Around the P&C insurance industry: May 10, 2023
Insurance industry news from Carpe Data, RIMS, Openly and more.
Oakbridge Insurance Agency LLC expanded into Mississippi. The expansion supports Oakbridge’s continued growth in the Southeast and includes a partnership with Swoope Insurance and two independent agent offices.
Carpe Data and Duck Creek Technologies partnered to integrate Carpe Data’s ClaimsX and Minerva products into Duck Creek’s claims and underwriting platforms. This partnership will provide Duck Creek’s customers with access to Carpe Data’s extensive range of actionable insights, helping insurers to reduce instances of fraud, automate and expedite decision-making processes, improve pricing strategies and make more informed underwriting and claims decisions.
RIMS announced Theresa Severson, vice president – insurance and risk management for Kite Realty Group, as the 2023 RIMS Risk Manager of the Year. Theresa was recognized at RISKWORLD in Atlanta.
Liberty Company Insurance Brokers announced the launch of its newly formed National Complex Workers’ Compensation Practice Group, the first in a series of specialized practice groups the organization will unveil throughout the year. The group will be headed by Liberty Managing Partner and former Brown & Brown (previously the Hays Companies) Executive Vice President/Managing Director of P&C, Kirk Aguilera.
First Connect Insurance Services added specialized insurance products from Delos, Jewelers Mutual Group and Homeowners of America. With these additional carriers, the platform now connects independent agents to 70 leading insurance carriers and MGAs across various categories, including personal lines, commercial lines and life insurance.
NFP announced it is extending its Personal Travel Insurance offering across Canada. NFP in Canada also announced it now has a national team of travel brokers and is partnering with leading travel insurance companies to provide insurance for all eligible clients*. This offering is available to Canadians traveling within Canada and abroad, as well as those visiting Canada from other countries.
BriteCore revealed the recipients of the BriteCore Beacon Awards during last week’s virtual BriteCon ‘23 user and partner conference. The BriteCore Beacon Awards program annually recognizes BriteCore customers for their exceptional achievements in business growth, efficiency, customer experience and advocacy.
Broker Insights announced the rollout of a major upgrade of its market-first data platform. At the same time the platform, which brings brokers and insurers together, now has more than £2 billion gross written premium of the UK commercial insurance broker market and over 20% of the British regional broker market. The winners included Cameron Mutual Insurance Company (Process Improvement Award), Municipal Mutual Insurance Company (Customer Experience Award), Bremen Farmers Mutual Insurance Company (Business Impact Award), CFM Insurance (Honorable Mention Award) and Farmers Mutual of Tennessee (BriteCore Advocate Award).
Percipience LLC partnered with Concirrus to help commercial insurance clients accelerate digital strategies. This partnership has already led to the integration of the two companies’ complimentary software products, combining Percipience’s comprehensive insurance data and analytics platform with Concirrus’ big data and machine learning capabilities to provide an even more compelling value proposition for insurance organizations.
Monarch E&S Insurance Services acquired the assets of Commonwealth Underwriters, Ltd., a specialty lines managing general agent and wholesale broker with a strong presence in key markets across the United States.
Farmers Mutual Hail Insurance Company launched its newest company, Ag Brokerage Solutions, a unique brokerage company built for farmers and their agents who specialize in the field of agriculture. ABS offers ag-focused insurance products for agents to supplement their offerings and provide coverage for a wider variety of risks. It is a comprehensive outlet for all things agriculture to help FMH agent partners grow their business and allow customers to continue their farming legacy.
Coalition launched a version of its executive risks insurance products designed for not-for-profit organizations. Coalition’s executive risks insurance for not-for-profits combines automated underwriting data collection and real-time analysis with a streamlined application process compared to the industry standard for executive risks applications.
IMA Financial Group and ECM Solutions, the largest privately owned independent insurance agency in the Carolinas, have agreed to join forces effective May 4, 2023.
Ernst & Young LLP announced that Chairman Gary Moore, President & Chief Acquisitions Officer Jeff Moore, President & Chief Growth Officer Ryan Moore and Executive Vice President of Operations Scott Moore of ATI Restoration, LLC were named finalists for the Entrepreneur Of The Year 2023 Pacific Southwest Award. Now in its 37th year, Entrepreneur Of The Year is one of the preeminent competitive business awards for transformative entrepreneurs and leaders of high-growth companies who are building a more equitable, sustainable and prosperous world for all.
Openly named to Inc. magazine’s annual Best Workplaces list. Featured in the May/June issue, which hits newsstands on May 16, 2023, and prominently featured on Inc.com, the list is the result of a comprehensive measurement of American companies that have excelled in creating exceptional workplaces and company culture.
CCC Intelligent Solutions Inc. and Verisk Analytics, Inc. partnered to leverage the two providers’ market-leading technologies to bring new innovations to P&C insurance claims. CCC is a leading cloud platform for the P&C insurance economy and Verisk is a leading global data analytics and technology provider.
During Spencer Educational Foundation’s 2023 RISKWORLD Reception, Spencer’s Executive Director, Megan Miller, announced the University of Wisconsin-Madison student team as the winners of the 2023 Spencer-RIMS Risk Management Challenge. The team, comprising four risk management students, competed against 24 other universities and delivered the award-winning risk management presentation in front of industry leaders at RISKWORLD 2023 in Atlanta, Georgia.
Allstate Protection Plans partnered with Staples Canada, The Working and Learning Company and the largest retailer providing business solutions in Canada, to offer customers Staples Protection Plans by Allstate. Customers will benefit from product protection with seamless, award-winning service and support when they need it most. Allstate Protection Plans will provide and manage the protection plans for Staples customers across Canada.
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