General insurance

MSIG USA Strengthens Executive Team to Drive Continued U.S. Market Expansion and Innovation

Retrieved on: 
Wednesday, May 1, 2024
Botkin, General insurance, Argo Group, Insurance, CNA Financial, Product innovation, Head, Fortune 500, International business, Culture, Senior, AIG, Growth, Management

NEW YORK, May 1, 2024 /PRNewswire-PRWeb/ -- Peter McKenna, CEO of MSIG USA, has announced new executive leadership appointments aimed at reinforcing the company's dedication to the U.S. market, fostering a culture of innovation that anticipates and responds to client needs, and ensuring continued service excellence along with sustained profitable growth.

Key Points: 
  • The new executive appointments include:
    Brian Botkin, joining as Chief Underwriting Officer, will oversee the company's overarching underwriting strategy.
  • Joseph Fitzpatrick, appointed Head of Distribution, will focus on developing and enhancing distribution channels across MSIG USA's direct, delegated, and multinational market segments.
  • Jayson Taylor, named Head of Product Innovation, will guide the development of innovative products, including cyber and casualty insurance.
  • The latest strategic appointments at MSIG USA are a clear indication of our dedication to sustaining our growth and success in this key market.

KKR’s Henry McVey Says Insurance CIOs Plan to Increase Allocations to Non-Traditional Assets

Retrieved on: 
Tuesday, April 30, 2024
Professional Services, Thought Leadership, Finance, Alternatives, High-yield debt, Publication, Insurance, Investment company, Private equity, Bond credit rating, Environment, Life, Property, Private credit, KKR, Dislocation, CIO, General insurance, Credit, GMAA

Specifically, McVey notes that allocations to non-traditional investments have remained high, even as interest rates have risen significantly, because CIOs have gained greater conviction in the diversification and return benefits that these assets can provide in both low and high interest rate environments.

Key Points: 
  • Specifically, McVey notes that allocations to non-traditional investments have remained high, even as interest rates have risen significantly, because CIOs have gained greater conviction in the diversification and return benefits that these assets can provide in both low and high interest rate environments.
  • The report also notes that CIOs are increasingly focused on leveraging both liquid and illiquid allocations to build more resilient “all-weather” portfolios to take advantage of dislocation and access new markets.
  • “The clear message we drew from our 2024 insurance survey participants is that there is “no going back” to more traditional approaches to asset allocation.
  • However, Private Credit remains attractive to CIOs, with most choosing the asset class as their top choice for future allocations.

Allianz Prevents 29% More Fraud and Announces Partnership With Clearspeed

Retrieved on: 
Tuesday, April 23, 2024
Data Analytics, Security, Professional Services, Technology, Insurance, General insurance, Social media, Risk, Policy, AI, Finance, Partnership, Trust, Allianz, Accident, ClearSpeed, Fraud

As part of its fraud investment, the insurer is announcing a new partnership with voice analytics tool Clearspeed, to detect more fraud and help accelerate the processing of genuine customer claims.

Key Points: 
  • As part of its fraud investment, the insurer is announcing a new partnership with voice analytics tool Clearspeed, to detect more fraud and help accelerate the processing of genuine customer claims.
  • Our increased fraud detection rate in 2023 reflects how seriously we take this issue and our partnership with Clearspeed is the next step in our ambitious plans to enhance our fraud prevention measures.
  • I look forward to a collaborative and effective partnership to further prevent insurance fraud and crime.”
    Alex Martin, CEO of Clearspeed adds: “Allianz is a world class organisation and we’re thrilled to announce our partnership with them as we expand our footprint in the UK insurance market.
  • 2 Allianz data on contrived motor insurance accidents from 2021 – 2022 including LV= General Insurance data.

AIG Announces Leadership Change

Retrieved on: 
Monday, April 22, 2024
Insurance, Professional Services, American International Group, International Marxist Group, Retirement, Lexington Insurance Company, General insurance, AIG

American International Group, Inc. (NYSE: AIG) today announced that David McElroy will retire from AIG effective May 1, 2024.

