INSURANCE TECHNOLOGY

NSI Insurance Group Acquires Majority Stake in InsurTech Startup HoneyQuote

NSI | March 28, 2022

NSI_Insurance_Group
Florida-based digital insurance agency HoneyQuote.com has been acquired by one of the largest independent insurance agencies, NSI Insurance Group – a move that will enable the startup to expand its operations nationally, launch new product lines, and facilitate larger distribution partnerships.

HoneyQuote’s machine learning algorithm matches users with property insurance carriers in real-time. Its proprietary search engine allows consumers to shop and purchase homeowners' insurance online.

Since its launch in 2019, HoneyQuote has partnered with 30 of the top insurance carriers in Florida and has insured over $1 billion in property value. The startup now has its sights set on expanding nationally with additional insurance products in the works, including condominium-owners, renters, personal umbrella, pet, and auto insurance.

We could not be more thrilled about the acquisition, Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.”

HoneyQuote co-founder Franklyn Taveras.

We’ve designed a digital experience that lets online shoppers compare real quotes and purchase policies instantaneously from a wide range of regional, national, and technology enabled insurance providers. With NSI, we’re able to deliver this seamless experience to customers across new geographies, products, and embedded partnerships.” 

Sean D’Sa, HoneyQuote’s co-founder and Chief Technology Officer.

NSI Insurance Group’s acquisition of HoneyQuote marks its entrance into the InsurTech space, where the firm’s CEO Oscar Seikaly believes the industry is heading.

About NSI Insurance Group
NSI Insurance Group is among the largest privately-owned insurance brokerage firms. Founded in 1958, the firm operates in over 85 countries with five business segments, including personal and commercial insurance, employee benefits, and specialty programs.

About HoneyQuote
HoneyQuote is a digital insurance agency powered by a proprietary search engine allowing clients to compare and purchase insurance coverage in an online marketplace. Licensed in Florida and Texas, HoneyQuote’s products include homeowners and flood insurance across 30 of the top insurance carriers.

Spotlight

Today, insurers around the world face a common challenge to grow the business while remaining profitable. Uncertain economic conditions, regulatory pressures, operational inefficiencies, and the need for improved transparency and risk management only add to the complexity of this task. For health insurers to remain viable in this era of complex regulatory mandates and healthcare exchanges, they must review all areas of their plan to seek efficiency improvements and optimize processes to drive down costs. It is no longer an option to sit on the sidelines. Health insurers must automate and streamline to succeed.


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AUTOMOBILE INSURANCE

The Plymouth Rock Company Appoints New Chief Operating Officer

Plymouth Rock | July 27, 2022

The Plymouth Rock Company, parent company of a leading group of auto and home insurance providers in the Northeast, announced that Andrew McElwee has been named President and Chief Operating Officer, taking over responsibility for the firm’s day-to-day operations from Hal Belodoff, following Belodoff’s planned retirement. Based in Boston, McElwee will report directly to Jim Stone, Founder and Chief Executive Officer of The Plymouth Rock Company. “I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone. “I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone. “We are thrilled to have him join our Plymouth Rock Assurance leadership team. His unique background and proven technical strengths will be invaluable in driving operational excellence and continuous improvement across the company. As COO, Andy will oversee all of our group presidents in formulating and executing strategies for profitable growth. I feel very lucky he has joined us.” McElwee joins Plymouth Rock from American Family Insurance, where he was most recently the Enterprise Chief Underwriting Officer. Prior to that, he was President and Chief Operating Officer of Homesite Group, an affiliate of American Family. McElwee has more than 30 years of insurance industry experience, 25 of which were spent within the Chubb Corporation in various roles of increasing responsibility, including Executive Vice President of Chubb & Son and COO of Chubb Personal Insurance and Chubb Accident and Health. “I have long admired Jim Stone as an entrepreneur, innovator and industry leader,” said McElwee. “I’m delighted to join him by taking on the role of President and COO for The Plymouth Rock Company. In Hal, I succeed a beloved leader, and my immediate focus will be to carry on his great work for our customers, agents, and employees.” Belodoff is retiring as Plymouth Rock’s President and COO after serving the company in various roles for 31 years. He will continue to support the company as a member of Plymouth Rock’s Board of Directors and in an advisory role. “Hal has helped build and shape the culture of this company, as well as its results, for over 30 years,” added Stone. “The decision to hire Hal back then was one of the best I’ve made in my life. I am grateful for his partnership and friendship and glad he is remaining on our board and available for occasional assignments.” “I’m extremely thankful to have had such a fulfilling career working with great people at a place whose mission I believe so deeply in,” said Belodoff. “I’m looking forward to the next chapter of life, spending more time with family and enjoying a slightly slower pace. I have great confidence in Plymouth Rock’s future and believe Andy’s leadership will help the company continue to grow and advance.” About Plymouth Rock Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, with a mobile app, by phone, or by contacting their Plymouth Rock agent. Customers can chat, text, or email to get answers quickly and easily. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $1.7 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.

