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How Strategic Insurance Software Can Help You Close More Deals

As the insurance industry has grown it has become increasingly complex over the last few decades, and sales tasks have become time-consuming to complete using more manual methods. With the evolution of technology, Blitz Sales Software has emerged as a strategic insurance software leader with the sales follow-up technology that your agency needs to reach more customers and close more deals. Blitz is a fully automated cloud-based system that allows you to automate sales follow-up activities when working with leads, referrals, clients and past clients. Blitz knows that technology is always growing and evolving, which is why we are committed to making sure that your agency always has strategic insurance software that helps you win more business. Blitz was designed to help staff and management save time completing day-to-day work activities by using intelligent automation. By eliminating manual work, you and your staff now have the ability to retain current customers and meet more leads so you can continue to grow your agency.

Spotlight

MGIC

At MGIC, we are committed to helping our customers succeed. Affordable homeownership remains a cornerstone of a strong and vibrant community. As the pioneer of the modern private mortgage insurance industry, Mortgage Guaranty Insurance Corporation (MGIC), the primary subsidiary of MGIC Investment Corp., has supported lenders and their communities for nearly 60 years by providing a prudent means of offering affordable, low-downpayment home financing options.

OTHER ARTICLES
Insurance Technology

Artificial Intelligence Meets the Insurance Industry

Article | July 13, 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.

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Insurance Technology

Will your insurance IT investments pay off?

Article | July 14, 2022

Automated claims processing, price comparison platforms, mobile bill paying—these are just some of the digital services that insurance customers expect and insurers want to provide. As the demand for digital skyrockets, so does the need for insurers to invest in IT. In the past seven years, the share of IT in total operating costs of property-and-casualty (P&C) insurers increased 22 percent. The rise of digital means technology is no longer a cost center. Rather, it is an asset that, if managed well, can increase growth and profitability. But do these IT investments pay off? As the COVID-19 pandemic exacerbates already increasing cost pressures, insurers’ IT budgets are under scrutiny; they want to see the business impact of their IT investments. Insurers with targeted IT investments achieve better growth and performance Data from McKinsey’s Insurance 360° benchmarking survey provide strong evidence of the positive business impact of targeted IT investments. In fact, insurers that invest more in technology outpace competitors that don’t pursue targeted investments in business measures such as gross written premium (GWP) growth, return to shareholders, and expense and loss ratio (exhibit). As an example, in life insurance, companies that invested more in IT saw a greater reduction in expense ratios (by 2.0 percentage points) and higher returns on technical reserves2 (1.7 percentage points) when compared with insurers with lower IT investments. Insurers achieved these outcomes within three to five years of making their investments. For P&C insurers, those with high IT investments achieved approximately twice the top-line GWP growth of low IT investors. High IT investments also produced a greater reduction in combined ratios when compared with those with low IT investment. Four areas for targeted IT investment So what kinds of technology investments can help insurers achieve growth and improve productivity and performance? Investments in four areas are critical: Marketing and sales: Marketing technology solutions can increase sales and processing efficiency, improve the quality of core customer-facing processes such as policy inquiries and policy applications, and improve customers’ overall experiences. McKinsey’s Insurance 360° benchmarking data show that tech investments in this category can facilitate top-line growth for P&C insurers by up to 20–40 percent; for life insurers, that growth could be 10–25 percent over a three- to five-year period. Underwriting and pricing: Automated underwriting fraud detection can improve the likelihood that insurers correctly identify fraud and set accurate prices. A pricing tool kit that analyzes pricing across competitors and enables a flexible, more segmented market versus technical pricing further improves profit margins. Insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 10–15 percent in P&C insurance and 3–5 percent in life insurance. Policy servicing: Workflow automation, artificial intelligence–based decision support, and user experience technologies in policy servicing and within IT can improve the customer self-service experience and automate back-office processes, thus reducing IT and operations expenses. And state-of-the-art self-servicing options will reduce processing times and even improve customer experience. An analysis of programs for large-scale insurance IT modernization finds that insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 5–10 percent in P&C insurance and 10–15 percent in life insurance. Claims: P&C insurers can use automated case processing—machine-learning technology trained to process basic claims cases—to segment more complex cases and significantly improve claims accuracy. Combined with better partner integration and steering technologies embedded in a transformation of the claims operating model, such technologies can help P&C insurers improve profit margins by 25–40 percent, according to McKinsey analysis of large-scale IT modernization programs. To realize the full value of IT investments, insurers must strategically allocate their resources and view tech as an asset, not a tool.

