NFP today announced the acquisition of HMP Insurance & Pension Advisors Limited (HMP)

Cision PR Newswire | August 18, 2020

NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement and individual solutions, today announced the acquisition of HMP Insurance & Pension Advisors Limited (HMP). NFP serves clients through more than 260 offices across the United States and 45 international offices across the UK, Puerto Rico and Canada. With the addition of HMP, NFP further expands its reach in Europe and establishes a presence in the growing Irish market.today announced the acquisition of HMP Insurance & Pension Advisors Limited (HMP)

Spotlight

Insurance companies are often perceived as being conservative in their approach and slower to embrace changes. Unfortunately, such inertia is no longer a viable option. Simply put, insurers who fail to embrace the cognitive journey will likely cede the important strategic advantage to competitors and new market entrants already riding the wave. Conversely, organizations that try to do too much too soon in pursuit of first-mover advantage in the R&CA space may also be at risk. Running a manageable set of pilot programs at the outset of the journey to test cognitive automation capabilities is a more sound strategy. This approach can enable the insurer to align business outcomes with the expectations and facilitate a smoother implementation downstream. Once pilot results prove out, a longer-term strategy can be leveraged to define how cognitive automation should be blended into the fabric of the organization.


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RISK MANAGEMENT

RingCentral Enables Preferred Risk Insurance Services to Improve Customer Service as Call Volume Expands

RingCentral, Preferred Risk Insurance Services | July 26, 2022

Preferred Risk Insurance Services (PRIS), a professional services company and subsidiary of Warrior Invictus Holding Co., enables its employees and clients to stay better connected and productive with RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions. With RingCentral MVP™ (Message, Video, Phone) and RingCentral Contact Center™, Preferred Risk Insurance will enable their employees to more efficiently respond to the needs of its fast growing customer base while giving employees the flexibility of working remotely. Like many companies, Preferred Risk Insurance encountered significant challenges during the pandemic using legacy on-premises communications technology which caused call quality issues and broken customer experiences. It became vital for the company to upgrade to a cloud communications solution that would allow employees to call, message, and meet in one app. They also required a cloud contact center that would provide detailed routing and reporting capabilities, while enabling their agents to work from home. “In risk insurance, there is no room for mistakes and delays. Because our call volume has grown tremendously, we chose RingCentral for its ability to scale and because it offers a tightly integrated communications solution that will enable us to continue providing top notch service to our customers,” said Sumit Roy, CIO for Preferred Risk Insurance Services. “In risk insurance, there is no room for mistakes and delays. Because our call volume has grown tremendously, we chose RingCentral for its ability to scale and because it offers a tightly integrated communications solution that will enable us to continue providing top notch service to our customers,” said Sumit Roy, CIO for Preferred Risk Insurance Services. “Our prior solution did not allow our employees to work from home effectively. It became mission critical for us to choose a mobile-first cloud communication solution–which RingCentral delivers. Finally, RingCentral provides the most secure solution on the market – extremely important for Industry/Government Compliance in the insurance industry. With RingCentral, we have a win-win for both our customers and employees.” Preferred Risk Insurance Taps Into Advanced Capabilities of RingCentral Contact Center With RingCentral Contact Center, Preferred Risk Insurance will have the ability for their Claims Agents to take a recorded statement that can be added to an insurance claim, while also ensuring that they can still leverage end-to-end, automated call recordings for compliance purposes. In the next phase of their rollout of the RingCentral solution, Preferred Risk Insurance aims to address other needs by adding omnichannel interactions, quality analytics and other management tools, plus a custom CRM integration to streamline workflow and improve customer engagement. "We're proud to be the provider of choice for Preferred Risk Insurance. Choosing our market leading UCaaS and CCaaS as an integrated solution will transform Preferred Risk's employee and customer experience,” said Carson Hostetter, chief revenue officer of RingCentral. “We look forward to working with them on the journey toward reduced costs, better scale, greater mobility, and reliability. Ultimately this will lead to happier employees, happier customers and greater success." About Preferred Risk Insurance Services Headquartered in Bedford Park, Illinois, Preferred Risk Insurance Services (PRIS) is a professional services management company owned and operated under the Warrior Invictus Holding Co. umbrella. Managed by a team of executives with over 90 years of experience in the insurance industry, PRIS specializes in accounting, marketing, legal, IT, printing, and claims processing services for regional auto and health insurance carriers. Preferred Risk Insurance Services, 6640 S. Cicero Ave., Bedford Park, IL 60638, 708-552-2424, PRISCorp.net. About RingCentral RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone™  (MVP®) global platform. More flexible and cost-effective than legacy on-premises PBX and video conferencing systems, RingCentral® empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, device, and device location. RingCentral offers three essential products in its portfolio, including RingCentral MVP™, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and cloud phone system; RingCentral Video®, the company's video meetings solution with team messaging that enables Smart Video Meetings™; and RingCentral Cloud Contact Center solutions. RingCentral's open platform integrates with leading third-party business applications and allows customers to customize business workflows easily. RingCentral is headquartered in Belmont, California, and has offices worldwide.

