Deals
Autoglass wins renewed supplier deal with NFU Mutual
The company has successfully renewed its supplier deal with the National Farmers Union (NFU) Mutual Insurance Society UK. The three-year deal will see Autoglass continue to offer NFU Mutual customers its vehicle glass repair and replacement and advanced driver-assistance systems (ADAS) recalibration services. Read More>>
GrovesJohnWestrup Private Clients, a Munich Re company, selects Majesco core suite for P&C and Majesco’s Digital1st Insurance
The company had selected Majesco to support its strategy to develop a new, innovative insurance business within the UK market targeted at high-net-worth individuals. The company uses Majesco’s Policy & Billing for P&C, Majesco Insurance Data & Analytics Platform, and Majesco Digital1st® Insurance on Majesco CloudInsurer®. Read More>>
Partnerships
Zavron Finserv ties up with Acko General Insurance for credit protect
The companies have coupled their systems via Api’s to do the loan and insurance on the ZinCash app in real-time. The claim settlement process for Acko General Insurance will also be digital, which will improve the TAT and help the customer settle the claim at their ease from anywhere. Read More>>
NFPs Canadian offices partner with U.K. insurtech Loadsure
Broker and consultant NFPs Canadian-based offices formed an exclusive partnership with U.K.-based Loadsure to obtain instant- and on-demand cargo and shippers coverage to NFPs Canadian logistics clients shipping cargo globally. NFP has over 800 employees in Canada and more than 6,000 globally. Read More>>
Pacific Life collaborates with Ensight and Insurance Technologies on a new dynamic client illustration tool for annuities
The new presentation tool allows financial professionals to show their clients a comparison between two or more annuities based on separate illustrations. Read More>>
Iceye forges new partnerships with G42 and Aon
Iceye collaborates with Abu Dhabi-based G42 on developing advanced SAR products, the company said. Iceye also announced a collaboration with Aon plc, a services firm providing a range of risk, retirement, and health solutions. Read More>>
Amica Insurance simplifies customer communications with the Hi Marley insurance cloud
With the Hi Marley Insurance Cloud, Amica modernizes how it communicates with policyholders and enhances the claims and service interactions they provide. And by leveraging Hi Marley’s Guidewire integration, Amica representatives can seamlessly send text messages from their core operating platforms. Read More>>
FITREC announces Bupa partnership
Businesses and personal trainers registered with FITREC who meet Bupa’s recognition criteria can apply for a Bupa recognized provider number that will allow eligible Bupa customers to receive 100% of the cost for eligible claims up to their yearly limit. Read More>>
Mergers and Acquisition
Arthur J. Gallagher & Co. acquires Real Estate Insurance Solutions
Real Estate Insurance Solutions brings Gallagher a strong team of real estate E&O specialists to further enhance their outstanding real estate practice offerings. Founded in 2004, Real Estate Insurance Solutions offers real estate errors and omissions and cyber liability insurance to commercial and residential real estate agents, brokers, and other real estate professionals in 32 states. Read More>>
Westfield Insurance to buy Argos U.S. specialty property renewal rights
Specialty insurer Argo Group International Holdings has agreed to sell the renewal rights of its U.S. specialty property business to Westfield Insurance of Ohio. The deal reflects Argo’s ongoing streamlining strategy while boosting Westfield’s new specialty business, which it launched several months ago. Read More>>
Executive Movement
Aon appoints Jillian Slyfield as Chief Innovation Officer
The company appointed Jillian Slyfield as the firm’s Chief Innovation Officer. Slyfield, based in San Francisco, will report to Aon CEO Greg Case and join the Aon Executive Committee, which is responsible for executing on the firm’s Aon United Blueprint. Read More>>
QBE North America welcomes David Watkins as the new head of aviation
The company appointed David Watkins as Senior VP, Head of Aviation. QBE offers customized aviation insurance coverage, including general aviation, major risk, and workers’ compensation. Read More>>
Sompo International appoints Mike Reid as Head of Casualty, International Insurance
The company appointed Mike Reid as Executive Vice President, Head of Casualty, International Insurance. Mike has over twenty years of experience in the casualty market gained across broking and underwriting, including the company and Lloyd’s markets. Read More>>
RLI appoints new CEO and COO
The company appointed Craig W. Kliethermes as President and Chief Executive Officer (CEO) and Jennifer L. Klobnak as Chief Operating Officer (COO). Kliethermes has served as President and COO since 2016. Previously, he served as Senior Vice President, Risk Services since 2013. Kliethermes joined RLI in 2006 and has 36 years of insurance industry experience. Klobnak has served as Senior Vice President, Operations since 2016. Previously, she served as Senior Vice President, Risk Services since 2014. Read More>>
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Latest Industry Insights from Draup Braindesk
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- Insurance companies are digitizing their operations by enhancing their in-house capabilities in the risk analytics section and collaborating with niche companies for telematics solutions. The shift towards data-based automation in insurance operations is helping the players resolve inefficiency, inaccuracy, and malpractices in operations.
- Cloud-based solutions provide various benefits, such as cost control, resource pooling, and less implementation time. It also enables an enterprise to have more control over the server, infrastructure, and systems configured as per the business requirements.
Digital Engagements
- Tokio Marine adopted “Tractable’s AI,” an AI auto damage assessment solution, into the claims process. It uses artificial intelligence (AI) solutions to assess vehicular damage across its insurance operations.
- Swiss Re invests in claims digitization and automation to monitor claims risks to identify trends and solutions that fit tomorrow’s risks and consumer needs.
- The Travelers partnered with Groundspeed Analytics to simplify its new business and policy renewal processes through artificial intelligence (AI).
- Anthem has implemented Oracle Business Intelligence Cloud Service (BICS) to evaluate its organizational talent comprehensively. BICS provides Anthem employees a way to easily put together their analysis with visuals using simple and intuitive UI without in-depth technical knowledge.
- ICICI Lombard General Insurance Company has implemented intelligent contact centers, using Microsoft’s speech-to-text tools to build artificial intelligence capability in dealing with customers.
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Key Funding Alert
Resilience raises USD 80 Mn in Series-C funding
Resilience will use the funding for its middle-market expansion and international growth. Resilience is working with the government and the private sector to bridge the gap between insurance and security. Read More>>
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Startup Spotlight
Company – Kover
Total Funding – USD 6.62 Mn
About: Kover is building a new category of insurance. It underwrites high-frequency, low-severity (HFLS) risks. It offers a financial infrastructure to build decentralized, autonomous insurance products at lower premiums for gig workers and a shorter time to market for insurance carriers. Read More>>
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Here’s what’s new on our Sales Intelligence Platform
Discover New Accounts Based on Hiring Strategy
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- Introducing Hiring filter in Universe to help you discover accounts based on the hiring strategy
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- Introducing ‘Announcements’ information in the Financials section
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