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Artificial Intelligence Can Potentially Alter How We Do Business Insurance

It would seem that there isn’t a thing that artificial intelligence isn’t going to alter. After all, it’s touted to be the technological development of the decade. Soon we’ll have artificial intelligence in almost every tech that we currently make heavy use of, whether it’s in our smartphones, our cars, or even the appliances we have in our homes.

Spotlight

Grinnell Mutual

Now in our second century of service, still committed to our trusted relationships with you. Trust in Tomorrow.® Grinnell Mutual, in business since 1909, is the 111th-largest property casualty insurance company in the United States and the largest primary reinsurer of farm mutual companies in North America. Our products are available in 19 states.

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Insurance Technology

Insurers Are Preparing to Accelerate Growth in 2022

Article | August 9, 2022

Despite ongoing concerns about COVID-19 variants, most insurers anticipate a faster economic recovery and increased investments in digital technology in 2022. One-third of those polled expect revenues to be "significantly higher" next year. The global demand for insurance is expected to rise further. Insurers face a variety of challenges, including economic hurdles such as the possibility of sustained inflation; sustainability concerns such as climate risk, diversity, and financial inclusion; and rapidly changing consumer product and purchase preferences. Attracting (and Retaining) Talent Will Be Critical in a Hybrid Work Environment Future of work considerations have also grown in importance as carriers strive to develop flexible return-to-office strategies while also struggling to retain and recruit high-level talent in a highly competitive job market, particularly for those with advanced technology and data analytics skills. Insurers Must Find a Way to Balance Technological Adoption with the Preservation of the Human Touch Insurers are becoming more reliant on emerging technologies and data sources to increase efficiency, improve cybersecurity, and expand capabilities across the organization. Most, however, should focus on improving the customer experience by streamlining processes with automation and providing customized service where needed and preferred. Opportunities to Increase Stakeholder Trust Have Arisen as a Result of the Pandemic On a more fundamental level, many carriers should consider taking steps to increase stakeholder trust in order to increase retention and profitability. This could be accomplished in part by increasing transparency in how insurers collect and use personal data. They can also become more proactive in seeking comprehensive solutions to large-scale societal issues, such as reducing the financial impact of future pandemics and closing coverage gaps for natural disasters.

Read More
Claims

How Are Insurance Firms Using Artificial Intelligence (AI)?

Article | July 15, 2022

In the insurance industry, artificial intelligence (AI) has become a buzzword. Nonetheless, despite the fact that we are still in the early stages of AI implementation, the industry has made significant progress. The Need for AI in Insurance Insurance is a long-established and highly regulated industry. Perhaps as a result, insurance companies have been slower to adopt technological change than other industries. Insurance is still dominated by manual, paper-based processes that are time-consuming and necessitate human intervention. Even today, customers must deal with time-consuming paperwork and bureaucracy when filing a claim or enrolling in a new insurance policy. Customers may also pay more for insurance if policies are not tailored to their specific needs. Insurance is not always a pleasant customer experience in an age when most of our daily activities are online, digitized, and convenient. Having said that, we are beginning to see a global push by insurance companies to enhance their technological capabilities in order to do business faster, cheaper, and more securely. There have been several notable examples of insurers investing heavily in Artificial Intelligence solutions in recent years. If AI technology is fully applied to the insurance industry, McKinsey estimates a potential annual value of up to $1.1 trillion. How are insurers implementing AI? There are numerous examples of insurers around the world using AI to improve both their bottom line and the customer experience. There are also a slew of start-ups offering AI solutions to insurers and customers. I'll discuss a few interesting cases here. The Future of Artificial Intelligence in Insurance AI has the potential to transform customers' insurance experiences from frustrating and bureaucratic to quick, on-demand, and more affordable. Customized insurance products will attract more customers at lower costs. If insurers apply AI technology to the mountain of data at their disposal, we will soon see more flexible insurance, such as on-demand pay-as-you-go insurance and premiums that adjust automatically in response to accidents, customer health, and so on. Insurance will become more personalized as insurers use AI technology to better understand what their customers require. By accelerating workflows, insurers will be able to save money. They will also discover new revenue streams as artificial intelligence-driven analysis uncovers new business and cross-selling opportunities.

