<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>December 2024 | Insurance Advocate</title> <atom:link href="https://www.insurance-advocate.com/category/2024/december-2024/feed/" rel="self" type="application/rss+xml" /> <link>https://www.insurance-advocate.com</link> <description>Since 1889</description> <lastBuildDate>Thu, 23 Jan 2025 11:35:58 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <item> <title>IFNY Annual Free Enterprise Luncheon Honors Dave North, Andrew Mais</title> <link>https://www.insurance-advocate.com/2024/12/15/ifny-annual-free-enterprise-luncheon-honors-dave-north-andrew-mais-2/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 10:21:22 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[Covers]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15173</guid> <description><![CDATA[<p><img width="2550" height="3300" src="https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december.png" class="attachment-full size-full wp-post-image" alt="Front cover december issue" decoding="async" fetchpriority="high" srcset="https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december.png 2550w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-232x300.png 232w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-791x1024.png 791w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-768x994.png 768w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-1187x1536.png 1187w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-1583x2048.png 1583w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-1320x1708.png 1320w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-600x776.png 600w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-791x1024-500x647.png 500w" sizes="(max-width: 2550px) 100vw, 2550px" /></p>]]></description> <content:encoded><![CDATA[<p><img width="2550" height="3300" src="https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december.png" class="attachment-full size-full wp-post-image" alt="Front cover december issue" decoding="async" srcset="https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december.png 2550w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-232x300.png 232w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-791x1024.png 791w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-768x994.png 768w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-1187x1536.png 1187w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-1583x2048.png 1583w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-1320x1708.png 1320w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-600x776.png 600w, https://www.insurance-advocate.com/wp-content/uploads/2024/12/Cover_december-791x1024-500x647.png 500w" sizes="(max-width: 2550px) 100vw, 2550px" /></p>]]></content:encoded> </item> <item> <title>IFNY Annual Free Enterprise Luncheon Honors Dave North, Andrew Mais</title> <link>https://www.insurance-advocate.com/2024/12/15/ifny-annual-free-enterprise-luncheon-honors-dave-north-andrew-mais/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 08:00:47 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[Cover Story]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15170</guid> <description><![CDATA[<p>Intern program highlighted as 220 applaud current and future leaders The Insurance Federation of New York held its 109th Annual Award Luncheon on November 14, 2024. IFNY honored two individuals. The Free Enterprise Award, which is at the heart of the Luncheon and numbers among recipients Henry Ford, Hank Greenberg, and Donald Trump, was presented […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/ifny-annual-free-enterprise-luncheon-honors-dave-north-andrew-mais/">IFNY Annual Free Enterprise Luncheon Honors Dave North, Andrew Mais</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h4 class="p1"><span class="s1"><b>Intern program highlighted as 220 applaud current and future leaders</b></span></h4> <p class="p1">The Insurance Federation of New York held its 109th Annual Award Luncheon on November 14, 2024. IFNY honored two individuals. The Free Enterprise Award, which is at the heart of the Luncheon and numbers among recipients Henry Ford, Hank Greenberg, and Donald Trump, was presented to Dave North, Executive Chairman Emeritus, Sedgwick for his lifetime achievement and industry leadership. In addition, the recipient of the Mary Lanning Public Service Award was Andrew N. Mais, Commissioner, Connecticut Department of Insurance and President of the National Association of Insurance Commissioners.</p> <p class="p1">IFNY’s Annual Luncheon is one of our industry’s top events. According to IFNY President, Hon Howard Mills, “Since 1913, the Insurance Federation of New York has been a force for communicating ideas among all sectors of the insurance industry, bringing public and private interests together for the benefit of all. The Insurance Federation of New York’s prestigious Free Enterprise Award—presented to some of history’s legendary entrepreneurs—continues to salute risk takers and leaders whose creativity and initiative has enabled the expansion of business throughout New York, across the country and around the world. In the insurance industry, it is the commitment and vision of these leaders that has created and refined the risk transfer mechanism to spur economic growth and contribute to personal financial security for countless millions. Also, our industry exists to protect the health and welfare of our insureds and those who depend upon them. The Insurance Federation of New York’s Public Service award is gratefully given in recognition of outstanding achievement in the public interest. Our annual calendar of events brings together the “best and brightest” to ensure that industry intelligence is shared and that support for best practices in insurance business, law and regulation earns the understanding of leaders across the spectrum,” he stated.</p> <p class="p2"><i>Dave North received the Free Enterprise Award. Mr. North is an industry icon, having served Sedgwick as chief executive officer—a position he has held since 1995—and then Executive Chairman since 2020, until retiring from the company in June 2024. Dave now serves on the company’s Board of Directors. During the period of his leadership, Sedgwick experienced meteoric growth and expansion. </i></p> <p class="p1">When he joined Sedgwick, the company had fewer than 500 staff with $50 million in annual revenue. Under Dave’s leadership, Sedgwick grew from a boutique, regional third-party claims administrator to the premier global provider of innovative solutions in the areas of workers’ compensation, disability and absence management, property loss adjusting, and other specialty services. Today, Sedgwick has more than 33,000 colleagues across 80 countries, earns more than $5 billion in revenue each year, and is the largest third-party administrator in the world.