Insurance industry news from Capacity, Beazley, Deep Customer Connections and more. Photo: Shutterstock
Capacity acquired Denim Social and LumenVox. Capacity's support automation platform empowers teams to do their best work and deliver valuable customer experiences across channels. With the addition of Denim Social and LumenVox's products, the platform is charting a course to provide solutions that define the future of work and omnichannel customer engagement for its 1,900+ customers across numerous industries.
The National Council on Compensation Insurance celebrated 100 years of service to the workers' compensation system with an event honoring its employees and a century of service to the WC industry. NCCI provides loss cost recommendations and rating information and is the nation's most comprehensive source for workers' compensation data, insights and solutions.
NCCI's Centennial Celebration included public officials from Boca Raton and Palm Beach County, where the organization has been headquartered since 1985. Joining the celebration were (left to right) Boca Raton City Council Member Mark Wigder, Boca Raton Deputy Mayor Monica Mayotte, Bill Donnell, NCCI president & CEO, and Boca Raton City Council Member Fran Nachlas. Credit: NCCI Beazley partnered with Sola Technologies and Spinnaker Insurance Company to provide the first admitted parametric tornado disaster benefit insurance for homeowners. The innovative Tornado Crisis product leverages National Weather Service data to automatically initiate a fast and straightforward claims process.
Apollo and Artificial Labs, the algorithmic underwriting insurtech, launched a new smart follow collaboration to unlock fast, consistent and reliable capacity for London market brokers. The launch followed a successful proof of concept in early 2023, which applied Artificial's technology to one of the most established, technical classes within Lloyd's; marine hull. The collaboration will develop several other lines of business that will enable brokers to benefit from more choice and opportunity in the smart follow market.
Louisiana Department of Insurance partnered with the Alliant Insurance Foundation, the Spencer Educational Foundation and Southern University to create a new risk management and insurance degree program at Southern University. Working in conjunction with the LDI Office of Consumer Advocacy and Diversity and the Spencer Educational Foundation, the Alliant Insurance Foundation is granting the Southern University System an initial investment of $1.4 million over a three-year period for the creation of an accredited School of Insurance degree program.
As residents impacted by Idalia continue to assess the damage in Florida, Georgia and South Carolina, the American Property Casualty Insurance Association urged homeowners to contact their home, auto and/or flood insurer as soon as possible to file their claim. Insurers can be contacted through their toll-free claims number, app, website or by text.
ReSource Pro joined the 2023 Inc. 5000, an annual list of the top 1% of America's fastest-growing private companies. The list takes a data-driven look at the most successful independent, entrepreneurial and high-growth businesses, which historically has included well-known household brands such as Facebook, Microsoft, Patagonia and many others.
HomeZada combined AI with customized severe weather alerts to reduce insurance claims and costs. Starting September 1, the first day of National Preparedness Month, the digital home management platform will use AI to send its subscribing homeowners severe weather-related preparedness recommendations tailored to their address and the home, yard and property specifics that may be the most susceptible to damage.
CCIG of Englewood joined Assurex Global effective August 18, 2023. This firm is now included in the 101 independent brokerages that make up the worldwide partnership. Adding CCIG is a strategic move to further enhance the Assurex Global Partnership's offerings and continued growth. Assurex Global maintains rigorous selection standards for its partner firms, ensuring that clients always work with the best in the industry.
Liberty Mutual Reinsurance and Safehub launched the world's first sensor-based, parametric reinsurance treaty for earthquake risk. This treaty marks a new era of disaster risk management for insurance companies, risk managers and policyholders; one that harnesses real-time building-specific sensor data. Insurers will use the smartphone-sized sensors provided by Safehub, placed in individual properties to accurately measure the shaking at the site, thus minimizing basis risk and providing faster payouts.
Deep Customer Connections awarded the 2024 DCC Elite certification to four property and casualty insurance carriers: EMC Insurance Companies, Mutual of Enumclaw Insurance, Safety Insurance, and WCF Insurance. The honor represents exceptional performance in, and commitment to, ease of business as experienced by independent agents.
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