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XCEL Solutions Expands Life, Accident & Health Insurance Pre-Licensing Coverage to all 50 States

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JACKSONVILLE, Fla., February 09, 2022–(BUSINESS WIRE)–XCEL Solutions, the leading provider of online insurance pre-licensing education, is excited to announce as of February 1, Life, Accident & Health insurance pre-licensing courses will now be available in all 50 states, adding Illinois to its state-by-state coverage. These courses are designed for individuals entering the insurance field and for companies hiring new candidates.

“Insurance is an expanding profession and is expected to continue to catapult in growth. Our job is to take one aspect of this profession – education – and make it convenient for our students and corporate partners to manage their licensing training in one place,” said Ed Clark, President of XCEL Solutions. “XCEL is uniquely qualified to help our customers engage in their training and elevate their business performance as a single pre-licensing education provider across the country.”

Requirements for Life, Accident and Health courses vary by state. Most states require license applicants to complete an approved pre-licensing course, followed by a state exam and licensing upon passing the state exam. Illinois is the latest state to allow pre-licensing courses to occur virtually rather than in-person, with 7.5 hours of pre-licensing courses required as a live webinar.

XCEL was founded on the principle of preparing people to pass online. That founding principle has enabled the company to work with prominent regulatory agencies, top Fortune 500 clients, and millions of thousands of students across the country to shift their live, in-person programs to more flexible and productive online courses. By leaning on this deep experience and proven track record of success, XCEL offers unrivaled support for those groups who have not yet made the transition.

“Removing the barrier to entry for classroom learning is a momentous step for Illinois,” continued Clark. “Our goal remains to help all students prepare for and pass their exam in the most flexible way possible.”

In addition to geographic expansion of the company’s online learning solutions, XCEL will continue to offer pipeline management and pipeline reporting for companies tracking the learning progress of new recruits.

For more details on XCEL’s life, accident and health insurance pre-licensing courses, visit https://www.xcelsolutions.com/life-accident-health.

ABOUT XCEL SOLUTIONS

XCEL Solutions is the leading provider of online insurance education and provides insurance and securities pre-licensing courses for Life, Accident and Health (LAH), Property & Casualty (P&C). Over 150,000 students each year use XCEL to help them successfully pass standardized knowledge, skills and assessment exams by utilizing the company’s research-based learning approach. The e-learning platform is loaded with rich online content, including interactive assessments, engaging multimedia content and customized learning paths, allowing each student to grasp difficult concepts based on their individual needs. The company’s mobile learning platform allows students to study anytime, anyplace, and with a mobile device. XCEL Solutions is part of Colibri Group, which provides learning solutions to licensed professionals who strive to be among the best in their fields. Find out more at http://www.xcelsolutions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220209005435/en/

contacts

Kim Wells
Hummingbird Group
[email protected]

California Health Insurance Agents Rename Their Professional Association

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SACRAMENTO, Calif.–(BUSINESS WIRE)–The association representing California’s professional health insurance agents has changed its name to California Agents & Health Insurance Professionals (CAHIP, pronounced CAY-hip). The association, made up of more than 1,600 members in 13 chapters, is the state’s largest organization of professional health insurance professionals.

The organization, previously known as the California Association of Health Underwriters (CAHU), made the decision to rebrand after receiving feedback from members and lawmakers that its prior name was confusing. The management team of CAHIP, as well as the group’s status under a national corporate structure, remains unchanged

“Our old name simply didn’t reflect our role as an advocate for every Californian to get the right, personalized healthcare coverage for all stages in life,” said Brad Davis, president of CAHIP. “The CAHIP name more accurately reflects our diverse membership and commitment to providing solutions for an individual’s health, financial and retirement needs.”

A recent survey found that 70% of CAHIP’s members were favor of a new name and brand. They also shared that the word “underwriter” was an antiquated term often associated with denial of coverage and didn’t fully represent the variety of services provided to clients. A unanimous vote by the organization’s Board of Directors recently made the name change official.

“This is an exciting time for our organization to help residents in communities across the state access affordable care for the whole person, through medical, chiropractic, vision, mental health or dental insurance options,” said Davis. “We can now re-focus on our ongoing efforts to provide world-class service to our members for years to come.”