</p> <p class="p1">In his more than two decades leading Sedgwick, Dave introduced a customer-focused approach to managing claims and fostered a creative environment where innovative solutions for clients are created. At the helm of Sedgwick, Dave steered a dynamic new shift, making it one of the first companies in the insurance industry to leverage a successful growth strategy through a private equity model of expansion and acquisition. In 2024, Dave received the Business Insurance Magazine’s Insurance Hall of Fame/Lifetime Achievement award. In September 2019, Dave was recognized and honored at the 40th Anniversary Gala of the Spencer Foundation for his commitment and support of risk management and insurance education for students. In March of 2018, Dave received the CLM Lifetime Achievement Award for his profound impact on the claims profession. Dave is well known for his generosity and commitment to bettering the community, as a leading ally of Folds of Honor, the Spencer Foundation, and the University of Memphis Foundation Board and its President’s Innovation Board, along with building community assets for the common good. Dave previously developed and taught the American Management Association course on Advanced Risk Management Strategies: Managing the Total Cost of Risk. He co-authored the book The Art of Self-Insurance. Dave has served on the board of the Workers’ Compensation Research Institute and is past chairman of the board of the Integrated Benefits Institute. He served as director for The Institutes and a member of the Business Insurance Women to Watch Advisory Board. In 2016, Dave was appointed by Tennessee Gov. Bill Haslam to serve on The University of Memphis’ newly chartered Board of Trustees as chairman. Dave was born in Detroit, Michigan, the eldest of five brothers. He served as a volunteer firefighter in the local community and later became a professional firefighter. Dave served our country in the U.S. Air Force before starting his career in insurance. These experiences along with his background in safety led him to the claims industry as a way to serve others during a time of loss and recovery. Dave was graduated from the College of the Air Force, the Wharton School Executive Education Program, and University of Michigan Executive Leadership Program.</p> <p class="p3">Hon Andrew Mais received the Mary Lanning Public Service Award. Andrew N. Mais is Connecticut’s 33rd Insurance Commissioner and is President of the National Association of Insurance Commissioners (NAIC) for 2024, and he has served on the NAIC’s Executive Committee since 2021. Mais currently serves on the NAIC’s International Relations, Property & Casualty, and Financial Regulation Standards Committees. In addition to his NAIC leadership roles, Mais is a member of the International Association of Insurance Supervisors (IAIS) Executive Committee (ExCo) and was elected as ExCo Vice Chair in May 2024.</p> <p class="p1">He also continues to serve on IAIS Insurance Capital Standards Task Force and was a member of the IAIS Macroprudential Committee from April 2020 to April 2024. The IAIS is the international standard-setting body responsible for developing and assisting in the supervision of the insurance sector. Mais has led discussions in several forums on race, diversity, and inclusion at the state level and within the insurance industry and in insurance practices. He has also joined the efforts led by Governor Ned Lamont and Lt. Gov. Susan Bysiewicz to address social inequities in Connecticut, including the Council on Women and Girls and other cultural competency initiatives. Mais is also Co-Chair of the NAIC’s Special Executive Committee on Race and Insurance, which is the NAIC’s coordinating body charged with conducting research and analyzing issues relating to race, diversity, and inclusion within the insurance sector. Prior to joining the State of Connecticut, Mais held both private and public sector leadership roles. Mais was a member of Deloitte’s Center for Financial Services, providing industry-leading thought leadership and insight on US and international regulatory affairs, and prior to that, he served as a Director at the New York State Insurance Department. As part of the Department’s senior leadership team, he served four governors and led the Department through several significant events, including the 2008 financial crisis and major state and federal changes in health insurance regulations and laws.</p> <p class="p3">Since 2012, the Insurance Federation of New York, Inc. has sponsored the IFNY Interns Program through generous financial contributions from the IFNY Board, IFNY members and friends, with additional support through the hosting of our interns. The IFNY internship is an opportunity to introduce motivated scholars to the New York area’s insurance, legal, and financial services sectors. IFNY — in partnership with Boys Hope Girls Hope of New York — sponsors a group of high school scholars to take part in the IFNY Internship.</p> <p class="p1">Boys Hope Girls Hope of New York (BHGHNY) is an academic achievement and scholarship non-profit program based in Brooklyn, NY. The scholars from Boys Hope Girls Hope are known as the IFNY Interns. IFNY Interns is a summer program that introduces deserving, high-performing scholars to the New York area’s insurance and financial services sector. The Interns spend a day with each sponsoring member company or firm, who learn about the industry business operations from the ground up. The interns discover opportunities that the global insurance and financial services sector provides. Exposure to the industry through participation in IFNY Interns offers a strong and timely incentive to these young scholars as they pursue their academic & career goals. IFNY Interns is administered in cooperation with Boys Hope Girls Hope (www.bhghny.org). Boys Hope Girls Hope of New York helps motivated high school students rise above disadvantaged backgrounds. The goal is to graduate young people who are physically, emotionally, and academically prepared for post-secondary education and productive life, breaking barriers so they can become community-minded leaders.</p> <p class="p1">The IFNY Annual Event drew 220 to the Union League Club’s Main Ballroom in NYC.</p>The post <a href="https://www.insurance-advocate.com/2024/12/15/ifny-annual-free-enterprise-luncheon-honors-dave-north-andrew-mais/">IFNY Annual Free Enterprise Luncheon Honors Dave North, Andrew Mais</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Recovery Room- and lots of it</title> <link>https://www.insurance-advocate.com/2024/12/15/recovery-room-and-lots-of-it/</link> <dc:creator><![CDATA[Steve Acunto]]></dc:creator> <pubDate>Sun, 15 Dec 2024 07:30:41 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[Foreword]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15167</guid> <description><![CDATA[<p>It is hard to forget that masterpiece of television advertising that branded a financial services company so effectively: “When EF Hutton talks…” was the slogan that launched thousands of investors on a path – pre-internet – to E F Hutton for financial and investing advice. For me, as for many of our readers, there are […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/recovery-room-and-lots-of-it/">Recovery Room- and lots of it</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">It is hard to forget that masterpiece of television advertising that branded a financial services company so effectively: “When EF Hutton talks…” was the slogan that launched thousands of investors on a path – pre-internet – to E F Hutton for financial and investing advice.