach to deductibles in risk-prone areas. Multi-family property owners, condo and homeowners associations that follow Honeycomb's guidelines and mitigation requests continue to get deeper discounts as time goes by. This model is a win-win because it encourages positive self-selection. Customers who take great care of their properties will receive prices with which other insurance providers can't compete. The company sells its policies directly via its own platform and through a hand-picked and growing group of best-in-class insurance brokers who enjoy distinct advantages. With Honeycomb, they can provide as many as 30 bindable quotes per hour, and in real time – a vast improvement over a process that historically took weeks with multiple "touches" and follow-ups to produce a single quote. This translates to greater profitability for brokers, and accounts for the extraordinary interest the company is now receiving from the brokerage community. About Honeycomb Honeycomb is a reinsurance-backed MGA providing simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. With offices in Denver, San Francisco and Tel Aviv, Honeycomb leverages proprietary user-generated data, advanced AI, and computer-vision to automate the normally arduous and costly underwriting process. Honeycomb significantly improves the customer experience and provides tailored coverage at a competitive price point and at improved profit margins through its real-time rate/quote/bind offering and its data-driven "right-pricing" advantage.

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Spotlight

As much as insurance seems to be a slow-paced industry, it is actually on the forefront of innovation.  Having to deal with new opportunities and threats to the market as new technologies evolve it makes it a great industry to benefit from artificial intelligence technologies. In this infographic Cognilytica showcases eight ways AI is helping to transform the insurance industry.

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