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Verisk and Duck Creek Technologies Announce Enhanced Integration to Simplify, Streamline Insurer Workflows

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Verisk and Duck Creek Technologies Announce Enhanced Integration to Simplify, Streamline Insurer Workflows

Verisk (Nasdaq:VRSK), a leading global provider of predictive analytics and decision-support solutions, announced its claims management solution, XactAnalysis®, now has a prebuilt integration with the Duck Creek Platform, enabling insurers to simplify and streamline claims workflows. Duck Creek Technologies (Nasdaq: DCT) is a leading provider of core system solutions for the property/casualty insurance industry.

The Duck Creek Platform now connects with XactAnalysis out of the box through Duck Creek’s Content Exchange, the company’s online marketplace for add-ons and services that enhance insurers’ digital ecosystems. XactAnalysis is a powerful full-cycle claims system provided by Xactware, a Verisk business. This accelerated integration allows insurers to seamlessly transmit claims data between the Duck Creek Platform and XactAnalysis, saving time and eliminating the need to enter the same information into multiple claims systems.

“Insurers are continually searching for ways to increase efficiency and eliminate unnecessary steps in their workflows, and this new-and-improved integration helps achieve that aim,” said Jeff Wargin, Chief Product Officer at Duck Creek Technologies. “Now mutual clients of Duck Creek and Verisk can reap the benefits of this integration immediately after deployment without having to spend weeks building a special integration to connect the two systems.”

“We welcome the opportunity to offer this enhanced integration with Duck Creek as part of our ecosystem of open, extendable solutions,” Xactware President Mike Fulton said. “By augmenting the integration between these two ecosystems, Duck Creek and Verisk are improving the claims experience for both our insurer clients and their policyholders.”

To learn more, visit Verisk.com or DuckCreek.com.

About Verisk 
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

About Duck Creek Technologies
Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally rich solutions are available on a stand-alone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.

Insurance Information Institute Launches Triple-I Connect

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Insurance Information Institute Launches Triple-I Connect

The Insurance Information Institute (Triple-I) today launched Triple-I Connect, an app which will expand dramatically the reach of the organization’s unique, data-driven insights.

“Triple-I Connect brings our latest news, blog posts, and Twitter content into the hands of every mobile device user,” said Sean Kevelighan, CEO, Triple-I.  “Those affiliated with either a Triple-I-member company or an associate member will gain access to more exclusive content.”

The Triple-I’s member companies are among the nation’s largest insurers and reinsurers. Its associate members are drawn from academia, insurance-related businesses, and the regulatory community.

The app, available free-of-charge via either the Apple App Store or Google Play, has three primary offerings: News, Triple-I Blog, and Twitter. The News section links to the Triple-I’s news releases and media appearances; the Triple-I Blog tab takes visitors to the most recent posts from Triple-I subject matter experts, and Twitter offers real-time updates from the Triple-I’s Twitter feed. These materials are publicly available, too, as is an Events Calendar which offers details on upcoming industry conferences, such as the Triple-I’s annual Joint Industry Forum (JIF). The JIF is being held on Thursday, Dec. 2, 2021, at the New York Hilton Midtown in New York City.

“The Triple-I wants people to have the information they need to make educated decisions, manage risk, and appreciate the essential value of insurance yet we also want to enhance the value of Triple-I membership and Triple-I Connect does that,” Kevelighan stated.

The app’s members-only Resource Center houses the Triple-I Daily, the Triple-I Economics Dashboard, the Insurance Fact Book, the Triple-I’s Quarterly Underwriting Projections, and the Triple-I’s weekly analysis of the media stories impacting insurers nationally as well as in Florida and California. In addition, the members-only Resource Center includes the Triple-I’s 2021 Hurricane Season and Wildfire Toolkits.

After downloading the app, prospective Triple-I Connect users must submit their name, email address, and password to begin the registration process. The Triple-I will then send them an email, thanking the prospective user for downloading the app. Pending approval, a second email will confirm the user can now sign into Triple-I Connect by using their email address and password.

EMC Announces Plans for Park in Downtown Des Moines

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EMC Announces Plans for Park in Downtown Des Moines

EMC Insurance Companies (EMC) announced plans for a new park at 701 Walnut Street in downtown Des Moines, the site of the former Younkers department store.

“EMC is committed to downtown and is excited to offer this park as a new amenity to the city,” said Scott Jean, EMC President and CEO. “We think the park will be a great place for Des Moines residents, our EMC team members, and downtown dwellers, workers and visitors to take a break, meet friends, exercise and enjoy the outdoors.”

The proposed plan for the “pocket” park, or small urban open space, features sports courts, seating, raised flower beds and public art. EMC will be working with the city over the coming months to refine the plans.