Read More
Insurance Technology

Cybersecurity Material for Private Companies

Article | July 15, 2022

Cyberattacks are one of the world's most pressing concerns. In fact, they were ranked among the top ten risks in the World Economic Forum's Global Risk Reports for 2020 and 2021. 1 According to the reports, cybercrime-as-a-service is becoming more affordable, accessible, and sophisticated. Though previously regarded as a technological issue, cybersecurity is now a growing ESG concern for private companies, investors, regulators, and consumers. Why cybersecurity is material for private companies Cyberattacks are significant issues for both private and public companies because they increase the risk of exposing confidential company information or sensitive customer data, disrupting supply chains, increasing regulatory scrutiny, and/or causing reputational harm. In 2021, the average cost of a data breach (including ransom payments and customer compensation) was $4.24 million per incident (the highest level in 17 years),8 and the global cost of cybercrime is expected to be $10.5 trillion annually by 2025. 9 Companies with marketable client or intellectual property information face increased financial risk as a result of the impact that data has on both their value and brand loyalty. Furthermore, firms that rely heavily on real-time operations can expect high per-minute costs of lost opportunity and revenue if a denial-of-service (DoS) attack occurs. As a result, while some attacks may result in no direct material loss, these risks can have a significant impact on a company's valuation by influencing brand perception and operating costs. Private companies should consider these potential risks when evaluating cybersecurity investments, as underspending can significantly increase long-term costs. Cybersecurity is a widespread and rapidly growing issue that has significant material impacts on private companies.These risks are especially relevant as private companies prepare to enter public markets, where strict oversight controls are regarded as good governance. Companies, in our opinion, must have the necessary expertise and infrastructure to navigate these significant risks and the corresponding increase in regulation and disclosure expectations.

Read More
Risk Management

Artificial Intelligence Meets the Insurance Industry

Article | May 31, 2022

Through machine learning and deep learning, artificial intelligence (AI) can meet industry expectations. As artificial intelligence becomes more deeply embedded in the insurance industry, industry leaders must position themselves to respond to the changing business landscape. Every day,various factors contribute to the industry's changing landscape. AI is becoming more assertive in insurance, particularly in cost savings, customer service and experience, product innovations, and marketing initiatives. With this understanding, market leaders can develop appropriate revenue-generating strategies, embrace new AI horizons and implement them to develop the perspective required to succeed in the futuristic insurance industry. AI-related Action for Better Forecasting Among insurance executives who have already invested in AI, many new businesses are reaping significant benefits. They have gained the advantages of using AI to improve the customer experience (CX). According to a Deloitte study, approximately 65% believe AI assists in decision-making. Furthermore, according to PwC specialists working with insurers on AI initiatives, businesses are increasingly using AI to: Customize products and services for consumers and other businesses Establish a loyalty framework and upsell among customers Automate more data from social media and other sources for better forecasting Automate more aspects of claim processing Improve fraud detection methods Beginwith customer segmentation to target As a result of these findings, AI investments will benefit insurance companies more than ever before. How Insurers Can Accelerate AI The following points can help insurance businesses accelerate AI and achieve faster ROI. Centralize Business Functionalities Deploying AI into the process aids in the automation of resources, the alignment of tasks, the use of analytics to nurture data, the improvement of governance, and the scaling of solutions. Focus On Data AI in insurance aids in collectingand combining relevant data from consumers and future customers. AI-assisted data collection is faster and more accurate at the appropriate time. In this manner, marketers can plan for future marketing campaigns that will increase engagement and bring in more money. Reduced Risks AI is the most effective at reducing business risks. Also, AI works best for insurers to minimize risks such as data breaches, fraud detection, correct cost segmentation, and budgeting hazards. Some Insights into AI Investment: A Key Decision to Make! As technology continues to empower the insurance sector, let's take a look at how other insurance companies are investing in AI so that you may make the vital decision to incorporate AI into your organization as soon as possible. 65% of businesses found better ways to establisha customer experience base with the help of AI post-2020 49% of businesses have improved their internal decision-making process after adopting AI 56% of businesses were able to reinvent their products and services through AI 47% of businesses operated their business functions more efficiently with AI and increased productivity. 45% of insurance businesses saved substantial costs using AI algorithms 35% ofinsurance businesses have successfully reduced risks associated with their businesses after the deployment of AI. 53% of insurance companies have seen a significant revenue increase by incorporating AI into their processes. These figures are based on a Deloitte’s research study conducted by insurance industry specialists worldwide. Some Possible AI Risks for Businesses Every technology helps businesses gain benefits, but technology installation has to be done correctly to avoid consequences. As a result, insurance companies must exercise caution when implementing AI in their business processes. The possibility of faulty AI implementation could lead to: New cyber hazards New privacy threats Workforce shortages New legal liabilities and reputational risks Customer distrust More complex business modules The lack of AI abilitiesismore challenging, which can affect the entire business sphere, especially the functions that are associated with AI.