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Core Insurance, Risk Management

Cloud Insurance Solutions Are Imperative for Insurers

Article | August 4, 2022

Insurance customers look for result-driven insurance services and products. To meet those demands and grow revenue, insurers need to move beyond conventional methods and envision their insurance business' customer interaction as aiding in the management of product and service deliveries. This necessitates a cloud-based strategy for future-ready operations. This is where the concept of cloud insurance comes into play. Insurers are receiving signals that the moment has come to invest heavily in the cloud ecosystem. But how? Read about it in the following points. The revenue landscape is shifting Investing in cloud infrastructure allows insurers to gain a competitive advantage in new revenue streams. In addition, it depicts a protected sphere where all the insurance business operations are risk-free, free of cyber risks and intrusions. Digital distribution appeals to customers and capital Customer-centric innovations, such as product distribution or cloud-enabled services, draw investors' attention. This results in increased revenue production. Why is There a Need for Cloud Insurance Solutions for Businesses? Insurance businesses face numerous obstacles in a continually shifting market position each day. As a result, insurance companies must primarily respond to the demanding and rising needs of customers. Cloud technology provides accurate solutions for the same. Let's look at the need for cloud solutions amid the trending approach. Customers expect personalized products, services, and experiences to support chosen communication channels like social media, a website, or a portal. Consequently, insurers need to improve their “speed to market” approach, which is possible through cloud technology and provide competitive products and services. Furthermore, sales growth remains under constant pressure. As a result, cost reduction is another eye-catching feature for insurance companies. By streamlining procedures and operations under one roof, decentralized, and digitalized, cloud insurance best suits to decrease costs and expenditure. Not to forget, globalization demands insurance businesses be more flexible and agile to win new markets and obtain new prospects. Cloud insurance infrastructure solutions are critical today and, in the future, to achieving all of these objectives. The Insurer’s Viewpoint is Critical for Success According to the report, leaders are more likely to use Cloud SaaSs, big data, AI and machine learning, and the Internet of Things (IoT). However, given the findings of the aforementioned study, it is clear that moving to the cloud is merely a baby step on a long journey of technological advancement. Cloud computing has emerged as a critical tool for digitization, and the significant challenges posed by the COVID-19 issue have highlighted the benefits of cloud computing." Peter Heidkamp, Head of Technology at KPMG. The Internet of Services and SaaS as a service is particularly appealing to insurance businesses when it comes to cloud insurance (SaaS). In addition, SaaS licensing options allow customers to obtain software to reduce internet and operational costs. The real use cases or benefits of the cloud are: Business scalability and flexibility Increased customer satisfaction Optimizing business processes Cost reduction Encourages business backups Cloud Insurance: A Wake-up Call for Opportunities Cloud technology and its solutions enable insurers to leverage cloud capabilities and resources to stay abreast with market developments. The technology meticulously encourages customized products and services on time, develops corporate networks, and implements new business processes with high revenue. However, adopting cloud solutions is not always an easy decision for insurers, but those that overcome security worries can reap the benefits of cloud insurance. Therefore, utilizing cloud solutions is a continuous journey that necessitates constant innovation and adaptability.

