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Crawford & Company Introduces Turvi: A New SaaS Technology Provider For P&C Claims 0

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Crawford & Company Introduces Turvi: A New SaaS Technology Provider For P&C Claims

Claims Technology Veteran Ken Tolson to Serve as CEO of the New Company Atlanta, GA (Oct. 14, 2024) – Crawford & Company®, a leading global provider of claims management and outsourcing solutions to the insurance industry, is pleased to announced the launch of TurviSM, a new insurtech company offering market-ready SaaS solutions built to create a more efficient and accurate, P&C claims ecosystem. Turvi’s SaaS products leverage AI and automation capabilities to accelerate the claim processing workflow, expedite the estimating process, simplify the claim coverage review process and improve the customer experience. Initially developed in-house at Crawford & Company for the benefit of clients leveraging the company’s claims services, the Turvi suite of products will now be accessible to the entire claims industry. The newly formed company will be led by Chief Executive Officer, Ken Tolson, who has more than three decades of experience with Crawford in varying capacities. A known claims industry expert with a proven track record of leading technology innovation across the organization, Tolson brings a passion for the future of insurance that makes him uniquely qualified to lead the new venture. Tolson feels strongly that industry collaboration and market understanding is what is missing from the...

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UK Working to Challenge Russian Shadow Oil Tanker Insurance

Article 0 Comments The UK said three government bodies are working together to challenge Russian shadow fleet oil tankers if it perceives they have dubious insurance. An announcement from the country’s Foreign, Commonwealth and Development Office didn’t specify how such interventions would occur, or how insistent the UK would be. However, it said the Department for Transport, the Joint Maritime Security Centre and the Maritime and Coastguard Agency are working together to challenge ships over what cover they have. In the aftermath of the war in Ukraine, Moscow established a shadow fleet of vessels in order to keep its supplies moving. That prompted worries that the ships are operating outside of international regulatory and safety standards, including uncertain insurance, with the international watchdog that oversees shipping voicing concern about dark fleet activities late last year. The UK also designated 18 oil tankers and four liquefied national gas carriers Thursday, the FCDO said in a statement. That represents its largest set of sanctions on ships hauling fossil fuels for Moscow to date. Thursday’s measures bring the total number of ships designated by the UK to 43, the FCDO said. Of the steady stream of ships sanctioned by the US, European Union...

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$200K Transfer Goes Awry After One Dropped Digit: Lawsuit

Shortly after this, two $100,000 transfers moved from Acevedo’s Fidelity account to his Wells Fargo account, the complaint alleges. Ishimatsu never intended to deposit the money into Acevedo’s account, the complaint states. “As such, Defendant Acevedo knew or should have known that the $200,000 deposited into his account was in error when received in his Fidelity Investments account on or around June 5, 2024, and never should have withdrawn the money knowing that it was not intended to be transferred to him,” it contends. Since the withdrawals to Wells Fargo, Acevedo continues to make those funds unavailable to Ishimatsu, LPL or Fidelity, making it impossible to reverse the erroneous transaction, the lawsuit contends. The lawsuit accuses Acevedo of unjust enrichment and converting the funds to his own use. Ishimatsu’s attorney didn’t immediately respond to an email seeking comment. Efforts to reach Acevedo for comment weren’t immediately successful. Image: Adobe Stock

RMA Joins Quotey Marketplace 0

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RMA Joins Quotey Marketplace