CAHIP, which was founded in the late 1980s, remains under the National Association of Health Underwriters (NAHU) umbrella. That organization represents more than 100,000 licensed health insurance agents, brokers, general agents, consultants and benefit professionals through more than 200 chapters across America.

About California Agents & Health Insurance Professionals (CAHIP)

The California Agents & Health Insurance Professionals (CAHIP), formerly the California Association of Health Underwriters (CAHU) is a professional association made up of agents, brokers and benefits professionals who help individual Californians and businesses with the insurance landscape. With a membership as diverse as California itself, CAHIP is an advocate for access to personalized healthcare and dedicated to helping its members in every stage of their lives. For additional information, please visit www.cahu.org.

Insurance Marketer U-BX Pops Up In China-US IPO Pipeline Despite Limited Potential

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Mohamad Faizal Bin Ramli/iStock via Getty Images

A small business that operates on razor-thin margins and is growing only modestly is a tough sell for investors, no matter how you slice it. That reality may soon confront U-BX Technology Ltd. (UBXG) as it becomes the latest in a trickle of smaller Chinese companies seeking to restart the pipeline of such firms raising fresh funds through US listings.

The Beijing-based company, which provides online promotion and other services for insurers, aims to sell 6 million new shares at $4.50-$5.50 each to raise as much as $33 million in an IPO on the Nasdaq, according to a preliminary prospectus filed late last month just before the Lunar New Year. The firm said it plans to use the funds for research and development, advertising and marketing, and general working capital.

The modest IPO comes around the same time as a similarly pint-sized offering by Yi Po International Holdings, an operator of smart parking systems, which was filed last week. Both plans show that Chinese companies are starting to list again in the US, following a half-year pause sparked by regulatory concerns on both sides of the Pacific that now are getting resolved.

U-BX is offering shares equal to about 27% of its current outstanding total. Co-founder and CEO Chen Jian, who previously worked at internet ventures including Qunar and Autohome, owns more than 80% of the company directly and through a British Virgin Island entity, which will be diluted to about 65% after the IPO.

U-BX describes itself as a “leading provider of insurance technology services,” giving the impression it’s among a group of “insurtech” plays that are hot nowadays. But that seems a little misleading. The company’s revenue mainly comes from luring consumers to click on insurers’ advertisements on social media platforms.

In its latest fiscal year through last June, such income accounted for more than half of its total, though it fell 10% from the previous year, which if continued, could be worrisome. Such “digital promotion services” probably require more expertise in social media marketing rather than deep familiarity with insurance.

U-BX does provide something more resembling an insurtech service that calculates payout risks for insurers, based on a proprietary algorithm named “Magic Mirror.” But that service is the smallest of its three main revenue sources, contributing less than 20% of the total in its last fiscal year, even after its sales rose 11% year-on-year.

U-BX’s third line of business hardly requires insurance knowledge or even technology. That source comes from its sale of non-insurance products and services that insurers can offer in promotional bundles, such as car wash or car maintenance plans. Revenue from that part of the business increased at the fastest pace among its three segments in the last fiscal year, more than doubling.

U-BX’s overall revenue increased 18% to about $72.4 million in the last fiscal year from the prior 12 months. That’s rather underwhelming for a company that is still quite small and needs to impress investors with its growth potential.

Moreover, the company’s high costs are eating heavily into its profitability. In the last fiscal year, its cost of revenue, which includes fees for cloud services, amounted to more than 98% of total sales, resulting in a paltry gross margin of 1.4%. U-BX as a whole is quite small with just three dozen employees, so it doesn’t include a lot of operating expenses. Even so, because the gross margin is so low, the company has been losing money with a negative cash flow from operations each year since its inception in 2018, which it warned may continue.

One thing working in U-BX’s favor is China’s huge insurance market, which is second now only to the US and projected to become the world’s largest in the next decade. In particular, growing car ownership as the country’s household incomes rise means that sales for auto insurers, a key customer group for U-BX, will also increase.

