Around the P&C insurance industry: June 9, 2021

News from Sapiens, CORE Group, Odie Pet Insurance and more. (Photo: Shutterstock)

CCC Information Services Inc. announced it is updating its name to CCC Intelligent Solutions Inc. The new name reflects the company’s focus on applying AI, IoT, and advanced analytics to power mission-critical workflows, commerce and connections across the multi-trillion-dollar insurance economy.

Sapiens International Corporation announced the roll-out of its newly upgraded CoreSuite for Workers’ Compensation software package with the Ohio Bureau of Workers’ Compensation, which is the first insurance carrier to complete this upgrade. The upgrade is designed to better optimize operational efficiencies, increase customer satisfaction and increase profitability for workers’ compensation providers, administrators and state funds.

Allstate Corporation acquired SafeAuto. The deal will add to SafeAuto’s capabilities and distribution. The combination will leverage National General’s direct-to-consumer, non-standard auto insurance operations.

CORE Group announced its theme for the inaugural annual conference and tradeshow, The Collective by CORE, will be “taking flight to your destination in the retro era of the 60s” and the lessons we can learn from the past. The 2021 conference will be held August 24-26, at Texas’ Austin Marriott Downtown.

Solera Holdings, Inc. acquired eDriving, the digital risk management partner for commercial fleet operators. This acquisition expands Solera’s position as a preeminent global data intelligence and technology leader serving all constituents engaged in vehicle lifecycle management.

Odie Pet Insurance announced the close of more than $3 million in new funding to accelerate its growth and invest in technology. Their product and strategy are geared toward millennials and gen Z’s, the fastest-growing demographic of pet parents in the U.S. Odie’s goal is to offer its members greater coverage flexibility, stable and predictable annual premiums and shared values that are centered around pet wellness.

Karen Clark & Company announced that the KCC U.S. Hurricane Reference Model Version 3.0 has been certified by the Florida Commission on Hurricane Loss Projection Methodology. This important certification follows on the heels of the KCC U.S. Flood Model certification in December 2020.

Cyber Reliant announced an industry-leading warranty by Canopius, underwriters in the Lloyd’s of London market, that protects commercial and institutional purchasers of Cyber Reliant data protection products with coverage of up to $5 million.

QBE North America released its Sustainability Self-Assessment tool to help businesses better understand their impact on the environment and how they can make improvements. The realities of climate change are being brought to light, fueling an increased emphasis on ESG issues, which is compelling many risk managers to consider such risks for the first time. This is causing some risk managers to alter their strategies without knowing where to start.

Insurance Industry Charitable Foundation announced that Dawnmarie Black of Lloyd’s and Catherine Duffy of AIG have been named winners of the 2021 IICF Inclusion Champion Award. This prestigious award honors the extraordinary contributions of insurance industry professionals working to advance inclusion, diversity, equity and accessibility within the industry and communities at large.

Canopius Group launched its algorithmic underwriting platform, Vave, as an MGA. Devised and developed in-house, Vave began trading in May 2019, and has since quoted on over 1.2 million risks. Vave MGA is forecast to exceed $100m premium by the end of the year, and, as a digital platform with diverse capital, Vave is positioned for rapid and sustained growth.

Take1 Insurance announced that its underwriting partner Intact Insurance Specialty Solutions, a brand of Intact Financial Corporation, will, for the next 90 days, sponsor the Event Safety Alliance online Event Safety Access Training course. This will enable live event professionals to complete the training free of charge.

SageSure, a technology-driven managing general underwriter specializing in catastrophe-challenged property markets, has selectedOpterrix‘s software and weather modeling to enhance its claims management capabilities related to extreme weather.

Certified Automotive Parts Association, an independent non-profit standard-setting and certification organization for automotive crash parts, applauds the Save Money on Auto Repair Transportation Act, introduced in the U.S. House of Representatives. The act aims to reduce the expense of automotive repairs and the cost of car insurance.

Efma and Accenture announced the winners of the sixth annual Innovation in Insurance Awards during a virtual ceremony. The awards competition, which recognizes the best insurance technology innovations, attracted 460 entries from nearly 300 institutions in 55 countries — 100 more submissions than received in 2020. This year’s entries reflect the intense drive among insurers to innovate to address new risks and meet changing customer needs amid continued COVID-19-related disruption. The winners were:

  • AXA XL (USA)
  • Discovery (South Africa)
  • Generali Welion (Italy)
  • HITS, a Generali Group company (Switzerland)
  • Baloise (Luxembourg)
  • Assicurazioni Generali (Italy)

Insurance veterans, William J. Palmer and Bryan T. Robertson, announced the acquisition of Hatcher Insurance, a highly-regarded staple in the Florida business community for nearly 20 years. They project to grow the business by 200 percent through organic growth and potential acquisitions in the near future. In addition, the new partners have already more than doubled its staff and office space, with plans to hire at least four positions within the year.

Children’s Hospital of Philadelphia partnered with NJM Insurance Group, auto insurer and teen driver safety advocate in the Mid-Atlantic region. The collaboration is aimed at preparing teenagers to drive safely. The $4 million grant from NJM will help kick off a new young driver program in the summer of 2021 that will offer a state-of-the-art virtual driving assessment system at select CHOP Primary Care locations in Pennsylvania and New Jersey. The program will be fully implemented at most CHOP Care Network sites during the next four years.

PEAK6 acquired Team Focus Insurance Group, a Sunrise, Fla.-based insurance provider whose businesses and brands are dedicated to serving the property and casualty insurance industry. Team Focus is most widely known for its managing general agency MacNeill Group. Its other activities include customized business solutions and technology offerings for agents and carriers in the P&C space and an insurance carrier that issues P&C policies regionally. The acquisition will expand PEAK6’s insurance services offerings in the P&C space, including by providing a channel to distribute new private flood insurance products, the company reports.

Related: Around the P&C insurance industry: June 2, 2021

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