Whitby, ON (Oct. 15, 2024) – To assist Canadian professional individuals and organizations requiring comprehensive Errors & Omissions (E&O) policy solutions with quick and competitive insurance rates, Quotey is delighted to announce the expansion of its commercial insurer marketplace to include Reinsurance Management Associates, Inc. (RMA), and their E&O insurance product offering. All brokers using the Quotey platform can receive instant quotes for over 130 classes of professionals including architects, engineers, insurance brokers, real estate agents, property managers, IT/media consultants, customs brokers and many more – all supplied through a connection to RMA’s syndicate portal suite of APIs. Importantly, brokers will also have the benefit of bundling optional coverages for commercial general liability, property and cyber to help them simplify their client’s insurance purchase. “RMA has deep expertise in underwriting professional businesses across Canada, as well as a broad appetite and a highly competitive product,” said Quotey Chief Executive Officer and Co-Founder Nick Kidd. “We’re thrilled to include their product range in our marketplace and excited to be a part of their digitization journey.” E&O policy solutions will be the first of several RMA products available on Quotey in 2024. Additional solutions for non-standard property, including vacant properties/dwellings will follow...

CCC Identifies Key Drivers of Auto Claims Customer Satisfaction 0

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CCC Identifies Key Drivers of Auto Claims Customer Satisfaction

CCC Intelligent Solutions Study Identifies Key Drivers of Customer Satisfaction and Retention in the Auto Claims and Repair Process Moments of Truth Research Shows Strong Link Between Insurer and Repairer Customer Satisfaction and Reveals Carriers’ Customer Retention Is Not Tied to Satisfaction Chicago, IL (Oct. 8, 2024) – CCC Intelligent Solutions Inc., a leading cloud platform powering the P&C insurance economy, has released the findings from its Moments of Truth study, identifying the key drivers of customer satisfaction and retention in the auto claims and repair process. The study defines “moments of truth” as critical points in the customer journey that have a significant impact on satisfaction and loyalty. The study reveals that consumer satisfaction with insurers and repairers in a claims experience is closely linked, and that their collaboration plays a pivotal role in each other’s satisfaction scores. The findings also indicate that satisfaction with the claims process may not impact insurer loyalty. The study, based on data from 2,400 policyholders who participated in the research, examines nearly 50 moments in the auto claims and repair process. Findings, which were derived using data science methodologies to uncover correlations and patterns in responses rather than reporting direct responses, show that...

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Stellantis Recalls 54,000 Hybrid SUVs Worldwide Over Brake Pedal Defect

Article 0 Comments Carmaker Stellantis said on Wednesday it is recalling 54,000 hybrid crossover SUVs worldwide because the brake pedal in the vehicles could disengage and stop working. The recall, the company said, includes some 2024 through 2025 model-year Alfa Romeo Tonale plug-in hybrid SUVs and some 2024 model-year Dodge Hornet plug-in SUVs that are based on the same platform. The announcement was made in a filing with the U.S. National Highway Traffic Safety Administration and a separate statement by Stellantis. The recall includes 21,069 vehicles in the United States, about 2,280 in Canada, 134 in Mexico and about 30,517 outside North America, Stellantis said. The company said that some SUVs may have a brake pedal that could inadvertently disengage while being applied. Stellantis said it was aware of 15 instances globally of the brake pedal assemblies collapsing during normal driving, including one crash, with no injuries reported. Dealers will reinforce the brake pedal by adding a bolt and nut, Stellantis said. The company said that owners of affected models could also use the electronic parking brake to slow the vehicle in a controlled manner if they encounter a loss of braking power. Stellantis said the automatic emergency braking system,...

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Client Sues Barred Broker Over ‘Devastating’ Life Insurance Plan

The cash Alldridge paid into the policy, along with $456,000 he contributed in June 2023 based on Defendants’ recommendation to further secure the plan, “is gone,” it says. Alldridge has forfeited the investment returns that he would have enjoyed had Gottlieb “not instructed him to invest in this ill-fated insurance premium financing scheme and instead provided them with competent investment advice,” the suit contends. “Mr. Alldridge would have enjoyed a record-breaking period for the market instead of investing those monies in Defendants’ plan,” it says. Further, since the life insurance scheme unraveled, it will be impossible now for Alldridge, who has reached age 56 and been diagnosed with Type II diabetes, to obtain life insurance similar to that originally solicited by Gottlieb, leaving him and his family with a less secure financial future, he argues. According to the suit, Gottlieb introduced Alldridge to what he called a “white collar” life insurance plan that provided wholesale cost and exposure to the stock market for growth. Gottlieb told the client he could borrow against the plan at special low rates, allowing for the insurance policy to accumulate wealth through the spread between the low borrowing costs to fund the insurance premium and...

