CORE INSURANCE

Safe Harbor Pollution Insurance Partners with Rhode Island Environmental Non-Profit

Save The Bay | January 27, 2022

Core News
Advocacy of clean waterways is top priority for Safe Harbor Pollution Insurance, which is why a partnership with Save The Bay is a natural fit.  

Safe Harbor offers the largest spill response network in the vessel pollution industry, which allows for the opportune response in the crucial first moments of marine oil spills. Additionally, most of its staff are based in North Kingstown, RI – where the office overlooks Narragansett Bay – the very body of water Save The Bay actively works to clean and protect every day.

Much of Save The Bay's mission-based work seeks to address the ongoing threats to Narragansett Bay including: "polluted runoff, excessive nutrients, accumulating toxins, overfishing, declining biodiversity, warming sea temperatures, and coastal inundation—all of which represent urgent perils that demand our attention."

Safe Harbor and the extended Falvey Insurance Group staff plan to support Save The Bay through local beach cleanups, volunteer hours dedicated to removing garbage and debris from the Bay's coastline. Safe Harbor is also proud to support Save The Bay by hosting and serving as the presenting sponsor of "Fore the Bay" – a charity golf tournament planned for Monday, July 25, 2022. The tournament will be hosted at Wanumetonomy Golf & Country Club in Middletown, RI, which overlooks the same body of water the event will support – Narragansett Bay. All proceeds will be donated to Save The Bay. Golf registration and sponsorship opportunities are available at safeharborpollutioninsurance.com/save-the-bay.

This partnership is a continuation of Falvey Insurance Group's, parent company of Safe Harbor Pollution Insurance, effort to directly align its 2021 philanthropy with causes related to its business operations.

About Safe Harbor Pollution Insurance
At Safe Harbor, we are more than paper, we are a partner. With roughly 50 cumulative years of experience, Safe Harbor offers the strongest and longest track record of continuous applied expertise in the vessel pollution industry. Safe Harbor supports clients with the industry's leading infrastructure and institutional knowledge available in the market today. Offering the broadest coverage, largest spill response network and most transparent claims process in the industry, Safe Harbor is more than paper, we are a partner and vessel pollution expert you can trust. Learn more about Safe Harbor at: safeharborpollutioninsurance.com

About Falvey Insurance Group
Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI by the company's founder: Mike Falvey. After 25 years, the company has evolved into Falvey Insurance Group, comprised of four divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services. "The Specialized Insurance Experts" underwrite on behalf of Lloyd's of London, C.V. Starr, Nationwide, Beazley Insurance Company, Hiscox, Ascot Group and State National. The flexibility, World-Class customer service, claims processing excellence, and comprehensive knowledge and expertise that Falvey companies are known for is unparalleled in the insurance industry. Falvey was also named Insurance Insider's MGA of the Year in 2020.

About Save The Bay
Founded in 1970, the Rhode Island-based nonprofit Save The Bay seeks to protect and improve Narragansett Bay and its 1,705-square-mile watershed. The organization works to achieve its vision of a fully swimmable, fishable Narragansett Bay, accessible to all, through its advocacy, education, and habitat restoration and adaptation work.

Spotlight

As a family physician, your job is to help protect your patient's health. As a spouse and parent, your job is to protect your family's well-being. Life insurance is one of the many ways that you can help financially protect the ones you love in the event that you are no longer around Get the facts on why family doctors like you should make sure you are covered.


Other News
INSURANCE TECHNOLOGY

Synatic Partners with ACORD to Ensure Compliance for Insurance Data Standards

Synatic | June 21, 2022

Synatic, a leader in data integration and automation, today announced it has become a member of ACORD, the global insurance standards-setting body, as well as a Licensed Integrator Partner of ACORD Solutions Group. ACORD membership will ensure Synatic's powerful data platform is fully compliant with insurance industry data standards. Synatic can now handle the automated, digital extraction and population of data in ACORD Forms, as well as converting to the AL3 messaging format. Not only can the platform handle these data structures, but further, the platform can integrate this data to multiple destination systems such as policy management solutions, agency management solutions, and CRMs. Insurance has always been data-driven, applying large datasets for risk assessment and other purposes. As the amount of data available to the insurance industry has dramatically increased, there has been an ongoing challenge to integrate data from disparate sources. Partnering with ACORD and ACORD Solutions Group will ensure that Synatic's unified platform for integration, API management, and data management is compliant with the latest standards for insurance data exchange. ACORD is a 50-year-old non-profit organization responsible for maintaining standards for data exchange within the insurance industry. ACORD maintains a comprehensive library of electronic data standards and forms, including over 1200 messaging transaction types and over 800 industry-standard forms. These data exchange standards facilitate the exchange of insurance data between trading partners. Our Hybrid Integration Platform (HIP) helps tame the data chaos in industries like insurance, The number and variety of data sources used by insurance companies continue to grow, creating more manual work and more opportunities for error. By applying ACORD Standards with our HIP platform, we can speed the exchange and storage of electronic data in compliance with insurance industry standards. The rapid integration of the right data can make the difference between profit or loss for insurance organizations." Jamie Peers, VP of Business Development and Alliances of Synatic. The COVID-19 pandemic has accelerated the insurance industry's need for new data sources. According to KPMG, 85% of insurance CEOs report they have accelerated plans to digitize operations. Seventy-nine percent say they have brought a new urgency to create new revenue streams. Much of that digital transformation will require integrating and aggregating disparate data sources, so data standardization is more critical than ever. ACORD's annual Insurance Digital Maturity Study has shown that the performance gap between digitized competitors and digital laggards continues to grow, Data collection has become a baseline capability – competitive advantage requires extracting the maximum amount of value from that data. Platforms that leverage standardized data exchange allow stakeholders to more easily capture that value." Chris Newman, ACORD's Managing Director – Global. Synatic's HIP is a no-code/low-code/your-code data integration solution aggregating internal and external data sources. HIP combines ETL, data warehousing, API management, and prebuilt connectors allowing businesses to tap a growing set of relevant data. Using a HIP as a holistic data solution can reduce the cost of integrating, automating, and analyzing data by as much as 80%. The Synatic HIP platform is already delivering automated data integration for many insurance market customers. In addition to empowering Salesforce users, Synatic also offers prebuilt connectors to AMS360, Sagitta, DuckCreek, HubSpot, and other commonly used insurance data sources. Synatic offers HIP integration packages to suit any environment, from its Basic package for three applications to its Enterprise Plus package. HIP is a multi-tenanted cloud solution that can be implemented as a private cloud or on-premise solution. Synatic offers custom pricing based on an organization's requirements. About Synatic Synatic is a powerful Hybrid Integration Platform (HIP) that allows for various forms of data to be extracted, manipulated, stored, and moved to a destination. The comprehensive platform can easily transform data according to specific requirements and move data to create a cohesive technology ecosystem. With Synatic, solving complex data challenges is as simple as dragging and dropping connectors and steps into your workflow, removing the need for extensive programming knowledge or the need for additional plug-ins. This eliminates the need to create workarounds for the complex data requirements you may have.

