Global Insurance & Risk Management Awards 2022

www.wealthandfinance-news.com Global Insurance & Risk Management Awards 2022

Global Insurance & Risk Management Awards 2022 Wealth and Finance International returns for the second time with their Global Insurance and Risk Management Awards for 2022. These awards are here to celebrate the contributions delivered by both the insurance and risk assessment sector and all the hardworking professionals involved in it. It brings us great joy to be able to acknowledge the grit and determination of those within the industry that have had to face many challenges due to the pandemic. We are looking forward to showcasing businesses who have met these challenges with their innovation and commitment. With technology playing a fundamental role within both the insurance and risk assessment sector, it has become a prime resource of the future of programming and the future of connectivity. Even with the rising cost of operations, businesses have continued to present a 24.15% increase as compared to the same period in the previous year – making it the perfect opportunity to be recognized. Sofi Parry, Senior Editor AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them. The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions. Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.

4. Premium Finance Group: Family-Run Life Insurance Company of the Year - Florida 5. Inoventive Benefits Consulting: Best Healthcare Strategy Consultancy Firm - Southeast USA 6. Oasis Computer Systems: Best Smart Insurance Management System Provider - Saudi Arabia 7. Acess Meditech Private Limited: Best Regulatory Compliance Services Provider - Middle East 8. ChatGPT: Steps businesses can take to protect themselves from burgeoning cybercriminal activity 9. Overhaul Acquires SensiGuard to Become Largest In-Transit Supply Chain Cargo Security Provider Contents

4. Family-Run Life Insurance Company of the Year - Florida With an extensive background in insurance advising, Manny Vidal founded Premium Finance Group (PFG) in 2002 when he identified a need for funding large insurance policies for high-networth individuals. These clients need large policies to maximize family and wealth protection as well as facilitate business succession and estate planning. With a vision of aiding these individuals to receive finance for their insurance premiums, Manny formulated a third-party business model involving connecting clients with reputed banks for finance. Shortly after the company’s foundation, Manny successfully closed the largest International Corporate Owned Life Insurance (COLI) sale ever made with a leading offshore insurer. The company has become a leading provider of life insurance solutions around the globe, specializing in financing large life insurance policies, keyman insurance, buy-sell agreements, estate planning, business succession, and charitable donations. As the top provider of Premium Finance, PFG can offer its clients the opportunity to finance 100% of their life insurance premiums at extremely competitive rates. Making sure to meet all regulatory considerations and adhere to high legal and ethical standards, the company has gained an impressive reputation, enabling it to build an extensive network of global banks and top insurance firms across the world. PFG believes that a proper estate plan is essential to avoid difficulties when passing on wealth and assets to heirs. The company stresses the importance of life insurance, which ensures that outstanding debt is paid off and provides liquidity without the need to sell existing assets and pay estate taxes. PFG allows clients to purchase the life insurance policy they need to accomplish their financial goals without having to liquidate assets in order to pay high insurance premiums. These premiums are paid by the lender, while the policy cash values are used as collateral. The policy capitalizes on the leverage provided by the loan to invest the premium in a high cash value life insurance policy. Furthermore, for individuals who own a business and intend to pass it on to the next generation, business succession planning is vital in ensuring a smooth transition between founder and heir. PFG recognises that lack of proper wealth management and financial planning is what prevents so many family-owned businesses from surviving this transition. This is why business succession planning, which aims to identify and address the financial pitfalls that arise following the death of a business owner, is so important. Working closely with their clients every step of the way, Manny and his company aim to determine the best way to protect their family’s wealth and well-being. Manny comments, “Being a family-run business, our mission is to protect our clients’ families, loved ones, and business interests.” Premium Finance Group is a leader in its industry, having built an outstanding reputation for itself over the years. Winning Family-Run Life Insurance Company of the Year, Florida, in the Global Insurance and Risk Management Awards 2022, it is clear that the company has not reached its peak and that it will continue to grow in the years ahead. Contact: Manny Vidal Company: Premium Finance Group Web Address: www.premiumfinancegroup.com Jan23648 Premium Finance Group (PFG) provides high-net-worth individuals with the opportunity to receive finance for their insurance premiums. With over 30 years of experience in the insurance industry, the company’s principals have built PFG into the premiere provider of premium finance, working with the best rated insurance companies around the globe. As a family business itself, PFG understands the importance of business succession planning and aims to ensure its clients’ families, loved ones, estate, and business, are protected. 8

