Insurance Information Institute | April 28, 2022
The Black Insurance Industry Collective (BIIC), a newly-formed non-profit organization affiliated with The Institutes, today announced its launch. The BIIC is focused on accelerating the advancement of Black insurance professionals.
BIIC's mission is to empower Black insurance professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with other organizations that are also working toward those goals. The group will provide customized programs that address the unique needs and experiences of these professionals to tangibly improve the representation of Black insurance industry talent.
This initiative, created under the leadership of four insurance industry diversity and human capital leaders, has been two years in the making, and included input from over 50 participants from insurance, talent development, and academia.
BIIC will partner with the University of Virginia Darden School of Business to create a specialized leadership development program focused on developing skills necessary for career progression. The leadership program at Darden, part of BIIC's suite of offerings, will provide insurance professionals with the benefits of a supportive community of colleagues.
Insurance is an ever-changing industry. No one should have to navigate it alone. With a strong network of peers who share similar interests, BIIC offers the support to learn from executive leaders in the insurance industry while developing critical skills through our strategic partnership with the Darden School of Business at The University of Virginia."
Ronald Reeves, Chief Diversity Officer at AIG.
The Institutes are excited to contribute to the formation of the BIIC as part of our overall DEI initiative. We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk management and insurance community."
Peter L. Miller, CPCU, President and Chief Executive Officer of The Institutes.
A lack of exposure to the insurance industry and professional networks are the top two barriers for Black professionals, according to a study conducted by Marsh, The Journey of African-American Insurance Professionals.
BIIC is built from the ground up by insurance leaders, We are focused on spotlighting top talent to key leaders and insurance industry role models who share similar cultural experiences."
Susan Johnson, Chief Diversity, Equity & Inclusion Officer at The Hartford.
Obstacles for Black insurance professionals are greater than for other people of color, according to the Marsh study. These obstacles impact individuals and have far-reaching business impacts. Black employees are also nearly twice as likely as other people of color to perceive their race will make it harder to achieve their goals, according to a recent study by McKinsey, Race in the Workplace: The Black Experience in the U.S. Private Sector.
This initiative was named as a collective because we believe we can achieve more together than separately, We seek to address the unique, cultural, mental, and psychological experiences and challenges encountered by Black insurance professionals in achieving their career aspirations."
Ivy Kusinga, Chief Culture Officer at Chubb.
BIIC is committed to empowering and positioning Black professionals to lead and inspire excellence across the industry by bringing together top talent, mentors, sponsors, and allies, Although we have more work to do, by working together, we can equip leaders with a developmental roadmap, putting them on a path to success."
Tony Steadman, Managing Director, Accenture.
BIIC invites organizations to join as Founding Year Sponsors in order to grow this critical program. Sponsorship will facilitate funding for BICC's key education and leadership development initiatives.
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.
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.
SCOR | April 25, 2022
SCOR and its subsidiary ReMark announce that they have signed a partnership agreement with Atidot on a solution designed to increase in-force business value for life insurers. The innovative digital solution will deliver significant value for the partners’ clients by better predicting policyholder behavior and developing engaging marketing strategies to retain customers.
A global reinsurer, SCOR continues to leverage its industry expertise and collaboration with ecosystem partners to design and offer innovative solutions to its clients that help drive growth, solve key business problems, and achieve strategic objectives.
SCOR believes that it’s not enough for a reinsurer to provide competitive reinsurance in today’s market. This partnership reflects our commitment to foster solutions that add value to our clients, and to ensure that life insurance meets the needs of more consumers in a personalized and engaging way.”
Rick Pretty, Senior Vice President and Head of Knowledge Commercialization at SCOR.
The solution combines Atidot’s artificial intelligence and data modeling platform, with ReMark’s solid marketing expertise and consumer insight. Insurance companies can expect to better engage with customers, improve retention of existing policies, optimize policyholder coverage and increase the value of their in-force business. The partners have a strong track record in the U.S. market.
This partnership provides a unique solution in the industry, Our predictive modeling is based on advanced data science and enriched data that creates a whole new level of engagement opportunities for customers and advisors. It’s a win-win.”
Dror Katzav, CEO and Founder of Atidot.
Because carriers’ business objectives and distribution needs vary, this new solution was designed to be customizable and flexible. Atidot will first score carrier data sets to identify policies that, for example, are likely to lapse in the next four to six months. ReMark will then use this analysis to develop appropriate marketing campaigns aimed at proactively preventing lapse and following up on those leads with a high propensity to buy. The solution can be easily adapted to also identify opportunities within a customer database for upselling and cross-selling. It is end-to-end, and includes insurer and agent-branded communications, as well as personalized marketing and sales execution strategies.
We are proud to bring ReMark’s proven experience of engaging end-consumers to the table, having run over 12,000 campaigns to date. This solution is easy to implement for carriers and I’m excited to see how it will improve our clients’ business outcomes.”
Steve Gaertner, Senior Vice President, Distribution Strategies for ReMark.
