Core Insurance, Risk Management
Business Wire | August 16, 2023
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it has partnered with Web Connectivity Limited (WCL), a Zywave company, a provider of ACORD standards-based solutions for the commercial insurance industry. This partnership will empower carriers, brokers, and syndicates to leverage Insurity's Sure Underwriting platform while expanding access to tools related to London Market insurance operations by adding a London Market messaging function.
WCL aims to make it easier for insurance organisations to exchange critical information and simplify workflows to improve accuracy, accelerate business, and reduce risks. As a longtime ACORD Messaging Gateway provider to the London Market, WCL allows organisations to streamline processes by automating the electronic transfer of data and documents between brokers and insurers and central services to improve client service, increase process efficiency, and decrease cost.
Insurity is the largest provider of cloud-based insurance software solutions, with over 400 of its 500 customers deployed successfully in the cloud. Sure Underwriting recently became available for insurance organisations in the London Market. The cloud-native solution enables insurers to gain 50% faster risk assessment with real-time insights to increase underwriting accuracy and efficiency.
"Our partnership with Insurity allows us to offer a variety of interconnected solutions through collaborations and integrations," said James Willison, Managing Director at Web Connectivity Limited. "By delivering solutions like Insurity's Sure Underwriting to our clients, we can speed up implementations and help our clients achieve significant operational efficiencies."
"Through this partnership, Insurity customers can take advantage of WCL's integrated products, including rapid deployment of ACORD standard-based London Market messaging," said Sylvester Mathis, Chief Insurance Officer at Insurity. "This partnership marks a significant milestone for the London insurance market and solidifies our commitment to providing cutting-edge software for London Market carriers, MGAs, and brokers to capitalise on new opportunities quickly."
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About Web Connectivity Limited, a Zywave Company
WCL is a wholly owned subsidiary of Zywave, Inc. Zywave leads the insurance tech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Offering a technology platform embedded with robust data and the most comprehensive content portfolio available, we empower smarter business decisions throughout the entire customer lifecycle. More than 6,000 carriers, HCM service providers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance firms—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness and safety. For more information about Web Connectivity Limited, visit www.webconnectivityltd.com
Read More
Risk Management, Insurance Technology
Businesswire | July 21, 2023
Insurity, the leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced its partnership with Rented Mule Consulting to accelerate cloud-based software implementations for P&C carriers. As a System Integrator (SI) partner, Rented Mule Consulting will work with small and mid-sized carriers and MGAs to plan, build, and support the systems and tools required to successfully take Insurity’s cloud-based products to market.
Insurity’s network of SI Partners offers insurance organizations with the collaborative, capabilities-driven deployment options they need to quickly enter new markets and take advantage of new opportunities. Rented Mule Consulting, comprised of experienced insurance technology professionals, understands the unique challenges facing the P&C industry today in order to build innovative and effective solutions for insurers.
As an advisory and professional services firm, Rented Mule Consulting helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. Rented Mule Consulting provides in-depth guidance on the selection and implementation of a core system that allows insurers to extend product capability, expand distribution channels, move into additional jurisdictions, and increase written premium by over 20% in less than one year.
“The Insurity and Rented Mule partnership speaks directly to our shared goal of helping smaller P&C insurers and MGAs compete, win, and profitably grow market share by combining innovative business models with the best mix of technologies available,” said Ben Stinson, Managing Partner of Rented Mule Consulting. “We’re thrilled to bring our combined strengths to bear on behalf of our clients and prospects.”
“Insurity is excited to welcome Rented Mule Consulting as an SI Partner and expand our footprint of cloud-native policy, billing, and claims software to growth-focused insurers,” said Jennifer Saylors, VP, SI Success at Insurity. “The close partnership between Insurity and Rented Mule will provide insurers with the necessary tools, expertise, and capabilities to achieve their goals of profitable growth with confidence.”