Competitive risks

One of U-BX’s biggest risks is that insurers may develop their own online marketing capabilities and no longer need its type of services. In its prospectus, the company also warned it already faces stiff competition from rivals such as Nan Yan Technology, Xiaomar, and Botpy Technology, all unlisted. And the decline in revenue from digital promotion services last year doesn’t bode well for the company’s prospects.

U-BX says its key competitive advantages include an “experienced and visionary” management team, along with its online marketing and technological capabilities. Those factors, together with an editorial team that can produce high-quality content on insurance, look modest compared to the usual boastful language often found in IPO marketing materials.

Language aside, the company will need to develop more innovative products that bring substantial revenue to stay ahead of the competition. Perhaps it will be able to do that by beefing up its team and other resources using new funds from the IPO, which would make declining revenue from its social media marketing services less of a concern.

But major insurers with much deeper pockets are also investing heavily in new technologies, such as artificial intelligence, for use in underwriting and risk management. And a growing number of pure digital insurers like ZhongAn Online P&C Insurance (OTCPK:ZZHGF) (OTCPK:ZZHGY), a joint venture by Alibaba-affiliated Ant Group, Tencent (OTCPK:TCEHY) and Ping An Insurance (OTCPK:PNGAY) ( OTCPK:PIAIF) (601318.SS), are especially adept in that area. Against this backdrop, it’s not clear how competitive U-BX’s insurtech services can be.

On top of these drawbacks, Chinese stocks in general – especially those related to technology, a category that could include U-BX – aren’t the most attractive proposals for investors these days due to regulatory crackdowns on a wide range of industries that rocked the entire group in the second half of last year.

Should U-BX price its IPO shares at $5 each, the midpoint of its target range, it will have a market capitalization of $142.5 million, translating into a price-to-sales (P/S) ratio of about 2 based on annual revenue for the last fiscal year. That’s actually a tad higher than 1.9 for pure insurtech stock ZhongAn, which has grown much faster from a much higher base. That relatively strong ratio could reflect the lower risk U-BX faces due to its role as a service provider to the financial sector, without providing actual financial services that are more heavily regulated like ZhongAn’s.

Disclosure: None

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Santa Fe archdiocese seeks to keep insurance files private | Local News

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The opposing sides in the Archdiocese of Santa Fe bankruptcy case are battling over whether certain insurance records should be sealed from public view.

Insurance coverage for the archdiocese is a key issue in the effort by victims and the church to reach an agreement in the case that involves more than 400 victims of clergy sexual abuse, most of them children.

The Chapter 11 bankruptcy case has dragged on for more than three years, and insurance coverage is expected to pay a big chunk of the undisclosed amount of money needed to settle.

A Santa Fe attorney who represents several victims objected to confidentiality and sealing of records, contending in an interview Monday secrecy is what led to the tragedy of widespread priest abuse of children in the first place.

“That’s the problem with the church. Everything is secret,” said attorney Merit Bennett. “We’re here because of secrets that have been kept for years and years.”

Bennett said the request to seal documents amounts to “going backward in time. It needs to all be transparent.” He said priests got away with molesting children for decades in part because they held community members’ secrets from the confessional and people were afraid to challenge them.

“They were untouchable,” Bennett said of the priests who abused children.

Besides insurance coverage, the archdiocese has sought donations, sold some properties and held an online auction of small properties that ended Monday.

It was the second such auction. The first brought in about $1.4 million, likely a small fraction of the amount needed for a settlement.

Thomas Walker, an Albuquerque attorney for the archdiocese, filed the request to seal insurance documents last month. Walker, who didn’t return a phone call Monday, wrote in the court filing that agreements between the archdiocese and insurers indicated there would be confidentiality.

The information should be “kept confidential to the greatest extent permitted by law,” Walker wrote in his filing. He claimed breaching the confidentiality provisions of those agreements could cause them to be “null and void, and invite further expensive and protracted litigation of coverage disputes.”

US Bankruptcy Judge David T. Thuma has called for a hearing on the matter Feb. 14 at the US District Courthouse in Albuquerque.

Attorneys for the victims said the archdiocese reached such with some insurers in the 1990s because they could see the wave of abuse agreements lawsuits coming.