Read More
Insurance Technology

3 Signs Your Policy Management Software is Not a Good Fit

Article | August 9, 2022

Despite ongoing concerns about COVID-19 variants, most insurers anticipate a faster economic recovery and increased investments in digital technology in 2022. One-third of those polled expect revenues to be "significantly higher" next year. The global demand for insurance is expected to rise further. Insurers face a variety of challenges, including economic hurdles such as the possibility of sustained inflation; sustainability concerns such as climate risk, diversity, and financial inclusion; and rapidly changing consumer product and purchase preferences. Attracting (and Retaining) Talent Will Be Critical in a Hybrid Work Environment Future of work considerations have also grown in importance as carriers strive to develop flexible return-to-office strategies while also struggling to retain and recruit high-level talent in a highly competitive job market, particularly for those with advanced technology and data analytics skills. Insurers Must Find a Way to Balance Technological Adoption with the Preservation of the Human Touch Insurers are becoming more reliant on emerging technologies and data sources to increase efficiency, improve cybersecurity, and expand capabilities across the organization. Most, however, should focus on improving the customer experience by streamlining processes with automation and providing customized service where needed and preferred. Opportunities to Increase Stakeholder Trust Have Arisen as a Result of the Pandemic On a more fundamental level, many carriers should consider taking steps to increase stakeholder trust in order to increase retention and profitability. This could be accomplished in part by increasing transparency in how insurers collect and use personal data. They can also become more proactive in seeking comprehensive solutions to large-scale societal issues, such as reducing the financial impact of future pandemics and closing coverage gaps for natural disasters.

