7 Business Models of the Future for Insurers

The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:

Spotlight

Partners Insurance Group, LLC

A strong partner provides expertise and support when you need it most. With the ever changing landscape of insurance, the need for a strong partner has never been greater. Partners Insurance Group is an independent agency with access to reputable and competitive insurance companies providing tailored solutions for your individual needs.

OTHER ARTICLES
Core Insurance, Risk Management

The economy is slowing down: what does it mean for insurance companies?

Article | August 4, 2022

Since 2010, as countries waded out of the recession of 2008, they enjoyed economic growth. Coupled with technological innovation, the global economy really got a boost. But, mirroring Nature’s cycles, it seems it is now time to hit a plateau and slow down. In this article, we explore why the slowdown could be happening and more importantly, what it means for us in the insurance industry.

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Insurance Technology

Making the digital leap in underwriting

Article | July 15, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

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Insurance Technology

4 Aspects of Cyber Insurance that SMBs Must Know

Article | July 20, 2022

The pandemic pressed many businesses to go remote. While this enabled employees and their organizations to continue doing business in the face of global uncertainty, the fragility of cybersecurity infrastructure became more apparent than ever. From remote work to a more powerful online presence, cybersecurity threats are a significant challenge for many organizations. With data security, exposure to these threats meant cyber insurance needed to be amped up. In the race to fortify cybersecurity, small businesses, which have limited resources to train their IT staff, have much catching up to do. As a matter of fact, practically all small businesses maintain sensitive data on their staff, clients, or suppliers, making them open to hacking attempts, malware attacks, digitalfraud, and other online threats. A cyberattack can force a firm to cease operations, incur significant losses, and unanticipated costs, and harm their brand. This is why cyber insurance is so critical. Here are four things SMBs must understand about cyber insurance and what it covers. In Case of Data Breaches Data breaches are one of the most common types of cyberattacks on small firms. Cyber insurance coversthe cost of locating the origin of a data breachand assessing whether the information lost poses any legal obligations. It also includes the price of meeting those obligations, including sending notifications to affected clients, setting up a call center, and providing credit monitoring, as well as the price of hiring legal counsel and paying any fines or penalties. In Case of Malware Attacks Ransomware and malware attacks allow criminals to break into an organization’s back-end data. They use it to steal customer information or simply encrypt it which allows them to demand random from the business to reclaim access. Cyber insurance can pay for all of the expenses involved in restoring the system, including recovering data, ransomware removal, vulnerability patching, and, if required, paying the ransom itself. A ransomware attack is the most disruptive,and it may be covered if there is economic loss for the company. In Case of Phishing and Cyber Fraud By gaining access to a company's computer system, social engineering letscriminals trick employees intosettlingfictitious bills or diverting cash to their accounts. Businesses may be able to recoup lost funds with the use of cyberinsurance. Third-Party Coverage Third-party insurance can shield firms from cyber-related legal troubles, such as government responseor class-action lawsuits brought on by, for instance, unintentional malware spreador the inability to curbunauthorized access to companysystems. It covers all legal expenses, such as settlements and lawyer fees. What’s the Bottom Line? Cyber insurance cannot be an alternative to a robust cyber security infrastructure. And small businesses cannot afford to keep vulnerabilities in their systems. Many cyber advice solution providers offer advisory and risk assessment services that may be just what small and medium-sized businesses (SMBs) need to start improving the security of their systems.

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Insurance Technology

Digital Transformation in Insurance Industry

Article | June 30, 2022

Insurers of the future will play more of a risk avoidance role and less of a risk mitigation one. The seemingly effective yet simple ideas of Netflix, Uber, Ola, Amazon, and many other ideas have forever transformed their industry segments. Digital transformation in the insurance industry is embraced in various ways to address the complex challenges posed by consumers, regulatory, and digital landscapes. To keep up with insureds' demands, insurers have had to digitize various aspects of their operations. Any company that wants to stay competitive in today's market must meet customers where and when they need it. Insurance's digital transformation, powered by artificial intelligence, machine learning, predictive analytics, mobile services, live chat, and other technologies, enables insurers to do just that and will continue to change the industry for years. Insurance Companies to Look at Value Chain through a Digital Lens: Gain First-Mover Advantage: Product introduction to gain a potentially sustainable competitive advantage. To achieve the first-mover advantage, the insurer should have two crucial capabilities: the ability to pinpoint unmet customer needs to guide product development and quickly adapt existing products to market forces. Reduce IT costs to fund innovation: When insurance companies refactor monolithic applications into modular micro services, application maintenance costs are reduced. Grow revenue by differentiating the customer journey: Electronic document capture and processing, robotic process automation (RPA), and robo-advisors improve serviceability and help businesses gain a competitive advantage. Despite market participants' claims that the insurance industry was not an early adopter of digital transformation, new players, business models, and demanding customers are forcing the industry to embrace digital technologies. As a result, the global insurance market is expected to grow by 45% between 2022 and 2025. Modern digital engineering does not occur in a vacuum; new products must be compatible with existing technologies and processes. Ascertain that the development team understands legacy insurance applications and the data required to integrate them with new, digitally engineered products.