</p> <p class="p3">For me, as for many of our readers, there are resources to whom you listen with the greatest of interest given their experience and knowledge. I know a little bit about subrogation- enough to avoid its complexities, yet to sustain an interest in it. So when my long time friend, Keith Minella, talks about subrogation I listen – and you should too. He is far and away the most creative thinker in that sphere, as sphere that suffers from redundancy. The precision and efficiency needed in subrogation causes it to be a cautious endeavor, maybe even a slower process than comparable undertakings. According to Keith, that’s about to change. His new venture. Legal Claims.AI<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> has transformative potential, leveraging cutting-edge artificial intelligence to bridge critical gaps between insurance companies, healthcare providers, and the legal system. Born from the expertise of veterans in the insurance and healthcare verticals, his revolutionary platform addresses challenges that have long plagued each of the sectors, Keith has set as his goal delivering a “system of truth.” While Legal Claims.AI<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> was built to untangle the complexities of legal rights, insurance recoveries, and uncompensated care, its AI-driven platform provides clients with instant access to their legal rights—rights that are often obscured by convoluted processes and data silos. Healthcare providers and insurers are empowered to recover funds they might otherwise miss. Seems that the stakes have never been higher. The U.S. healthcare system alone writes off billions annually in uncompensated care, while insurers grapple with unpaid claims and missed subrogation opportunities. Enter the Trump cabinet’s waste elimination goals …. and the “click” sound from Keith’s venture reverbs like the loud and resolute “click” from the famous doors of a Mercedes G 500.</p> <p class="p3">Incorporating AI solutions like Legal Claims.AI<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> should be at the top of every organization’s strategic plan. For the 4,000 acute care hospitals in the U.S. and the thousands of health, property, and casualty insurers, this is Elon Musk level logic – well worth an undistracted listen.</p> <p> </p> <h2 class="p1"><span class="s1">Nick Pearson Receives IFNY Accord</span></h2> <p class="p1">Some years back, Cecilia Norat introduced me to Nick Pearson as a prospective board member of the Insurance Federation of New York. He was a serious and direct a person as I had ever met. A top lawyer and influencer, Cecilia was very enthusiastic about him has she built her presidency that year.</p> <p class="p3">Almost immediately, Nick began to host IFNY events at his offices, to the point where it became a kind of headquarters. Morning, meetings with featured speakers, cocktail receptions for legislators, and board meetings with the subject of his generosity and, before long his presidency and leadership of the group. During his tenure, the federation grew handsomely and added to its credits the Mary Lanning, public service award, the emerging leaders, initiative, and importantly, IFNY’s intern program started by Mary Lanning and brought forward through throughBHGH – Boys’ Hope, Girls’ Hope- up to the present day.</p> <p class="p3">Nick Pearson has never lost his seriousness and dedication for these many years, so it was particularly pleasant for those of us at the annual luncheon to w watch him react to a surprise presentation toward the luncheons end naming him Chairman Emeritus.It was an accord most deserving for a man who made a great difference, not simply in the association he led, but in the future future careers of students in the inner city, seeking away forward and finding it, potentially, in the business of insurance. Bravo, Nick…. And thanks.</p> <p class="p3">The elections are far behind us, it feels, but the impact has yet to be felt.May I share an excellent summarial look at the possible upshot of the Trump win.The article is from Business Insurance and was ably penned by Claire Wilkinson, Shane Dilworth and Gavin Souter for the magazine’s Nov 12, 2024 issue.</p> <p class="p3">“The property/casualty and risk management sector will likely see changes following last week’s elections as new economic, fiscal and legislative policies are introduced at the federal and state levels. While tort reform advocates will continue to target state legislatures, experts say the election of Donald Trump as president and Republican control of at least the U.S. Senate and possibly the U.S. House of Representatives might open the possibility of changes at the federal level.</p> <p class="p3">Mr. Trump’s fiscal policy will alleviate concerns about tax increases and likely lead to a stable environment for mergers and acquisitions, they say.</p> <p class="p3">However, the prospective economic policy of the incoming Trump administration, particularly the introduction of additional tariffs, could increase insurers’ repair and rebuilding costs.</p> <h4 class="p5"><b>Tort reform </b></h4> <p class="p3">The American Property Casualty Insurance Association will continue to push for federal legislation requiring the disclosure of third-party litigation funding following the election, David A. Sampson, president and CEO of the Des Plaines, Illinois-based organization, said in a statement.</p> <p class="p3">For several years, insurers and corporations have raised concerns about third-party litigation funding, arguing that it drives up litigation costs and that the commercial interests behind the funding are often not required to disclose their involvement in lawsuits.</p> <p class="p3">APCIA supports the proposed Litigation Transparency Act of 2024, which would require disclosure of third-party litigation funding in federal civil litigation; and the proposed The Protecting Our Courts from Foreign Manipulation Act, which would require disclosure of funding by foreigners and would prohibit funding by foreign states and sovereign wealth funds, Mr. Sampson said.</p> <p class="p3">“Next year, APCIA will continue to build on the momentum from this Congress, educate new lawmakers on this priority issue, and work with the leaders in both parties to introduce and ultimately pass legislation,” he said.