RGA American National agreement, Goosehead insurtech news

RGA, American National's $3.5B coinsurance agreement; Goosehead partners with Root: Insurtech news

September 2, 2024 4:50 PM

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RGA announces $3.5B coinsurance agreement with American National Insurance

Reinsurance Group of America (RGA) announced an agreement with American National Insurance Company and its affiliates to reinsure through coinsurance a diversified block of life business. The transaction closed Aug. 26, effective July 1. Approximately $3.5 billion of American National's statutory reserves will be transferred to subsidiaries of RGA, according to the press release. Policyholder service and support will remain with American National. Wells Fargo served as financial advisor to RGA and Clifford Chance served as legal counsel.

Senan O'Loughlin, EVP U.S. individual life, RGA, said in a statement: "Our proven expertise in customized reinsurance empowers us to deliver robust risk management solutions that provide insurers financial flexibility to help them navigate today's complex regulatory and economic landscape."

Goosehead partners with Root

Goosehead Insurance, a personal lines insurance agency, and Root, an insurtech and parent of Root Insurance announced a partnership to pair Root's quote delivery and Goosehead's Quote to Issue platform. The two companies have developed an embedded insurance product to simplify and enhance the distribution process for insurance agents.

Jason Shapiro, SVP of business development at Root, said in a statement: "Recognizing this gap, Root and Goosehead identified a unique opportunity to leverage our combined technological strengths to make the insurance-buying process more efficient. This partnership focuses on creating a fast, easy quoting experience for agents while delivering a great insurance product at a competitive price for clients."

The Hanover expands Work Safe program

The Hanover Insurance Group announced the expansion of Hanover Work Safe, a personalized approach to worker safety, a part of the workers' compensation offering. The program offers claims specialists insights using data and predictive analytics to better understand the person and the potential physical and psychological, social and economic factors creating barriers to recovery.

Carmen Sharp, senior vice president of claims at The Hanover, said in a statement: "The Hanover's enhanced claims approach, which includes administering surveys to both injured employees and employers at the time of injury, sets us apart from other providers as we are able to identify all factors that may impact a claim earlier in the process. By considering not only physical injuries but also psychological, social, and economic factors, we take a unique and individualized approach to workers' compensation claims. Our data-driven model helps us better understand the injured individual, ensuring we can effectively support their specific recovery needs."

CAS and SOA announce 2025 grant competition

The Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) Research Institute's Committee on Knowledge Extension Research (CKER) announced the 2025 Individual Grant Competition. The proposed research project should have the potential to significantly contribute to the advancement of knowledge in actuarial science. More information on submitting a Letter of Intent is available at CAS.

Blink Parametric and Gigasure launch app-based travel insurance assistance bundle

Blink Parametric announced a partnership with Gigasure, a travel insurance provider, that provides policyholders access to Blink Parametric's GigaShield Flight Delay and Luggage Delay benefits through the Gigasure app.

Ernesto Suarez, CEO of Gigasure said in the press release, "Gigasure is here to make insurance simpler, more personalized, and accessible for travelers, empowering them like never before. By offering innovative solutions like Blink Flight Disruption and Lost Luggage protection, we deliver added value and peace of mind in an unpredictable world. When we designed Gigasure, our goal was to provide an experience, not just an insurance policy that gets bought and forgotten. We were inspired by Blink Parametric's innovation, which is at the forefront of insurtech and traveltech evolution, just like us. We're excited to collaborate and bring these unique benefits to market through an app for the first time and look forward to supporting our customers together."

Society Insurance selects Sapiens reinsurance solution

Society Insurance selected Sapiens International Corporation's cloud-based reinsurance system, Sapiens ReinsurancePro, to increase efficiency and minimize claims leakage. According to the press release, the decision was driven by Society's need for an automated solution that could manage their entire reinsurance program and centralize data for streamlined query and report access. Sapiens ReinsurancePro enables Society to calculate its ceded paid, as well as reserve and incurred metrics.

"We are pleased to partner with Society Insurance on their strategy to implement a streamlined reinsurance solution," said Roni Al-Dor, Sapiens president and CEO in a press release statement. "Sapiens ReinsurancePro empowers Society with full financial control of the reinsurance processes, simply and efficiently."

ZestyAI launches non-weather water solution

ZestyAI announced the launch of its Z-Water solution, an AI-enabled model that predicts the frequency and severity of non-weather water and freeze claims. According to the press release, non-weather water claims are the third-leading cause of insurance losses nationwide.

"The landscape of non-weather water claims is shifting, with a concerning trend towards increased claim severity," said Kumar Dhuvur, co-founder and chief product officer of ZestyAI in a press release. "The rising cost of building materials and labor has inflated claim payouts. Additionally, the interconnected nature of our homes, with open floor plans, finished basements, and high-value electronics, means water damage can have a significantly higher price tag."

Cytrora and Xapien announce partnership

Xapien announced a partnership with Cytora to integrate its AI due diligence tool through Cytora's risk processing platform. With this integration, underwriters will no longer need to manually check data sources for potential risks, as the AI-enabled tool automatically reads and analyzes information that includes online media, corporate records and structured screening data.

Juan de Castro, COO at Cytora, said in the release statement, "Cytora's commitment to innovation aligns perfectly with our integration with us. By bringing our AI due diligence tool into our platform, we're equipping insurers with the tools they need to make more informed decisions about the risks they write. This collaboration strengthens our ongoing efforts to provide insurers with the most advanced solutions, ultimately enhancing their ability to manage risks effectively."