LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | May 26, 2023
Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, has announced the development of a groundbreaking AI engine, currently available only to limited groups, to boost its SmartLife platform. The platform's capabilities will be supercharged by generative AI technology, empowering agents and agencies with more predictive product fulfillment and "first in the industry" client engagement capabilities based on Large Language Models (LLM) technology. The introduction of AI will revolutionize the way agents interact with clients and marks a significant milestone for Sproutt, further demonstrating its commitment to providing cutting-edge technology solutions within the life insurance ecosystem.
Sproutt's SmartLife platform is leveraging the power of generative AI to create unique and personalized client communications based on multiple data sources and previous interactions with clients. By evaluating this data, the platform will generate relevant and timely content that agents can utilize to enhance customer engagement and sales. Events such as a client's policy anniversary, renewal date, birthday, and even local sports team news can be factored in to trigger precise communications. SmartLife's user-friendly interface enables agents to easily navigate and access the information they need to be successful.
The platform will also be boosted by AI driven product recommendations, employing multiple data sources to deliver tailored product solutions for each client. Predictive modeling capabilities will enable agents to anticipate future client needs, further elevating their potential. Leveraging AI for product fulfillment will overhaul the insurance sales process, increase STP rates, and effectively transform agents into experts.
"The goal is to arm agents with the best tools and technologies to help them build strong client relationships and supercharge their sales efforts," said Craig Shigeno, CEO of Shigeno Consulting. "By employing generative AI, agents will have instant access to personalized content that resonates with their clients, generating more effective outreach and saving valuable time."
"As we continue to expand our offerings, we see the SmartLife platform as a game-changer for the life insurance industry," said Yoav Shaham, CEO of Sproutt. "With the integration of AI, agents will have the ability to sell more effectively and communicate more efficiently with their clients, ultimately leading to greater customer satisfaction and increased sales."
About Sproutt
Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Globenewswire | May 17, 2023
World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced today that it acquired the business of Morris Insurance Group, Inc. (“Morris Insurance”) of Clinton Township and Rochester, MI on April 1, 2023. Terms of the transaction were not disclosed.
Morris was founded over 60 years ago, and is a full-service agency providing personal insurance, commercial insurance and health and life insurance.
“At Morris Insurance Group, we dedicate ourselves to answering our clients’ questions and providing solutions for their specific needs,’ says Bruce Morris, Owner, Morris Insurance Group. “Our reputation is built on integrity, expertise, and exceptional customer service and we are thrilled to be joining World, a company that exemplifies these same principles.”
“I’d like to welcome Morris Insurance to the World family,” says Rich Eknoian, CEO and Co-Founder of World. “They are a knowledgeable group of insurance professionals, and I know they will be successful as part of World.”
Giordano, Halleran & Ciesla provided legal counsel and TAG Consulting advised World on the transaction. MacElree Harvey provided legal counsel and Sica Fletcher advised Morris Insurance on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and ranked #20 on the Top 50 Personal Lines Agencies by Insurance Journal.
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WORKERS COMPENSATION, LIFE INSURANCE
PRnewswire | May 02, 2023
Leading voluntary benefits provider Colonial Life has launched Gathr, a cloud platform to transform the way small businesses deliver benefits and address common human resources needs. Gathr enhances and elevates benefits enrollment, administration, and HR experience so employers and their brokers can save time and focus on what matters most.
Gathr combines Colonial Life's proprietary and market proven technology to help workers sign up for medical, voluntary and group benefits, in a secure digital experience.
"Gathr provides an intuitive benefits and HR experience for small and medium-sized businesses," says Tim Arnold, president and chief executive officer of Colonial Life. "Leveraging Gathr eliminates the need to coordinate with each carrier, which saves time and simplifies open enrollment for companies, their employees and our broker partners."
Gathr provides these flexible, digital solutions:
Benefits Enrollment: Centralized portal for open enrollment; custom enrollment communications and easy-to-understand educational materials
Benefits Counseling: Delivers 1-to-1 benefits; available in person, virtually, over the phone, or with a hybrid approach
Digital Documents & Workflows: Digitally sign, complete, and track all benefits and HR documents
Compliance: Centralized recordkeeping helps businesses maintain compliance with the most recent ACA, ERISA, COBRA, HSA, and FSA regulations
Premium Add-on Features –Time tracking, paid time off, performance management, and custom workflows can be added to help businesses manage their HR needs as they scale up
About Colonial Life
Colonial Life & Accident Insurance Company, a subsidiary of Unum Group, provides financial protection benefits to America's workers and their families when the unexpected happens. The company offers workplace benefits, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. Colonial Life's benefit services, education and innovative enrollment technology supports over 87,000 businesses and 4 million workers. In 2022, Colonial Life paid more than $700 million in benefits to policyholders.
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