EY Global Insurance announced a collaboration with SAP cloud-based data analytics in an approach EY says intends to help insurance organizations transform their financial reporting data, systems and processes required to comply with the industry’s new international and US reporting standards. The new standards are the International Accounting Standard Board’s (IASB) IFRS 17 and US GAAP Long Duration Targeted Improvements (LDTI). Effective Jan. 1, 2022 for large public organizations, these standards will fundamentally change how insurance companies recognize, measure, present and disclose insurance assets and liabilities, which may impact all aspects of businesses’ reporting processes.
The collaborative solution combines EY’s accounting experience with SAP S/4HANA® solutions for finance, accounting, and regulatory compliance. For clients seeking an end-to-end software as a service (SaaS) solution for IFRS 17/LDTI, this solution can also be combined with the EY Digital Enablement Platform, which enables insurance companies to connect SAP systems with other systems and provides seamless connections to in-house technology platforms.
AAIS (American Association of Insurance Services), a national not-for-profit insurance advisory organization, announced WAHVE (Work At Home Vintage Experts) has joined the organization as an Associate Partner. WAHVE offers a unique contract staffing talent solution that connects companies with ‘pretiring’ professionals to fulfill their staffing needs, with a focus on insurance industry professionals. The AAIS Associate Partner Program provides AAIS Members with access to a spectrum of products and services that support insurance operations.
Massachusetts-based Morse Insurance Agency, Inc. acquired Connolly Insurance on January 1, 2020. Richard Connolly, former owner and president of Connolly Insurance Agency, will join Morse Insurance in their North Easton office, along with his team of Connolly employees.
CFC announced that it has acquired London-based insurtech, ThreatInformer, becoming the company’s second acquisition in the past six months following its acquisition of incident response firm Solis Security. CFC says both deals seek to expand the company’s technical capabilities in key areas of underwriting and claims handling.
Secondly, CFC also recently announced the latest version of its cyber insurance platform which CFC says offers brokers the ability to generate “a comprehensive cyber quote with just a single piece of data.”
Risk Strategies, a national insurance brokerage and risk management firm, announced it has acquired Weaver Brothers Insurance, Inc., a full-service brokerage based in Bethesda, Maryland serving the D.C. area. Terms of the deal were not announced. Founded in 1988, Weaver Bros. is a commercial brokerage servicing the insurance and risk management needs of public entities, particularly embassies and diplomatic risks.
IMS, a subsidiary of Trak Global Group (TGG), announced its UBI platform, used by Carrot Insurance to provide motorists discounts in exchange for sharing limited driving data, is now available in North America.
EMC Insurance Companies, a national property and casualty insurer, and FRISS, a provider of insurance fraud detection solutions, announced a new partnership aiming to reduce insurance fraud and increase insurer profitability. EMC will take advantage of FRISS’ hybrid detection engine to automatically flag suspicious insurance claims, giving their team actionable insights to begin their investigations. The FRISS Solution will also highlight claims with no suspicious indicators, enabling straight-through processing and quick handling of legitimate claims.
Everest Insurance has joined with Embroker to provide a new online Lawyers’ Professional Liability program for law firms with up to ten employed attorneys. Through Embroker’s digitized platform, Everest’s Lawyers’ Professional Liability policy offers several value-added coverage enhancements, with coverage currently available in 31 states in counting. Everest says this program expands and complements Everest’s existing Lawyers’ Professional Liability offering for larger firms, and “reflects the organization’s commitment to continued expansion in select target markets.”