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CoverGo launches next-gen AI-powered health claims management platform 0

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CoverGo launches next-gen AI-powered health claims management platform

New York, NY (Dec. 4, 2024) – CoverGo, the leading global no-code, AI insurance platform for health, life, and P&C, is pleased to announce the launch of CoverGo Claims, a next-generation AI-powered platform that redefines how health insurers and third-party administrators (TPAs) manage health claims through a comprehensive, end-to-end solution for claims management. From end-to-end automation, a configurable rules engine, and advanced fraud detection to real-time connectivity with external data sources and user-friendly, white-label portals, the platform is designed to streamline and optimize every aspect of claims processing. The platform empowers insurers to minimize manual errors, optimize resource allocation, and automate workflows, including a vast majority of claims processes. This significantly reduces operational costs, ensures unbiased adjudication, enhances processing accuracy and speed, scales operations, and ultimately elevates customer and provider satisfaction. CoverGo Claims has already seen a great demand from existing customers who use CoverGo for claims since 2020, as well as new customers across APAC, EMEA, and the Americas. “The launch of CoverGo Claims addresses the growing demand from insurance companies who want to eliminate inefficiencies and inflated costs while embracing seamless, scalable, and intelligent claims processing. CoverGo Claims is set to redefine efficiency, productivity, and user experience for...

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Viewpoint: Artificial Intelligence Faces New Era of Regulatory Oversight

Article 0 Comments Executive Summary: With over 70% of insurers planning to deploy gen-AI tools over the next two years, AI promises much, and the keen adopters likely will be rewarded – but it’s a path that must be navigated carefully, keeping a close eye on regulatory compliance in markets across the globe, says Erez Barak, chief technology officer, Earnix. The use of artificial intelligence grew in leaps and bounds during 2024, and regulators have taken note, increasing their oversight across the globe. It’s a technological tool that holds immense potential for the insurance industry, but companies must navigate the fine line between innovation and regulatory compliance. A recent survey conducted by Earnix found that 51% of respondents said their company had to pay a fine or issue refunds due to errors in the use of AI in the last year. The survey also found that more companies plan to spend more care and time on regulatory compliance in 2025, to avoid fines in the future and ensure their use of AI meets the guidelines. It is interesting to note that insurers in Europe and Australia may already be off to a faster start than other territories. A majority of...

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Pru Names New CEO

“Charlie was the principal architect of a complex strategic transformation that has positioned Prudential to be a nimble, dynamic and high-growth company for years to come,” Todman said. Andrew Sullivan Sullivan has a bachelor’s degree from the U.S. Naval Academy. He served for five years as a lieutenant in the Navy, then worked for about a year as a management consultant, before entering the insurance industry as an executive at two health insurers, Cigna and CareFirst. When he started at Prudential, he was an executive in its group insurance business. He rose up the ranks at the benefits businesses, then took over as head of the U.S. businesses in 2019. He became head of the international businesses, which operate in 13 countries outside the United States, in January 2023. He also has been the executive in charge of PGIM, Prudential’s asset management business. Other Executives Caroline Feeney, who has been head of Prudential’s U.S. businesses since 2021, will become global head of insurance and retirement at the end of March. Feeney and Jacques Chappuis, the incoming head of PGIM, will both report to Sullivan once he becomes CEO, Prudential said. Compensation Annual target total compensation for Sullivan will be $18.8...

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Triple Threat Targets More Than 30,000 US Homes: CoreLogic

Article 0 Comments Year-round extreme risk from three natural disasters threatens more than 33,000 homes in the U.S., according to the latest analysis by CoreLogic. Hurricane wind, wildfire and inland flood are the most common combination of perils, research showed. Natural disasters, under-insurance and geographic vulnerabilities add additional layers of concern. The homes at extreme risk homes are spread across 20 metropolitan areas and have a current risk score greater or equal to 71 for three separate perils. Source: CoreLogic The top five metropolitan areas at risk are: Miami, Florida Houston, Texas Naples, Florida Midland, Texas Odessa, Texas Miami has the most homes exposed to extreme levels of risk for three separate perils. The city’s exposure to hurricane winds and rising floodwaters, combined with the creeping threat of wildfire, underscores a year-round vulnerability to natural hazards. Ellensburg, Washington is tied with Snyder, Texas for the highest percentage of total homes in an area that are extremely vulnerable to three types of natural catastrophes. Washington state’s vulnerability demonstrates that wildfire and flood risks are reaching further north. The research was done as a collaboration between CoreLogic Chief Scientist Howard Botts, Principal Data Scientist Tanya Havlicek, and Vice President of R&D Product...

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Jeremy Siegel Sees ‘Much Quieter’ Year for Stocks in 2025

“Maybe the Mag 7 will do nothing next year” and undervalued small- and mid-cap stocks “are finally going to have their day in the sun,” added Siegel, a Wharton School finance professor emeritus. “I think that that’s perfect, and that’ll keep the bull going.” The Magnificent 7, which comprises one-third of the S&P 500 valuation, “might be flattish” next year, Siegel said. He suggested that it might be hard for the S&P 500 to gain another 5% this month, as some gains may have been pulled into November following Donald Trump’s presidential election win. “We are at high valuations but not extraordinary,” Siegel said.