Albuquerque attorney Levi Monagle, whose firm represents 140 victims, wrote in an email “there had already been a significant number of lawsuits filed against the Archdiocese by the mid-90s, so both the Archdiocese and its carriers certainly knew lawsuits were coming and would continue to come.”

Monagle said in an interview the archdiocese and its attorneys aren’t requesting confidentiality “just for the sake of confidentiality.”

Victims committee attorney James Stang of Los Angeles said insurance companies are claiming the documents are confidential and unveiling them would impair the archdiocese’s rights.

Stang filed an objection last week to the archdiocese’s request the insurance documents be sealed. Stang wrote in the filing that “the need for transparency is overwhelming and creditors should not be kept in the dark” about what’s going on.

In that filing, Stang quoted a case from the Southern District of New York in which it was found that limiting “the public’s right to access remains an extraordinary measure that is warranted only under rare circumstances.” Another case cited by Stang said, “Public access is a foundational attribute” of the federal courts.

Archdiocese Vicar General Glenn Jones said in a recent online communication to church members, “The bankruptcy proceedings slog on. … There are more twists and turns in the process than in a bowl of spaghetti.”

Close to 30 dioceses and Catholic orders have filed for Chapter 11 bankruptcy during the abuse scandal, and most were settled in less than three years. The amounts of money agreed to vary widely. In Los Angeles, 508 victims settled for $660 million in 2007, according to bishop-accountability.org, and in Gallup, close to 60 settled for more than $21 million.

Stang declined to discuss whether an agreement is near.

“We’re trying hard,” he said. “We’re going back to mediation on the 14th of March.”

Bennett said it would be improper to grant the archdiocese its wish to seal some of the insurance records. “Where’s that good, old transparency that we need, especially with these guys?” Bennett asked Monday. “The alarm bells should go off.”

“Nothing should be under seal with the archdiocese ever again,” he added. “…They don’t get any more secrets.”

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The Most Important Things Drivers Should Know About Gap Insurance

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LOS ANGELES (PRWEB) February 09, 2022

Compare-autoinsurance.org has launched a new blog post that presents the most important things policyholders should know about gap insurance.

For more info and free car insurance quotes online, visit https://compare-autoinsurance.org/why-is-gap-insurance-important-and-what-drivers-should-know-about-it/

The value of a vehicle starts depreciating immediately as drivers drive them off the lot, especially for newer cars. Usually, cars will lose 20% of their value within the first year of leasing. If a driver gets involved in an accident and totals his car, a standard insurance policy will only cover the current market value of the car and not the full amount the driver owes on the loan. To protect themselves from a loss, drivers of new cars can get guaranteed auto protection (GAP) insurance. Gap insurance pays the difference

between the totaled vehicle’s value and how much the policyholder owes on it, Drivers that owe more money on their current vehicles than their current market price should consider getting gap insurance.

Advertisement

Before getting gap insurance, drivers should consider the following:

  • What does it cover? Gap insurance is usually available to cars that are less than 5 years old, and it helps to pay the difference between the depreciated value of the policyholder’s vehicle and what he still owes on the car. Gap insurance covers the total car when it’s no longer usable. If the policyholder gets involved in an accident, and the financed car is damaged beyond repair, gap insurance will cover the cost of what the policyholder owes. Gap insurance will also cover the cost of the vehicles if it’s stolen. Gap insurance can only be used if the car can’t be fixed. Also, gap insurance only covers expenses related to the vehicle. Furthermore, gap insurance won’t cover the comprehensive or collision deductible.

  • Is gap insurance worth it? Only drivers who are financing their vehicles are eligible for this option. Gap insurance is an option that should be considered by drivers who owe more on their car than its current market value. Drivers can find out how much their cars are worth by visiting sites like Kelly Blue Book or by visiting a local appraiser. Also, drivers will need gap insurance if they are found in several situations. First, the financing company may require gap insurance to protect themselves from financial loss. In case of a long lease or a smaller down payment, the vehicle may depreciate faster than the driver can pay his loan. Also, luxury and high-end vehicles depreciate faster than the average cars, so the loan amount will probably be greater than the car’s value. Furthermore, cars depreciate faster if they have a lot of mileage.
  • From where to get gap insurance. The dealership or finance company may offer gap insurance on their vehicles. However, it’s probably cheaper to get gap insurance from a car insurance provider.

