Bindable, an InsurTech firm acclaimed for its alternative distribution technology, has introduced an innovative virtual agency model to streamline the establishment of property and casualty (P&C) insurance agencies for various businesses. This model specifically targets the growing interest from organizations in adjacent industries that seek to incorporate insurance services into their existing offerings. Bindable’s new solution empowers these companies to
Pro Global, a respected advisor in the specialist insurance sector, has significantly enhanced its Digital Services under the leadership of Kristy Lovegrove, Group Head of Technology. This strategic development aims to meet the rising demand for automation and technology-driven efficiencies within the global re/insurance market. As the industry faces increasing cost pressures and a rapidly evolving technological landscape, Pro Global’s
In the competitive landscape of the insurance industry, retaining customers is crucial for driving profitability and sustainable growth. As customer expectations evolve, insurers must adapt by leveraging personalization and technology to enhance customer engagement and satisfaction. This article explores effective strategies for retaining life and health insurance customers through personalized policy management, digital engagement, and proactive communication. Personalized Policy Management
The U.S. Department of Labor (DOL) has taken action against T.G.H. Management Group Inc., a home care company based in California, for failing to pay overtime wages, marking its third violation of the Fair Labor Standards Act (FLSA). The Department of Labor’s recent investigation uncovered that T.G.H. Management Group failed to compensate 70 employees appropriately for their overtime work. Additionally,
In the ever-evolving landscape of the insurance industry, one of the most enduring and significant challenges has been the high costs and infrequency associated with financial reporting analyses. Addressing this issue, WTW, a global advisory, broking, and solutions company, has launched ResQ Machine-led Reserving, promising to revolutionize how insurers and reinsurers handle financial reporting and reserving processes. This advanced product
Pro Global, a prominent advisor in the specialist insurance sector, has taken significant strides forward with the enhancement and expansion of its Digital Services, led by Kristy Lovegrove, Group Head of Technology. This initiative is designed to meet the burgeoning demand for automation and efficiency across the global re/insurance industry. Following Pro’s acquisition of Propel Automation in 2023, the company
In a significant development within the cyber risk management landscape, CyberCube, a leader in cyber risk analytics, has formed a strategic alliance with Miller, an independent specialist (re)insurance broker. The collaboration integrates CyberCube’s Broking Manager and Prep Module tools into Miller’s operational practices, significantly enhancing their ability to quantify and mitigate cyber risks. With a rich history dating back to
The partnership between Bolt and Salesforce aims to revolutionize the way insurance quoting processes are handled by integrating Salesforce’s Financial Services Cloud (FSC) with Bolt’s expansive insurance exchange. This collaboration leverages the strengths of Salesforce’s Customer Relationship Management (CRM) capabilities and Bolt’s extensive network of insurance providers, paving the way for a faster and more accurate quoting system. The unified
In a move set to revolutionize the aviation insurance industry, Concirrus has introduced its new Aviation Aggregations module, which is designed to tackle key challenges faced by aviation underwriters in assessing risk exposure and managing portfolios. This module is part of Concirrus’s broader aviation platform and aims to enhance real-time data insights and advanced analytics. The Aviation Aggregations module offers
The Global Insurance Market Index, published today by Marsh, revealed that global commercial insurance rates experienced their first decline in seven years. In the third quarter of 2024, rates dropped by 1%, marking the first decrease since Q3 2017. This decline indicates a continuation of the moderating rate trend observed in recent quarters. The key factors driving this trend include
WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, has recently launched ResQ Machine-led Reserving, an innovative technology poised to revolutionize the insurance and reinsurance reserving practices within the Property and Casualty (P&C) sector. For decades, the industry has grappled with expensive, infrequent, and low-granularity analyses, which have often hampered the efficiency and accuracy of financial reporting. With
Best Insurance has introduced an innovative AI-led WhatsApp service that allows customers to purchase insurance policies directly through the popular messaging platform. The service initially supports Accident, Sickness, and Unemployment (ASU) insurance, aiming to meet the growing demand for more convenient and flexible insurance solutions. This development is particularly geared towards younger customers, who increasingly expect seamless user experiences with