L’Unique Insurance Achieves CSIO Certification for Real Estate 0

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L’Unique Insurance Achieves CSIO Certification for Real Estate

L’Unique General Insurance Achieves CSIO’s Commercial Lines Data Standards Certification for the Real Estate Segment Toronto, ON (Oct. 16, 2024) – CSIO congratulates L’Unique General Insurance for achieving Commercial Lines (CL) Data Standards Certification for the Real Estate industry segment. L’Unique is the first insurer to become Certified in this segment. Real-time quoting allows accurate commercial policy data to instantly flow between insurer systems and Broker Management Systems (BMS) through an Application Programming Interface (API), facilitating the delivery of quotes in seconds, as opposed to days. L’Unique has programmed CSIO’s CL Data Standards for Real Estate risks, allowing brokers to receive online quotes directly in their BMS. This innovation removes the need for manual data entry, logging into multiple portals, or contacting insurers via email or phone to request quotes. “L’Unique is proud to be at the forefront of optimizing commercial quoting for Real Estate risks,” said Guy Lecours, Chief Operating Officer, Unica Insurance and L’Unique General Insurance. “We are dedicated to empowering our broker partners to offer their clients exceptional service. This commitment drives our ongoing investment in technology, enabling innovative solutions that enhance operational efficiency across our brokerage network.” “I am delighted to recognize L’Unique as our first...

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Italy to Tap Banks, Insurers for €3.5 Billion in Budget Plan

Article 0 Comments Prime Minister Giorgia Meloni’s cabinet is tapping Italy’s banks and insurers to help finance its budget, according to a new plan designed to deliver on giveaways pledged to voters. “As we promised, there will be no new taxes for citizens,” Meloni said in a post on X on Tuesday. “€3.5 billion from banks and insurance companies will be allocated to healthcare and the most vulnerable.” She didn’t specify how that money would be collected or over what time frame. The Treasury confirmed that the financial sector will help cover spending, but also failed to provide details. Finance Minister Giancarlo Giorgetti is set to hold a press conference on Wednesday at 11 a.m. in Rome. Oggi, in Consiglio dei Ministri, abbiamo varato la legge di bilancio, un intervento che mette al centro i cittadini, le famiglie e il rilancio della nostra Nazione.Come avevamo promesso, non ci saranno nuove tasse per i cittadini. Inoltre, rendiamo strutturale il taglio delle… pic.twitter.com/scgmgnzBw9— Giorgia Meloni (@GiorgiaMeloni) October 15, 2024 The budget was agreed by ministers at a gathering late on Tuesday, just in time to meet a deadline to submit the plan for European Union scrutiny. The measures still need to be...

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10 of John Buckingham’s Favorite Overlooked Stocks

We think that demographics and health care are favorable over the long haul. So health care is a growth area we like to invest in. Johnson & Johnson (JNJ): In the businesses of pharma and medical devices, the diversified company has a super-high-quality triple-A credit rating, a 3% dividend yield and a terrific balance sheet. It’s taken a meaningful step toward final resolution of the multi-year litigation — which will cost $13.7 billion payable over 25 years — concerning the pending talc lawsuits against the company and its affiliates in the U.S. The MedTech segment is expected to grow revenue north of 6% in each of the next few years. We think the litigation will eventually play out, and that certainly could be a catalyst for the stock to come back. The multi-year consolidation in shares offers a great entry point for investors to pick up a defensive, long-term growth opportunity at a reasonable P-E. Molson Coors (TAP): An amalgamation of three brewing companies, Molson, Coors and Miller, the company offers brands across the value spectrum. The stock is inexpensive, trading for less than 10 times earnings per share projected in each of the next few years, though management is faced with...