For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.org/

Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

Read the full story at https://www.prweb.com/releases/the_most_important_things_drivers_should_know_about_gap_insurance/prweb18488045.htm

Identity Theft Insurance Market to Reach $2.09 Bn, Globally, by 2030 at 14.2% CAGR: Allied Market Research

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PORTLAND, Ore., Feb. 9, 2022 /PRNewswire/ — Allied Market Research published a report, titled,Identity Theft Insurance Market By Type (Credit Card Fraud, Employment Or Tax-Related Fraud, Phone Or Utilities Fraud, Bank Fraud and Others) and Application (Individuals and Business): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global identity theft insurance industry generated $0.57 billion in 2020, and is anticipated to generate $2.09 billion by 2030, witnessing a CAGR of 14.2% from 2021 to 2030.

Download Sample Report (Get Full Insights in PDF – 232 Pages) @ https://www.alliedmarketresearch.com/request-sample/12352

Premium Determinants of growth

Surge in adoption of digital payments, rise in cybercrimes, and increase in the number of credit card users drive the growth of the global identity theft insurance market. However, lack of awareness among consumers hinders the market growth. On the other hand, growth in digitalization in developing countries and increase in number of users on online platform present new opportunities in the coming years.

Covid-19 Scenario

  • The outbreak of the COVID-19 pandemic has had a significant impact on the identity theft insurance, owing to increase in usage and adoption of online & digitalized platforms among consumers globally.
  • Identity theft insurance cost are experiencing massive growth as consumers are getting familiar with the risks related with electronic identification technologies in the market.

Tea credit card fraud Segment to Maintain its Leadership Status throughout the Forecast Period

Based on type, the credit card fraud segment held the highest market share in 2020, accounting for nearly two-fifths of the global identity theft insurance market, and is estimated to maintain its leadership status throughout the forecast period. The increase in cases of credit card fraud owing to digitization is proving beneficial for the growth of identity theft insurance market. Moreover, the bank fraud segment is projected to manifest the highest CAGR of 18.6% from 2021 to 2030, owing to rise in digital usage in the banking industry.

Interested in Procuring the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/12352

The Individuals Segment to Maintain its Lead Position during the Forecast Period

Based on application, the individuals segment accounted for the largest share in 2020, contributing to more than half of the global identity theft insurance market, and is projected to maintain its lead position during the forecast period. This is due to rise in cases for the personal data theft on social media. However, the business segment is expected to portray the largest CAGR of 15.5% from 2021 to 2030. While imitating a company’s letterhead or sending forged communications are traditional approaches, newer and more sophisticated methods are being developed. As a result, the demand for identity insurance have been surged in recent years by business firms.

North America to Maintain its Dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global identity theft insurance market, owing to developed digitalized platform. Moreover, the Asia Pacific region is expected to witness the fastest CAGR of 17.8% during the forecast period. This is attributed to the continued high speed of digital adoption, along with a rapidly increasing digital ecosystem.

Inquire for Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/12352?reqfor=covid

Leading Market Players

  • Allstate Insurance Company
  • Will have
  • Chubb
  • experian
  • GEICO
  • IdentityForce, Inc.
  • IDShield
  • McAfee, LLC
  • NortonLifeLock In
  • Nationwide Mutual Insurance Company

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Brazil health insurance regulator blocks APS sale by UnitedHealth’s Amil

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SAO PAULO/BRASILIA, Feb 9 (Reuters) Brazil’s health insurance regulator ANS said late on Tuesday it has decided to block the sale of healthcare plan operator APS by local group Amil, which is controlled by US UnitedHealth Group Inc UNH.Ndue to a lack of information regarding the proposed deal.

ANS said in a statement it called on Amil representatives to explain the move after local media reported the sale of APS to a group formed by Fiord Capital, Seferin & Coelho and HVK in a 3 billion real ($572.49 million) transaction, adding it was not informed about the transaction.

The regulator questioned the company about the transfer of APS’s control, the financial capacity of the new controllers to guarantee APS’s sustainability and the figures involved in the deal, saying “no satisfactory answers” were provided by Amil.

