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ITA Pro Weekly, March 22, 2019

Vermont Mutual Insurance, A.M. Best Innovation Assessment, and a LOT more news from ITA

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Hot Off the Presses!

AM Best Requests Comments on Draft Criteria: Scoring and Assessing Innovation


Innovation always has been important for the success of an insurance company, but with the increased pace of change in society, climate and technology, it is becoming increasingly critical to the long-term success of all insurers. 

AM Best is requesting comments from market participants in the insurance industry and other interested parties on the draft of a new criteria procedure, “Scoring and Assessing Innovation.”

AM Best defines innovation as a multistage process whereby an organization transforms ideas into new or significantly improved products, processes, services or business models that have a measurable positive impact over time and enable the organization to remain relevant and successful. These products, processes, services or business models can be created organically or adopted from external sources.


For more information, click on the press release here.

 

Vermont Mutual Insurance Group Selects
One Inc for Digital Payments


One Inc, provider of a digital payments platform for insurance companies and managing general agencies (MGAs), is pleased to announce Vermont Mutual Insurance Group (Vermont Mutual) has selected the One Inc Digital Payments Platform to modernize the company’s billing and payment capabilities.

Chartered in 1828, Vermont Mutual is one of the ten oldest mutual property and casualty (P&C) insurers in the U.S. The company insures over 300,000 policyholders through a network of more than 800 independent agency locations throughout the Northeast. Having been consistently recognized for security and reliability, finding a vendor and a solution that would reinforce these capabilities while also providing an improved billing and payment environment was essential to Vermont Mutual.

For more information, click on the press release here.

 

In a recent blog, SMA Partner Karen Furtado discusses the key considerations for insurers when developing the best value propositions for smart homes, including the need to develop a deep understanding of specific customer segments, their needs, and their adoption of smart devices. This diagram, taken from SMA's new report, Smart Homes and Buildings: Ten Strategic Considerations for Insurers, helps to catalogue smart devices and solutions into four main value areas. The P&C industry is fundamentally about security, safety, and peril protection, but portions of the energy and machine management section also have implications for insurers, particularly for the commercial property segment.

Click on Karen's blog here: "Perspectives From a Smart Home Owner: How Insurers Can Help"

 
BREAKING NEWS FROM THE INSURANCE INDUSTRY 
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