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Spotlight

Partners Insurance Group, LLC

A strong partner provides expertise and support when you need it most. With the ever changing landscape of insurance, the need for a strong partner has never been greater. Partners Insurance Group is an independent agency with access to reputable and competitive insurance companies providing tailored solutions for your individual needs.

Related News

Workers Compensation

Hourly.io Implements Origami Risk Core Solution to Automate Workers’ Comp Policy Rating, Provide Instant Quotes

Business Wire | January 11, 2024

Hourly.io, a fast-growing payroll and workers’ compensation company, has completed the initial implementation of Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution, bringing automation and accelerated underwriting to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers. Using Origami’s API, Hourly can now provide instant quotes for policies throughout California and in other states as it continues its rapid expansion throughout the U.S. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information is instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal. “We're pleased that the implementation of Origami’s scalable rating solution took fewer than 90 days from start to finish; by streamlining our rate-to-bind process we’re able to drive down costs, strengthen relationships with our network of agents and brokers, and win more business,” said Tom Sagi, Co-founder and CEO, Hourly. “We now look forward to completing the full implementation of Origami’s policy administration system to help us maintain speed, efficiency and accuracy as we grow.” “We’re able to work closely with Hourly’s team to accommodate their accelerated timeline for implementing our API and our entire policy administration system,” said Christopher Bennett, chief strategy officer, Core Solutions division at Origami Risk. “These proprietary capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.” Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a full-service bureau content management solution and a comprehensive digital engagement experience for all internal and external stakeholders. Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform. About Hourly Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as easy as pressing a button and that you get accurate workers' comp premiums down to the penny. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

