Around the P&C insurance industry: September 2, 2020
News from CFC, ReSource Pro, MGA Systems and more.
One, Inc acquired Invenger Technologies, Inc., including its flagship digital claims payment product, Invenger-InsurPay. One Inc.’s Digital Payments Platform provides a full-stack inbound-outbound payment solution that includes customer engagement functionality, integrated reporting and reconciliation, and flexible payment capabilities. Similar to One Inc.’s ClaimsPay digital disbursement product, Invenger-InsurPay offers a choice of payment methods and enables insurers to pay policyholders, claimants, vendors, mortgagees and lienholders through one platform as either single or multiple payees. Adjusters can also use the Invenger-InsurPay solution on any device, anywhere.
California Department of Insurance launched remote testing for license examinations. The remote testing launch includes 18 license qualifying examinations, and four of the remote license examinations are in Spanish.
CFC has expanded its suite of products for financial institutions with the launch of a new solution built specifically to cover the risks faced by organizations operating in the fintech space. Traditional financial institutions insurance products will not necessarily provide cover for technology-related exposures. CFC’s solution includes E&O, covering both aspects of financial and tech liability, D&O, crime, cyber and EPL.
Risk Strategies, a national insurance brokerage and risk management firm, acquired Ohio-based McCamon Hunt Insurance Agency, Inc. The terms of the deal were not disclosed.
ReSource Pro was named to Inc. magazine’s Inc. 5000 list of the nation’s fastest-growing private companies for the 12th consecutive year.
MGA Systems, Inc. merged with NetRate Systems, Inc., a commercial insurance rating platform for MGAs and program administrators. The combined company will go to market as MGA Systems, with NetRate’s ISO®-based rating application and MGA Systems’ Insurance Management Systems policy administration solution as its product suite. The integrated provider platform offers clients improved sales efficiencies, increased productivity, and unparalleled integration capabilities with third-party applications.
A-MAX Auto Insurance will host a Back-to-School event at each of its Texas locations on Saturday, September 12, 2020, from 10 a.m. to 5 p.m. CST, where they will be handing out 10,000 bags of school supplies to families. With nearly 200 locations throughout Texas, the purpose is to give back to local communities where their customers and employees reside during these unprecedented times.
NAIC is accepting applications for the 2021 Consumer Liaison Program. The Consumer Liaison Program promotes consumer representation and interaction with NAIC members by providing a way for individuals who are qualified consumer representatives of consumer organizations to participate in NAIC meetings. The following link to the NAIC website provides additional information about the NAIC’s Consumer Liaison Program and describes the application process to be appointed as either a funded or unfunded consumer representative: http://www.naic.org/consumer_participation.htm.
Certified Insurance announced its official name change to Beehive Insurance Agency, its parent company. Now, the two insurance agency brands are unified in a single entity positioned to provide insurance services and products throughout the state of Utah.
Brightway Insurance announced that Ken Toney is its first four-unit owner. Toney is now the new owner of Brightway, The Kennedy Family Agency in South Daytona, Fla.