MEDGULF to leverage Newgen’s solution to drive end-to-end automated motor claims processes

Key Signals in Insurance

Deal
MEDGULF joins hands with Newgen to digitize its motor claims process
Newgen’s solution will automate the claims journey resulting in faster, more accurate, and more secure claims settlement. The solution’s rule-based engine will enable MEDGULF to fast-track its end-to-end workflows and ensure standardization. Read More>>

Partnerships
Stewart Title integrates with Lending Pad
Stewart Title partnered with LendingPad to provide users access to title insurance, closing, and escrow services, all within the LendingPad platform. This integration enables LendingPad users to have a more streamlined and efficient lending process. Read More>>
AXA XL partners with contract intelligence platform Document Crunch
AXA XL partnered with Document Crunch to introduce a Contract Review Benchmarking service specifically for construction insurance clients in North America. The service employs industry data on crucial contract terms to provide clients with the best practices and benchmarking comparisons, assisting them in managing their risk and reducing their contractual liability. Read More>>

Centre Setup and Expansion
Northwestern Mutual in Alexandria expands
Northwestern Mutual opened an expanded office in Alexandria, doubling its space from 2,000 to 4,000 square feet. The company aims to reach new clients and create job opportunities. Northwestern Mutual is excited about the expanded presence of the company in Alexandria and the surrounding communities. Read More>>

Executive Movements
John Hancock names Brooks Tingle as president, CEO
Brooks Tingle will succeed Marianne Harrison, who spent 20 years with Manulife, the parent of John Hancock. Tingle has extensive experience in the insurance industry, including serving as the global leader of behavioral insurance for Manulife. Read More>>
Chubb names head of Management Liability for NA Financial Lines
Chubb appointed Steven M. Hill as Executive VP to lead Management Liability for the North America Financial Lines division. Hill will develop and execute operational strategies while ensuring the delivery of management liability products and services across all distribution channels. Read More>>
Aviva Investors appoints Nick Molho as head of climate policy
Aviva appointed Nick Molho as its new head of climate policy to help develop and deliver the company’s macro stewardship program. The role involves promoting the net zero transition at a sectoral level, starting with hard-to-abate sectors such as energy, heavy industry, and shipping. Read More>>

Financial and Market Activity
IRB Brasil RE announces the results of 2022 and is close to break-even in 4Q22
The company has reported a net loss of BRL 630.3 Mn (USD 119.1 Mn) in 2022, an improvement from 2021’s BRL 682.7 Mn (USD 129 Mn) net losses. In 4Q22, the reinsurer almost broke even with a loss of BRL 38.8 Mn (USD 7.3 Mn). Read More>>
Legal & General Group announces higher profits
The profit after tax attributable to equity holders is up 12% to USD 2.29 Bn. Operating profit is up 9% to USD 1.26 Bn. Operating profit from the Capital was up 10% to USD 509 Mn, and the operating profit from the Investment Management was down 19% to USD 340 Mn. Operating profit from Retail is up 33% to USD 825 Mn. Read More>>

Latest Industry Insights from Draup Braindesk

Life Insurance Business Enhancement

Pacific Life is keen on enhancing the life insurance buying experience by incorporating access to electronic health records and attending physician statements through API’s platform applicants.
The company focuses on enhancing select indexed universal life insurance products by providing additional policy owner flexibility to help navigate volatile markets.
Pacific Life intends to develop a new life insurance product with flexible options and pre-configured tax rules for high-net-worth individuals.

Annuities Business

Pacific Life focuses on launching the Pacific Choice 2 variable annuity that enhanced the version of Pacific Life’s flagship variable annuity. It provides reductions in the total cost.
The company is keen on enhancing its Pacific Index Dimensions fixed indexed annuity to offer a new way to grow future income and potentially avoid the impact of market downturns that allow clients to lock in market gains.

Key Funding Alert

Scrut Automation raises USD 7.5 Mn in a funding round led by MassMutual Ventures
Scrut Automation specializes in governance, risk, and compliance automation. The investment firm is funding Scrut to support its growth plans because it believes in its innovative approach to GRC automation. Read More>>

Startup Spotlight

Company – Assured Allies
Total Funding – USD 42.75 Mn
About: Assured Allies is developing technologies with long-term care industry leaders and insurance companies. It combines data science and a human-centered approach to deliver the best aging outcomes for families and insurers. Read More>>

Latest Reports Published in Draup

Crawford & Company Account Intelligence Report
Crawford & Company intends to provide its customer with cyber risk management and incident response to minimize the impact of cyber-related threats and events to protect customers and industries. Read More>>

Prudential Financial, Inc. – Account Intelligence Report
Prudential Financial aims to develop on overseeing the risks of ongoing business, providing risk management and compliance advice and an objective challenge on the execution of the strategic objectives. Read More>>

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