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Insurance with AI – What the Future Unfolds

Insurance_with_AI
When building a practical framework, AI holds tremendous potential for insurers. Insurance companies can use AI to make better business decisions and provide differentiated customer experiences. To take advantage of AI, insurers need to know and clear the air about what is possible to do with AI.


Insurance with AI: Understand, Learn & Respond

Here are the ways insurers must use AI in their workforce and build a workable model.

  • Language: Insurers can use natural language processing using AI to extract legacy unstructured data and convert it into structured data. As a result, organizations can extract information and automatically classify it into different sections. In addition, AI can even learn and guide users to make decisions using machine learning and curtail errors.
  • Management: AI has emerged as a game-changer in managing the workforce, risks, and insurance functionalities and augmenting flawless products and services. While we talk about workforce management, AI puts tasks in one place, organizes them, and stores them under a data-proof model. So, no more scattered documents and pilling of files! AI is here, and it will transform and respond to businesses more efficiently with solution-driven aspects.
  • Efficiency: Businesses need to be proactive by having a smart workforce that adds efficiency. Before, the insurance sector had a sloppy work platform. But now, with the passing of time, they need to overcome and be more efficient at work. Using AI in your business will save a lot of time, energy and money. It will lead to faster processes that are error-free, accurate, and predictive, encourage crystal clear communication, and have fewer chances of fraud.


Insights on AI’s Role in Insurance

Existing and start-up insurance businesses will be fortified with the help of AI use cases. Let’s get some insights into AI's potential for businesses.

  • The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027. The inclusion of AI in insurance records a growth of 56% until 2021.
  • AI has the potential to save insurance companies up to $390 billion by 2023.
  • In 2021, more than 40% of insurance businesses increased their expenditure on AI use cases and projects.

Source: PWC

These statistics show that AI in insurance is only going to get bigger. Investments in AI are high on the priority lists of decision-makers.


The Futuristic Hold

The insurance industry is under enormous pressure in terms of digital transformation. The rate of transformation is consistently accelerating. This paints the future of the insurance industry with AI to be more progressive with improved products and services, which will eventually host numerous opportunities for exponential expansion and reach globally.

Spotlight

Leadway Assurance Company Limited

LEADWAY ASSURANCE COMPANY LIMITED (‘LEADWAY’) is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.

OTHER ARTICLES
Insurance Technology

How the Blockchain is Revolutionizing the Auto Insurance Industry

Article | July 7, 2022

The blockchain has penetrated the mainstream. We predicted this in our 2019 article “Blockchain-as-a-Service: the Accelerator for Blockchain Adoption” where we talked about the technology's ease of integration. Companies can seamlessly adopt blockchain technologies by referring to existing use cases like smart contracts, data authentication, and asset management. They can also take advantage of open-source materials. With the blockchain's accessibility on top of its formidable qualities, it’s no surprise that the digital ledger system is being integrated into every industry–from banking and healthcare to gaming and cybersecurity. As a cornerstone of the rise of financial technology or fintech, another industry it’s now serving is auto insurance. Here’s how the blockchain is revolutionizing the auto insurance industry: Benefits of the blockchain in auto insurance Multiple back-and-forths can slow down the manual processing of both insurance contracts and filed claims. Blockchain-based tools can speed this up by accessing necessary information through the data network. Insurers can easily access and verify the personally-identifiable information (PII) required for insurance contracts via the blockchain, as well. This means no lengthy coordination with other parties, shorter queuing time, and less paperwork. Moreover, the blockchain helps those who buy auto insurance worry less about their PII being used by malicious individuals and organizations. Monash University asserts blockchain security effectiveness by pointing out how its design can alert any network of even the most minor changes to the data it contains. This is because blocks containing data are marked with hashes–input strings of computation characters–that become invalid when information is modified. When hashes become invalid, the network is notified. With such a prompt and responsive alert system, insurance agencies can easily detect hacking activities to protect sensitive data. Blockchain applications in auto insurance The most significant benefit of the blockchain’s application in auto insurance arguably lies in optimizing property and casualty (P&C) insurance verification processes. Sound Dollar defines property and casualty insurance as coverage for any damage the possessions stipulated in your contract incurs. Blockchain-based tools, like smart contracts, can immediately gather relevant information from an insurer's network to verify damaged possessions. It can also identify which ones are covered by your insurance contract. This streamlined verification process saves insurers billions of dollars in operational costs and makes filing a claim much easier for the client. The blockchain can also be used to minimize and prevent fraud. Some of the best blockchain-based tools can identify whether an individual claims payouts from multiple insurers. These tools cross-check PII and non-PII with salient information from claims filed elsewhere to check for similarities. Moreover, the Insurance Innovation Reporter found that advancements in anti-fraud blockchain technology can detect third-party helpers, such as garages and brokers. This enables insurers to expand their data on fraudulent networks and prevent future cases of fraud. Challenges to full implementation of the blockchain in auto insurance Before full-on integration, developers and businesses have to address data integrity. While blockchain data cannot be edited, it does not ascertain that encoded information is true. This means data has to be verified before it's encoded on the blockchain. Blockchain-based technology is also expected to become more expensive in the coming years. As it becomes mainstream, demand for the technology and relevant development research will further drive operation and maintenance costs upwards. There is still much work to be done if the auto insurance industry wishes to fully integrate the blockchain into its workflows. But with the long-term benefits it brings, insurers and clients alike will undoubtedly look to blockchain-based technology for improved services and a better overall experience.