“This is a significant announcement by EMC, and I commend them for their decision to create a park in the heart of downtown,” said Mayor Frank Cownie. “For years, we sought opportunities to develop such a park for our downtown residents and visitors, and this collaborative effort by EMC and the City will fill that much needed void in our community.”

The project also involves the repair and replacement of sections of the skywalk near the site, and the addition of a new stair access from the skywalk down to the park.

The park plans must first receive approval from the City of Des Moines and various departments and committees before work can begin. EMC hopes the park will open in late summer 2022, pending all needed approvals.

Site background

EMC acquired the property in May 2018, four years after it was destroyed by fire. The site is adjacent to the company’s campus of four other buildings (700 Walnut Street, 717 Mulberry Street, 219 8th Street and the Hub Tower). EMC has more than 1,200 team members in Iowa.

EMC determined it has no near-term needs for additional office space, so it decided to improve the site and provide a green space to the community for the foreseeable future. Through an agreement with the city, EMC will allow the land to be used as a park for at least 10 years.

Next steps

Work has already begun on the section of skywalk on the north side of EMC’s building at 700 Walnut Street, across from the park site. Cranes will be brought in this weekend to remove the damaged section of skywalk, and the opening will be replaced with windows.

Also yet this year, work will be done to prep the 701 Walnut site and fill in the old building foundation. This should allow Walnut Street to reopen to through traffic in fall 2021.

In spring 2022, work will tentatively begin on the park, new skywalk sections and new stairwell. The park is scheduled to be complete in late summer 2022, again pending approvals.

Liberty Mutual Insurance Bolsters Independent Agent Network with Agreement To Acquire State Auto Group

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Liberty Mutual Insurance Bolsters Independent Agent Network with Agreement To Acquire State Auto Group

Liberty Mutual Holding Company Inc. (“Liberty Mutual”), State Automobile Mutual Insurance Company (“State Auto Mutual”), and State Auto Financial Corporation (NASDAQ: STFC) (“State Auto Financial”) announced today that they have signed a definitive agreement pursuant to which Liberty Mutual would acquire State Auto Group, a super-regional insurance holding company headquartered in Columbus, Ohio.  Under the terms of the agreement, State Auto mutual members will become mutual members of Liberty Mutual and Liberty Mutual will acquire all of the publicly held shares of common stock of State Auto Financial for $52 per share in cash.

The acquisition will significantly expand Liberty Mutual’s position as an industry leader for personal lines and small commercial insurance. Liberty Mutual today distributes its Safeco Insurance personal auto, homeowners and specialty products, and Liberty Mutual small business insurance through more than 10,000 independent agencies countrywide. Through the deal, Liberty Mutual will add $2.3 billion in premium and State Auto’s network of approximately 3,400 independent agencies across 33 states and is expected to become the second largest carrier in this key distribution channel.

“State Auto Group’s capabilities and product expertise are an ideal complement to Liberty Mutual’s domestic personal lines and small commercial business, and we welcome 2,000 talented associates to our family,” said Liberty Mutual Chairman and Chief Executive Officer David Long. “Equally appealing are its values. For almost a century, State Auto has celebrated a culture of caring for people, exceptional service and deep philanthropy, mirroring our purpose to help people embrace today and confidently pursue tomorrow.”

The sixth-largest auto and home insurer in the US, Liberty Mutual also offers multiple distribution channels to consumers for its Liberty Mutual-branded products: through exclusive agents in local sales offices countrywide, licensed telesales counselors and online.

“The opportunity to join the Liberty Mutual organization is a direct result of the incredible work of the State Auto Group team, beginning with the transformation of our business and culture that began in 2015,” said State Auto President and CEO Mike LaRocco. “We’ve become a digital provider of auto, home and business insurance while remaining fully committed to the independent agency system, as we’ve been since our founding 100 years ago. Our partnership with Liberty Mutual will further that commitment to independent agents and contribute to the collective success of our agents, policyholders, shareholders and associates.”

The transaction was approved by the State Auto Financial board of directors (upon the recommendation of a special committee of independent State Auto Financial directors), as well as the State Auto Mutual board of directors (upon the recommendation of a special committee of independent State Auto Mutual directors). The deal is expected to close in 2022, pending State Auto Mutual member approval, State Auto Financial shareholder approval, receipt of required regulatory approvals and other customary closing conditions. In connection with the merger of State Auto Financial, State Auto Mutual has entered into a voting agreement with Liberty Mutual under which it has agreed to vote its 58.8% interest in State Auto Financial in favor of the merger.

Waller Helms Advisors LLC and Goldman Sachs & Co. LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Liberty Mutual in the transaction.

Houlihan Lokey Capital, Inc. acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Financial in the transaction.

Keefe, Bruyette & Woods, a Stifel Company, and BofA Securities, Inc. acted as financial advisors and Squire Patton Boggs (US) LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Mutual in the transaction.