It added that Amil representatives have then committed to follow the steps required by the agency and file the documents needed for ANS to verify any change in APS’s corporate structure.

“Until a new decision by ANS, APS must continue to be operated by Amil and under its full responsibility,” the regulator said.

Amil did not immediately respond to a Reuters request for comment.

APS currently provides health insurance to 330,000 customers in the states of Sao Paulo, Rio de Janeiro and Parana, according to ANS.

($1 = 5.2403 reais)

(Reporting by Gabriel Araujo in Sao Paulo and Lisandra Paraguassu in Brasilia, editing Louise Heavens)

(([email protected]; +55 11 5644 7745;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Decision: Underwriting Discovery Is Not Categorically Prohibited in Insurance Coverage Cases

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Discovery in insurance coverage actions in Florida is often hotly litigated. Despite the prevalence of discovery disputes, case law has often failed to provide much uniform guidance to practitioners around the state. Indeed, Florida state and federal court decisions seem to conflict on several aspects of insurance-related discovery, as do the various district courts of appeal. For example, compare State Farm Fire & Casualty c. valido, 662 So. 2d 1012, 1013 (Fla. 3d DCA App. 1995) (quashing order requiring production of State Farm’s claim files, manuals, guidelines and documents in a first party coverage dispute, finding documents irrelevant to dispute) and Homeowners Choice Property & Casualty Insurance v. Mahady, 284 So. 3d 582, 583 (Fla. 4th DCA 2019) (quashing order allowing discovery of claim files and underwriting files in coverage dispute because “insurer’s liability for coverage and the amount of the policy owners’ damages have not been finally determined”) with American Home Assurance v. Vreeland, 973 So. 2d 668, 672 (Fla. 2d DCA. 2008) (allowing limited discovery of underwriting file relevant to whether a party was an insured).

Even courts within the same district have reached seemingly conflicting results in different discovery disputes, particularly as it relates to the discoverability of the insurer’s underwriting file, underwriting manuals, or underwriting guidelines. Compared Corum v. Penn-American Insurance, No. 08-80732-CIV, 2009 WL 10666960, at *4 (SD Fla. June 12, 2009) (“Any underwriting guidelines the defendant may have consulted before issuing the subject policy have no bearing on whether that policy, as written, provides for coverage in this case.”) and Milinazzo v. State Farm Insurance247 FRD 691, 702 (SD Fla. 2007) (collecting cases and stating “the decisions suggest the underwriting files are discoverable in bad faith claims, but in breach of contract claims, only discoverable when the contract terms are ambiguous”) with GEICO v. JesusNo. 15-81027-CV, 2016 WL 8813844, at *3 (SD Fla. May 23, 2016) (allowing corporate representative deposition to go forward on underwriting topic, but only as it relates to insured, in coverage action) and AIG Centennial Insurance v. O’NeillNo. 09-60551-CIV-ZLOCH, 2010 WL 4116555, at *8 (SD Fla. Oct. 18, 2010) (allowing discovery of underwriting documents, including underwriting manual, finding documents “relevant to the materiality aspect of the misrepresentation claim charged by Centennial in its amended complaint.”).

Pie Insurance Appoints Experienced Financial Services and Insurance Executive Wes Thompson to Board of Directors

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DENVER, Feb. 9, 2022 /PRNewswire/ — Pie Insurance (“Pie”), a leading tech-enabled provider of workers’ compensation insurance to small businesses, announced today that wes thompsonan experienced insurance and financial services professional, has joined Pie’s Board of Directors. Mr. Thompson will advise and support the company as it builds on its exceptional growth to-date.

Mr. Thompson brings more than 30 years of experience to Pie’s board, including a unique blend of startup founder experience along with serving in senior leadership roles at insurance and financial organizations such as Sun Life Financial US and Lincoln Financial Group. Most recently, Mr. Thompson served as the president and CEO of M Financial Group, a leader in life insurance and financial services for high-net-worth clients, where he overlooks all strategic and operational aspects, including the development of resources and services designed to enhance member firm success and drive overall growth.