Key Points: 
  • American International Group, Inc. (NYSE: AIG) today announced that David McElroy will retire from AIG effective May 1, 2024.
  • Mr. McElroy has agreed with AIG to accelerate his retirement date for personal reasons and will remain available to the Company.
  • Mr. McElroy joined AIG in 2018 as President and CEO of Lexington Insurance Company and was CEO of General Insurance from August 2020 to December 2023 and Chairman of General Insurance since January 1, 2024.
  • “David McElroy joined AIG at a pivotal time as we began the multi-year effort of improving our underwriting performance and refining our risk appetite,” said Peter Zaffino, AIG Chairman & Chief Executive Officer.

Atlantic American Corporation Reports Fourth Quarter and Year End Results for 2023; Declares Annual Dividend

Retrieved on: 
Monday, April 1, 2024
Health, Information technology, Life, Security (finance), Insurance, Bank statement, Investment, Annual report, GAAP, General insurance

Also contributing to the decrease in net income is an increase in debt service costs due to rising interest rates.

Key Points: 
  • Also contributing to the decrease in net income is an increase in debt service costs due to rising interest rates.
  • Its principal insurance subsidiaries are American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company, Bankers Fidelity Assurance Company and Atlantic Capital Life Assurance Company.
  • Note regarding non-GAAP financial measure: Atlantic American Corporation presents its consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP).
  • The financial data attached includes a reconciliation of operating income (loss) to net income (loss), the most comparable GAAP financial measure.

Guidewire Chooses 4CRisk.ai to Revolutionize IT Regulatory Compliance

Retrieved on: 
Monday, March 25, 2024
Software, Technology, Artificial Intelligence, Data Management, Guy-wire, Analytics, Insurance, AI, Risk, General insurance, Medical device

Leading AI-powered regulatory compliance company 4CRisk.ai is excited to announce its newest customer, Guidewire, the industry-leading cloud-based Property and Casualty insurance software provider.

Key Points: 
  • Leading AI-powered regulatory compliance company 4CRisk.ai is excited to announce its newest customer, Guidewire, the industry-leading cloud-based Property and Casualty insurance software provider.
  • 4CRisk's artificial intelligence solution leverages an ensemble of private models and is designed to assist Guidewire in transforming Guidewire’s compliance programs by providing regulatory research, horizon scanning, AI-based regulatory maps, written explanations of regulations, and other deep insights.
  • Grace Beason, Director of Governance, Risk and Compliance at Guidewire, remarked, “4CRisk’s innovative approach to AI-driven compliance supported by deep industry expertise makes them an ideal match for us.
  • Their technology will help us with getting greater insights into our compliance processes generally not seen with legacy regulatory management systems.

Pacific Prime Recognized as AIG’s Strategic Partner 2023

Retrieved on: 
Wednesday, March 20, 2024
Finance, Business, Professional Services, Insurance, Human Resources, AIG, Partnership, P&C, Multimedia, GCC, General insurance, Growth, SME

Global health insurance broker, Pacific Prime Dubai has been awarded the AIG Strategic Partner Award 2023 in recognition for their outstanding performance in the growth in property and casualty policies (P&C policies) distribution with AIG in the UAE.

Key Points: 
  • Global health insurance broker, Pacific Prime Dubai has been awarded the AIG Strategic Partner Award 2023 in recognition for their outstanding performance in the growth in property and casualty policies (P&C policies) distribution with AIG in the UAE.
  • This is the first time that Pacific Prime has won an award in P&C in the Emirates.
  • View the full release here: https://www.businesswire.com/news/home/20240319518511/en/
    The AIG Strategic Partner Award 2023 is a major milestone for Pacific Prime Dubai as it expands its P&C presence in the MENA region.
  • (Photo: Business Wire)
    On behalf of AIG, Alexander Nezeritis — Head of Operations and Strategic Initiatives, GCC and North Africa at AIG presented the award to David Hayes — Regional CEO of Pacific Prime Dubai at Pacific Prime Dubai’s office alongside Sidharth Mohanty — Director of General Insurance, Pacific Prime Dubai and AIG delegates including Sunil Bambral — Head of Distribution, UAE at AIG, Vindhya Weligama — Underwriter, SME at AIG, and Rohan Srivastava — Business Development Manager, Broker Engagement at AIG on March 7, 2024.

