Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed.  But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued.  What happens if the policy covers a multi-building complex and one of the buildings is destroyed?  The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed.  The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex.  The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

Spotlight

Finding affordable health insurance can be complicated at times. Remember that it is important that you get a health plan that not only meets your health care needs but one that is also affordable. Whether you are unemployed, self-employed, or covered by an employer’s health-care insurance plan, buying affordable health insurance is both time-consuming and it can also be a frustrating process. This infographic below shows you how to find and enroll in an affordable health insurance plan for you or your family.


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CORE INSURANCE, INSURANCE TECHNOLOGY

Majesco Earns Spot on InsurTech100 List for Second Year in a Row

Majesco | October 27, 2022

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it was recognized by specialist research firm, FinTech Global, as a top 100 InsurTech company transforming the insurance industry. This is the fifth edition of the prestigious award, and second year in a row that Majesco has been recognized as an innovator and pioneer providing solutions that address the most pressing challenges and opportunities faced by the insurance industry. As the insurance industry continues to evolve and adapt to new customer expectations, risks technologies and digital capabilities, InsurTech companies have been leading the charge to accelerate change. The InsurTech sector is predicted to grow at a CAGR of 46%, and reach a market size of $114bn by 2030, making the process to identify the 100 InsurTech innovation leaders this year more competitive than ever. “Faced with seismic shifts in consumer behaviour, the so-called “race to digitalise” and challenging market conditions, insurers have their work cut out for them, The InsurTech100 lists helps senior insurance executives in the industry filter through the noise in the market by highlighting the tech companies transforming sectors such as underwriting, embedded insurance, pricing, distribution and data & analytics.” -Richard Sachar, FinTech Global Director Majesco was chosen by a panel of analysts and industry experts who voted from a list of over 1,800 companies. Finalists were recognized for their innovative use of technology that solves a significant industry problem or generates efficiency improvements across the insurance value chain. We’re thrilled to be recognized as a InsurTech100 company for the second year in a row. This award is a direct reflection of the hard work and dedication by the entire Majesco team, We not only keep a pulse on market trends, changes and industry dynamics, but we work closely with our customers and partners throughout the year to ensure we’re investing in solutions that they need most and enable them to address what’s next. Our latest Fall ’22 product release is the perfect example of our commitment to continuous innovation and highlights the digital capabilities and solutions that will transform the industry,says Adam Elster, CEO at Majesco. Majesco leads with innovation and continuously invests in new and existing solutions that provide a foundation for operational effectiveness and innovation for its customers to keep at the leading edge. Its vast depth and breadth of product range allows them to deliver solutions that can meet customers where they are today and where they want to be in the future. About Majesco Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. As an industry leader, we do not believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

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INSURANCE TECHNOLOGY

NeuralMetrics Launches MarketEdge - An Intelligent, AI-Powered Commercial Insurance Lead Management Platform

NeuralMetrics | September 26, 2022

NeuralMetrics, a provider of fast, actionable commercial lines intelligence for insurance lead generation and underwriting, today announced the launch of MarketEdge, an AI-powered platform to research and filter U.S.-based businesses and markets, prequalify leads, and attain desirable insurance customers. Additionally, the solution evaluates the propensity of businesses to change insurance providers in upcoming renewal cycles, enabling insurers to efficiently add qualified policyholders based on business characteristics and risk factors. With an initial focus on the U.S. workers' compensation market, NeuralMetrics is adding additional commercial lines of business to the MarketEdge product portfolio. MarketEdge uses artificial intelligence (AI) and natural language processing (NLP) to identify qualification information and viable leads so that insurers can reliably pinpoint the best prospects especially important in the workers' comp policy sector, where finding leads is time consuming with low rates of conversion success. Driven by intelligent technology, MarketEdge leverages information from a variety of public databases and information sources, including OSHA, the Centers for Medicare and Medicaid, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, and inspections, and much more. The company regularly augments data and adds new sources of information. "The workers' comp market is undergoing significant changes. COVID-19 implications, including shifts to virtual work, as well as the impacts of inflation and cost-cutting measures have business leaders reevaluating and seeking optimal insurance coverage and policyholder services, NeuralMetrics and its MarketEdge solution help carriers, brokers, and agents take advantage of those opportunities, by applying AI and complementary advanced technologies to quickly and accurately identify top targets and prospects." -Prakash Vasant, CEO, NeuralMetrics NeuralMetrics is on a mission to make commercial insurance underwriting easier and more efficient. The launch of MarketEdge is a key element of the broader NeuralMetrics platform, which includes SmartRatioTM, an AI-powered solution to help insurers obtain reliable industry classifications and generate compliant data insights and risk intelligence to proficiently underwrite commercial business. Using SmartRatio, insurance companies and their distribution partners can rapidly classify businesses with just a company name and address, understand the associated risks, and access specific underwriting information required for precise pricing and proposal generation. About NeuralMetrics NeuralMetrics facilitates comprehensive lead management and accurate, contextual commercial lines underwriting for property/casualty insurance organizations. The company's easy-to-deploy data-aggregation platform is powered by AI and natural language processing to instantaneously and transparently extract industry-compliant, actionable risk-assessment intelligence from dynamic, public sources of information. As a domain-expert partner to insurers, NeuralMetrics enables lead sourcing and qualification, reliable rating classification, incisive underwriting, and precise policy pricing.

