Sapiens | September 28, 2022
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that a major financial services entity has selected Sapiens to deliver its life insurance service in the Americas. Sapiens' award-winning CoreSuite for Life & Annuities and DigitalSuite SaaS solution will provide them with next-generation customer sales and service experience. The companies solidified the partnership at the Insurtech Conference (ITC) on September 20.
Sapiens CoreSuite for Life & Annuities is an end-to-end, cloud-native solution complete with enhanced digital capabilities to support whole life, universal life, wealth accumulation products and annuities. This will power this financial services entity with an advanced, simplified 360°degree view of customers within the policy administration system, across all distribution channels and communication streams. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience.
"We are very excited to partner with this financial services entity on their next-generation life insurance operations, Sapiens Core administration solution and the pre-integrated digital enablement platform will enable them to offer life insurance services that are customer-centered, in an innovative way, based on our cloud-native solutions."
-Jamie Yoder, Sapiens North America President & General Manager
Sapiens is attending the ITC Conference (Booth #2239) between September 20-22, at the Mandalay Bay in Las Vegas, and available to meet and discuss offerings and solutions.
Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.
World Insurance Associates LLC | September 28, 2022
World Insurance Associates LLC (WIA), a Top 50 Insurance Brokerage, announced today that it acquired Cotten Coverage Insurance Agency (“Cotten Coverage”) of Farmingville, NY on September 1, 2022. Terms of the transaction were not disclosed.
Cotten Coverage provides property & casualty personal lines products and services, as well as commercial lines products and services to customers on Long Island. The agency was founded in 1991 by Bob Cotten and his wife Karen. Bob started in the business as an associate actuary with Allstate on Long Island in 1984.
“We know our clients and we know insurance, so our clients have the peace of mind that comes with knowing their insurance agency can help them regardless of how big, small, unique, or specific their insurance needs are, We take great pride in the quality of service we provide for our customers, and we look forward to continuing to do so as part of WIA.”
-Bob Cotten, Owner, Cotten Coverage insurance Agency
On behalf of everyone at WIA, I’d like to welcome Cotten Coverage to the World family, Cotten Coverage is a successful agency—voted “Best Insurance Agency on Long Island" for 10 years—and I know they will continue providing their clients the excellent service they have come to expect,says Rich Eknoian, CEO and Co-Founder of WIA.
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Fortrust Diligence advised them on the transaction. APEX Consulting, Inc. provided legal counsel to Cotten Coverage, and Agency Brokerage Consultants advised them 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 160 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 #2 on the Fastest Growing Brokers list by Business Insurance and is a Top-50 ranked personal lines agency by Insurance Journal.
NeuralMetrics | September 26, 2022
NeuralMetrics, a provider of fast, actionable commercial lines intelligence for insurance lead generation and underwriting, today announced the launch of MarketEdge, an AI-powered platform to research and filter U.S.-based businesses and markets, prequalify leads, and attain desirable insurance customers. Additionally, the solution evaluates the propensity of businesses to change insurance providers in upcoming renewal cycles, enabling insurers to efficiently add qualified policyholders based on business characteristics and risk factors.
With an initial focus on the U.S. workers' compensation market, NeuralMetrics is adding additional commercial lines of business to the MarketEdge product portfolio. MarketEdge uses artificial intelligence (AI) and natural language processing (NLP) to identify qualification information and viable leads so that insurers can reliably pinpoint the best prospects especially important in the workers' comp policy sector, where finding leads is time consuming with low rates of conversion success.
Driven by intelligent technology, MarketEdge leverages information from a variety of public databases and information sources, including OSHA, the Centers for Medicare and Medicaid, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, and inspections, and much more. The company regularly augments data and adds new sources of information.
"The workers' comp market is undergoing significant changes. COVID-19 implications, including shifts to virtual work, as well as the impacts of inflation and cost-cutting measures have business leaders reevaluating and seeking optimal insurance coverage and policyholder services, NeuralMetrics and its MarketEdge solution help carriers, brokers, and agents take advantage of those opportunities, by applying AI and complementary advanced technologies to quickly and accurately identify top targets and prospects."
-Prakash Vasant, CEO, NeuralMetrics
NeuralMetrics is on a mission to make commercial insurance underwriting easier and more efficient. The launch of MarketEdge is a key element of the broader NeuralMetrics platform, which includes SmartRatioTM, an AI-powered solution to help insurers obtain reliable industry classifications and generate compliant data insights and risk intelligence to proficiently underwrite commercial business.
Using SmartRatio, insurance companies and their distribution partners can rapidly classify businesses with just a company name and address, understand the associated risks, and access specific underwriting information required for precise pricing and proposal generation.
NeuralMetrics facilitates comprehensive lead management and accurate, contextual commercial lines underwriting for property/casualty insurance organizations. The company's easy-to-deploy data-aggregation platform is powered by AI and natural language processing to instantaneously and transparently extract industry-compliant, actionable risk-assessment intelligence from dynamic, public sources of information. As a domain-expert partner to insurers, NeuralMetrics enables lead sourcing and qualification, reliable rating classification, incisive underwriting, and precise policy pricing.