LIFE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | June 01, 2023
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a new partnership with Empathy, the innovator behind the leading platform that helps families navigate the emotional and logistical challenges of loss. This partnership will provide life insurers with tech-powered services to aid them in delivering comprehensive bereavement support to beneficiaries.
Empathy’s recently published installment of its annual Cost of Dying Report sheds light on the financial and emotional demands of loss, finding that the average bereaved family spends close to $5,000 on all legal matters, yet under 15% of these families have access to life insurance or dedicated funds to settle the estate. The strain faced by bereaved families presents both a challenge and an opportunity for life insurance carriers, as they work with families struggling through these burdens every day. Insurance providers are in a unique position to go beyond a financial payout and act as a source of support, guidance, and information for grieving beneficiaries.
“If you want to build a relationship of trust and generational loyalty with beneficiaries, the first step is providing valuable support that acknowledges the nature and significance of the burden they face,” said Ron Gura, Co-Founder & CEO of Empathy. “Our experience has taught us that the burden of loss is both broad and deep, and life insurers can play a leading role in supporting bereaved families as they navigate emotional and logistical challenges. Partnering with industry leaders like Majesco further simplifies the implementation of our services with insurers of all sizes, meeting beneficiaries where they are. Together, we are transforming transactions into relationships and sticking around with families in the days, weeks, and months following their loss.”
Both Empathy and Majesco provide unique solutions for insurance companies seeking to better support their beneficiaries. Over 350 insurers, from startups to some of the world’s largest insurance companies, use Majesco’s SaaS solutions to anticipate what’s next and deliver customized experiences that customers rely on. Empathy’s bereavement care platform accentuates that support, ensuring that beneficiaries have access to comprehensive grief care and helping them wind down their loved one’s affairs with full administrative assistance.
“The life, annuity and health market is evolving in its understanding of ways in which insurance providers can improve operationally and create long-term value for beneficiaries especially during their most difficult and critical moments,” said Ray Law, SVP & GM of Products at Majesco. “As a company focused on delivering outstanding experiences for customers, we pride ourselves on selecting innovative partners like Empathy to maximize the support we are able to offer to the people we serve.”
About Empathy
Empathy is the comprehensive support system for loss, offering bereaved families holistic guidance and care for all of the administrative, emotional, legal, and financial challenges they face after their loved one passes away. Empathy's award-winning app and care team are trusted by leading employers and insurance carriers to support their employees and beneficiaries through life's greatest challenges, saving them time, money, and stress. Headquartered in New York and recognized as a Top Digital Health Company by CB Insights, as well as a Most Innovative Company by FastCompany, Empathy has raised $43 million in funding from leading investors including General Catalyst, Aleph VC, and Entrée Capital. To learn more about Empathy, visit us at empathy.com.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
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CLAIMS, INSURANCE TECHNOLOGY
PRnewswire | April 27, 2023
Clearcover Insurance Company, the next-generation car insurance company, today announces it has launched an innovative embedded insurance solution in which consumers receive final, bindable quotes when they shop via Experian's® auto insurance comparison shopping service. This initiative supports Clearcover's strategy to fuel growth in its distribution channels and complements Experian's consumer-centric approach to its products.
"We're redesigning the insurance playbook by streamlining processes and building new experiences and capabilities," said Clearcover CEO Kyle Nakatsuji. "We are grateful to Experian for putting their trust in us to develop solutions that improve their users' experiences."
Clearcover is investing in technology to meet market demand and support its mission to become the digital auto insurer of choice for modern drivers. Its partner-centric API allows users to comparison shop for auto insurance to find better rates without leaving the Experian site for final quotes. Launched last year, Experian's auto insurance offering furthers its mission to financially empower consumers by helping them potentially save hundreds of dollars on their current policy.
"Working with a tech-enabled carrier is a win-win," said Rakesh Patel, General Manager of Experian Insurance Services™ at Experian. "Clearcover is uniquely positioned to tailor the underlying embedded experience so that our customers can quickly and easily shop for auto insurance policies all in one place. When we can empower consumers to make positive changes effortlessly, Experian is achieving its goal of financial power for all."