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RISK MANAGEMENT

Marsh McLennan Agency Acquires CS Insurance Strategies

Marsh McLennan Agency, Marsh | July 08, 2022

Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of CS Insurance Strategies, Inc., a full-service insurance agency based in Chicago. Terms of the acquisition were not disclosed. Founded in 2009 by CEO Charles Smith, CS Insurance Strategies is a minority-owned brokerage providing employee health and benefits, business insurance, and risk management consulting services to organizations of all sizes across the US. CS Insurance Strategies serves clients across all industries, with specialized expertise in municipal, non-profit, and minority-owned businesses. All ten employees will join MMA. “Over the years, CS Insurance Strategies has grown to be a dynamic and influential organization under Charles’ leadership. The agency’s commitment to helping clients navigate complicated risk and insurance issues very much mirrors our own passion for serving growing businesses. We are looking forward to welcoming the CS team to MMA,” commented Tony Chimino, CEO of MMA’s Midwest region. Mr. Smith added: “This is an exciting next step for CS Insurance Strategies. By joining MMA, our capacity to deliver more competitive strategies and innovative solutions to mid-market clients has increased exponentially. In addition, the growth opportunities for our colleagues and dedication to serving the local community will continue to expand.” About Marsh McLennan Agency Marsh McLennan Agency (MMA) provides business insurance, employee health & benefits, retirement, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 9,000 colleagues and 160 offices across North America, MMA combines the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan (NYSE: MMC). About Marsh Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $18 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

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INSURANCE TECHNOLOGY

Empathy and New York Life Group Benefit Solutions Partner to Provide Bereavement Care to More Employees

Empathy | June 15, 2022

Empathy, a platform helping families navigate the journey they face after losing a loved one, today announced a partnership with New York Life Group Benefit Solutions, a leader in the group insurance market. The partnership is an expansion of the partnership announced between Empathy and New York Life1 last year to provide beneficiaries with logistical and emotional support after the loss of their loved ones. Bereaved employees and their families are often left grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow. According to Empathy's recently released Cost of Dying 2022 Report, families spend, on average, 420 hours tending to their loved one's affairs in the weeks and months following the loss. Moreover, the same report found that returning to work created additional stress, with 70% of younger respondents reporting either lowered performance, concern for their job, or both. New York Life Group Benefit Solutions offers compassion and caring guidance to help employees and their families navigate a loss. Through their partnership, Group Benefit Solutions will bring Empathy's award-winning platform to their employer clients and their employees in need of support. Empathy offers a holistic approach to bereavement care, helping simplify end-of-life bureaucracy, minimizing tedious tasks, and automating processes involved in the administration of an estate—while providing emotional support throughout. Dedicated care specialists are available to support families through every aspect of loss, both emotionally and logistically, 24/7. Going back to work after losing a loved one can be extremely challenging. There are so many logistical burdens that still need to be navigated that it often feels like you are working two jobs when you are grieving and at your most vulnerable. We have seen, unequivocally, the quantifiable impact technology can have in easing the burdens on bereaved employees, Employers who acknowledge and support their grieving team members are doing more than extending a kindness. They are also making a decision that is good for their organization. We are delighted to further our work with New York Life and proud of our shared dedication to supporting bereaved families across the U.S." Ron Gura, Co-Founder & CEO of Empathy. Empathy's partnership with Group Benefit Solutions follows its ongoing work with New York Life's Group Membership Association Division, an operation dedicated to delivering protection products to group and affinity organizations. The Group Membership business provides life insurance beneficiaries with loss support through access to the Empathy app. New York Life Group Benefit Solutions provides services and caring guidance through efforts and opportunities that align with the values of our company, Our partnership with Empathy, plus grief resources from the New York Life Foundation, highlight the breadth of bereavement programs and tools available to our clients and their employees." Meghan Shea, head of strategy, product, and marketing for Group Benefit Solutions. About Empathy Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application, awarded Google Play's 2021 "Best App for Good" and CB Insights' "Top Digital Health Companies Of 2021," simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy is backed by top tier VC firms and serves Fortune 100 enterprise customers alongside its direct-to-consumer offering.

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INSURANCE TECHNOLOGY

Insurance Care Direct Responds to IRS Summons on Insurance Policies Carried by Company

Insurance Care Direct | June 07, 2022

Insurance Care Direct (ICD), one of the nation's leading health benefits providers, today released the below statement in response to a summons enforcement action filed in federal court against corporate officers last month. The summonses, which were issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company. "Insurance Care Direct (ICD) and all corporate executives, including Seth Cohen, Brad Cohen and Ed Carriero, have fully cooperated with every request from the IRS. To date, the company and its executives have spent hundreds of hours and a significant expenditure of company resources to fully comply with requests from the IRS, including multiple rounds of production encompassing thousands of pages of documents. ICD and corporate leadership continue to fully cooperate with the IRS. Seth Cohen, Brad Cohen and Ed Carriero, by and through counsel Brian Harris of Fogarty Mueller Harris, PLLC, are currently working with the Department of Justice to collaboratively resolve the issues raised in the case. In a motion filed on Friday, the company with the DOJ's agreement requested that the court continue the proceedings to allow the parties more time work together toward a mutual resolution." Captive insurance arrangements are recognized under federal law and provide insurance policies that may not be commonly available or not available at affordable prices for businesses. About Insurance Care Direct Founded in 2001, Insurance Care Direct has grown into one of the largest health and life insurance agencies in the country. The Company offers a wide array of competitive products. Headquartered in Deerfield Beach, Florida, Insurance Care Direct is a family-owned business and is heavily involved in the local Florida community.

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Spotlight

Insurance companies are often perceived as being conservative in their approach and slower to embrace changes. Unfortunately, such inertia is no longer a viable option. Simply put, insurers who fail to embrace the cognitive journey will likely cede the important strategic advantage to competitors and new market entrants already riding the wave. Conversely, organizations that try to do too much too soon in pursuit of first-mover advantage in the R&CA space may also be at risk. Running a manageable set of pilot programs at the outset of the journey to test cognitive automation capabilities is a more sound strategy. This approach can enable the insurer to align business outcomes with the expectations and facilitate a smoother implementation downstream. Once pilot results prove out, a longer-term strategy can be leveraged to define how cognitive automation should be blended into the fabric of the organization.

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