</p> <p class="p3">APCIA will also continue its tort reform efforts at the state level, said Adam Shores, senior vice president, state government relations, in an interview. For example, the organization will look to build on reforms achieved in Georgia, Louisiana, and Texas in recent years “to further address legal system abuse,” he said.</p> <p class="p3">Federal tort reform may not be a priority in Mr. Trump’s populist agenda, said Robert P. Hartwig, a professor of finance and director of the Center for Risk and Uncertainty Management at the Darla Moore School of Business at the University of South Carolina.</p> <p class="p3">“The challenge for insurers in terms of tort reforms remains, with most reforms needing to occur at the state level,” he said. Mr. Trump’s judicial appointments could eventually affect liability insurers, including the directors and officers liability sector, experts said.</p> <p class="p3">“The most likely way the new administration could impact the D&O environment is through the president’s judicial appointment powers,” said Kevin M. LaCroix, Beachwood, Ohio-based executive vice president of RT ProExec, a division of Ryan Specialty LLC.</p> <p class="p3">Mr. LaCroix said the Biden administration’s judges were perceived as more liberal and more sympathetic to plaintiffs, whereas judges appointed by Trump will likely be perceived as more conservative and business-friendly.</p> <p class="p3">“If, over time, there is evidence that the shift in the judiciary is favorable to defendant companies, it could affect pricing. Even then, supply and demand will be more important factors, as has always been the case,” he said.</p> <h4 class="p6"><b>Tariffs and taxes </b></h4> <p class="p7">Increased tariffs on imports, which featured prominently among Mr. Trump’s campaign promises, could drive up costs for insurers paying for auto parts and construction materials, Mr. Hartwig said.</p> <p class="p7">“From an auto and property insurance standpoint, the impact is unambiguously negative, at least from a claim severity perspective,” he said. Higher prices for replacement parts and building materials could eventually lead to higher premiums for policyholders, Mr. Hartwig said.</p> <p class="p7">The environment for mergers and acquisitions within the insurance sector, though, will likely be stable, experts say. On the one hand, buyers will be more confident and hungrier to do deals because they won’t face a possible corporate income tax increase, leading to pro-growth policies, said Kevin Stipe, CEO of Reagan Consulting in Atlanta.</p> <p class="p7">On the other hand, potential sellers among insurance agents and brokers are unlikely to see a capital gains increase, which would have had some of them “rushing to the exits,” he said. There will likely be fewer challenges associated with M&As under Mr. Trump, said Mr. Hartwig.</p> <p class="p7">One major deal announced in 2020 – Aon PLC’s proposed acquisition of Willis Towers Watson PLC – was shelved during the Biden administration after the U.S. Department of Justice raised antitrust concerns.</p> <p class="p7">“I would certainly expect that you will see on net more deals done, but with the caveat that if they involve a foreign partner, there could be some additional challenges, given the general concern about, say, foreign companies acquiring U.S. companies,” Mr. Hartwig said.</p> <p class="p7">Other changes affecting commercial insurers and employers introduced during the Biden years will likely remain. For example, while Mr. Trump will likely change the chair of the Equal Employment Opportunity Commission, the EEOC’s Democratic majority will remain in place until 2026, so measures such as the Pregnant Workers Fairness Act, which went into effect last year, will stay in place, said Christopher DeGroff, a Chicago-based employment attorney at Seyfarth Shaw LLP.</p> <p class="p7">Moreover, Republican appointee Andrea Lucas, the presumptive pick for the new acting chair of the commission, has expressed strong support for the PWFA, he said.</p> <p class="p7">“I would expect the EEOC to continue its robust pursuit of pregnancy-related investigations and litigation in the foreseeable future, even with the change in administration,” Mr. DeGroff said.</p> <p class="p7">A great start to what will be a watchful media’s assessment of the insurance impact of the President and the MAGA movement itself.</p> <p class="p9"><b>SA</b></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/recovery-room-and-lots-of-it/">Recovery Room- and lots of it</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Sander Elected to Board of Directors of the New York Insurance Association</title> <link>https://www.insurance-advocate.com/2024/12/15/sander-elected-to-board-of-directors-of-the-new-york-insurance-association/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 07:00:35 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15163</guid> <description><![CDATA[<p>ALBANY, N.Y. – The New York Insurance Association (NYIA) has elected Benedikt Sander, president and chief executive officer of Preferred Mutual Insurance Company, to the association’s board of directors for a term ending December 31, 2026. Preferred Mutual has been a member of the New York Insurance Association (NYIA) since 1970, and Sander has been […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/sander-elected-to-board-of-directors-of-the-new-york-insurance-association/">Sander Elected to Board of Directors of the New York Insurance Association</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">ALBANY, N.Y. – The New York Insurance Association (NYIA) has elected Benedikt Sander, president and chief executive officer of Preferred Mutual Insurance Company, to the association’s board of directors for a term ending December 31, 2026. Preferred Mutual has been a member of the New York Insurance Association (NYIA) since 1970, and Sander has been actively involved with the association since joining Preferred Mutual in 2021.</p> <p class="p1"> Sander was appointed to the position of president and CEO of Preferred Mutual in 2022. He previously served as the company’s executive vice president of insurance operations where he was responsible for building the vision for and driving execution within underwriting and sales/distribution.</p> <p class="p1"> Prior to joining Preferred Mutual, he held multiple leadership roles at Liberty Mutual Insurance Company, based in Boston, Mass. including vice president, agency relationship management, senior vice president underwriting and strategy, and senior vice president product management. Sander began his career at McKinsey & Company, a management consulting firm, where he supported national and international high-tech, media and telecom clients.