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Life Insurance

Employee Navigator and MGIS Announce Partnership

PR Newswire | January 10, 2024

Employee Navigator, one of the nation's leading benefits and HR solutions for brokers, and MGIS, a national insurance manager offering specialized insurance programs for doctors, have announced a new partnership to bring leading-edge HR and benefits technology integrations to doctor group practices. The new partnership builds on MGIS's relationship with Reliance Matrix, a leading benefits and absence provider, and its unique Employee Navigator integration. "We believe the partnership with Employee Navigator will transform the employer and employee benefits experience," said Jeff Brunken, President of MGIS. "Through our relationship with Employee Navigator, our mutual clients will benefit from the technology-enabled efficiencies and ease of business that are so important in today's insurance marketplace. These integrations will help to drive participant engagement and client retention for our benefit brokers." Through the Employee Navigator relationship, MGIS clients will benefit from a dedicated support team that will help brokers build out a full-service enrollment experience and provide additional case management support, at no additional cost. As always, MGIS account managers also provide white-glove, specialized account management and billing support, all critical features for brokers and administrators. "MGIS has a long history of offering the highest quality insurance program for doctors. We're confident that our customers will receive an enhanced benefits experience through MGIS and Employee Navigator," said George Reese, CEO of Employee Navigator. "This partnership provides seamless, integrated benefits administration and will lead to a positive enrollment experience for brokers, employers and participants." In 2023 MGIS announced its exclusive partnership with Reliance Matrix, a national leader in benefits solutions and absence management. Together, MGIS and Reliance Matrix serve doctors in all practice settings and medical specialties. An Employee Navigator carrier partner since 2022, Reliance Matrix more than doubled the number of benefit plans and employer clients enrolled and managed on the Employee Navigator platform in 2023, through more than 150 unique broker partners. "Employee Navigator has played a big part in our overall success in the small and midsize employer market, thanks in part to our unique streamlined billing solution available on the platform," said Paula Hanson, AVP Benefit Technology Solutions for Reliance Matrix. "Our proprietary process raised the bar on service and convenience and continues to win fans among brokers and clients." Marketed through independent brokers and agents, benefit solutions include Disability Guard for Doctors, a unique long-term disability product blending the highly valued policy provisions of an individual product with the guaranteed issue and simplified administration of a group long-term disability plan, as well as short-term disability, group life and Accidental Death & Dismemberment plans. MGIS also supports a High Limits Disability Insurance program, offering an increased level of protection for high earners, providing more robust and holistic protection for doctors above and beyond any group long-term disability and individual disability coverage. For those groups offering the high limits program, this specialized product will also be available on Employee Navigator as part of an integrated, holistic enrollment experience. About MGIS MGIS is a leading national insurance program manager experienced in building and managing specialized insurance programs for doctors. MGIS partners with highly rated insurers and focuses on disability and life insurance for practices of all sizes, types, and medical specialties. Insurance policies managed by MGIS are backed by the underwriting companies of Reliance Matrix and Certain Underwriters at Lloyd's, and are marketed exclusively through select brokers and insurance advisers. MGIS services are provided by MGIS affiliated companies: The MGIS Companies, Inc., Medical Group Insurance Services, Inc., and MGIS Underwriting Managers, Inc. (DBA as MGIS Professional Insurance Solutions in CA and MGIS Underwriting Agency in NY). About Employee Navigator Employee Navigator is a rapidly growing benefits and HR software company integrated with over 400+ of the nation's leading insurance carriers, payroll companies, and TPA's. Its platform delivers brokers and employers a truly connected digital experience, streamlining the management of everything from online enrollment and onboarding to ACA reporting, time off tracking, and more. The company currently works with more than 5,000 brokers, providing benefits administration and HR products to over 175,000 companies and 14+ million employees and dependents. About Reliance Matrix Reliance Matrix delivers employee benefit, absence management and workforce productivity solutions through the financial stability of a top-rated (A++ by AM Best) insurance carrier, the proven innovation of an absence TPA, and the daily commitment of thousands of team members across America.* Born in 1907, Reliance Standard Life Insurance Company (Home Office Schaumburg, IL) is a leading provider of employee benefits, absence management and retirement savings solutions. Matrix Absence Management, Inc. (Home Office Phoenix, AZ) traces its roots to Silicon Valley at the dawn of the tech boom. Reliance Matrix is a member of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group's main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan. About Lloyd's of London Lloyd's is the world's leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market's underwriters and brokers, Lloyd's helps to create a braver world. The Lloyd's market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd's protects what matters most: helping people, businesses and communities to recover in times of need. Lloyd's began with a few courageous entrepreneurs in a coffee shop. Three centuries later, the Lloyd's market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.

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Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Read More

Workers Compensation

Hourly.io Implements Origami Risk Core Solution to Automate Workers’ Comp Policy Rating, Provide Instant Quotes

Business Wire | January 11, 2024

Hourly.io, a fast-growing payroll and workers’ compensation company, has completed the initial implementation of Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution, bringing automation and accelerated underwriting to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers. Using Origami’s API, Hourly can now provide instant quotes for policies throughout California and in other states as it continues its rapid expansion throughout the U.S. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information is instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal. “We're pleased that the implementation of Origami’s scalable rating solution took fewer than 90 days from start to finish; by streamlining our rate-to-bind process we’re able to drive down costs, strengthen relationships with our network of agents and brokers, and win more business,” said Tom Sagi, Co-founder and CEO, Hourly. “We now look forward to completing the full implementation of Origami’s policy administration system to help us maintain speed, efficiency and accuracy as we grow.” “We’re able to work closely with Hourly’s team to accommodate their accelerated timeline for implementing our API and our entire policy administration system,” said Christopher Bennett, chief strategy officer, Core Solutions division at Origami Risk. “These proprietary capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.” Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a full-service bureau content management solution and a comprehensive digital engagement experience for all internal and external stakeholders. Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform. About Hourly Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as easy as pressing a button and that you get accurate workers' comp premiums down to the penny. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