Read More
Claims

The Age of Sustainable Fixed-Income Investing Has Arrived

Article | July 15, 2022

In the insurance industry, artificial intelligence (AI) has become a buzzword. Nonetheless, despite the fact that we are still in the early stages of AI implementation, the industry has made significant progress. The Need for AI in Insurance Insurance is a long-established and highly regulated industry. Perhaps as a result, insurance companies have been slower to adopt technological change than other industries. Insurance is still dominated by manual, paper-based processes that are time-consuming and necessitate human intervention. Even today, customers must deal with time-consuming paperwork and bureaucracy when filing a claim or enrolling in a new insurance policy. Customers may also pay more for insurance if policies are not tailored to their specific needs. Insurance is not always a pleasant customer experience in an age when most of our daily activities are online, digitized, and convenient. Having said that, we are beginning to see a global push by insurance companies to enhance their technological capabilities in order to do business faster, cheaper, and more securely. There have been several notable examples of insurers investing heavily in Artificial Intelligence solutions in recent years. If AI technology is fully applied to the insurance industry, McKinsey estimates a potential annual value of up to $1.1 trillion. How are insurers implementing AI? There are numerous examples of insurers around the world using AI to improve both their bottom line and the customer experience. There are also a slew of start-ups offering AI solutions to insurers and customers. I'll discuss a few interesting cases here. The Future of Artificial Intelligence in Insurance AI has the potential to transform customers' insurance experiences from frustrating and bureaucratic to quick, on-demand, and more affordable. Customized insurance products will attract more customers at lower costs. If insurers apply AI technology to the mountain of data at their disposal, we will soon see more flexible insurance, such as on-demand pay-as-you-go insurance and premiums that adjust automatically in response to accidents, customer health, and so on. Insurance will become more personalized as insurers use AI technology to better understand what their customers require. By accelerating workflows, insurers will be able to save money. They will also discover new revenue streams as artificial intelligence-driven analysis uncovers new business and cross-selling opportunities.

Read More
Insurance Technology

Cybersecurity Material for Private Companies

Article | July 15, 2022

Cyberattacks are one of the world's most pressing concerns. In fact, they were ranked among the top ten risks in the World Economic Forum's Global Risk Reports for 2020 and 2021. 1 According to the reports, cybercrime-as-a-service is becoming more affordable, accessible, and sophisticated. Though previously regarded as a technological issue, cybersecurity is now a growing ESG concern for private companies, investors, regulators, and consumers. Why cybersecurity is material for private companies Cyberattacks are significant issues for both private and public companies because they increase the risk of exposing confidential company information or sensitive customer data, disrupting supply chains, increasing regulatory scrutiny, and/or causing reputational harm. In 2021, the average cost of a data breach (including ransom payments and customer compensation) was $4.24 million per incident (the highest level in 17 years),8 and the global cost of cybercrime is expected to be $10.5 trillion annually by 2025. 9 Companies with marketable client or intellectual property information face increased financial risk as a result of the impact that data has on both their value and brand loyalty. Furthermore, firms that rely heavily on real-time operations can expect high per-minute costs of lost opportunity and revenue if a denial-of-service (DoS) attack occurs. As a result, while some attacks may result in no direct material loss, these risks can have a significant impact on a company's valuation by influencing brand perception and operating costs. Private companies should consider these potential risks when evaluating cybersecurity investments, as underspending can significantly increase long-term costs. Cybersecurity is a widespread and rapidly growing issue that has significant material impacts on private companies.These risks are especially relevant as private companies prepare to enter public markets, where strict oversight controls are regarded as good governance. Companies, in our opinion, must have the necessary expertise and infrastructure to navigate these significant risks and the corresponding increase in regulation and disclosure expectations.

