Featured Articles Blog

0

Uncategorized

10 Things to Know About the ACA Exchange System

What You Need to Know The open enrollment period started Wednesday in most of the country. The Affordable Care Act open enrollment period for 2024 coverage started Wednesday in most of the country without much of a fuss. The ACA public health insurance exchange system turns 10 this year, and insurers, agents and consumers all seem to know what to do. Although the enrollment period launch was quiet, the Google Trends search tool shows that search activity for “HealthCare.gov” during the week ending Oct. 28 was 40% higher than in the comparable week in 2022. George Kalogeropoulos, CEO of HealthSherpa, an ACA exchange plan sales support firm, said in a LinkedIn post that the firm is already averaging three enrollments per second. The history: Congress created the ACA exchange system in an effort to help people use federal premium tax credit subsidies to shop for high-quality commercial health coverage through a system resembling a Travelocity for health insurance. Thee exchange programs have a limited enrollment period to try to prod younger, healthy people to sign up and pay for coverage even when they feel healthy, by raising the possibility that they could be shut out of buying coverage if they...

Auto Insurers Manage Customer Expectations as Repair Cycle Times Double in Two Years: J.D. Power 0

Uncategorized

Auto Insurers Manage Customer Expectations as Repair Cycle Times Double in Two Years: J.D. Power

Amica Mutual Ranks Highest for Second Consecutive Year: J.D. Power 2023 U.S. Auto Claims Satisfaction Study Troy, MI (Oct. 26, 2023) – Long repair shop backlogs and lingering parts shortages have caused the average auto insurance repair cycle time to reach 23.1 days in 2023, up 6.2 days from 2022 and more than double the average repair time in 2021. According to the J.D. Power 2023 U.S. Auto Claims Satisfaction StudySM, that long delay has not adversely affected customer satisfaction. Surprisingly, customer satisfaction with the auto insurance claims process improves this year, thanks to concerted efforts by insurers to carefully manage customer expectations. “It’s really a testament to strong client management processes and improved digital communications,” said Mark Garrett, director of global insurance intelligence at J.D. Power. “Insurers have been able to earn significantly higher auto claim satisfaction scores at a time when costs and rates are rising—even though it’s never taken longer to get a vehicle repaired. Notable, too, is that insurers that have improved the most in overall satisfaction have done so in two key customer areas: showing concern for their situation at the beginning of the process and keeping them informed. Being empathetic toward the customer situation...

World’s First All-Speed Crash Detection, Including ZeroMotion, by Sfara 0

Uncategorized

World’s First All-Speed Crash Detection, Including ZeroMotion, by Sfara

Hoboken, NJ (Oct. 26, 2023) – Sfara is pleased to announce the world’s first all-speed crash detection, from zero motion to high speeds, capturing the additional 70% of automobile crashes that other solutions miss. Sfara’s smartphone-based crash detection covers users through the full range of driving conditions, including under 25mph and when a vehicle is not moving. Other solutions either miss or don’t report these incidents because they are unable to reliably perform. This means Sfara’s technology is the only solution on the market that detects the additional 70% of incidents others miss, and works quickly and accurately enough to support programs for both First-Notice-of-Loss (FNOL) and emergency response. Despite conventional thinking, collisions that occur below 25mph are vitally important, given the injuries and the property damages that occur. Government and industry statistics present a startling picture of what occurs on roadways that the others miss. Injury and Damage Facts What occurs under 25mph:     70% of crashes     48% of crashes with injury     22% of crashes with fatalities     20% of crashes occur in parking lots Non-moving vehicle (injury and damage facts)     27% of crashes with injury occur when a vehicle is not moving     11% of crashes with fatalities occur when a...

0

Uncategorized

People Moves: Worden Joins Leif Assurance; Kahle Joins Alliant in Kansas City

Article 0 Comments Worden Joins Leif Assurance Leif Assurance, headquartered in St. Louis, Missouri, hired Robert Worden as a construction insurance specialist. Worden has nearly 15 years of insurance industry experience. Before joining Leif Assurance, he most recently served as senior vice president, insurance sales & support, insurance education specialist at Bremer Bank. Alliant Insurance Services Names Kahle SVP in Kansas City Market Alliant Insurance Services, headquartered in Irvine, Calif., hired Rick Kahle as senior vice president within its employee benefits group in the Kansas City metropolitan area market. Kahle previously served as co-founder at Crux-Xcelerate and producer/president at Lockton Companies. Topics Kansas Alliant Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

0

Uncategorized

IRS Raises 401(k), IRA Contribution Limits for 2024

“The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan remains $7,500 for 2024,” the IRS stated. “Therefore, participants in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan who are 50 and older can contribute up to $30,500, starting in 2024,” according to the IRS. The catch-up contribution limit for employees 50 and over who participate in SIMPLE plans remains $3,500 for 2024. Income Phase-Outs for Contributions The income ranges for determining eligibility to make deductible contributions to traditional individual retirement arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2024. Here are the phase‑out ranges for 2024, as explained by the IRS: For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $77,000 and $87,000, up from between $73,000 and $83,000. For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $123,000 and $143,000, up from between $116,000 and $136,000. An IRA contributor who is...