Cloverleaf Analytics Partners with Ogon Consulting Enhancing AI Insurance Insights for Guidewire InsuranceNow Customers

Retrieved on: 
Wednesday, March 20, 2024
Program management, Friends, EVP, Mutual insurance, Intelligence, Partnership, Insurance, Knowledge, NLP, Guy-wire, Marketing, Assistance, Data management, General insurance

AUSTIN, Texas, March 20, 2024 /PRNewswire-PRWeb/ -- Cloverleaf Analytics, the leader of Insurance Intelligence solutions, continues to transform the insurance landscape by announcing its new partnership with Ogon Consulting, a provider of Insurance Technology Services helping to unlock unprecedented access to AI-powered insurance insights in Guidewire InsuranceNow.

Key Points: 
  • AUSTIN, Texas, March 20, 2024 /PRNewswire-PRWeb/ -- Cloverleaf Analytics, the leader of Insurance Intelligence solutions, continues to transform the insurance landscape by announcing its new partnership with Ogon Consulting, a provider of Insurance Technology Services helping to unlock unprecedented access to AI-powered insurance insights in Guidewire InsuranceNow.
  • Kim Holmbeck, Assistance Vice President, Director of Program Management at Co-operative Insurance -"Their (Ogon) insights will guide Co-Operative Insurance towards a modernized data platform, leveraging the advanced capabilities offered by Cloverleaf."
  • Key features of the Insurance Intelligence Platform include:
    Real-time insights that enable insurance companies to make rapid, informed decisions
    Ankur Jaiswal, Director of Client Engagement at Ogon Consulting said, "The strategic partnership between Cloverleaf Analytics and Ogon is a game-changer.
  • Available now, InsuranceNow users looking to elevate their operations can immediately benefit from the Cloverleaf Insurance Intelligence Platform by reaching out to Ogon Consulting directly, initiating a transformative journey in insurance analytics.

Ayalon insurance company upgrades its reporting-analytics to InsFocus BI for Insurance

Retrieved on: 
Tuesday, March 12, 2024
Planning, General insurance, Data analysis, Intelligence, Insurance, Software, Headquarters, Actuarial science, Investment, Multimedia, HQ, Risk management

PETACH TIKVA, Israel, March 12, 2024 /PRNewswire-PRWeb/ -- Ayalon Insurance joined the growing customer base of InsFocus Systems, the software company which provides its business intelligence solution to most insurance companies in Israel. The system went live in February 2024 after an integration project carried out by Ayalon's BI department in collaboration with InsFocus' experts.

Key Points: 
  • Ayalon insurance company, Israel, successfully completed implementation of InsFocus, an advanced business intelligence solution enabling high level insurance data analysis improving decision-making process and increasing profitability
    PETACH TIKVA, Israel, March 12, 2024 /PRNewswire-PRWeb/ -- Ayalon Insurance joined the growing customer base of InsFocus Systems, the software company which provides its business intelligence solution to most insurance companies in Israel.
  • The system went live in February 2024 after an integration project carried out by Ayalon's BI department in collaboration with InsFocus' experts.
  • Ayalon selected InsFocus after careful examination of the relevant software solutions, based on the system's focus on insurance profitability analysis and ability to enable high-end independent report generation by insurance business users.
  • The reasons for choosing InsFocus BI solution were the built-in insurance data model, with its considerable general insurance functionalities, the system's ease of use of the system and its high-level analytical capabilities."

Majesco Intelligent Sales & Underwriting Workbench Selected by Desjardins Group to Elevate Operational Effectiveness and Enhance Client Experience

Retrieved on: 
Tuesday, February 27, 2024
Apps, Applications, Technology, Mobile, Wireless, Insurance, Payments, Other Technology, Professional Services, Software, Data Management, Desjardins Group, Personal, Desjardins, Property, SVP, General insurance, Software as a service, Corporate services, Life, Partnership

Desjardins signed a long-term contract with Majesco to implement new business and renewal for their group- benefits business.

Key Points: 
  • Desjardins signed a long-term contract with Majesco to implement new business and renewal for their group- benefits business.
  • “We are thrilled the Desjardins Group has entrusted Majesco to further elevate the user experience, simplify and optimize operations and help provide intuitive capabilities for their client base,” Mike de Waal, SVP of Sales at Majesco.
  • “Our Intelligent Sales & Underwriting Workbench offers the most robust and fastest rating engine on the market for groups of any size.
  • By partnering with Majesco, Desjardins is building a model focused on its members and clients, reduce operational risk and boost organizational agility.