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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.

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INSURANCE TECHNOLOGY

Synatic Partners with ACORD to Ensure Compliance for Insurance Data Standards

Synatic | June 21, 2022

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INSURANCE TECHNOLOGY

Vantis Life announces distribution agreement with Everdays

Vantis Life | May 26, 2022

Vantis Life Insurance Company, a Penn Mutual company, announces a strategic marketing agreement with Everdays, an insurtech firm providing retirement, health and end-of-life planning solutions focused on seniors that are entering or planning for retirement. As part of the agreement, Everdays will market Vantis Life insurance products through its online, digital planning platform. Vantis will provide accelerated digital approval, life insurance product underwriting, policy issue and support through Everdays' easy-to-use digital planning platform. We're excited to work with Everdays to help provide life insurance solutions for an underserved and fast-growing market, Everdays delivers a one-of-kind, digital planning platform to reach people who otherwise may not be aware of our products that fit the needs of their life-stage. This innovation puts planning and insurance products together and aligns with Vantis' goal to provide simple, easy-to-afford protection to more American families." Tom Harris, president of life insurance and annuities for The Penn Mutual Life Insurance Company, the parent company of Vantis Life. We couldn't be happier about working with Vantis Life and the backing of Penn Mutual, As the fastest growing insurtech platform focused on young seniors and individuals planning their retirement, we wanted a partner that shared our vision. With its consumer-focused, tech-savvy orientation, Vantis Life is the ideal partner for us. Combining our proprietary digital planning and funding platform, Vantis Life's products and accelerated underwriting process with Penn Mutual's history, stability and strength is a unique offering. Our cultures are perfectly aligned." Mark Alhermizi, CEO and founder of Everdays. Over the coming months, the two companies will work together to launch a seamless, easy-to-use digital experience that offers unique retirement planning and life insurance purchasing solutions through a comprehensive online platform aimed at young, thriving seniors looking for a fulfilling life and secure retirement. About Vantis Life Since 1942, Vantis Life Insurance Company has specialized in providing families with affordable life insurance and annuity products that offer protection and guarantees. Vantis Life provides a convenient, seamless online purchasing experience and offers simple, easy-to-afford products to middle-income American families. The company takes pride in supporting these products with attentive and personal customer service. Vantis Life is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company, backed by 175 years of financial strength and stability. About Everdays Everdays is imagining a new way for young seniors to plan for their golden years on a digital platform purpose-built just for them. As the fastest-growing insurtech platform in retirement, health and end of life planning, we are the only consumer-first and senior-friendly brand to captivate and engage with millions of people 60+ who are looking for a modern solution that fits their lifestyle and needs. The 100% digital platform provides advanced planning tools and Everdays Assured branded insurance products that are designed to bring the customers plans to life, allowing them to live fulfilling lives and secure their futures no matter what lies ahead. Everdays was founded in 2017 by entrepreneur Mark Alhermizi, and is based in metropolitan Detroit, MI.

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Spotlight

Today, insurers around the world face a common challenge to grow the business while remaining profitable. Uncertain economic conditions, regulatory pressures, operational inefficiencies, and the need for improved transparency and risk management only add to the complexity of this task. For health insurers to remain viable in this era of complex regulatory mandates and healthcare exchanges, they must review all areas of their plan to seek efficiency improvements and optimize processes to drive down costs. It is no longer an option to sit on the sidelines. Health insurers must automate and streamline to succeed.

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