Read More

Life Insurance

Employee Navigator and MGIS Announce Partnership

PR Newswire | January 10, 2024

Employee Navigator, one of the nation's leading benefits and HR solutions for brokers, and MGIS, a national insurance manager offering specialized insurance programs for doctors, have announced a new partnership to bring leading-edge HR and benefits technology integrations to doctor group practices. The new partnership builds on MGIS's relationship with Reliance Matrix, a leading benefits and absence provider, and its unique Employee Navigator integration. "We believe the partnership with Employee Navigator will transform the employer and employee benefits experience," said Jeff Brunken, President of MGIS. "Through our relationship with Employee Navigator, our mutual clients will benefit from the technology-enabled efficiencies and ease of business that are so important in today's insurance marketplace. These integrations will help to drive participant engagement and client retention for our benefit brokers." Through the Employee Navigator relationship, MGIS clients will benefit from a dedicated support team that will help brokers build out a full-service enrollment experience and provide additional case management support, at no additional cost. As always, MGIS account managers also provide white-glove, specialized account management and billing support, all critical features for brokers and administrators. "MGIS has a long history of offering the highest quality insurance program for doctors. We're confident that our customers will receive an enhanced benefits experience through MGIS and Employee Navigator," said George Reese, CEO of Employee Navigator. "This partnership provides seamless, integrated benefits administration and will lead to a positive enrollment experience for brokers, employers and participants." In 2023 MGIS announced its exclusive partnership with Reliance Matrix, a national leader in benefits solutions and absence management. Together, MGIS and Reliance Matrix serve doctors in all practice settings and medical specialties. An Employee Navigator carrier partner since 2022, Reliance Matrix more than doubled the number of benefit plans and employer clients enrolled and managed on the Employee Navigator platform in 2023, through more than 150 unique broker partners. "Employee Navigator has played a big part in our overall success in the small and midsize employer market, thanks in part to our unique streamlined billing solution available on the platform," said Paula Hanson, AVP Benefit Technology Solutions for Reliance Matrix. "Our proprietary process raised the bar on service and convenience and continues to win fans among brokers and clients." Marketed through independent brokers and agents, benefit solutions include Disability Guard for Doctors, a unique long-term disability product blending the highly valued policy provisions of an individual product with the guaranteed issue and simplified administration of a group long-term disability plan, as well as short-term disability, group life and Accidental Death & Dismemberment plans. MGIS also supports a High Limits Disability Insurance program, offering an increased level of protection for high earners, providing more robust and holistic protection for doctors above and beyond any group long-term disability and individual disability coverage. For those groups offering the high limits program, this specialized product will also be available on Employee Navigator as part of an integrated, holistic enrollment experience. About MGIS MGIS is a leading national insurance program manager experienced in building and managing specialized insurance programs for doctors. MGIS partners with highly rated insurers and focuses on disability and life insurance for practices of all sizes, types, and medical specialties. Insurance policies managed by MGIS are backed by the underwriting companies of Reliance Matrix and Certain Underwriters at Lloyd's, and are marketed exclusively through select brokers and insurance advisers. MGIS services are provided by MGIS affiliated companies: The MGIS Companies, Inc., Medical Group Insurance Services, Inc., and MGIS Underwriting Managers, Inc. (DBA as MGIS Professional Insurance Solutions in CA and MGIS Underwriting Agency in NY). About Employee Navigator Employee Navigator is a rapidly growing benefits and HR software company integrated with over 400+ of the nation's leading insurance carriers, payroll companies, and TPA's. Its platform delivers brokers and employers a truly connected digital experience, streamlining the management of everything from online enrollment and onboarding to ACA reporting, time off tracking, and more. The company currently works with more than 5,000 brokers, providing benefits administration and HR products to over 175,000 companies and 14+ million employees and dependents. About Reliance Matrix Reliance Matrix delivers employee benefit, absence management and workforce productivity solutions through the financial stability of a top-rated (A++ by AM Best) insurance carrier, the proven innovation of an absence TPA, and the daily commitment of thousands of team members across America.* Born in 1907, Reliance Standard Life Insurance Company (Home Office Schaumburg, IL) is a leading provider of employee benefits, absence management and retirement savings solutions. Matrix Absence Management, Inc. (Home Office Phoenix, AZ) traces its roots to Silicon Valley at the dawn of the tech boom. Reliance Matrix is a member of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group's main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan. About Lloyd's of London Lloyd's is the world's leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market's underwriters and brokers, Lloyd's helps to create a braver world. The Lloyd's market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd's protects what matters most: helping people, businesses and communities to recover in times of need. Lloyd's began with a few courageous entrepreneurs in a coffee shop. Three centuries later, the Lloyd's market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.

Read More

Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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