Applied Underwriters Sets Acquisition of Generali’s Specialty Lines Division

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Applied Underwriters Sets Acquisition of Generali’s Specialty Lines Division

Steve Menzies, Chairman, Applied Underwriters, announced that the Company has acquired the US Specialty Lines Division of Generali Group, which includes Generali Warranty Services, LLC, a fully licensed obligor. This is the latest in an ongoing series of Applied acquisitions. Applied Underwriters will aggregate the Specialty Lines business into its newly formed Applied Warranty & Insurance Services division. The acquisition will enable the development and expansion of its offerings nationwide.

According to Menzies, Generali policies and contracts will be honored during what will be an orderly transition: “We will immediately assume all risks on a reinsurance basis through North American Casualty’s Continental Indemnity Company and move rapidly into new focal areas through the new Applied Warranty & Insurance Services division.” Menzies added, “We applaud Jose Luis Menendez for his leadership in making Generali’s Specialty Lines Division a formidable entity. We welcome the staff that will join him to ensure continuity.”

Menendez, who previously served as Executive Vice President and Chief Insurance Officer as part of his 17-year career at Generali’s US insurance operations, will serve as President of Applied Warranty & Insurance Services and will lead its US expansion with new programs realized through Applied’s substantial network of agents and brokers.

Menendez noted, “We have varied, flexible and market-wise products that prove eminently useful in the real worlds of warranty, travel insurance, personal electronics and such specialties as event ticket cancellation and similar lines. Applied will bolster our ability to grow and deliver enhanced and newly designed products.”

The offices of Applied Warranty & Insurance Services will remain in Miami, Florida. The transaction is subject to the approval of the Florida Office of Insurance Regulation.

EMC Receives Automation Excellence Recognition

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EMC Receives Automation Excellence Recognition

EMC Insurance Companies was named a 2021 Automation Excellence Award winner by the Network of Vertafore Users (NetVU). The recognition was presented at NetVu’s Annual Meeting, broadcast virtually this year.

The Automation Excellence Award recognizes insurance carriers that have gone above and beyond to be successful and to help their customers be successful with automation. The award is designed to acknowledge achievements in automation technology and celebrate innovative ideas that enhance collaboration, efficiency and profitability.

“We have been taking steps to create a more customer-centric culture by listening to our agents. We have implemented multiple enhancements to our download capabilities and are always looking for ways to improve the digital experience for our partners, and this award is a testament to that,” said Stacey Schnathorst, EMC Customer Experience Specialist.

Other awards presented at the annual meeting were within the categories of exceptional service, leadership and volunteerism. NetVU is an independent, national member organization committed to providing industry advocacy, world-class education, and networking to more than 20,000 insurance agencies, over 1,000 carriers, and 23 state governments.

Harford Mutual Insurance Group Wins NAMIC Overall Award in Innovation

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Harford Mutual Insurance Group Wins NAMIC Overall Award in Innovation

Harford Mutual Insurance Group has been named the winner of the National Association of Mutual Insurance Companies (NAMIC) 2021 Overall Award in Innovation.

NAMIC created the Award in Innovation in 2014 to recognize mutual insurers that exemplify the vision and entrepreneurialism it takes to stay relevant in changing times. Harford Mutual received the overall award for its innovative Pipeline and Perpetuation initiative. The goal of the initiative is two-fold: attracting new talent to the insurance industry and developing current employee leadership skills to promote company growth and ensure leadership perpetuation.

“We are extremely honored and thrilled to be presented with NAMIC’s 2021 Award in Innovation,” said Steven D. Linkous, president and CEO of Harford Mutual Insurance Group.

With the retirement of thousands of insurance industry professionals looming and a widening talent gap forming, Harford Mutual launched the Pipeline and Perpetuation initiative in 2013. As part of the cross-departmental plan, the company started an internship program, enhanced employee benefits, created a training program for new team members, formed a company leadership group, and developed a career pathing project. As a result, nine members from its leadership group have been promoted and 29 interns have been employed to date, 13 of which have converted to full-time employees.

“Our Pipeline and Perpetuation initiative is critical to our short- and long-term success and strategies. More importantly, it affirms our commitment to our team by ensuring opportunity for all as an important element of a vibrant, engaged, and empowered organization,” Linkous said.

Award in Innovation criteria included impact in perpetuating mutuality, creativity of idea, project results, potential for the idea to be adapted and used by other NAMIC members, and alignment with the NAMIC Management Conference focus areas: strategy, innovation, leadership, industry trends, and the economy.

“Now, more than ever, finding creative ways to attract young professionals while also developing future leaders is vital to ensuring the successful longevity of our industry,” said Chuck Chamness, president and CEO of NAMIC. “The innovative strategy meticulously executed by Harford Mutual to build its employee and leadership base serves as an excellent example of what keeps the mutual insurance industry moving forward.”