Billyard Insurance Group celebrates grand opening of Courtice location 0

Uncategorized

Billyard Insurance Group celebrates grand opening of Courtice location

Courtice, ON (Oct. 25, 2023) – Billyard Insurance Group (BIG), one of Canada’s top growing businesses, is pleased to announce it has opened another office in the Durham Region. Located just off Highway 2 in Courtice, Ontario, the new branch aims to make a big impact on the small community by providing a wide range of solutions for their insurance needs. In addition to senior leadership from BIG’s head office, Rhonda Armour (Business Development Lead) and Alyssa Crittenden (Marketing & Communications Coordinator) of Clarington Board of Trade, and Clarington Regional Councillor Granville Anderson were in attendance to celebrate the momentous occasion with Managing Partners Nazim and Saima Charania. The husband and wife team looks forward to using their business acumen to build long-term relationships with clients who work and live in the area and across Ontario. Whether it be for individuals, families, or businesses, the duo not only recognizes the importance of providing clients with the proper insurance, but they also understand the significance of educating clients so that they can make informed decisions regarding their coverage. When asked about the decision to open his own branch, Nazim Charania stated, “Prior to becoming a Managing Partner, I was a top...

0

Uncategorized

Four Minnesota Men Indicted in Multi-Million-Dollar Scheme to Transport Stolen Catalytic Converters

Article 0 Comments MINNEAPOLIS (AP) – Federal officials have charged four Minnesota men in a multi- million-dollar scheme to transport stolen catalytic converters to buyers in several states. U.S. Attorney Andrew M. Luger in Minneapolis announced the indictments Tuesday. All four men are charged with conspiracy to transport stolen property interstate with two of the men receiving additional charges. From May 2020 through October 2022, the men acquired stolen catalytic converters and transported them to buyers, mostly high-volume ones in New Jersey, New York, Oklahoma and Colorado, according to court documents. The conspiracy allegedly resulted in about $21 million in payments to the men. Thefts of catalytic converters have become problematic nationwide in recent years. Once stolen, they are often melted down for their valuable metals. Copyright 2023 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Topics Fraud Numbers Minnesota Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Fraud? Get automatic alerts...

0

Uncategorized

Wells Fargo Sued Over Customer’s Missing Jewelry

What You Need to Know A Los Angeles resident accuses the bank and other defendants of stealing at least $32,000 in valuables. The pieces have yet to be returned, the filing notes. Tiffany and Cartier items are among the missing property, the complaint says. A longtime Wells Fargo customer has filed a lawsuit against the institution over a missing safe deposit box that she said contained at least $32,000 in jewelry, including items with sentimental value. Cedina Kim, a Los Angeles resident, accuses Wells Fargo and numerous unidentified “Doe” defendants of negligence, breach of fiduciary duty, conversion (intentionally taking someone’s goods), unjust enrichment and unfair business practices. Among other alleged violations, Kim accuses the bank and co-defendants of theft under a California penal code covering receiving stolen property. The defendants “knowingly and willfully conspired and agreed among themselves to commit the acts,” conspiring “to misappropriate and steal the property of plaintiff or cause (her) property in the safe deposit box to go missing,” the lawsuit alleges. Kim, who had a safe deposit box for nearly 19 years, “was shocked when she went to retrieve her valuables only to learn that the Wells Fargo safe deposit box and all Ms. Kim’s...

0

Uncategorized

People Moves: Markel Hires Senior Leaders for Casualty, Professional, Financial Risk Teams in Australia; BHSI Promotes Regan to Head of Casualty, Ireland

Article 0 Comments This edition of International People Moves details appointments at Markel in Australia and Berkshire Hathaway Specialty Insurance (BHSI). A summary of these new hires follows here. Markel Hires Senior Leaders in Australia for Casualty, Professional, Financial Risk Teams Markel, the insurance operation within Markel Group Inc., announced the expansion of the leadership team in Australia, with appointments of Ahmed Farag as head of Casualty and Kym Beazleigh as head of Professional and Financial Risk (PFR) and head of Sydney. Ahmed Farag Farag joins Markel from Swiss Re Corporate Solutions, where he was casualty portfolio leader for Australia and New Zealand. Based in Melbourne, Farag has a strong reputation in the Casualty market, with technical and strategic experience across a diverse range of industries. Beazleigh joins Markel from Allied World, where he was senior vice president and underwriting head, Asia Pacific Professional Lines Division. In his new role as head of PFR and head of Sydney, Beazleigh brings exceptional leadership experience in professional lines and a proven track record driving regional business growth. Kim Beazleigh Markel has also appointed Arné Booysen as senior underwriter, Professional Indemnity. Booysen will report to Beazleigh and joins Markel from Allied World, where...

Promutuel Insurance Deploys Guidewire Cloud to Transform Claims, Underwriting, and Policy Administration Operations 0

Uncategorized

Promutuel Insurance Deploys Guidewire Cloud to Transform Claims, Underwriting, and Policy Administration Operations

Promutuel Insurance successfully deployed Guidewire ClaimCenter and Guidewire PolicyCenter on Guidewire Cloud to power its claims, underwriting and policy administration businesses, simplify its IT operations, adapt to changing market demands, and deliver more value to its brokers and policyholders Guelph, ON (Oct. 24, 2023) – Promutuel Insurance, one of Québec’s largest Property and Casualty (P&C) insurers, and Guidewire are pleased to announce that Promutuel Insurance has successfully deployed Guidewire ClaimCenter and Guidewire PolicyCenter on Guidewire Cloud to power its claims, underwriting and policy administration businesses, simplify its IT operations, adapt to changing market demands, and deliver more value to its brokers and policyholders. Guidewire PartnerConnect Consulting Advantage member GFT Technologies led the implementation project. Promutuel Insurance has been a Guidewire customer since 2011 and migrated ClaimCenter and PolicyCenter simultaneously to all of its lines of business. The company is currently implementing Guidewire BillingCenter onto Guidewire Cloud. Once that project is completed, Promutuel Insurance will be a full Guidewire InsuranceSuite customer on Guidewire Cloud. “We migrated our Guidewire systems to Guidewire Cloud because it offers a more cost-effective approach, allowing us to harness the full potential of the products and stay up to date with Guidewire’s latest technologies and innovations more...