Read More
Risk Management

Artificial Intelligence Meets the Insurance Industry

Article | May 31, 2022

Through machine learning and deep learning, artificial intelligence (AI) can meet industry expectations. As artificial intelligence becomes more deeply embedded in the insurance industry, industry leaders must position themselves to respond to the changing business landscape. Every day,various factors contribute to the industry's changing landscape. AI is becoming more assertive in insurance, particularly in cost savings, customer service and experience, product innovations, and marketing initiatives. With this understanding, market leaders can develop appropriate revenue-generating strategies, embrace new AI horizons and implement them to develop the perspective required to succeed in the futuristic insurance industry. AI-related Action for Better Forecasting Among insurance executives who have already invested in AI, many new businesses are reaping significant benefits. They have gained the advantages of using AI to improve the customer experience (CX). According to a Deloitte study, approximately 65% believe AI assists in decision-making. Furthermore, according to PwC specialists working with insurers on AI initiatives, businesses are increasingly using AI to: Customize products and services for consumers and other businesses Establish a loyalty framework and upsell among customers Automate more data from social media and other sources for better forecasting Automate more aspects of claim processing Improve fraud detection methods Beginwith customer segmentation to target As a result of these findings, AI investments will benefit insurance companies more than ever before. How Insurers Can Accelerate AI The following points can help insurance businesses accelerate AI and achieve faster ROI. Centralize Business Functionalities Deploying AI into the process aids in the automation of resources, the alignment of tasks, the use of analytics to nurture data, the improvement of governance, and the scaling of solutions. Focus On Data AI in insurance aids in collectingand combining relevant data from consumers and future customers. AI-assisted data collection is faster and more accurate at the appropriate time. In this manner, marketers can plan for future marketing campaigns that will increase engagement and bring in more money. Reduced Risks AI is the most effective at reducing business risks. Also, AI works best for insurers to minimize risks such as data breaches, fraud detection, correct cost segmentation, and budgeting hazards. Some Insights into AI Investment: A Key Decision to Make! As technology continues to empower the insurance sector, let's take a look at how other insurance companies are investing in AI so that you may make the vital decision to incorporate AI into your organization as soon as possible. 65% of businesses found better ways to establisha customer experience base with the help of AI post-2020 49% of businesses have improved their internal decision-making process after adopting AI 56% of businesses were able to reinvent their products and services through AI 47% of businesses operated their business functions more efficiently with AI and increased productivity. 45% of insurance businesses saved substantial costs using AI algorithms 35% ofinsurance businesses have successfully reduced risks associated with their businesses after the deployment of AI. 53% of insurance companies have seen a significant revenue increase by incorporating AI into their processes. These figures are based on a Deloitte’s research study conducted by insurance industry specialists worldwide. Some Possible AI Risks for Businesses Every technology helps businesses gain benefits, but technology installation has to be done correctly to avoid consequences. As a result, insurance companies must exercise caution when implementing AI in their business processes. The possibility of faulty AI implementation could lead to: New cyber hazards New privacy threats Workforce shortages New legal liabilities and reputational risks Customer distrust More complex business modules The lack of AI abilitiesismore challenging, which can affect the entire business sphere, especially the functions that are associated with AI.

Read More
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Spotlight

Grinnell Mutual

Now in our second century of service, still committed to our trusted relationships with you. Trust in Tomorrow.® Grinnell Mutual, in business since 1909, is the 111th-largest property casualty insurance company in the United States and the largest primary reinsurer of farm mutual companies in North America. Our products are available in 19 states.

Related News

Insurance Technology

AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

Read More

Insurance Technology

Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

PR Newswire | January 29, 2024

Today at the T3 Technology Conference, Ladder, the insurtech offering digital, flexible life insurance in minutes announced an integration with Envestnet | MoneyGuide, a leading financial planning software company serving over 107,000 financial advisors. This will empower more financial advisors with the capabilities to provide clients with term life insurance issued by reputable insurers. With this partnership, financial advisors utilizing Envestnet I MoneyGuide Elite's Advanced Lifetime Protection tool will be able to offer their clients digital, convenient, and affordable term life insurance. Financial advisors will be able to estimate clients' coverage needs, generate a quote, and send clients a link to apply—all from within the Envestnet | MoneyGuide platform. MoneyGuide's Advanced Lifetime Protection tool is designed to illustrate how a clients' protection needs can change over time. This tool may help advisors identify an opportunity to improve a client's probability of successfully achieving the goals in their client's financial plan. "Life insurance is a critical piece of a comprehensive financial plan," says Mike Izakov, Head of Financial Institution Partnerships at Ladder. "We believe MoneyGuide has the most robust planning tool in the industry, and we're excited to make it even easier for advisors to get clients the coverage their plans call for." With Ladder's industry-leading digital capabilities and proprietary flexible coverage (i.e. "laddering"), advisors using Envestnet | MoneyGuide will be able to utilize a visualization showcasing how a strategically laddered Ladder policy may save clients up to 40%* over a 30-year term compared to traditional term coverage. "Envestnet's generational research shows that a surprising 50% of Baby Boomers are not formally organizing their long-term finances," said Rose Palazzo, Group President of Envestnet Financial Planning. "Through our partnership with Ladder, our advisors are better equipped to help their clients take action on organizing their financial plans, including the important step of seeking to secure their financial futures through life insurance coverage. Ladder provides our advisors with digital access to term life insurance products, with an integration built right into our protection planning solution." Ladder offers term life insurance for coverage between $100,000 and $8 million, for terms ranging from 10 to 30 years. There are no medical exams required for coverage up to $3 million, just questions about an applicant's health are asked. The pricing is fully underwritten and backed by reputable carriers. Ladder offers a variety of partnership and compensation models to meet the needs of fee-based and insurance-licensed financial advisors. About Ladder Ladder is the first full-stack, digital life insurance company offering flexible online term coverage in minutes that can save policyholders up to 40%* by adjusting their coverage as their life changes. Ladder uses real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA, and offers coverage up to $8M with no hidden fees. ABOUT ENVESTNET Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life. With more than $5.4 trillion in platform assets—more than 107,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