5. Jan23160 Best Healthcare Strategy Consultancy Firm - Southeast USA InoVentive Benefits Consulting (InoVentive) empowers executives throughout the Southeast to manage the often-ignored healthcare supply chain effectively and efficiently. We hear from the brains behind the brilliance, Marcy Heath, as InoVentive is named the Best Healthcare Strategy Consultancy Firm. Through InoVentive’s Strategic Benefits Planning process, employers are achieving a negative trend in healthcare costs to maximize company profit while producing superior employee outcomes. In 2015, Marcy added InoVentive Benefits Consulting to her already established business Insurance Solutions of the South. As Marcy explains, the idea was to move beyond the standard ‘cookie-cutter’ business. It is clear why the company has earned its reputation in the past seven years. A lot of thought and dedication, as well as expert planning, has gone into making the company what it is today. So why is InoVentive the Best Healthcare Strategy Consultancy Firm in the Southeast USA? Well, the reputation of the company speaks for itself. In addition, CEOs consider InoVentive Benefits Consulting as a partner, with the company included and involved in discussions relative to group employee benefits. There is a clear vision set by Marcy, as she aims to build and grow the company and propel it to stardom. InoVentive’s mission is to challenge the status quo as it relates to healthcare. Companies can stick with what they know, but more often than not, there is a burning desire to get the best return on investment especially in the group employee benefits space. Today’s modern businesses are so much more than the product they sell or the service they provide. With customers being more intelligent and more informed, digital marketing means that competition has never been so fierce, and companies need a unique selling point. That is why employee benefits are so vital because they help companies attract and retain the best talent. Talent attraction and retention can be expensive which is why InoVentive Benefits Consulting can be so important to clients. One of the core values InoVentive strives towards daily is to be authentic, compassionate, clientfocused, and results-driven and that is precisely how the company works with its clients – it practices what it preaches. Attracting, hiring, and retaining above-average talent is critical to the success of InoVentive, and for Marcy, finding those employees who care about her business the way she does is significant. It is obvious what InoVentive does to keep it ahead of competitors. Marcy and her team offer solutions in the healthcare space that help manage and mitigate costs while serving the employer at the highest level. Helping the company to enhance its reputation, as well as that of its clients, it is clear why Marcy has been able to bring her company up to the level it is now – stellar and poised for future growth. InoVentive adopts a client-centric approach to service where the needs and opinions of customers are the top priority. By utilizing a client-centric system, InoVentive considers how its behaviours and the company’s overall operations influence the client’s well-being. Ultimately, it is Marcy’s dedication towards growing her company and helping her clients which have seen her excel. The team gathers feedback from clients and incorporates their ideas into their products and services. Via great dedication, they also offer various customer service options and strive to resolve all issues and complaints promptly and thoroughly. Customer retention is also significant, as one of the main goals is to attract clients and encourage them to become loyal to the business. The business has experienced monumental growth because the staff know that their clients are like family and treat them as such. Building and maintaining meaningful relationships is an essential component of client service – that is precisely why InoVentive Benefits Consulting continues to skyrocket as a forefront leader in the group employee benefits space. Contact Name: Marcy Heath Company Name: InoVentive Benefits Consulting Web Address: beinoventive.com

