Around the P&C insurance industry: Jan. 22, 2020
News from the IMCA, Sedgwick, Liberty Mutual and more.
Vexcel Imaging, a photogrammetric hardware and software technology provider, signed a definitive agreement to acquire the imagery sourcing group from Verisk’s Geomni business. Combining Vexcel’s sensor business and data program with Geomni’s imagery surveying and content-related teams, along with its fixed-wing aircraft and aerial operations, mapping business and oblique aerial image library, Vexcel intends to create a leading geospatial data library. Verisk will be a minority owner in Vexcel with full access to all aerial imagery libraries. Geomni’s analytics team and assets will remain part of Verisk and will work closely with Vexcel on a “strategic road map” and joint projects.
The Insurance Marketing & Communications Association (IMCA) announced it has launched its new IMCA CMO Council, an exclusive council for top marketing and communications professionals in insurance providing a networking and educational resource. The IMCA CMO Council is open to marketing and communications professionals affiliated with insurance carriers, brokers, managing general agents, and other industry firms. Senior leaders will participate in discussions on trending topics; hear from peers as well as advertising and social media executives; join in panels or roundtable discussions moderated by journalists, and engage in networking events. A steering committee currently is being assembled.
EIS Group, a core and digital platform provider for insurers, was named among the “Best-in-Class” P&C Core Systems providers Overall and in Vendor Stability in Aite Group’s new report 2019 U.S. P&C Core Systems Evaluation: Moving Beyond the Basics. EIS Group also scored a 96% to tie for the top score for Vendor Stability and was ranked second for Client Service, based on customer feedback. The report explores some of the key trends within the core systems market for P&C carriers and discusses the ways in which technology is evolving to address new market needs and challenges.
Fundación MAPFRE is accepting entries for the 10th annual Julio Castelo Matrán International Insurance Award, which recognizes scientific research work related to insurance and social protection. The award is given every two years and the winner receives 30,000 euros. Particular value is placed on projects whose outcomes contribute to expanding insurance activities in society and foster economic stability and solidarity through insurance and/or social protection. Scientific studies should be unpublished or have been published in the last three years and should provide knowledge about the industry. It is also important that the work can be undertaken in other countries or regions. Interested parties are invited to apply for the insurance award online.
J.S. Held, a global, multi-disciplinary consulting firm, announced it has entered into an agreement to acquire DBSConsult, a construction claims and disputes management firm operating out of the United Arab Emirates, with offices in both Dubai and Abu Dhabi. This transaction expands J.S. Held’s global Construction Advisory Practice, supporting clients throughout the Middle East, Africa, Europe, and the Asia Pacific.
Liberty Mutual Surety has launched Liberty Mutual Surety Plus, a new product line dedicated to contract transactional and small- to mid-sized surety business. Surety Plus serves contractors that need standard bond programs up to $25 million, transactional bonds up to $3 million, subdivision bonds, and bonds that need special risk underwriting, including collateral, funds administration or Small Business Administration support. The creation of Surety Plus comes several months after Liberty Mutual acquired AmTrust Insurance’s U.S. surety operations (Insco Dico), a company that specialized in this business.
Coastal Insurance Underwriters, Inc., a Ponte Vedra Beach, Florida-based MGU and program administrator, announced the acquisition of Cybercom International Corporation’s assets. Cybercom International Corporation, Inc. (CIC) was established in 1997 as a custom software development company in Ponte Vedra Beach, building applications for a number of vertical markets, including insurance, e-commerce, industrial, medical, and manufacturing. Cybercom’s capabilities include new product development, existing product support, analytical reporting, document generation, third-party integration and workflow automation.
Sedgwick has acquired G&E Enterprises, a software-as-a-service company tailoring to the construction and property loss industries. G&E’s primary product T&M Pro is a premier billing and data management system for insurance restoration contracting. Sedgwick says the T&M Pro software will help enhance its services by providing stronger commercial property support, estimate review processes and mitigation and reconstruction bill review. The software also speeds up payments to insurance restoration contractors and gives carriers greater visibility into claims. Through the integration of this software, both carriers and contractors will now have greater transparency of restoration costs by sharing real-time and expense invoices on commercial losses.
The Insurance Industry Charitable Foundation (IICF) announced it will be hosting its annual benefit dinners on February 27 in Dallas, March 5 in Chicago and March 19 in Los Angeles, where each division will present grants to various regional nonprofit organizations and honor remarkable industry executives for their philanthropic work. More than 1,200 insurance professionals gathered for these dinners last year to support their respective communities, raising more than $1.3 million in total.