Technology
JEVCO Insurance Company, a Canadian specialty insurer, and Guidewire Software, a provider of core system software to property/casualty (general) insurers, announced that JEVCO is in production with Guidewire ClaimCenter. JEVCO selected a claims system that would provide a strong technology foundation to help it enhance its quality of service for brokers and customers. The company is deploying ClaimCenter for all its lines of business across Canada and is now in production in three provinces: Alberta, Ontario and Quebec.
Related Coverage Target Markets Survey Shines Light on Programs Coverage (11/02/11) Lighter Headwinds Buffet Brokers in Third Quarter (11/03/11) Honoring Worker Safety and Injury Prevention (11/01/11) 12 Executives to Watch in 2012 (12/01/11) Consumed With Risk (12/01/11) Broadspire has successfully completed its launch of the RiskTech claims-management system, converting more than 10 million claims and retiring legacy systems. Broadspire's legacy system was converted in 2009 and Crawford's legacy systems, ARMS and SISDAT, have been retired. Broadspire clients can now fully benefit from RiskTech.
Resources
Willis Group Holdings announced the global launch of its insurance placement system, WillPLACE, an online tool that helps Willis to match its clients? insurance needs with the most appropriate insurers.
With WillPLACE, Willis placement professionals are able to gather data about insurers? risk appetites around the world, which is then imported into the WillPLACE Market Match tool. Using a proprietary matching algorithm, this information is then correlated online with the WillPLACE database that records the specific risks clients have, and matches these with appropriate insurers.
Experian, announced the launch of its Financial Stability Risk ScoreSM, a new tool that allows credit and lending professionals to identify accounts at the highest risk of business failure. Use of the new scoring model brings improved financial results by enabling users to segment businesses into risk categories, identify the accounts that are most likely to fail and set policies to limit risk exposure.
Coverages
Torus, the global specialty insurer, announced its entrance into the U.S. surety market with the launch of Torus Surety. To augment the development of this new platform, Torus has entered into an agreement to acquire First Sealord Surety, Inc.
Torus Surety will focus on providing contract surety in the U.S. to small and mid-size construction contractors. In time the operation will also offer commercial surety products. Torus will also seek to develop contract surety business in key emerging markets throughout Latin America. This will be done through Torus? admitted reinsurer in Brazil and the company?s other licenses in the region.
Ryan Specialty Group announced today that Concord Specialty Risk has entered into new trading relationships with Arch Specialty Insurance Company, Freedom Specialty Insurance Company, and a U.S. subsidiary of Zurich Insurance Company Ltd. Under the new facility, Concord will underwrite various transactional liability insurance products with a combined capacity of $55 million and the ability to access at least $20 million additional capacity for larger risks. The facility will be administered by Concord in a seamless process from underwriting to binding to claims management and resolution. Concord will act as the single point of contact between the facility markets and the Insured.
January 10, 2012
Copyright 2012© LRP Publications
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