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CORE INSURANCE,RISK MANAGEMENT

Munich Re and HSB Team Up with Schneider Electric to Enable Risk Innovation

Munich Re and HSB | December 09, 2022

HSB, a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, today announced they will expand their suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric. HSB and Schneider Electric, a global leader in digital transformation of energy management and automation, will distribute their respective solutions and technologies to each other’s clients. Through their collaboration, the companies will bring their customers a combination of technology products and services for electrical and equipment risks. HSB also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure™ Power solutions. In addition, the companies will explore new data products that benefit insurers and their policyholders. “Schneider Electric’s class-leading solutions and expertise have the potential to change the traditional insurance paradigm, Together, we will deliver innovative IoT technologies, financial products, and data-driven solutions to help transform electrical and equipment risks across a variety of industries and geographies.” -Greg Barats, president and chief executive officer of HSB and head of Munich Re’s global IoT business ArcBlok™ Protection Backed by HSB In their first joint effort, HSB will provide performance guarantees for Schneider Electric’s ArcBlok™ 2500 electrical risk management technology, which helps prevent and limit dangerous electrical arc flashes occurring within industrial motor control centers and electrical switchboards. ArcBlok’s arc flash isolation technology includes innovative safety and loss prevention features, provides a low carbon footprint, and is designed to deliver a long lifecycle of protection. HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient, As a global business we understand the challenges our customers are facing around the world because of the economic landscape. Munich Re’s world-class risk management products, when utilized with EcoStruxure based solutions powering innovations like ArcBlock, will drastically reduce asset exposure and facility downtime risk caused by catastrophic events, whilst also remaining economically viable,said Rohan Kelkar, executive vice president, power products, at Schneider Electric. A Global Ecosystem of IoT Providers The strategic alliance with Schneider Electric will serve as an anchor for expanding Munich Re and HSB’s IoT solution ecosystem, which spans risk management technologies for non-weather water, fire, and equipment failure. We see Schneider Electric as a cornerstone partner in the ongoing extension of our global ecosystem of IoT solution providers, This ecosystem holds the potential for providing a full suite of IoT solutions that address the key perils of our valued insurance partners and end-customers, while providing a solid foundation to drive efficient IoT solution provider evaluation and integration, while also collaboratively developing innovative data monetization methods,said John Riggs, HSB chief technology officer and senior vice president of Applied Technology Solutions. Hartford Steam Boiler (HSB) HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

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LIFE INSURANCE

Major Financial Institution Selects Sapiens to Disrupt How Life Insurance is Sold in the Americas

Sapiens | September 28, 2022

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that a major financial services entity has selected Sapiens to deliver its life insurance service in the Americas. Sapiens' award-winning CoreSuite for Life & Annuities and DigitalSuite SaaS solution will provide them with next-generation customer sales and service experience. The companies solidified the partnership at the Insurtech Conference (ITC) on September 20. Sapiens CoreSuite for Life & Annuities is an end-to-end, cloud-native solution complete with enhanced digital capabilities to support whole life, universal life, wealth accumulation products and annuities. This will power this financial services entity with an advanced, simplified 360°degree view of customers within the policy administration system, across all distribution channels and communication streams. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience. "We are very excited to partner with this financial services entity on their next-generation life insurance operations, Sapiens Core administration solution and the pre-integrated digital enablement platform will enable them to offer life insurance services that are customer-centered, in an innovative way, based on our cloud-native solutions." -Jamie Yoder, Sapiens North America President & General Manager Sapiens is attending the ITC Conference (Booth #2239) between September 20-22, at the Mandalay Bay in Las Vegas, and available to meet and discuss offerings and solutions. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 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.

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Spotlight

Finding affordable health insurance can be complicated at times. Remember that it is important that you get a health plan that not only meets your health care needs but one that is also affordable. Whether you are unemployed, self-employed, or covered by an employer’s health-care insurance plan, buying affordable health insurance is both time-consuming and it can also be a frustrating process. This infographic below shows you how to find and enroll in an affordable health insurance plan for you or your family.

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