6. Dec22277 Best Smart Insurance Management System Provider - Saudi Arabia Established in 2009 as a local company, Oasis Computer Systems was quick to spread its wings. Today, the company has implemented over 100 systems for corporate clients and supports more than 1,500 users in seven countries. With a wealth of experience in IT and software innovation, Oasis works with clients in a variety of sectors including insurance and healthcare. Mohammed says, “We specialise in translating technological advances into value-driven solutions and services. Our aim is to equip our clients with solutions that meet their needs and help them achieve their business goals. We strive to lead the way in the invention and development of the most advanced enterprise information systems.” The four value pillars of Oasis are integrity, creativity, passion, and flexibility. The company embraces each client’s need for individuality. Mohammed explains more: “At Oasis, we understand that every client wants to differentiate themselves in the market to maintain an advantage. It’s for this reason that we offer bespoke solutions and customised applications for each of our clients. Our development team works with our clients to take into account their unique processes, operations, and governing protocol. That means all our clients have their own version of Oasis, designed by and for them.” One of the first companies in the region to create online insurance and insurtech solutions, Oasis understands the importance of making solutions dynamic to allow integration with available technology. Instrumental in speeding up transformations, this provides even more value for its customers. Mohammed tells us, “We continue to identify new business and technology trends and develop solutions to help clients around the world. By decreasing the total cost of ownership in existing technology programmes, improving operational performance, and delivering more effective and efficient products and services, we help our clients be more competitive in the marketplace. But the key to our long-term success is our investment in our client services. Building great products is no use without helpful, reliable, and accessible client service.” The robust client service strategy developed by Mohammed and the team ensures every client has a first-class customer experience. Mohammed says, “We’re committed to quality, excellence, and professionalism. We know that it’s crucial we continue learning and growing to hold onto our place in the industry.” Soon on the agenda for Oasis is the release of a new version of the Oasis-IBS solution. The integrated solution supports the entire business cycle of insurance businesses including underwriting, management of policies and quotations, claims processing, and billing and accounting. The popular, easy-to-use solution is getting an Oasis makeover to achieve improved service levels and an even higher degree of automation. Oasis is also looking to further expand its reach into GCC countries and areas of North Africa. Contact: Mohammed Elhussein Company: Oasis Computer Systems Web Address: www.oasisoft.net At Oasis Computer Systems (Oasis), it’s all about customer service. The company has a flair for designing on-point systems that deliver outstanding performance and value for money. And its popularity has seen it expand from its base in Jeddah, Saudi Arabia, to have a successful presence in United Arab Emirates, Lebanon, and Mauritius, too. We speak with Mohammed Elhussein, Founder and Managing Director, to find out more.

7. Best Regulatory Compliance Services Provider - Middle East Based in Hyderabad, India, Acess Meditech is a technology specialist in the insurance space. Combining digitalisation, core analytics, and artificial intelligence, the company delivers best-in-class technology to insurers across sectors including medical, motor, property, travel, marine, and life insurance. Syed explains, “Insurance technologies should be the partner that the industry can count on. We pride ourselves on our integrity and commitment. We stand by what we say and what we do and we’re passionate about our industry. We are a team of insurance industry experts, so we understand market challenges. This enables us to provide innovative and robust user-friendly solutions so that our clients can position themselves as market leaders.” The Acess Meditech portfolio features two distinct ERP products, LIMRA, for general insurance, and TOSHFA for medical insurance. The platforms handle day-to-day operations such as rating, underwriting, policy administration, billing, claims, approvals, and renewals. Further features include B2B and B2C compatibility, regulatory compliance, mobile applications, robotic process automation (RPA), AI chatbot, and management dashboard. Differentiating itself from its competitors in areas such as ease-of-use, omnichannel support, and speed to market of updates, Acess Meditech has carved out a niche in the competitive and highly regulated Middle East market. By enabling clients to reinvent their operational processes to capitalise on investment, the company stands out from the rest. Syed tells us, “We aim to stay ahead of the competition by predicting trends and through regular evaluation of the service we provide. We understand that the needs of our clients are evolving. By being proactive, consistent, and reliable we aim to exceed their expectations.” With its quick turnaround for updating existing solutions and launching new products, Acess Meditech attracts new customers and retains its customer base. By applying principles of improved customer satisfaction and increased efficiency, background processes are in a constant state of evolution through a system of process streamlining and task automation. We ask Syed to tell us about some of the company’s most recent initiatives. He says, “We carry out regular market research related to technological advancements and insurance industry standards. This helps us to understand which improvements to target. At the moment, we’re investing in R&D to stay up-to-date with the latest technologies and trends in the industry such as embedding artificial intelligence for predictive analytics and machine learning to assist with decisionmaking processes.” Looking to the future, Acess Meditech has big plans. By adding more products to its portfolio the company will be targeting new sectors such as banking and telecommunications. And, with sights set on expansion, Acess Meditech will be presenting its market-ready regulatory-compliant products to European and US markets. By identifying and developing products ahead of market trends, Acess Meditech is sure to be leading the way in ERP technology for years to come. Contact: Syed Aijazuddin Company: Acess Meditech Private Limited Web Address: www.acessmeditech.com Acess Meditech has been enabling clients across the world to access cutting-edge insurance IT solutions for over 16 years. The company provides enterprise resource planning software (ERP) solutions to its clients, either in-house or by means of cloud technology. We chat with Acess Meditech CEO and Founder, Syed Aijazuddin about staying ahead of the curve in this fastmoving industry. 7