To watch the award video, click here.

Swiss Re Corporate Solutions Surety Launches DocuSign eSignature for General Indemnity Agreements

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Swiss Re Corporate Solutions Surety Launches DocuSign eSignature for General Indemnity Agreements

Swiss Re Corporate Solutions Surety announced today the launch of DocuSign eSignature for its General Indemnity Agreement. This embedded, digital offering allows customers to transact business more securely and efficiently than relying on a paper indemnity agreement.

“As a leader in the Surety business, we are committed to providing cutting edge solutions for our customers,” said Steve Anderson, Head of Surety North America for Swiss Re Corporate Solutions. “The transition to electronic signatures will allow our customers to execute agreements more efficiently. We will continue to look at other digital enhancements moving forward.”

The DocuSign eSignature solution for General Indemnity Agreements is now available to both Contract and Commercial clients across all 50 states.

Swiss Re Corporate Solutions Surety serves the business and construction sectors by providing a wide range of bonds in both the Commercial and Contract sectors with dedicated experts throughout the United States.

For more information about Swiss Re Corporate Solutions’ Surety coverage, please visit Corporatesolutions.swissre.com.

2021’s Hurricane Season to Remain a Busy One, Forecast Says

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2021’s Hurricane Season to Remain a Busy One, Forecast Says

NEW YORK, — An updated 2021 Atlantic hurricane season forecast from Colorado State University (CSU) released today projects even more tropical cyclone activity than previously anticipated.

Phil Klotzbach, Ph.D., an Insurance Information Institute (Triple-I) non-resident scholar and a research scientist in the Department of Atmospheric Science at CSU, and his colleagues are forecasting 20 named storms (including those that have already formed) and nine hurricanes while maintaining the CSU team’s previous prediction of four major hurricanes. Major hurricanes are defined as those with wind speeds reaching Category 3, 4 or 5 on the Saffir-Simpson Hurricane Wind Scale. A month ago, CSU’s forecast envisioned 18 named storms and eight hurricanes.

Five named storms (Ana, Bill, Claudette, Danny, and Elsa), one of which became a hurricane (Elsa), have formed so far in 2021. Fourteen named storms, seven hurricanes, and three major hurricanes develop in a typical year, according to the National Oceanic and Atmospheric Administration (NOAA).

“Parts of the Caribbean and tropical Atlantic are now warmer than normal, and there are indications we’ll see more warming in these areas in the next few weeks,” Dr. Klotzbach stated. “Warmer water provides more fuel for hurricanes. In addition, the odds of El Niño conditions, which help weaken and tear apart Atlantic hurricanes, are extremely low this season.”

“Given what we’ve seen this year, those residing in hurricane-prone states should take steps now to reduce their risks from wind and water-caused property damage,” said Sean Kevelighan, CEO, Triple-I. “If they haven’t done so already, homeowners, renters, and business owners should review their policies with an insurance professional to make sure they have the right types and amounts of coverage. That also means exploring flood insurance since flood-caused damage is not covered under standard homeowners, renters, or business insurance policies.”

Flood policies can be purchased through FEMA’s National Flood Insurance Program (NFIP) and numerous private insurers. Private-passenger vehicles damaged or destroyed by either wind or flooding are covered under the optional comprehensive portion of an auto insurance policy.

Through its Resilience Accelerator and other educational materials, the Triple-I offers numerous hurricane season preparedness tips.

ATA Comp Fund Forms Alliance Interstate Risk

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ATA Comp Fund Forms Alliance Interstate Risk

The ATA Comp Fund is pleased to announce the formation of Alliance Interstate Risk, which will now encompass all policies written for exposures outside the state of Alabama. This will allow us to offer our industry-leading program on a nationwide basis. The Alliance Interstate Risk program is fully-insured and coverage is provided by Safety First Insurance Company, a subsidiary of Safety National, an A++ (Superior) AM Best-rated company.

What does this mean for our Agency Partners & Members?

Nothing will change regarding current, in-force policies, only the company from which you will receive correspondence and commissions. Alliance Interstate Risk Service was formed in conjunction with Alliance Interstate Risk and will be the servicing company for this nationwide program.

There are several added benefits with this expansion:

  • The Alliance Interstate Risk program is now available in 46 non-monopolistic states without an Alabama nexus requirement.
  • All policies written through Alliance Interstate Risk will be eligible to participate in the dividend program and the same loss-sensitive deductible options are available.
  • For every Alliance Interstate Risk policy, a donation will be made to the Alabama Trucking Association Foundation to help promote the trucking industry throughout Alabama.
  • Alliance Interstate Risk Service will strive to partner with other state trucking associations to assist with their mission, encourage safety initiatives and expand support for our industry.

We encourage you to reach out to our team if you have any questions. You can contact our Business Development and Underwriting teams or contact our office at (334) 834-7911.

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