</p> <p class="p1"> Sander holds a Master of Business Administration from the University of Chicago and a Master of Philosophy in economic theory & econometrics from the University of Cambridge in the U.K. He also holds multiple insurance designations including, Chartered Property Casualty Underwriter (CPCU), Accredited Adviser in Insurance (AAI), Associate in Commercial Underwriting (AU), Associate in Personal Insurance (API) and Associate in Claims (AIC). In addition, Sander currently serves on the Board of Directors for Commerce Chenango.</p> <p class="p3"><em><span class="s2"><b>Preferred Mutual Insurance Company </b></span></em></p> <p class="p4"><em><span class="s2">Preferred Mutual Insurance Company provides property and casualty insurance coverage to more than 232,000 individual and business customers through a network of more than 560 independent agents located throughout New York, New Jersey, Massachusetts and New Hampshire. In business since 1896, Preferred Mutual is rated “A” by AM Best Company and is headquartered in New Berlin, New York.</span></em></p> <p class="p3"><em><span class="s2"><b> The New York Insurance Association (NYIA®)</b></span></em></p> <p class="p4"><span class="s2"><em>The New York Insurance Association (NYIA®) is a state trade association that has represented the property and casualty insurance industry for more than 140 years.</em> </span></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/sander-elected-to-board-of-directors-of-the-new-york-insurance-association/">Sander Elected to Board of Directors of the New York Insurance Association</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Godfread to lead insurance commissioner association in 2025</title> <link>https://www.insurance-advocate.com/2024/12/15/godfread-to-lead-insurance-commissioner-association-in-2025/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 06:30:13 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15160</guid> <description><![CDATA[<p>BISMARCK, N.D. – Insurance Commissioner Jon Godfread will serve as the president of the National Association of Insurance Commissioners (NAIC) for 2025 after serving as president-elect in 2024. As NAIC president, Godfread will lead the chief insurance regulators in all 50 states, the District of Columbia, and five U.S. territories in enhancing regulatory collaboration and promoting […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/godfread-to-lead-insurance-commissioner-association-in-2025/">Godfread to lead insurance commissioner association in 2025</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">BISMARCK, N.D. – Insurance Commissioner Jon Godfread will serve as the president of the National Association of Insurance Commissioners (NAIC) for 2025 after serving as president-elect in 2024.</p> <p class="p1">As NAIC president, Godfread will lead the chief insurance regulators in all 50 states, the District of Columbia, and five U.S. territories in enhancing regulatory collaboration and promoting insurance competitiveness and accessibility.</p> <p class="p2">“I am humbled by the trust my colleagues have placed in me to lead the NAIC, which has a rich history of promoting consumer protection, strong insurance markets and keeping insurance regulation at the state level,” said Godfread. “The insurance industry is undergoing a significant transformation, with new technology, climate risks, and economic shifts. This transformation presents new challenges for us to tackle to ensure the insurance products consumers purchase are affordable and available for when they need it.”</p> <p class="p1">During his term, Godfread’s priorities will include telling the story of state-based insurance regulation, enhancing consumers’ insurance literacy and strengthening insurance markets so products are accessible and affordable nationwide.</p> <p class="p1">Godfread will lead the NAIC alongside commissioners from Virginia, Rhode Island and Utah. The 2025 officers were elected at the 2025 NAIC Fall National Meeting in Denver.</p> <p class="p1">Godfread will join other statewide elected officials from North Dakota who have been selected to lead national organizations in recent years. State Superintendent Kirsten Baesler, Public Service Commissioner Julie Fedorchak and Treasurer Thomas Beadle currently or will serve in presidency roles with their respective national associations, underscoring North Dakota’s position as a national leader.</p> <p class="p1">Godfread will assume the role of president on Jan. 1, 2025.</p>The post <a href="https://www.insurance-advocate.com/2024/12/15/godfread-to-lead-insurance-commissioner-association-in-2025/">Godfread to lead insurance commissioner association in 2025</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>AMERIND’s Tribal Risk & Insurance Convening Highlights Top Topics in Insurance Industry</title> <link>https://www.insurance-advocate.com/2024/12/15/amerinds-tribal-risk-insurance-convening-highlights-top-topics-in-insurance-industry/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 06:00:42 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15157</guid> <description><![CDATA[<p>Santa Ana Pueblo, NM – AMERIND, the country’s only 100 percent Tribally owned insurance provider, hosted its annual Tribal Risk & Insurance Convening in November in Nashville, TN. Over 350 attendees gathered to learn the latest in risk management, leadership, human resources, finance, technology, and tribal development. This year’s theme “Embracing Resilience-Navigating Change” was about empowering Tribal communities […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/amerinds-tribal-risk-insurance-convening-highlights-top-topics-in-insurance-industry/">AMERIND’s Tribal Risk & Insurance Convening Highlights Top Topics in Insurance Industry</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">Santa Ana Pueblo, NM – AMERIND, the country’s only 100 percent Tribally owned insurance provider, hosted its annual Tribal Risk & Insurance Convening in November in Nashville, TN. Over 350 attendees gathered to learn the latest in risk management, leadership, human resources, finance, technology, and tribal development. This year’s theme “Embracing Resilience-Navigating Change” was about empowering Tribal communities to rise, thrive, and conquer challenges together!</p> <p class="p2"> “The convening brought together Tribal governments, business, gaming and housing to harness the power of Tribes Protecting Tribes!” said Derek Valdo, CEO.</p> <p class="p1"> Highlights from the Convening included a panel discussion on “A Breakthrough for Insurance Options for Billion-Dollar Gaming Operations” from Karl Hennessy and Will Nichols of McGill and Partners, an opening keynote address from Monte Fronk and Sgt. Christopher Spence, and numerous presentations from AMERIND experts on topics ranging from Cyber Security to workers’ compensation claims.</p> <p class="p2"> “AMERIND was created out of a commercial insurance crisis and hard market. Thirty-seven years later we are stronger than ever and have high expectations for the future,” said Chairman Phil Bush.