In 2015, prior to his role at M Financial Group, Mr. Thompson founded Emerge, an insurtech company that makes insurance for medical emergencies accessible, easy to understand, and easy to buy. At Emerge, Mr. Thompson recognized the importance of building a platform focused on the client experience and easy to access insurance.

“We are honored to have Mr. Thompson join Pie’s Board of Directors,” said John Swigart, founder and CEO of Pie. “Not only does he understand what it takes to build and grow an insurtech company from scratch, he also understands how to navigate the complexities of a large insurance organization. His knowledge and business acumen in a rapidly changing industry will help take Pie to the next level in 2022 and beyond.”

“I believe Pie is poised to become the number one commercial insurance provider for small businesses and I’m excited to be a part of its journey,” said wes thompson. “As a former insurtech founder who came from a traditional insurance background, I’ve seen first-hand what needs to happen in the industry to create long-term change. Pie is doing it right, helping to transform a centuries old industry in an elegant and honorable way.”

Mr. Thompson’s appointment became effective in December of 2021. He joins the board alongside recent appointees Kristina Johnson and Kirsten Wolberg.

About Pie Insurance
Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie’s intense focus on granular, sophisticated pricing, and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $300M in funding, grown its gross written premium to over $100Mand partnered with over 1,000 agencies nationwide.

SOURCE Pie Insurance

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Identity Theft Insurance Market to Reach $2.09 Bn, Globally, by 2030 at 14.2% CAGR: Allied Market Research

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PORTLAND, Ore., Feb. 9, 2022 /PRNewswire/ — Allied Market Research published a report, titled,Identity Theft Insurance Market By Type (Credit Card Fraud, Employment Or Tax-Related Fraud, Phone Or Utilities Fraud, Bank Fraud and Others) and Application (Individuals and Business): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global identity theft insurance industry generated $0.57 billion in 2020, and is anticipated to generate $2.09 billion by 2030, witnessing a CAGR of 14.2% from 2021 to 2030.

Download Sample Report (Get Full Insights in PDF – 232 Pages) @ https://www.alliedmarketresearch.com/request-sample/12352

Premium Determinants of growth

Surge in adoption of digital payments, rise in cybercrimes, and increase in the number of credit card users drive the growth of the global identity theft insurance market. However, lack of awareness among consumers hinders the market growth. On the other hand, growth in digitalization in developing countries and increase in number of users on online platform present new opportunities in the coming years.

Covid-19 Scenario

Advertisement

  • The outbreak of the COVID-19 pandemic has had a significant impact on the identity theft insurance, owing to increase in usage and adoption of online & digitalized platforms among consumers globally.
  • Identity theft insurance cost are experiencing massive growth as consumers are getting familiar with the risks related with electronic identification technologies in the market.

Tea credit card fraud Segment to Maintain its Leadership Status throughout the Forecast Period

Based on type, the credit card fraud segment held the highest market share in 2020, accounting for nearly two-fifths of the global identity theft insurance market, and is estimated to maintain its leadership status throughout the forecast period. The increase in cases of credit card fraud owing to digitization is proving beneficial for the growth of identity theft insurance market. Moreover, the bank fraud segment is projected to manifest the highest CAGR of 18.6% from 2021 to 2030, owing to rise in digital usage in the banking industry.

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The Individuals Segment to Maintain its Lead Position during the Forecast Period

Based on application, the individuals segment accounted for the largest share in 2020, contributing to more than half of the global identity theft insurance market, and is projected to maintain its lead position during the forecast period. This is due to rise in cases for the personal data theft on social media. However, the business segment is expected to portray the largest CAGR of 15.5% from 2021 to 2030. While imitating a company’s letterhead or sending forged communications are traditional approaches, newer and more sophisticated methods are being developed. As a result, the demand for identity insurance have been surged in recent years by business firms.

North America to Maintain its Dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global identity theft insurance market, owing to developed digitalized platform. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.8% during the forecast period. This is attributed to the continued high speed of digital adoption, along with a rapidly increasing digital ecosystem.

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Leading Market Players

  • Allstate Insurance Company
  • Will have
  • Chubb
  • experian
  • GEICO
  • IdentityForce, Inc.
  • IDShield
  • McAfee, LLC
  • NortonLifeLock In
  • Nationwide Mutual Insurance Company

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