Read More
Insurance Technology

Emergency Prevention: 3 Ways Insurtech is Leading the Way

Article | July 20, 2022

The COVID-19 pandemic demonstrated the pressures on emergency medical services and healthcare professionals as well as insurance platforms. Insurtech has proved to be a robust area of technology that needs further investments to ensure that we are able to leverage it even in times when there’s little global turmoil. The Efma-Accenture Innovations in Insurance award winners have validated the exponential expansion of insurtech. Here are three insurtech innovations driving emergency prevention in healthcare. 1 bAIby – Interpreting Baby Cries bAIby is a next-gen baby monitoring device powered by AI. Labelled as a “cry translator,” the BabyT device uses AI to interpret what a baby’s cries mean. The bAIby solution is based on the understanding that the first six months of a baby’s cries universally communicate the following: sleepiness hunger discomfort stomach issues The developer of the BabyT AI, Zoundream, collaborated with insurance company Generali to enroll young parents and test BabyT. This allowed Zoundream to collect the massive amounts of data sets required to train the AI. The AI is able to detect pathologies like hyperthyroidism, autism and even hearing impairment. Furthermore, it will enable Generali to provide new parents with assistance, prevention, and insurance services, thus providing the peace of mind that insurance services should provide. This innovation won the gold in the Efma-Accenture Innovations in Insurance award. 2 Air Doctor – Finding a Doctor Overseas Silver winner Air Doctor is a cutting edge solution to help individuals find general practitioners in unfamiliar places. The solution is aimed at travellers and expatriates whose first instinct when sick overseas may be to visit a hospital, leading to high medical costs and burdening the local healthcare system. The Air Doctor platform provides access to a network of physicians in six continents and 70 countries. The information includes the doctor’s location, specialization, as well as online appointment booking and virtual care options. Insurance providers can integrate with the platform to connect with their customers by offering a digital link for quick verification and approval. The platform has made managing basic medical attention easier for both consumers and insurance providers. 3 bolttech – Boosting Insurance Penetration Bronze winner bolttech was recognized for its smart insurance exchange ecosystem that enables non-insurers to integrate insurance solutions into their purchase journey. For instance, smartphone vendors can use bolttech to provide insurance as an option during the purchase of a new phone, leveraging the most effective purchase touchpoints to provide coverage. This is especially crucial in markets that have a low penetration of insurance. bolttech’s platform has medical plans with self-declared underwriting, delivering instant cover and reducing the onboarding time to just 90 seconds. 4 The Way Forward Digitalization of insurance is the future of the industry. The above solutions have proven use cases that enable both consumers and providers to leverage digital network to create secure and stress-free access to insurance.

Read More
Insurance Technology

How Are Insurance Firms Using Artificial Intelligence (AI)?