8. ChatGPT: Steps businesses can take to protect themselves from burgeoning cybercriminal activity Few could have foreseen the rapid rise in popularity AI chatbot, ChatGPT, would achieve since its launch in November 2022. Having amassed over one million users within its first week, ChatGPT has propelled itself to the centre of AI and wider tech conversations through its powerful, human-like responses generated at the click of a button. Despite its many uses, recent reports suggest that cybercriminals have moved swiftly to weaponise the chatbot. In response to this emerging threat, business leaders from SoDA (Software Development Association of Poland) offer guidance on how businesses can mitigate the risk posed by ChatGPT and where the responsibility lies in this debate. Dr. Jerzy Biernacki, Head of Operations at Miquido comments: “ChatGPT has developed into a disruptor within artificial intelligence (AI) and demonstrates the powerful capabilities AI has to offer. The recent criminal activity being undertaken via ChatGPT is disappointing, but it ultimately is no surprise. When new technology is developed, there’s always a chance it can be used for harm. “In terms of where the responsibility lies, we should expect greater strides being taken by OpenAI following its partnership with industry heavyweight, Microsoft. Implementing robust security measures to prevent unauthorised access or misuse of the service will likely be top of the agenda for OpenAI in the coming months. “Ultimately though, it will be the end users who shoulder the most responsibility on ChatGPT. OpenAI has launched a very powerful tool and a suitable education should be on-hand. Educating users on the security implications surrounding ChatGPT and the mechanics behind the chatbot will be pivotal moving forward and could potentially decrease the volume of criminal activity.” Lukasz Brandt, Senior Security Analyst at DAC. digital said: “From a business perspective, the risk of falling victim to AI-generated code could affect an organisation on multiple fronts. The introduction of bugs or other weakening proxies could disrupt a business by data breach and network disturbances – both of which could subsequently lead to financial loss and reputational damage later down the line. “Software developers and other industry bodies are equipped with the necessary skills and knowledge to help guide businesses through this confusing landscape. Businesses should consider bringing in the expertise of developers to help provide guidance and best practices for reviewing, testing, and deploying code in a production environment. This third-party expertise can help to reduce the risk of data breaches and other security incidents.” Brandt outlines the role user authentication could provide to mitigate criminal activity on ChatGPT: “Hackers are smart but pragmatic. The thinking behind user authentication is that anything that can slow down an attack, make it harder to automate and increase the necessary expenditures should be considered. However, security cannot be too burdensome for legitimate users – a balancing act for OpenAI to consider from user experience and security viewpoint. “A solution is to use two-factor authentication based on mobile applications generating timebased, one-time passwords which expire after a short amount of time. Alternatively, other promising technology is self-sovereign identity based on blockchain – which, by its nature, cannot be tampered or infiltrated by criminals. “The tools are out there and at the disposal of OpenAI to deploy in an effort to mitigate the growing threat posed by criminals looking to infiltrate the hottest new feature on the internet right now.” Biernacki concludes: “Although the early indications surrounding the criminal activity being conducted on ChatGPT are concerning, businesses should not panic. What we can see is that both the expertise from the development industry and security measures are available to help ensure criminal activity is kept to a minimum. “Having the necessary user authentication processes in place will help OpenAI monitor the legitimacy of their users and the activities they are undertaking on the platform. Furthermore, businesses that may feel vulnerable to this emerging threat are able to seek the expertise of professional developers to provide security advice, guidance and best practice on identifying weaponised code developed via AI’s latest and most disruptive tool yet.” Jan23648 The recent criminal activity being undertaken via ChatGPT is disappointing, but it ultimately is no surprise. When new technology is developed, there’s always a chance it can be used for harm. 8