Atidot is a cloud-based AI and predictive analytics solutions provider for life insurance companies. Our data-driven turnkey solutions directly impact companies across the value chain, help them serve their customers better, and generate new revenue streams. Founded by a team of data scientists and actuaries, Atidot works with leading carriers in North America and Europe to optimize their book of business. Atidot has offices in California, the UK, and Israel and was awarded by Gartner to be ‘Cool Vendor 2019’ in Insurance.’
ReMark is a global insurance consultancy helping insurers worldwide grow sustainably. Part of the SCOR Group, since 1984 they’ve reached over 1 billion people with their data intelligence, marketing and technology solutions, and ran over 12,000 campaigns. ReMark is the brand behind the award-winning Good Life health & wellness app and Velogica underwriting software.
They work with over 500 insurers, as well as with partners outside the industry, like Garmin, local governments and more. Each year ReMark publishes the largest survey of insurance consumers worldwide—the Global Consumer Study—relied upon by industry leaders to stay informed on current trends.
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 17.5 billion in 2021, and serves clients in more than 160 countries from its 36 offices worldwide.
Mphasis | December 27, 2021
Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specialising in cloud and cognitive services, in 2020 announced a deal with the Specialty Broking Segment of The Ardonagh Group ("Ardonagh") - the UK's largest independent insurance intermediary, to transform how they engage with clients, colleagues, carriers and regulators. This project entailed digital transformation, data, automation and managing back- office Operations.
Expanding on this, in 2021, Mphasis and Ardonagh agreed to set up a shared services entity to service middle and back-office functions, while applying digital transformation. To execute on this, Mphasis and Ardonagh, today signed a Business Venture Agreement wherein, Mphasis acquires 51% in Mrald Limited, a company incorporated and registered in England and Wales, with 49% of the equity remaining with Ardonagh. Mrald's inaugural service is Application Development and Maintenance (ADM) functions, with the aim to expansion in two areas:
Insurance operations and technology capabilities;
New clients across the Ardonagh and 3rd party clients in the insurance intermediate market.
Mrald's mission is to deliver innovation combined with operational, technological, and service excellence. Mrald is focused on enhancing broker - client relationships through data-driven insights while allowing brokers to scale for increased client engagement. Benefits to clients include:
Enhanced end customer experience and cost-efficiency.
Best practices in systems, processes, management, offices, and work from home; and
Reduced costs of operations by realising real economies of scale.
Mphasis holds a majority share (51%) with both operating control and full economic interest, as well as bringing their existing offshore expertise to constitute an extended global outsourcing & transformation proposition and capability that can be harnessed to personalise and to meet individual UK customer needs.
"In Mphasis, we have found a partner with capital, expertise, and assets to accelerate our focus on enhancing our digital broking capabilities. This expansion of our existing and long-term relationship is an important step forward in accelerating our shared ambitions."
- David Ross, Chief Executive Officer, Ardonagh Group.
"Having successfully executed at least half a dozen similar transformational partnerships in this industry, we are confident of building a service model for the future and ensuring a 'client-first' approach. Enhancing Broker-Client relationship and experience powered by data driven insights is core to AG. We have been working with AG since 2016 to strengthen their servicing, infrastructure, and client engagement platform. We are excited to elevate our relationship to support future growth by helping augment their operating agility, flexibility and jointly create a service delivery model for the future, This also opens up opportunities for the business venture to attract and service other clients in this space. The global insurance brokers market is expected to grow from $88.16 billion in 2020 to $113.99 billion in 2025*. Together with AG's leadership, we believe we are uniquely positioned to take advantage of the high potential Insurance Intermediary market".
-Nitin Rakesh, Chief Executive Officer and Managing Director, Mphasis.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, wage increases in India, our ability to attract and retain highly skilled professionals, our ability to manage our international operations, reduced demand for technology in our key focus areas, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies, and general economic conditions affecting our business and industry. We may, from time to time, make additional written and oral forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Mphasis (BSE: 526299; NSE: MPHASIS), applies next-generation technology to help enterprises transform businesses globally. Customer centricity is foundational to Mphasis and is reflected in Mphasis' Front2Back™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive to provide hyper-personalized (C=X2C2 TM=1) digital experiences to clients and their end customers. Mphasis' Service Transformation approach helps 'shrink the core' through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis' core reference architectures and tools, speed and innovation with domain expertise and specialization are key to building strong relationships with marquee clients.
THE ARDONAGH GROUP
The Ardonagh Group is the UK's largest independent insurance broker with global reach. We are a network of over 100 locations across the UK and Ireland and a workforce of over 7000 people. Formed in 2017 and following a series of acquisitions in 2018, Ardonagh today brings together best-in-class brands including Autonet, Arachas, Bishopsgate, Bravo Group, Carole Nash, Geo Underwriting, Price Forbes, Swinton, Towergate and URIS. Our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver solutions that meet our customer needs.