Article | July 13, 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

Insurance Technology Trends That Will Shape the Industry in 2022

Article | July 14, 2022

Automated claims processing, price comparison platforms, mobile bill paying—these are just some of the digital services that insurance customers expect and insurers want to provide. As the demand for digital skyrockets, so does the need for insurers to invest in IT. In the past seven years, the share of IT in total operating costs of property-and-casualty (P&C) insurers increased 22 percent. The rise of digital means technology is no longer a cost center. Rather, it is an asset that, if managed well, can increase growth and profitability. But do these IT investments pay off? As the COVID-19 pandemic exacerbates already increasing cost pressures, insurers’ IT budgets are under scrutiny; they want to see the business impact of their IT investments. Insurers with targeted IT investments achieve better growth and performance Data from McKinsey’s Insurance 360° benchmarking survey provide strong evidence of the positive business impact of targeted IT investments. In fact, insurers that invest more in technology outpace competitors that don’t pursue targeted investments in business measures such as gross written premium (GWP) growth, return to shareholders, and expense and loss ratio (exhibit). As an example, in life insurance, companies that invested more in IT saw a greater reduction in expense ratios (by 2.0 percentage points) and higher returns on technical reserves2 (1.7 percentage points) when compared with insurers with lower IT investments. Insurers achieved these outcomes within three to five years of making their investments. For P&C insurers, those with high IT investments achieved approximately twice the top-line GWP growth of low IT investors. High IT investments also produced a greater reduction in combined ratios when compared with those with low IT investment. Four areas for targeted IT investment So what kinds of technology investments can help insurers achieve growth and improve productivity and performance? Investments in four areas are critical: Marketing and sales: Marketing technology solutions can increase sales and processing efficiency, improve the quality of core customer-facing processes such as policy inquiries and policy applications, and improve customers’ overall experiences. McKinsey’s Insurance 360° benchmarking data show that tech investments in this category can facilitate top-line growth for P&C insurers by up to 20–40 percent; for life insurers, that growth could be 10–25 percent over a three- to five-year period. Underwriting and pricing: Automated underwriting fraud detection can improve the likelihood that insurers correctly identify fraud and set accurate prices. A pricing tool kit that analyzes pricing across competitors and enables a flexible, more segmented market versus technical pricing further improves profit margins. Insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 10–15 percent in P&C insurance and 3–5 percent in life insurance. Policy servicing: Workflow automation, artificial intelligence–based decision support, and user experience technologies in policy servicing and within IT can improve the customer self-service experience and automate back-office processes, thus reducing IT and operations expenses. And state-of-the-art self-servicing options will reduce processing times and even improve customer experience. An analysis of programs for large-scale insurance IT modernization finds that insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 5–10 percent in P&C insurance and 10–15 percent in life insurance. Claims: P&C insurers can use automated case processing—machine-learning technology trained to process basic claims cases—to segment more complex cases and significantly improve claims accuracy. Combined with better partner integration and steering technologies embedded in a transformation of the claims operating model, such technologies can help P&C insurers improve profit margins by 25–40 percent, according to McKinsey analysis of large-scale IT modernization programs. To realize the full value of IT investments, insurers must strategically allocate their resources and view tech as an asset, not a tool.

Read More
Core Insurance, Risk Management

Is Your Policy Management System Costing or Saving Money?

Article | August 4, 2022

Insurance customers look for result-driven insurance services and products. To meet those demands and grow revenue, insurers need to move beyond conventional methods and envision their insurance business' customer interaction as aiding in the management of product and service deliveries. This necessitates a cloud-based strategy for future-ready operations. This is where the concept of cloud insurance comes into play. Insurers are receiving signals that the moment has come to invest heavily in the cloud ecosystem. But how? Read about it in the following points. The revenue landscape is shifting Investing in cloud infrastructure allows insurers to gain a competitive advantage in new revenue streams. In addition, it depicts a protected sphere where all the insurance business operations are risk-free, free of cyber risks and intrusions. Digital distribution appeals to customers and capital Customer-centric innovations, such as product distribution or cloud-enabled services, draw investors' attention. This results in increased revenue production. Why is There a Need for Cloud Insurance Solutions for Businesses? Insurance businesses face numerous obstacles in a continually shifting market position each day. As a result, insurance companies must primarily respond to the demanding and rising needs of customers. Cloud technology provides accurate solutions for the same. Let's look at the need for cloud solutions amid the trending approach. Customers expect personalized products, services, and experiences to support chosen communication channels like social media, a website, or a portal. Consequently, insurers need to improve their “speed to market” approach, which is possible through cloud technology and provide competitive products and services. Furthermore, sales growth remains under constant pressure. As a result, cost reduction is another eye-catching feature for insurance companies. By streamlining procedures and operations under one roof, decentralized, and digitalized, cloud insurance best suits to decrease costs and expenditure. Not to forget, globalization demands insurance businesses be more flexible and agile to win new markets and obtain new prospects. Cloud insurance infrastructure solutions are critical today and, in the future, to achieving all of these objectives. The Insurer’s Viewpoint is Critical for Success According to the report, leaders are more likely to use Cloud SaaSs, big data, AI and machine learning, and the Internet of Things (IoT). However, given the findings of the aforementioned study, it is clear that moving to the cloud is merely a baby step on a long journey of technological advancement. Cloud computing has emerged as a critical tool for digitization, and the significant challenges posed by the COVID-19 issue have highlighted the benefits of cloud computing." Peter Heidkamp, Head of Technology at KPMG. The Internet of Services and SaaS as a service is particularly appealing to insurance businesses when it comes to cloud insurance (SaaS). In addition, SaaS licensing options allow customers to obtain software to reduce internet and operational costs. The real use cases or benefits of the cloud are: Business scalability and flexibility Increased customer satisfaction Optimizing business processes Cost reduction Encourages business backups Cloud Insurance: A Wake-up Call for Opportunities Cloud technology and its solutions enable insurers to leverage cloud capabilities and resources to stay abreast with market developments. The technology meticulously encourages customized products and services on time, develops corporate networks, and implements new business processes with high revenue. However, adopting cloud solutions is not always an easy decision for insurers, but those that overcome security worries can reap the benefits of cloud insurance. Therefore, utilizing cloud solutions is a continuous journey that necessitates constant innovation and adaptability.

