What's new in the world of innovation?
Here's your February update of the Acadia Innovation newsletter, your consolidated source for new innovation happenings at Acadia Insurance. Browse below to learn more!
Inland Marine & Advantage Submission Work
Learn more about this experiment regarding Inland Marine and Advantage leads that came out of a SPARK! idea.
Meet an Active SPARK! User
Find out why it is important to Emma Coombs to be actively engaged in Acadia's innovation efforts.
Knowledge Check
Answer an innovation question for the chance to win a prize!
The Edge Podcast
Check out one of the newest episodes of The Edge Podcasts featuring Mke Nannizzi, Director of FinTech Investments.
Curiosity
Learn more about Curiosity at Acadia Insurance.
February 2023
What's new in the world of innovation?
Here's your February update of the Acadia Innovation newsletter, your consolidated source for new innovation happenings at Acadia Insurance. Browse below to learn more!
Inland Marine and Advantage Submission Work
By Ryan SchwarzeFebruary 2023
Inland Marine & Advantage have teamed up to try to generate more submissions that would hopefully equate to more new business opportunities.
Once our Inland Marine team writes a builder's risk, they usually write it for a year or more, depending on the length of the project. Once an account comes off a builder's risk, it moves to a commercial lines policy. What we have done as a team is to try to identify the ones coming off an Inland Marine policy, somewhere around 120 days before the renewal. Once we identify the ones that are ending their builder's risk policy, and are within appetite, we have been actively asking the agents for those accounts if we may provide a quote to them so they are not having to go to market themselves. As a team, we are trying to provide solutions for these accounts so that Acadia can keep these accounts
from one department to the other
We are still in the process of testing out our success rate and the ones that are actually going to be opportunities. Our goal is to have more data to be able to ensure this is a worthwhile project that will lead to more new business written and higher PIF counts.
Meet an Active SPARK! User
We are continuing to highlight Acadia team members that are (the most) actively engaged in SPARK! The next active SPARK! user is Emma Coombs, Rating Technician Trainee in our Maine branch WeaskedEmma:
Why is it important to you to be actively engaged in Acadia’s Innovation efforts?
"In my opinion, success and innovation go hand in hand. Acadia’s ability to adapt, but to also be “ahead of the game” with new ideas, strategies, and practices will be the key to not only the company’s success, but also to the success of our employees. If we are not involving ourselves in our work place’s innovation efforts, we will not be able to make the changes that we want to see! Actively engaging on a regular basis helps keep Innovation in the forefront of our minds and will shape the way we think over time, encouraging a more “innovative” mindset. "
Knowledge Check
Congratulations to Matthew Bendernagel who answered correctly on the previous Knowledge Check and was randomly drawn as our winner! A prize will be sent to you soon, Matthew! Also a special shoutout to Jessica Ogden and Becky Haley for also submitting the correct answer.
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Next Knowledge Check: What was the topic of the rst WRBC Innovation Teaching Series on the iLab?
FinTechandtheFuturefeaturingMikeNannizzi,Director ofFinTechInvestments