McDougall Insurance Acquires Cornell Insurance 0

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McDougall Insurance Acquires Cornell Insurance

Markham, ON (Dec. 2, 2024) – McDougall Insurance Brokers Ltd. is pleased to announce that they have combined with Cornell Insurance Brokers Ltd., based in Markham, Ontario, and are welcoming Cornell’s excellent brokers to the McDougall Insurance team. “We have always admired Cornell as a business and hoped for an opportunity to work with them,” said Ross McDougall, CEO of McDougall Insurance. “We share the same customer-centric approach and commitment to our communities. McDougall looks forward to collaborating with Cornell to improve things for our collective clients in the GTA and across Canada.” Co-Ceo John Beadle and VP Patrick Hogan will remain with Cornell, along with the other members of Cornell’s leadership team, to continue to guide the brokerage into its next exciting chapter. “We know how important customer service is in this business,” says Beadle. “And we couldn’t be more confident that combining with McDougall is our path to elevate service to new heights. Cornell and McDougall have always conducted business the same way –our aligned values, culture, and approach will ensure a great fit and most importantly, success for both our clients and staff.” “Relationships and fairness is what Cornell does.” Added Mike Hannan, Cornell’s Co-CEO who is...

AMC Insurance Services Ltd. Announces Acquisition of Kastelein Stout Insurance Agencies Inc. 0

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AMC Insurance Services Ltd. Announces Acquisition of Kastelein Stout Insurance Agencies Inc.

Vancouver, BC (Nov. 29, 2024) – AMC Insurance Services Ltd. is pleased to announce the acquisition of Kastelein Stout Insurance Agencies Inc., based in New Westminster, BC, effective November 15, 2024. This acquisition marks AMC’s 11th location and extends our presence into a vibrant new community we are eager to serve.Kastelein Stout Insurance Agencies has been a trusted provider of insurance services to the New Westminster community since 1963. “We are delighted to welcome the Kastelein Stout team to AMC,” said Jujhar Singh Parmar, Vice President of AMC Insurance. “With their longstanding reputation for exceptional service and deep ties to New Westminster, they are a perfect fit as we continue to grow and evolve. This partnership enables us to offer our full range of services to both existing AMC clients and Kastelein Stout’s loyal customers, ensuring they receive the same high level of care and expertise that define AMC.” This acquisition strengthens AMC’s ability to serve communities across Metro Vancouver and beyond, providing clients with more accessible, local options for all their insurance needs. The Kastelein Stout team will continue to operate from their current location, contributing their decades of industry expertise and personalized service to AMC’s expanding network. “We’re...

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What Older Clients Who Travel Must Know About Medicare

Those retirees need expert advice about Medicare enrollment to avoid potential missteps. The Coverage Gaps The Original Medicare Part A inpatient hospitalization plan and the Original Medicare Part B outpatient care and physician services plan generally do not cover medical services received outside the United States, with limited exceptions: Emergency care near U.S. borders, such as in Canada or Mexico. Medical care received onboard cruise ships within U.S. territorial waters. Certain emergencies during travel involving Alaska. Despite these limitations, it is crucial even for Americans who move overseas to maintain Part A coverage while abroad, to avoid penalties if they return to the United States later.

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Bank of England Finds Non-Bank Financial Firms Pose Wider Risks in Crisis Periods

Article 0 Comments Non-bank financial institutions such as hedge funds remain vulnerable to a sudden financial shock and would not all be able to access the funding they would need in such a crisis, the Bank of England said on Friday. Announcing the results of its first system-wide test of Britain’s financial firms, the BoE said the growing non-bank financial sector has increased its resilience. But its reliance on bank funding in a crisis could lead to “greater risks for financial stability,” it said. Unlike typical stress tests which look at how big banks’ or other financial firms’ balance sheets fare during a crisis, the BoE’s System-Wide Exploratory Scenario examined how the actions of the whole network of financial firms, including banks, funds, insurers and central counterparties, could amplify shocks. The scenario envisaged a hypothetical situation in which “a sudden crystallization of geopolitical tensions” led to a sudden and severe market shock. Such a scenario may be more likely following the U.S. presidential election victory of Donald Trump who has repeatedly threatened to impose tariffs on foreign imports, that could in turn increase trade and political tensions with countries such as China. The results of the BoE’s exercise highlighted continuing...

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Best Agency to Work For – East Silver Winner: Deland, Gibson

Article 0 Comments Investing in Employees Is a Priority at Deland, Gibson As Deland, Gibson Insurance Associates Inc. (DG) approaches its 125-year anniversary, the Massachusetts-based independent agency is expanding its footprint and revenue. DG is also continuing its tradition of treating employees right. For the second straight year, DG has been recognized in Insurance Journal’s Best Agencies to Work for competition. DG has earned the 2024 Silver regional award in the East region; the agency was recognized in the Bronze category in 2023. DG secured the Silver award based on anonymous employee responses to the annual Insurance Journal survey. In those responses, staff praised the agency’s focus on growth, team atmosphere and community giving. “We have a great culture,” an employee said in the survey. “There is opportunity for advancement, continuing education, expectations are clear and communication agency-wide is very good. It really is collaborative, the team is closely-knit and you feel there are always people around willing to help.” Chip Gibson and his brother, Ted, took the reins of DG from their father, Charlie, in 2020. Since then, Chip has served as CEO, and Ted has been the agency’s president. The brothers are 50-50 partners and the fourth generation...