</p> <p class="p1"> Additional events throughout the Convening included networking breakfasts with professional athletes Ryan Bradley and Notah Begay III, and a welcome reception at Ole Red with Native standup comedian Wolf Brown.</p> <p class="p1"> To join AMERIND for their 2025 Tribal Risk & Insurance Convening in Orlando, FL.</p> <p class="p3"><em><span class="s2"><b>AMERIND</b></span></em></p> <p class="p4"><em><span class="s2">AMERIND creates affordable, sustainable insurance products and services for Indian Country. Founded in 1986, it is the only 100 percent Tribally owned insurance company and has earned the A- (Excellent) rating from AM Best. For more information, visit AMERIND.com.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/amerinds-tribal-risk-insurance-convening-highlights-top-topics-in-insurance-industry/">AMERIND’s Tribal Risk & Insurance Convening Highlights Top Topics in Insurance Industry</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Prepare for a Claim-Free Winter</title> <link>https://www.insurance-advocate.com/2024/12/15/prepare-for-a-claim-free-winter/</link> <dc:creator><![CDATA[Guest Author]]></dc:creator> <pubDate>Sun, 15 Dec 2024 05:30:49 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[Uncategorized]]></category> <category><![CDATA[MSO Inc.]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15154</guid> <description><![CDATA[<p>By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President A home is a major investment, and every precaution should be taken to protect it. As cold weather approaches it is a good time for agents to partner with their insureds to reduce the risk of loss. Helping clients understand and […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/prepare-for-a-claim-free-winter/">Prepare for a Claim-Free Winter</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><span class="s1">By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President</span></em></p> <p>A home is a major investment, and every precaution should be taken to protect it. As cold weather approaches it is a good time for agents to partner with their insureds to reduce the risk of loss. Helping clients understand and mitigate possible cold weather claims is another value-added service of the professional insurance agent.</p> <p>According to the Insurance Information Institute, losses from winter storms exceeded $3.4 billion nationwide in 2023. Water damage and freezing claims averaging $12,514 each represent 29.4% of Homeowners claims. Some of these losses can be avoided or reduced. Sensors that warn of water flowing or that shut off water automatically can help to minimize damage.</p> <p>A common winter problem is ice damming. Warmer roof temperatures melt snow which subsequently re-freezes in the roof overhang. This produces a “dam” which can back up under the shingles and leak into the house during the next period of thaw. Insulating and reducing temperature in the attic helps to combat ice damming. The weight of snow buildup can cause roof damage and may result in collapse of the entire roof. Using a special rake to clear the snow from the roof can reduce the chance of damage or collapse. Care must be taken to avoid injury from falling ice and snow. Climbing up on the roof is never a good idea.</p> <p>Proper winterization involves much more than replacing screens with storm doors and glass windows. For example, gutters and downspouts can collect leaves and debris. If not removed, water can back up, putting unnecessary weight on the gutters and causing them to bend or dislodge. Covering gutters with screens will help keep them clean, but they should still be checked annually for holes or blockages such as animal nests.</p> <p>Check your property for trees or limbs that are close to the house or power lines and could fall on them Limbs laden with ice or snow become extremely heavy. Trimming them back a safe distance could prevent a power outage or damage to a dwelling or other property. It is recommended that any gutter or tree work be done by a professional to avoid damage or injury. Insulate exterior plumbing and faucets or turn them off and drain to prevent freezing and potential water damage claims. Pipes in unheated garages, attics and crawl spaces should also be insulated.</p> <p>Fires during the winter season are a major cause of Homeowners insurance claims. Chimneys should be inspected annually and cleaned regularly. Fireplace and woodstove ash must be stored in a covered, fireproof container until completely cooled. Keep fireplace screens in place to reduce the chance of sparks igniting rugs, wood floors and furniture. Lit candles should never be left unattended. Avoid the use of space heaters whenever possible. However, if one is necessary, then it is advisable to use an electric space heater with an automatic tip over shutoff. Never use space heaters near flammable items. In the kitchen, stovetops, hoods, fans and filters should be cleaned regularly of cooking grease to help prevent fires.</p> <p>In addition to property claims, ice and snow can lead to trip and fall and other liability hazards. Keeping a bag of ice melt handy and clearing all sidewalks and driveways promptly will reduce risk of injuries to your guests or loved ones.</p> <p>Some homeowners may not be aware of these winter hazards. It is often said that an ounce of prevention is worth a pound of cure. Helping clients protect their most valuable assets is the mark of a true insurance professional.</p> <p class="p5"><em><span class="s1">This article is for educational and discussion purposes only and it is not insurance or legal advice and should not be relied upon when making insurance or legal decisions. Nothing herein shall be construed to constitute a legal or underwriting opinion. Nothing herein shall be construed as offering any political, social, or public policy opinion by the author or MSO. Neither the author nor MSO are responsible for errors in, or the accuracy or currentness of, the article.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/prepare-for-a-claim-free-winter/">Prepare for a Claim-Free Winter</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>PIANY applauds the governor for signing PIA-priority windstorm definition bill, thanks members for their grassroots efforts</title> <link>https://www.insurance-advocate.com/2024/12/15/piany-applauds-the-governor-for-signing-pia-priority-windstorm-definition-bill-thanks-members-for-their-grassroots-efforts/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 05:00:46 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[In the Companies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15151</guid> <description><![CDATA[<p>ALBANY, N.Y. – The Professional Insurance Agents of New York State Inc., applaud Gov. Kathy Hochul for signing legislation (A.2866/S.4199), which establishes a standardized definition of windstorm for homeowners insurance policies. This bill was the top legislative priority for PIANY for the 2024 session. “The passage of this bill is a testament to the relentless […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/piany-applauds-the-governor-for-signing-pia-priority-windstorm-definition-bill-thanks-members-for-their-grassroots-efforts/">PIANY applauds the governor for signing PIA-priority windstorm definition bill, thanks members for their grassroots efforts</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">ALBANY, N.Y. – The Professional Insurance Agents of New York State Inc., applaud Gov. Kathy Hochul for signing legislation (A.2866/S.4199), which establishes a standardized definition of windstorm for homeowners insurance policies. This bill was the top legislative priority for PIANY for the 2024 session.