Read More
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Cloud Insurance Solutions Are Imperative for Insurers

Article | July 20, 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

Insurers Are Preparing to Accelerate Growth in 2022

Article | June 30, 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
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

Insurers Are Preparing to Accelerate Growth in 2022

Article | July 7, 2022

The blockchain has penetrated the mainstream. We predicted this in our 2019 article “Blockchain-as-a-Service: the Accelerator for Blockchain Adoption” where we talked about the technology's ease of integration. Companies can seamlessly adopt blockchain technologies by referring to existing use cases like smart contracts, data authentication, and asset management. They can also take advantage of open-source materials. With the blockchain's accessibility on top of its formidable qualities, it’s no surprise that the digital ledger system is being integrated into every industry–from banking and healthcare to gaming and cybersecurity. As a cornerstone of the rise of financial technology or fintech, another industry it’s now serving is auto insurance. Here’s how the blockchain is revolutionizing the auto insurance industry: Benefits of the blockchain in auto insurance Multiple back-and-forths can slow down the manual processing of both insurance contracts and filed claims. Blockchain-based tools can speed this up by accessing necessary information through the data network. Insurers can easily access and verify the personally-identifiable information (PII) required for insurance contracts via the blockchain, as well. This means no lengthy coordination with other parties, shorter queuing time, and less paperwork. Moreover, the blockchain helps those who buy auto insurance worry less about their PII being used by malicious individuals and organizations. Monash University asserts blockchain security effectiveness by pointing out how its design can alert any network of even the most minor changes to the data it contains. This is because blocks containing data are marked with hashes–input strings of computation characters–that become invalid when information is modified. When hashes become invalid, the network is notified. With such a prompt and responsive alert system, insurance agencies can easily detect hacking activities to protect sensitive data. Blockchain applications in auto insurance The most significant benefit of the blockchain’s application in auto insurance arguably lies in optimizing property and casualty (P&C) insurance verification processes. Sound Dollar defines property and casualty insurance as coverage for any damage the possessions stipulated in your contract incurs. Blockchain-based tools, like smart contracts, can immediately gather relevant information from an insurer's network to verify damaged possessions. It can also identify which ones are covered by your insurance contract. This streamlined verification process saves insurers billions of dollars in operational costs and makes filing a claim much easier for the client. The blockchain can also be used to minimize and prevent fraud. Some of the best blockchain-based tools can identify whether an individual claims payouts from multiple insurers. These tools cross-check PII and non-PII with salient information from claims filed elsewhere to check for similarities. Moreover, the Insurance Innovation Reporter found that advancements in anti-fraud blockchain technology can detect third-party helpers, such as garages and brokers. This enables insurers to expand their data on fraudulent networks and prevent future cases of fraud. Challenges to full implementation of the blockchain in auto insurance Before full-on integration, developers and businesses have to address data integrity. While blockchain data cannot be edited, it does not ascertain that encoded information is true. This means data has to be verified before it's encoded on the blockchain. Blockchain-based technology is also expected to become more expensive in the coming years. As it becomes mainstream, demand for the technology and relevant development research will further drive operation and maintenance costs upwards. There is still much work to be done if the auto insurance industry wishes to fully integrate the blockchain into its workflows. But with the long-term benefits it brings, insurers and clients alike will undoubtedly look to blockchain-based technology for improved services and a better overall experience.

Read More
Insurance Technology

Emergency Prevention: 3 Ways Insurtech is Leading the Way

Article | July 20, 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

Digital Transformation in Insurance Industry

Article | June 30, 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
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

Leadway Assurance Company Limited

LEADWAY ASSURANCE COMPANY LIMITED (‘LEADWAY’) is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.

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PR Newswire | January 29, 2024

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

PR Newswire | January 29, 2024

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

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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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