AXIS Capital Holdings Limited announced today that it has received authorization from Lloyd's for AXIS Managing Agency Ltd to commence management and oversight of Novae Syndicate 2007 and SPS 6129. The authorization became effective January 1, 2018, and creates a single managing agent structure for AXIS' operations at Lloyd's. AXIS Syndicate 1686 and Novae Syndicate 2007 underwrite specialist classes that include marine, cyber, energy, aviation, terrorism, construction, property, casualty, political risk and political violence, professional indemnity, and reinsurance, among others.
American Family Insurance plans to accelerate its digital transformation, including its use of data, advanced analytics and artificial intelligence (AI) through its recent acquisition of the Chicago-based data and analytics software company, Networked Insights. "We have significantly invested in our technology platforms and data and analytics in the past three years," American Family Chairman and CEO Jack Salzwedel said in a statement about the acquistion. "This acquisition and others strengthen our best-in-class agency distribution by bringing best-in-class digital and data capabilities, providing our customers with both expertise and convenience."
Johnson & Johnson Insurance announced earlier this month that the company will provide a flood program on Appulate, which offers independent insurance agents technology that enables the agency to bridge data directly from their agency management systems to complete the rate/quote/request to bind process for a variety of P&C insurance products. By working with Appulate, Johnson & Johnson is bringing an automated flood program to the more than 30,000 independent agencies nationwide.
Sapiens International Corporation has expanded its digital division's capabilities through the acquisition of KnowledgePrice.com, a technology specialist with expertise in digital insurance services and consulting. Based in Riga, Latvia, privately-held KnowledgePrice employs about 50 digital experts, and is a provider of services to leading European insurers.
ABD Insurance and Financial Services, Inc., (ABD), an insurance, risk management and consulting firm, has selected RiskMatch, a subsidiary of Vertafore, for data and analytics, and plans to leverage the patented digital technology to enhance client service, drive innovation and transactional efficiency. RiskMatch provides insurance portfolio management and placement support services to insurance brokers and insurers. The largest platform of its kind, RiskMatch provides analytics and related support services for $25 billion in annual commercial property and casualty insurance premium placed by insurance brokers throughout the U.S.
Intellect SEEC is now running its SaaS solutions, including Risk Analyst and Lead Closer, on Amazon Web Services (AWS) Cloud. Intellect SEEC reports the strategy has reduced IT costs for clients by 60%, cut IT management time by 85% and saved customers, on average, $300,000 by avoiding on-premise installations. Risk Analyst helps insurers make better decisions about premiums by analyzing data from more than 1,800 sources for meaningful insight, while Lead Closer is an online insurance-specific CRM solution to help manage sales leads and increase sales conversions.
CUNA Mutual Group has expanded its MEMBER'S CHOICE® Mechanical Repair Coverage (MRC) by adding a new marketing program, powered by ForeverCar. Combining traditional and digital marketing, ForeverCar's platform will help credit unions reach all their members with an eligible vehicle, even if that vehicle has no loan or is financed elsewhere.
Western Reserve Group, a property & casualty insurer in Ohio and Indiana, announced in December that it has successfully deployed Guidewire ClaimCenter® as its new claims management system and Guidewire ProducerEngage™ to enhance the digital experience of its agents. Western Reserve Group implemented ClaimCenter and ProducerEngage to replace its existing claims system and agent claims portal across all lines of business and more easily keep up with technological upgrades to support business processes in a more cost-effective manner. The company is currently implementing Guidewire PolicyCenter®, BillingCenter, and additional Guidewire Digital™ products.
Fair, the app that lets users order a car via a mobile device and turn it in any time, has announced a strategic partnership with Assurant, the provider of risk management services in the on-demand economy. Assurant is the primary underwriter for the Fair-branded property & casualty insurance offered for all vehicles available on the app.
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