Around the P&C insurance industry: September 15, 2021

SIAA, the national insurance agency alliance, will host IA Evolve, a virtual conference focused on helping independent agencies advance their knowledge and use of digital to meet their clients’ needs now and in the future. The event, slated for Sept. 21, 2021, is open to all insurance professionals and is free to attend.

ACORD, the global standards-setting body for the insurance industry, announced the winner of its 2021 ACORD InsurTech Innovation Challenge (AIIC) New York. The winner, handdii, is a digital property claims experience connecting the policyholder, insurance company and contractors from claim registration through to the finalization of repairs. handdii joins Intelligent AI in the U.K. as the winners of the 2021 AIIC New York and London, respectively.

Lightico announced the launch of its Digital Completion Cloud, a no-code, mobile-first solution for companies to quickly and seamlessly complete high-friction interactions with customers, such as insurance claims and onboarding. The Digital Completion Cloud enables B2C companies to gather eSignatures, collect documents, perform Identification and Verification (ID&V), accept payment and more in real-time.

Gray Surplus Lines Insurance Company is now authorized to write business in all states except California and New York after officially opening for business in December 2020 with excess liability coverages on a non-admitted basis. The company has since been working with various state authorities to obtain approval to operate within their respective jurisdictions. Phil Joschko, executive vice president, commented that “Going from zero states to 49 in less than eight months is a monumental achievement and we are extremely excited to continue to offer best in class service to our partners as we pursue our goals.”

Alera Group, Inc. signed a definitive agreement to merge with Propel Insurance Agency, one of the nation’s top 50 largest privately held insurance brokers. Headquartered in Tacoma, Washington, Propel’s leading property and casualty capabilities will bolster Alera Group’s presence in the northwest and southeast regions, complementing the company’s current insurance and financial services offerings.

Corvus Insurance has launched its Risk Aggregation Platform, a data-powered offering that provides risk capital partners with unprecedented visibility into the Corvus book of business in real-time. Through this offering, reinsurers and program managers gain access to crucial insurance metrics, aggregate exposure data, ransomware scores and information regarding emerging threats.

The Actuarial Foundation‘s STEM STARS Actuarial Scholars pilot program is being sponsored by the Society of Actuaries, which is donating $150,000 to help launch the project and support the first group of students. The foundation reports the primary goal of the program is to break down the barriers to enter the profession for high school students and to support them during their college journey.

Kia America entered into an agreement to supply vehicle build data to LexisNexis Risk Solutions analytics and technology provider, to help Kia owners across the U.S. potentially benefit from their cars’ advanced driver assistance systems when they shop for auto insurance. LexisNexis Vehicle Build provides data regarding ADAS features in Kia vehicles in order to help U.S. auto insurers utilize the data in insurance rating and underwriting, ultimately to help potentially reduce the total cost of vehicle ownership.

King Insurance acquired Corsair Insurance Agency. Corsair has been insuring physician practices and health care facilities in and around central Florida since its inception in 2011. Founded by Michael Carroll, the agency is focused on the medical field, helping administrators navigate their liability insurance needs with a primary focus on medical malpractice. Michael and his team will continue operating out of their current locations servicing clients under King Insurance.

WNC Insurance Services has rebranded to Tokio Marine Highland. The evolution reflects the company’s strategic growth in the marketplace and significant investment in talent, infrastructure and technology that has fueled its digital transformation since being wholly acquired in 2018 by Tokio Marine Kiln, according to the company.

BitSight announced a significant investment by Moody’s Corporation, further enhancing BitSight’s offerings and capabilities to create a comprehensive, integrated, industry-leading cybersecurity risk platform. This transaction reflects the increasing strategic, financial, and operational impact of cyber risk to organizations and markets.

Related: Around the P&C insurance industry: September 8, 2021