Next Insurance and Munich Re Announce Partnership
Next Insurance announced its partnership with Munich Re to launch a product targeting commercial photographers, who will be able to buy, renew and maintain policies online.
According to a 2016 report by McKinsey & Co, the small commercial market has good potential for growth in a “fragmented competitive and geographic landscape.” The report found that almost 40 percent of sole proprietorships in the U.S. don’t carry small commercial coverage, representing a significant opportunity for growth with small businesses.
Photographers will now be able to pay for insurance with Next Insurance on a monthly subscription basis in all 50 states and any time of day or night, as they get their businesses ready for the new year. Insurance packages available are simple to select and tailored based on deep understanding of the industry as well as discussion with photographers, so that usual exceptions like liability and off-premise use of cameras is covered as well. These packages are just as tailored to the industry needs as the personal trainer packages already available through Next Insurance.
QBE Insurance Group, Patriot National Launch Regional Program for Workers’ Comp, Employers Liability Policies
QBE North America, an operating division of global insurer QBE Insurance Group Limited, announced the launch of a program with Patriot National to write workers’ compensation and employers’ liability insurance policies for hospitality, healthcare, property management and manufacturing accounts in 12 states – Alabama, Arizona, Georgia, Illinois, Kansas, Missouri, North Carolina, South Carolina, South Dakota, Tennessee, Virginia, Vermont.
Patriot National, Inc. will serve as program administrator with defined underwriting, claims administration and loss control authority on behalf of QBE.
Origami Risk Acquires Claimwire
Origami Risk, a software and services provider to the risk and insurance industry, acquired Claimwire, a national provider of automated workers’ compensation forms, compliance resources and regulatory information to the insurance industry.
As a wholly-owned subsidiary of Origami Risk, Claimwire will continue to operate independently of Origami Risk and maintain all of its services to its clientele of insurers, third party administrators, risk managers and software vendors. In addition, the acquired firm’s employees, including Steve Schmutz, CEO of Claimwire, will remain in their respective roles at Claimwire.
With an online library of more than 5,000 state workers’ compensation claim forms, Claimwire has fulfilled nearly 11.5 million individual form requests since it began operations in 2012. Additionally, Claimwire’s unique search engine provides access to more than 7,000 federal and state laws and regulations, and its online portal facilitates workers’ compensation claim reporting in all 50 states.
Origami Risk provides intuitive web-based software that streamlines how risk, insurance and claims data are collected, analyzed and shared—ultimately helping users to be more productive and manage the total cost of risk for their organizations or for their clients. The firm’s Risk Management Information System (RMIS), Claims Management System and Policy Management System offer speed, flexibility, automation, data import and export tools, claims management tools, analysis and reporting tools.
Guidewire to Acquire ISCS
Guidewire Software, Inc., a provider of software products to property/casualty insurers, announced it has entered into a definitive agreement to acquire ISCS.
The acquisition will enhance Guidewire’s ability to serve those P/C insurers that prefer a cloud-based, all-in-one system supporting the insurance lifecycle.
The transaction is anticipated to close in approximately 60 days.
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