Read More

Core Insurance

Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

Read More

Insurance Technology

AgentSync Launches API to Streamline Insurance Producer Onboarding and Compliance

PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

Read More

Insurance Technology

Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

PR Newswire | January 29, 2024

Today at the T3 Technology Conference, Ladder, the insurtech offering digital, flexible life insurance in minutes announced an integration with Envestnet | MoneyGuide, a leading financial planning software company serving over 107,000 financial advisors. This will empower more financial advisors with the capabilities to provide clients with term life insurance issued by reputable insurers. With this partnership, financial advisors utilizing Envestnet I MoneyGuide Elite's Advanced Lifetime Protection tool will be able to offer their clients digital, convenient, and affordable term life insurance. Financial advisors will be able to estimate clients' coverage needs, generate a quote, and send clients a link to apply—all from within the Envestnet | MoneyGuide platform. MoneyGuide's Advanced Lifetime Protection tool is designed to illustrate how a clients' protection needs can change over time. This tool may help advisors identify an opportunity to improve a client's probability of successfully achieving the goals in their client's financial plan. "Life insurance is a critical piece of a comprehensive financial plan," says Mike Izakov, Head of Financial Institution Partnerships at Ladder. "We believe MoneyGuide has the most robust planning tool in the industry, and we're excited to make it even easier for advisors to get clients the coverage their plans call for." With Ladder's industry-leading digital capabilities and proprietary flexible coverage (i.e. "laddering"), advisors using Envestnet | MoneyGuide will be able to utilize a visualization showcasing how a strategically laddered Ladder policy may save clients up to 40%* over a 30-year term compared to traditional term coverage. "Envestnet's generational research shows that a surprising 50% of Baby Boomers are not formally organizing their long-term finances," said Rose Palazzo, Group President of Envestnet Financial Planning. "Through our partnership with Ladder, our advisors are better equipped to help their clients take action on organizing their financial plans, including the important step of seeking to secure their financial futures through life insurance coverage. Ladder provides our advisors with digital access to term life insurance products, with an integration built right into our protection planning solution." Ladder offers term life insurance for coverage between $100,000 and $8 million, for terms ranging from 10 to 30 years. There are no medical exams required for coverage up to $3 million, just questions about an applicant's health are asked. The pricing is fully underwritten and backed by reputable carriers. Ladder offers a variety of partnership and compensation models to meet the needs of fee-based and insurance-licensed financial advisors. About Ladder Ladder is the first full-stack, digital life insurance company offering flexible online term coverage in minutes that can save policyholders up to 40%* by adjusting their coverage as their life changes. Ladder uses real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA, and offers coverage up to $8M with no hidden fees. ABOUT ENVESTNET Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life. With more than $5.4 trillion in platform assets—more than 107,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

Read More

Core Insurance

Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

Read More

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