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About Rented Mule Consulting
Rented Mule Consulting (RMC) is an advisory and professional services firm that helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. RMC maintains specific focus on helping start-ups, MGAs, and small/mid-size carriers quickly implement core system functionality facilitated by our closely coupled partnerships with leading solution providers. RMC’s depth of experience enables them to deliver successful builds to our clients with minimal expenditure of money, time, and resources.
Read More
Claims, Compliance
PRnewswire | June 28, 2023
Indico Data, a leader of intelligent intake solutions for unstructured data, today announced the launch of its integration with Microsoft Azure OpenAI Service to extend Indico's Enterprise Large Language Model (LLM) capabilities using the latest in generative artificial intelligence (AI). Initial use cases will focus on enabling insurance carriers to dramatically increase underwriting and claims intake capacity and improve processing efficiency. As the pioneers in the use of Enterprise LLMs, the integration is yet another step in the company's overall strategy of providing the leading solution for the transformation of unstructured data into actionable insights to drive better intake and better outcomes for insurers and their customers.
The integration with Azure OpenAI Service technology is another milestone in the company's long storied history of innovation and success in AI. Indico's co-founder Alec Radford published the seminal generative AI paper on DC-GANs, which is still one of the most cited papers to be published in this space. This foundation paved the way for what we're seeing today with generative AI: DALL-E, Stable Diffusion, and – of course – GPT-4. In addition, Indico was the first to market with a secure large language model solution for the enterprise and has maintained a strong leadership position in the rapid adoption and deployment of subsequent innovations such as BERT, RoBERTa, GPT-2, GPT-3 and more.
Already a partner with Microsoft, Indico is now deepening its relationship by leveraging the latest generative AI capabilities built on highly secure, enterprise grade cloud technologies. The first product enhancements to be released will include the Indico Prompt Studio and Summarization Studio. Both features take advantage of Azure OpenAI Service to allow users to dramatically accelerate the ease and speed at which they can automate processes, in some cases going from days to hours.
Integrated with Indico's patented Intelligent Intake application interface, Indico's Prompt Studio will fully automate the creation of custom machine learning models by just describing with a simple text prompt the desired data elements to be classified and extracted from the submissions related to claims, underwriting and policy servicing. This accelerates machine learning model creation from days to minutes, accelerating customer time to value. For data security, these models are then converted to use Indico's Enterprise LLM entirely within the customer's firewall.
Indico's Summarization Studio integrates with Azure OpenAI Service to extract claims and policy data and present a summarized view of all related policy details to the analyst. The summarized view supports decision making and points out anomalies in an effort to expedite "covered or not" decisions. By utilizing state of the art machine learning, users are now able to "interrogate" submitted documents and produce summary data that typically take hours to research and create manually.
Looking into the future, Indico also plans to enhance its workflow canvas with a variety of no-code features through Azure OpenAI Service, enabling users to customize Indico workflows to meet their specific business needs without requiring custom coding.
"We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond," said Tom Wilde, CEO Indico Data. "As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise."
Jim DeMarco, Director of Insurance Strategy at Microsoft added, "Indico Data's integration with Azure Open AI Service helps customers unlock new insights at massive scale and speed. Their solution will help insurers and other regulated firms securely unlock new insights from their structured and unstructured data."
Insurers stand to benefit greatly from the efficiencies gained by leveraging Indico Data with Azure OpenAI Service. The increase in speed and accuracy coupled with expanded underwriting and claims processing will lead to faster response times, increased gross written premiums and improved customer satisfaction.
Indico Data automates critical workflows for enterprises in document-intensives industries, including insurance, financial services and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more.
About Indico Data
Legacy intake solutions have forced organizations to choose between speed and accuracy, weighing risk versus revenue. With Indico Data’s Intelligent Intake Solution, now you don’t have to compromise. The Indico Data Intelligent Intake solution gives document-intensive industries the best of all worlds, enabling data-driven decision-making, with unparalleled speed, at enterprise scale. Indico Data’s Intelligent Intake solution drives better outcomes through better intake.
Read More