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ITA Pro Weekly, September 06, 2019

National Life Group, Kookmin Best Insurance Company, Swiss Re and other news from the ITA

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Hot Off The Presses!

National Life Group Extends Strategic Partnership with NTT DATA to Accelerate
Digital Transformation

 
National Life Group (National Life), one of the fastest growing life insurers in the U.S., today announced a five-year extension of the company’s partnership with NTT DATA, a leading global IT services provider, to accelerate digital transformation of the National Life IT system across security, applications and infrastructure.
 
The extension of the partnership between the two companies will continue National Life’s transformation journey, which includes people, process and technology, to improve the customer experience. 
 
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Kookmin Best Insurance Company Leverages Majesco to Drive Customer Value in the Commercial Lines Space

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that Kookmin Best Insurance Company US Branch (KBICUS), the US operation of KB Financial Group based in South Korea, is live with Majesco P&C Core Suite on CloudInsurer™, Majesco Digital1st Insurance Electronic Billing and Payments, and Majesco Enterprise Data Warehouse.

With an A.M. Best Rating of A (Excellent), KBICUS provides top class insurance services to small and mid-sized businesses throughout CA, NJ and NY. Headquartered in Ridgefield Park, New Jersey, with a branch office in Glendale, California, KBICUS provides commercial insurance, including business owners policy and commercial property and umbrella coverage.

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Best’s Market Segment Report: Swiss Re Takes Top Spot in AM Best’s Top 50 Ranking
of Global Reinsurers


The first five positions in AM Best’s annual ranking of the Top 50 Global Reinsurance groups experienced some reshuffling in 2018, most notably in the top spot as Swiss Re Ltd. moved past Munich Reinsurance Company. Outside of 2016, when Swiss Re Ltd. held the top spot, Munich Reinsurance Company has held the top spot each year since 2010 and was No. 2 in this most-recent ranking, as detailed in the new Best’s Market Segment Report, “Global Reinsurance: Fighting the Last War.” The 2019 ranking is based on reinsurance gross premiums written.

“Expect Swiss Re and Munich Re to continue to compete for first place for the foreseeable future,” said Filippo Novella, financial analyst. “They are collectively the largest reinsurance providers of capacity in the market, and make up approximately 30% of total premium among the top 50 groups.”

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