9. Jan23160 Overhaul Acquires SensiGuard to Become Largest In-Transit Supply Chain Cargo Security Provider Combined entity offers the industry’s most comprehensive supply chain logistics visibility and security solution, managing risk throughout the global cargo journey Overhaul, a software-based, supply-chain visibility, risk, compliance, and insurance solution for the world’s leading brands, has completed the acquisition of SensiGuard® security services from Sensitech®. With this addition, Overhaul takes a commanding share of the supply chain security market and cements its position as the leader in protecting and optimizing global supply chains. “This is a transformative acquisition for Overhaul,” said Barry Conlon, Founder and CEO of Overhaul. “It expands our global footprint, adds hundreds of years of combined supply chain experience to our team, and brings an impressive roster of international clients under our umbrella. With this acquisition, we’re not only the largest supply chain security provider, but the most comprehensive providing needed resilience with immediate corrective action. Our platform spans visibility, risk, compliance, and insurance and is well positioned to help our customers safeguard their cargo and discover efficiencies and opportunities on a global scale.” The acquisition extends Overhaul’s global footprint, adding established offices in Brazil, Mexico, and Czech Republic. The company now has the same level of infrastructure across North America, Latin America, and Europe, increasing its ability to manage truly global supply chains. The deal also expands Overhaul’s book of business, adding some of the biggest names in tech, pharma, and other logistics service providers. Cargo theft continues to be an ongoing issue plaguing global shippers; as thieves adjust their tactics and focus on high value goods, the need for additional security to protect in-transit cargo is paramount. With the addition of SensiGuard, Overhaul will offer a powerful visibility engine and 24/7 risk monitoring capabilities, providing shippers with a comprehensive, real-time solution for mitigating the risks associated with theft, damage, chain of custody, and other cargo security threats no matter where the load may be throughout the globe. “This acquisition is a win for our customers and our employees,” said Mark Serafine, Managing Director, SensiGuard. “Our customers and high value shippers will now have access to a more comprehensive set of services across cargo security. We’re seeing increased demand amidst serious integrity concerns, and we now have the largest team of world-class supply chain security experts addressing these challenges. Together with Overhaul, we’ll advance and deliver the valuable technology to reduce loss ratios and streamline supply chains.” The deal also more than doubles Overhaul’s headcount, adding over 350 employees who support SensiGuard services, bringing an incredible depth of experience and talent in helping companies take control of managing their supply chain risk. SensiGuard’s success is built on a foundation established by the same leadership who will join Overhaul and continue to elevate the company’s technology and service. “SensiGuard’s proven track record as a leading electronic freight security service for more than two decades speaks for itself,” said David Broe, Chief Operating Officer of Overhaul. “Cargo theft is a multi-billion dollar industry and that is just one of the many growing risks to cargo security and integrity that global shippers and logistics providers are grappling with on a daily basis. It is imperative that service providers not only keep pace, but stay ahead with best practices and prevention protocols to meet the challenges of maritime and road transport. With our combined expertise, we can better serve a global market faced with unprecedented risk.”

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