Read More

CLAIMS

Sapiens Recognized by Celent as Functionality Standouts for Property & Casualty and Workers' Compensation Claims

Sapiens | June 16, 2022

Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has announced that Sapiens' claims solutions for P&C and for Workers' Compensation have been recognized by Celent as a Functionality Standouts in the Celent 2022 Claims System Vendors report for North American Property & Casualty Insurance. The Celent report profiled 23 claims administration systems available in North America for property-casualty insurance carriers, including an overview of their functionality, customer base, technology, implementation, pricing and support. Celent credited Sapiens ClaimsPro for Property & Casualty as 'a full function core claims system that many midsize and small insurers may wish to consider, especially in light of Sapiens' growing add-on analytic and digital offerings,' according to the recent report. Key benefits highlighted include faster claims cycle times, lower expenses and settlement costs, intuitive and easy-to-use interface, 360-degree customer experience and vendor management. Customers rated the solution favorably, particularly the medical case management/disability management features and configurability. Clients felt the solution integrated most easily with their other internal applications, such as reporting, documents or financial systems. Regarding their implementation experience, responsiveness and issue resolution received the highest marks. Sapiens ClaimsPro for Workers' Compensation, a component of CoreSuite for Workers' Compensation, received outstanding recognition by Celent as 'a full-function core claims system tuned over the years for Workers' Compensation claims that both monoline workers' compensation insurers and other insurers with a substantial workers' compensation book of business may wish to consider.' Its key features highlighted in the report include statistical reporting, configurability, continuity with the implementation team and consistently meeting service level. We are delighted to receive this prestigious recognition by Celent, which illustrates our depth of impact, breadth of knowledge and keen understanding of the property-casualty industry, As Sapiens continues to power the insurance transformation, leading analysts are taking notice of our deep industry acumen." Jamie Yoder, Sapiens North America President and General Manager. Sapiens ClaimsPro for Property & Casualty is a critical component of Sapiens CoreSuite for Property and Casualty. ClaimsPro streamlines end-to-end claims processing for all personal, commercial and specialty lines, preparing carriers to adapt to new business requirements. The solution provides full lifecycle support for handling claims for all personal and commercial lines of business, including workers' compensation. Sapiens ClaimsPro for Workers' Compensation supports carriers to improve operational performance by reducing claim inventories and supporting medical costs using advanced outcome-based case management. Its real-time payment processing allows automatic and split payments, offsets and deductions, refunds, transfers and 1099 processing for financial efficiency. The platform's rules-driven auto-adjudication and decision support enables proactive case management that reduce claims time to settle and claims closure. About Sapiens Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Read More

INSURANCE TECHNOLOGY

SAS acquires Kamakura to propel risk technology innovation as financial sector braces for volatility

SAS | June 28, 2022

Global AI and analytics leader SAS has acquired Honolulu-based Kamakura Corporation. Privately held Kamakura provides specialized software, data and consulting that helps financial organizations across the spectrum – banks, insurance companies, asset managers, pension funds and more – manage a variety of financial risks. SAS' investment decision comes as post-pandemic optimism is shadowed by war, unyielding supply chain disruption, and the end of many pandemic-era financial and social safety-net programs. Rising inflation and recession rumblings have emerged as dark clouds on the global economic horizon, signaling potential turbulence ahead – a time for financial services organizations large and small to closely examine the liquidity risk and other risks in their portfolios. This acquisition is an extension of tremendous investments already made in SAS' cloud-ready risk management platform and integrated solutions, It signals our intent to advance market-changing risk solutions to solve the most pressing challenges our financial services customers face. We foresee that the resulting strength of SAS technology, paired with Kamakura's risk analytics and credit models, will prove far greater than the sum of its parts." SAS co-founder and CEO Jim Goodnight. In acquiring Kamakura, SAS aims to deliver an unparalleled suite of integrated risk solutions, particularly around asset liability management (ALM), and serve additional facets of the financial services industry. About SAS SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.

Read More

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.

Read More

Spotlight

As a family physician, your job is to help protect your patient's health. As a spouse and parent, your job is to protect your family's well-being. Life insurance is one of the many ways that you can help financially protect the ones you love in the event that you are no longer around Get the facts on why family doctors like you should make sure you are covered.

Resources