"This integration is part of our customer-centric mission to provide hassle-free insurance," said Clearcover Chief Product and Innovation Officer Adam Fischer. "Our goal to empower consumers to make the smartest decisions at every step aligns with Experian's mission to help its customers improve their financial well-being."
On the heels of securing $153 million in Series E financing last November, Clearcover ramped up efforts to invest in and integrate new technologies and business strategies.
"Experian and Clearcover have a long-standing relationship," said Clearcover Head of Partner Distribution Chris Ritter. "This collaboration is a natural progression and we're looking forward to ensuring they have some of the smartest solutions on the market."
Clearcover, which currently offers auto policies in 19 states, is advancing an industry that continues to adapt and change. The company ranked No. 50 on the 2022 Deloitte Technology Fast 500 list and was named by InsurTech Magazine as a "Top 10 Insurtech Platform to Watch in 2022."
About Clearcover
Clearcover is the next-generation insurance company that provides customers with the technology they need to confidently make the smartest decisions at every step. Clearcover is challenging the status quo with hassle-free insurance that redefines what it means to put the customer first, delivering affordable car insurance with one of the industry's fastest claims experiences. Clearcover includes Clearcover, Inc., which was founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover Insurance Company (NAIC #16524) and Clearcover Insurance Agency. Clearcover has raised more than $480 million in funding to date. In 2022, the insurance fintech ranked No.50 on the Deloitte Technology Fast 500™ and No. 151 on the Inc. 5000 Fastest Growing Privately Held Companies in America. Clearcover has also been featured by Glassdoor as one of the nation's "Best Places to Work." For more information, visit Clearcover.com.
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CORE INSURANCE, RISK MANAGEMENT
Businesswire | May 31, 2023
Guy Carpenter, a business of Marsh McLennan (NYSE: MMC) and the leading global risk and reinsurance specialist, today announced that it is to acquire Re Solutions, the leading independent reinsurance broker in Israel. Terms of the transaction, which is expected to close later this quarter, were not disclosed.
Founded in 2010, Re Solutions combines industry experience with sophisticated actuarial and analytics capabilities, together with a strong reputation for developing innovative, client-focused solutions, including an extensive facultative reinsurance offering. These are delivered by a highly-regarded team of experts based at its office in Bnei Brak. As Re Solutions has been Guy Carpenter’s correspondent broker in Israel since 2011, the transaction builds on the already strong relationship between the two firms.
On completion, the combined entity will be Israel’s leading reinsurance broker, offering a comprehensive range of capabilities, solutions, and advice. It will also provide a platform for Guy Carpenter to provide its full complement of services, including its deep insurtech expertise to the Israeli market, one of the world-leading insurtech and fintech hubs.
As part of the transaction, Re Solutions’ current CEO, Asaf Grinstein, will become CEO of Guy Carpenter Israel, reporting to Dorothée Mélis-Moutafis, Interim CEO of Guy Carpenter Europe, and all Re Solutions’ colleagues will join Guy Carpenter. Mr. Grinstein will be responsible for leading all reinsurance business in Israel, and will collaborate with Marsh McLennan’s other businesses, including Marsh Israel, Mercer and Oliver Wyman.
Commenting on the transaction Dean Klisura, President & CEO of Guy Carpenter, said: “The combination of Re Solutions’ well-established Israel operations and respected team together with Guy Carpenter’s global solutions and services, will bring significantly enhanced benefits to clients across Israel. Insurers in this fast-growing economy are looking for brokers and advisers that can help them address key issues in an increasingly complex risk landscape. This transaction, which is driven by our ambitions to invest in Israel, gives us a powerful platform to deliver for clients.”
Mr. Grinstein added: “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter and is great news for our clients and colleagues. By combining our expertise with Guy Carpenter’s industry-leading data & analytics, strategic advisory, and capital markets solutions, we will be able to accelerate our development and enhance the services we offer to clients and prospects.”
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with 3,400 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman. For more information, visit www.guycarp.com and follow us on LinkedIn and Twitter.
About Re Solutions
Re Solutions is the leading reinsurance broker in Israel, with the agility and innovation-based culture of a startup. Combining years of global and local industry experience, sophisticated actuarial analysis, and a passion for thinking out of the box, Re Solutions helps clients optimize their financial stability and success. Re solutions leading team of experts works with clients to manage the ever-changing world of insurance and risk.
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