</p> <p class="p2">“The passage of this bill is a testament to the relentless advocacy of PIANY and its members,” said PIANY President Richard Andrews, LUTCF.</p> <p class="p1">“This year, the association set a goal to standardize the definition of windstorm, recognizing its crucial impact on consumer protection. PIANY leadership and staff members met with dozens of state lawmakers, highlighting the inconsistencies and financial risks posed by the current patchwork of over 100 different windstorm definitions approved by the New York State Department of Financial Services.”</p> <p class="p1">To help achieve its goal, PIANY members participated in several grassroots letter-writing campaigns throughout the legislative session to educate their local assembly members, senators, and the governor about the benefits of a single definition. The dedicated efforts of PIANY and its members led to a 1,000% increase in the number of co-sponsors for the bill—including all the senators from Long Island.</p> <p class="p1">PIANY applauds the governor for signing PIA-priority windstorm definition bill—page 2.</p> <p class="p1">Before the governor signed this legislation, the differences in the definition of windstorm could cost homeowners thousands of dollars in the event of a wind-related claim. Insurance companies often included hurricane windstorm deductibles in homeowners policies, which are higher than standard deductibles and are usually a percentage of the home’s replacement cost. Now the uniform windstorm definition aligns New York with neighboring states including New Jersey and Connecticut.</p> <p class="p1">A uniform definition of hurricane windstorm will provide clearer guidance to consumers regarding their exposure to windstorm risks. Simplifying these definitions will help consumers focus on comparing premiums and deductibles without the added complexity of varying definitions. It also positions insurance agents, companies, and local leaders to better understand and manage situations after a hurricane without needing to review individual policy definitions.</p> <p class="p1">PIANY extends its gratitude to Assemblywoman Stacey Pheffer-Amato, D-23, and Sen. James Sanders, D-10, the sponsors of A.2866/S.4199, for their unwavering support in this legislative endeavor.</p> <p class="p3"><em><span class="s2"><b>PIA New York </b></span></em></p> <p class="p4"><em><span class="s2">PIA New York is the premier professional association for independent insurance agents, working to advance the needs of its members and be a leading voice in the insurance industry. PIANY provides members with the very best education, information, advocacy, and business tools possible.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/piany-applauds-the-governor-for-signing-pia-priority-windstorm-definition-bill-thanks-members-for-their-grassroots-efforts/">PIANY applauds the governor for signing PIA-priority windstorm definition bill, thanks members for their grassroots efforts</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>AmTrust Title Announces Integration of Qualia Atlas with ASAP</title> <link>https://www.insurance-advocate.com/2024/12/15/amtrust-title-announces-integration-of-qualia-atlas-with-asap/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 04:30:00 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[In the Companies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15148</guid> <description><![CDATA[<p>New York, ny – AmTrust Title Announces Integration of Qualia Atlas with ASAP New York, AmTrust Title, a subsidiary of AmTrust Financial Services, Inc., has announced the successful integration of Qualia Atlas with ASAP (AmTrust’s Advanced Search and Production Software). These new integrations empower Qualia agents to underwrite policies seamlessly with AmTrust Title. Qualia agents […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/amtrust-title-announces-integration-of-qualia-atlas-with-asap/">AmTrust Title Announces Integration of Qualia Atlas with ASAP</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">New York, ny – AmTrust Title Announces Integration of Qualia Atlas with ASAP</p> <p class="p1"> New York, AmTrust Title, a subsidiary of AmTrust Financial Services, Inc., has announced the successful integration of Qualia Atlas with ASAP (AmTrust’s Advanced Search and Production Software). These new integrations empower Qualia agents to underwrite policies seamlessly with AmTrust Title.</p> <p class="p1"> Qualia agents can generate, retrieve and edit premium quotes, access Closing Protection Letters and Title Insurance Policy jackets all within the Qualia Atlas platform ensuring a smooth and efficient workflow, removing the time-consuming inefficiencies of switching between different systems.</p> <p class="p2"> “AmTrust Title is excited to welcome Qualia agents from all 50 states and is committed to providing the best customer service in the title insurance industry”, said Priti Desai, VP of IT, AmTrust Title. “We believe this partnership will significantly enhance our service delivery and agent satisfaction.”</p> <p class="p2"> “We’ve also increased the security of our proprietary system by adding a powerful new layer of protection to safeguard our data and that of our customers,” Priti added. “We’re committed to leading the way in secure, reliable solutions for the Title industry, ensuring that our clients’ data remains protected every step of the way.”</p> <p class="p1"> <p class="p3"><em><span class="s2"><b>About AmTrust Title</b></span></em></p> <p class="p4"><em><span class="s2">AmTrust Title is a wholly owned subsidiary of AmTrust Financial Services, Inc., a global specialty property casualty insurer. AmTrust Title utilizes advanced technology, supported by the financial strength of AmTrust Financial, to support real estate clients of all sizes. For more information about AmTrust Title, visit www.amtrusttitlegroup.com.