Read More
Insurance Technology

Emergency Prevention: 3 Ways Insurtech is Leading the Way

Article | July 20, 2022

The COVID-19 pandemic demonstrated the pressures on emergency medical services and healthcare professionals as well as insurance platforms. Insurtech has proved to be a robust area of technology that needs further investments to ensure that we are able to leverage it even in times when there’s little global turmoil. The Efma-Accenture Innovations in Insurance award winners have validated the exponential expansion of insurtech. Here are three insurtech innovations driving emergency prevention in healthcare. 1 bAIby – Interpreting Baby Cries bAIby is a next-gen baby monitoring device powered by AI. Labelled as a “cry translator,” the BabyT device uses AI to interpret what a baby’s cries mean. The bAIby solution is based on the understanding that the first six months of a baby’s cries universally communicate the following: sleepiness hunger discomfort stomach issues The developer of the BabyT AI, Zoundream, collaborated with insurance company Generali to enroll young parents and test BabyT. This allowed Zoundream to collect the massive amounts of data sets required to train the AI. The AI is able to detect pathologies like hyperthyroidism, autism and even hearing impairment. Furthermore, it will enable Generali to provide new parents with assistance, prevention, and insurance services, thus providing the peace of mind that insurance services should provide. This innovation won the gold in the Efma-Accenture Innovations in Insurance award. 2 Air Doctor – Finding a Doctor Overseas Silver winner Air Doctor is a cutting edge solution to help individuals find general practitioners in unfamiliar places. The solution is aimed at travellers and expatriates whose first instinct when sick overseas may be to visit a hospital, leading to high medical costs and burdening the local healthcare system. The Air Doctor platform provides access to a network of physicians in six continents and 70 countries. The information includes the doctor’s location, specialization, as well as online appointment booking and virtual care options. Insurance providers can integrate with the platform to connect with their customers by offering a digital link for quick verification and approval. The platform has made managing basic medical attention easier for both consumers and insurance providers. 3 bolttech – Boosting Insurance Penetration Bronze winner bolttech was recognized for its smart insurance exchange ecosystem that enables non-insurers to integrate insurance solutions into their purchase journey. For instance, smartphone vendors can use bolttech to provide insurance as an option during the purchase of a new phone, leveraging the most effective purchase touchpoints to provide coverage. This is especially crucial in markets that have a low penetration of insurance. bolttech’s platform has medical plans with self-declared underwriting, delivering instant cover and reducing the onboarding time to just 90 seconds. 4 The Way Forward Digitalization of insurance is the future of the industry. The above solutions have proven use cases that enable both consumers and providers to leverage digital network to create secure and stress-free access to insurance.

Read More
MORE ARTICLES

Spotlight

MGIC

At MGIC, we are committed to helping our customers succeed. Affordable homeownership remains a cornerstone of a strong and vibrant community. As the pioneer of the modern private mortgage insurance industry, Mortgage Guaranty Insurance Corporation (MGIC), the primary subsidiary of MGIC Investment Corp., has supported lenders and their communities for nearly 60 years by providing a prudent means of offering affordable, low-downpayment home financing options.

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.

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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.

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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.

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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.

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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.

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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.

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