Amynta

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Part
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Competitive Landscape - Amynta Group

Amynta Group, Artex Risk Solutions, and Captive Alternatives are all privately-held companies. Amynta Group is the largest of the three companies based on estimated annual revenues and employee count. The company's estimated annual revenue is $18.7 million, while Artex Risk Solutions and Captive Alternatives have $15 million and $8.7 million, respectively.

Amynta Group

  • Amynta Group is a premier insurance services company having over $1.8 billion in managed premiums with about 2,000 associates across Europe, North America, and Australia, and specialize in casualty, property, and specialty insurance, as well as protection and warranty.
  • The firm is an independent entity, serving leading wholesalers, carriers, retail agencies, original equipment manufacturers, auto dealers, and consumer product retailers.
  • The company was formerly known as Mayfield Agency Borrower with the founding of the Amynta Group happening in 2018, according to PitchBook's report. The group's headquarters is 60 Broad Street, 30th Floor, New York, NY, 10004.
  • According to a report by CrunchBase, the Amynta Group's estimated annual revenue is $18.7 million.
  • The company has eight executives in its C-suite. They include Bruce Fell, Executive Vice President and Chief Analytics Officer; Robert James, Executive Vice President, Specialty MGA Segment, Chief Marketing and Human Resources Officer; Dennis Kane, Executive Vice President and Chief Executive Officer Global Warranty; Timothy M. Robb, General Counsel; Robert Schultz, Executive Vice President and Chief Organic Growth Officer; and Brian Seldess, Chief Financial Officer.
  • Amynta Group has about 200 employees per the company's profile on LinkedIn.
  • The company offers its services under two categories: warranty & protection and property, casualty & specialty. The warranty & protection category includes services such as auto, consumer product purchases, protection sales, and specialty equipment.
  • The second category has services such as business owner policy, builders risk, captive insurance programs, commercial auto and property, dealer insurance, general & execs liability, inland marine, safety bonds, and workers' compensation.

Artex Risk Solutions

Captive Alternatives

  • Captive Alternatives re-invented the concept of captive insurance and introduced private insurance, which brought Fortune 500 risk management solutions to clients in small companies, enabling them to leverage assets in protecting and nurturing their companies. According to information on the company's website, they "have been recognized as industry innovators: as one of the Most Innovative Industry Companies and as leading captive professionals."
  • Inc's report showed that Captive Alternatives was founded in the year 2000, after making into Inc.'s list of significant companies between 2017-2019 as one of the top insurance companies, ranking in the 24th spot in the insurance category. Overall, Captive Insurance was #2302, #2971, and #2323 on Inc.'s 5,000 between 2017, 2018, and 2019, respectively.
  • A report by CrunchBase revealed that Captive Alternatives' estimated annual revenue is $8.7 million, and the company has about 50 employees.
  • Robert Zack, Chief Legal Officer; David Kirkup, COO/CFO; Mark Jacobs, Founder, President and CEO; and Mark Sims, VP of Business Development, are the members of Captive Alternatives' C-suite, according to CrunchBase.
  • The headquarters of Captive Alternatives is at 1155 Mt. Vernon Hwy NE Suite 800, Atlanta, USA.
  • The company offers two services: enterprise risk coverages and employee health premiums. The enterprise risk coverages include services covering exposures from employment, transportation, manufacturing, and providing services and products to the public, while employee health premium insurance provides coverage for business owners wanting to give employees health care coverage.

Research Strategy:

We started by investigating the directories of the companies in this project, including their websites and social media accounts. This research produced reports with insights into each company's overview, C-suite executives, location, services offered, and others. Also, as per the investigation, all three companies are privately-held entities, meaning they are not obligated to reveal their financial information. Therefore, we proceeded to examine the profile of each company in business intelligence portals such as CrunchBase, Blooomberg, Inc., and LinkedIn. From here, we located data about their revenue and employee estimates, as well as other information required of this request and provided the same as needed.


Part
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Part
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Insights and Trends - Insurance Industry

Trends in the insurance space that would be relevant to Amynta's business strategy include personalization, generational shift, and artificial intelligence.

Personalization

Overview

  • Customers are demanding personalized insurance products that fit their needs. Insurance companies are keen on building personalized insurance products by enhancing direct relationships with customers.

Rationale

Impact

  • Amynta is investing in a new marketing portal for engaging customers. In line with the personalization trend, Amynta should focus its tech efforts on other personalization of insurance services to generate higher customer convenience and service or it will face intensive competition and possible market irrelevance.

Generational shift

Overview

  • The insurance industry is facing a mass retirement of Baby Boomer employees and agents. It will have to increase their attraction of Millennials employees, but their entry to the industry will not be smooth.

Rationale

  • In the US insurance industry, over 400,000 Baby Boomers are set to retire over the next few years. The high retirement rate of baby boomers will contribute to an increase in the uptake of Millennials within the insurance industry.
  • In tandem with the generational employee shift in the insurance industry is a technology shift in the industry that is changing the employment landscape. Today with technology, insurance companies have direct insurance distribution through apps and websites, which reduce the need for insurance agents. Further, other tech trends such as the use of AI, analytics, and sensors in the insurance industry will result in insurance companies having a high demand for tech personnel than other employment categories that are creating talent challenges in the insurance industry.
  • Unfortunately, Millennials have a low view of the insurance industry with only 4% of Millennials interested in the insurance industry.

Impact

  • Currently, Amynta is undertaking an extensive staff and corporate reorganization. It has integrated the operations of its Warrantech, Warranty Solutions, and OwnerGuard automotive warranty brands. It has also centralized operations to Dallas, unified the auto sales team, and created a dedicated relationship management team.
  • In the course of reorganizing its operations, Amynta should recognize the generational shift in its employees and prioritize its attraction of young tech talent to enhance its innovation in line with tech disruptions facing the insurance industry.

Artificial intelligence

Overview

Rationale

  • Insurance companies are embracing robotic process automation in key operational areas such as policy distribution, fraud detection, and policy evaluation.
  • The use of bots for customer service significantly improves customer service while reducing employees engaged in customer service operations. Further, bots can be used in handling customer payment inquiries.
  • Insurers are promoting the use of sensors for the collection of customer data that can be aggregated using analytics to inform advice to customers and policy management.
  • Overall, insurance companies are increasing their use of artificial intelligence to improve their market competitiveness, operational cost advantages, and market coverage.

Impact

  • With the appointment of Glenn Yancy as Director of Analytics, Amynta has begun on the journey to integrate artificial intelligence, analytics, and automation to its processes. It should accelerate its push into artificial intelligence as it can improve its market competitiveness, operational cost advantages, and market coverage.

RESEARCH STRATEGY

Your research team began by researching Amynta's business strategy through the review and analysis of news releases on its company website. We followed up the research seeking to identify three trends in the insurance space by reviewing news and industry sources such as. Importantly, we identified trends based on the corroboration of credible sources. For the first trend, we corroborated credible sources such as WNS as well as Risk and Insurance that identified the significance of the trend in the insurance industry. For the second trend, we corroborated credible sources such as PWC and Onpoint consulting that identified the significance of the trend in the insurance industry. For the third trend, we corroborated credible sources such as WNS as well as Risk and Insurance that identified the significance of the trend in the insurance industry. Lastly, your research team sought to identify the relevance of insurance trends to Amynta by correlating identified trends with the business strategies of Amynta.
Sources
Sources