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/amtrust-title-announces-integration-of-qualia-atlas-with-asap/">AmTrust Title Announces Integration of Qualia Atlas with ASAP</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>ACORD Solutions Group Launches ADEPT Placing as Single Gateway for Brokers and Insurers to Exchange Standardized Placing Data</title> <link>https://www.insurance-advocate.com/2024/12/15/acord-solutions-group-launches-adept-placing-as-single-gateway-for-brokers-and-insurers-to-exchange-standardized-placing-data/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 15 Dec 2024 03:30:57 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[December 2024]]></category> <category><![CDATA[In the Companies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15145</guid> <description><![CDATA[<p>New York, ny – ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, has announced a first-of-its-kind placing data exchange capability in its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing […]</p> The post <a href="https://www.insurance-advocate.com/2024/12/15/acord-solutions-group-launches-adept-placing-as-single-gateway-for-brokers-and-insurers-to-exchange-standardized-placing-data/">ACORD Solutions Group Launches ADEPT Placing as Single Gateway for Brokers and Insurers to Exchange Standardized Placing Data</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">New York, ny – ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, has announced a first-of-its-kind placing data exchange capability in its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing platforms as well as a variety of downstream systems.</p> <p class="p1"> Insurers and brokers can immediately leverage ADEPT Placing with its easily accessible and ready-to-use direct interface that connects with major platforms including PPL, Whitespace, PlacingHub, and market firm-owned platforms such as Aon’s ABConnect and Guy Carpenter’s GC Marketplace.</p> <p class="p1"> ADEPT (ACORD Data Exchange Platform and Translator) is already in use by over 100 ACORD Solutions Group clients and partners to seamlessly exchange accounting and claims data, aligned with the ACORD GRLC (Global Reinsurance & Large Commercial) Data Standards. ADEPT Placing was built to increase interoperability, provide a single streamlined connection for placing data, and help insurers and brokers avoid the expensive and inefficient processes of building connections to multiple platforms with differing sets of non-standardized APIs. With ADEPT Placing, insurers will have a single “letterbox” for all of their broker partners’ placing transactions, regardless of the brokers’ chosen placing platform.</p> <p class="p1"> “We are now seeing ACORD GRLC facilitating a fully digital end-to-end journey, using structured data and real-time digital connectivity,” said Simon Squires, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee.</p> <p class="p2">“With brokers using collaborative market placing platforms to connect with the underwriting community, it is now possible to connect the systems and create a full straight-through processing model…and a real-time digital trading environment.”</p> <p class="p1"> ADEPT Placing gives insurers a one-to-many system to receive placing event data from quotation through to signed line advice information, reducing the need for multiple integrations and time-intensive mapping. It is fully aligned with the ACORD GRLC Contract, Risk & Pre-Accounting Standard, giving insurers one consistent data format to use with all broker placing portals. ADEPT Placing also benefits brokers by providing a single ACORD GRLC-compliant interface to exchange standardized data with various placing platforms, for quicker and easier reconciliation.</p> <p class="p1"> “This will eliminate several historical industry problems around processing being based on latest versions of documents and a complete processing population,” Squires continued. “The standards-based digital journey will, for the first time ever, completely link underwriting with accounting and claims and eliminate re-work and queries.”</p> <p class="p1"> ADEPT also supports the direct exchange of placing data between broker and insurer, as well as the ingestion of placing data into downstream systems, for organizations at all levels of digital maturity. If placing data is received via email rather than digital data transfer, ADEPT will utilize ACORD Transcriber’s comprehensive document processing AI models to classify data residing within the submission email, including attached documents, and output it as a consistent standardized digital data payload.</p> <p class="p3"><span class="s2"><i> </i></span><i>“Insurers have told us that they often receive over 1,000 submissions as email with attachments in a single day. Without a digital solution to process all that information, they can get bogged down in manual processes around data rekeying, causing considerable inefficiencies and backlogs,” said Chris Newman, President International, ACORD Solutions Group. “Our mission is to unlock the benefits of next-generation digital data exchange even for stakeholders working within those frustrating legacy constraints.” </i></p> <p class="p1"> “With the global ecosystem digitalizing at an accelerating rate, it’s time to tackle placing as the next digital frontier,” added Newman. “With ADEPT Placing providing a single placing gateway, insurers can eliminate disjointed placing platform management and brokers can minimize the time-consuming process of copying placing data in multiple platforms. And by enabling seamless data flow between placing, downstream accounting, and claim processes, market firms can automatically achieve ACORD GRLC standardization from front to back office.”</p> <p class="p1">More information about ADEPT and the future of placing will be available at the upcoming ACORD Solutions Group Horizons event, “A Placing Revolution” on Tuesday, November 26, featuring speakers from ACORD Solutions Group, AXA XL, and Marsh. Register to attend virtually or in-person to learn more about ADEPT’s capabilities and see it in action with live demos focused on both insurers and brokers.</p> <p class="p4"><em><span class="s3"><b>About ACORD Solutions Group</b></span></em></p> <p class="p5"><em><span class="s3">ACORD Solutions Group was created to solve critical industry challenges by delivering next-generation digital solutions and services. Our enterprise-class solutions optimize the speed, cost, and accuracy of data exchange, connecting stakeholders regardless of geography, role, and legacy constraints. ACORD Solutions Group is an extension of ACORD, the standards-setting body for the global insurance industry. </span></em></p> <p class="p5"><em><span class="s3">Learn more at www.acordsolutions.com. </span></em></p>The post <a href="https://www.insurance-advocate.com/2024/12/15/acord-solutions-group-launches-adept-placing-as-single-gateway-for-brokers-and-insurers-to-exchange-standardized-placing-data/">ACORD Solutions Group Launches ADEPT Placing as Single Gateway for Brokers and Insurers to Exchange Standardized Placing Data</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> </channel> </rss>