Home > Resources > Articles > Teambrella: A Peer­to­Peer Insurance System

Teambrella: A Peer­to­Peer Insurance System

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements. Insurance companies and policyholders have conflicting interests. This is reflected in various bad¬faith practices of the companies, such as unreasonable delays, denial of payment, etc. Though some jurisdictions try to mitigate this by adopting the tort of insurance bad faith, the general public has a very negative perception of the industry.

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Bespoke Medical Indemnity

At Bespoke Medical Indemnity we work hard to provide surgeons, consultants, groups and medical professionals with robust medical indemnity, malpractice insurance and medico-legal solutions.

OTHER ARTICLES
Core Insurance, Risk Management

How technology will transform life insurance

Article | August 4, 2022

Do you know what the UK insurance industry is going through? A disruption that calls for complete metamorphosis. Not so different from what the whole world is going through at the moment. Crafting one-size-fits-all products and expecting them to sell like hotcakes is a huge misconception. Customers want products to be as personalised as possible. Pay per mile insurance or lower car insurance premiums for safe drivers are some examples. In the current global crisis, personalised life insurance would look like factoring in the unique health/ living conditions of the person and then providing insurance options.

Read More
Core Insurance, Risk Management

Insurance with AI – What the Future Unfolds

Article | September 22, 2022

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.

Read More
Claims

The Age of Sustainable Fixed-Income Investing Has Arrived

Article | July 15, 2022

Environmental, social, and governance (ESG) considerations have increasingly entered the mainstream of investment discussions, both through routine incorporation into traditional investment processes and through distinct sustainable or impact investing styles. Recent and current global conditions, such as extreme weather events, the inequitable effects of the COVID-19 pandemic, rising distrust of government institutions, and geopolitical challenges to a rules-based world order, have accelerated this trend, emphasizing the direct relevance of ESG and sustainability to understanding long-term market risks and opportunities. Until recently, equity investors were more concerned with ESG and sustainability than their fixed-income counterparts. That is, however, beginning to change, and at a rapid pace. ESG and sustainability have gained significant traction among bond investors, particularly since the implementation of COVID-19, and are now widely regarded as essential components of fixed income investing. For example, global sustainable debt issuance reached a new high of over US$1.6 trillion in 2021 and is expected to rise further in the coming years. Notably, we believe that ESG integration and sustainable fixed-income investing require a very deliberate, thoughtful approach — one that varies significantly from one fixed-income sector to the next. ESG and sustainability: At a high level, researchers believe that increased awareness of ESG and sustainability benefits global markets in two ways: 1. ESG integration allows market participants to think more holistically about the types of financially material risks and opportunities — such as physical, reputational, and (geo)political — that should ideally be reflected in asset valuations and taken into account during the routine portfolio construction and management process. 2. Furthermore, the conversation about sustainable investing is encouraging more market participants to look beyond narrow, issuer-specific investment thesis to consider how market participants' behaviors affect the broader systems and structures (e.g., climate stability, institutional strength) whose long-term viability is critical for the long-term health of economies and markets. We, like many others, believe that a stable global climate, clean air and water for all, adherence to the rule of law, strong institutions with broad public legitimacy, and broad-based access to economic opportunity are valuable public goods from which market participants would benefit collectively over time. As a result, a central goal of sustainable investing is to assist markets in evolving toward rewarding participants for exercising responsible stewardship of these public goods, which are critical to pursuing favorable long-term outcomes for the real people who are the ultimate beneficiaries of markets. This framing of sustainability highlights why fixed income is so important in moving global markets and economies in a more sustainable direction.

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
Core Insurance, Risk Management

Is Your Policy Management System Costing or Saving Money?

Article | August 4, 2022

Do you know what the UK insurance industry is going through? A disruption that calls for complete metamorphosis. Not so different from what the whole world is going through at the moment. Crafting one-size-fits-all products and expecting them to sell like hotcakes is a huge misconception. Customers want products to be as personalised as possible. Pay per mile insurance or lower car insurance premiums for safe drivers are some examples. In the current global crisis, personalised life insurance would look like factoring in the unique health/ living conditions of the person and then providing insurance options.

Read More
Core Insurance, Risk Management

5 Essential Features of Policy Management Tools

Article | September 22, 2022

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.

Read More
Claims

The Age of Sustainable Fixed-Income Investing Has Arrived

Article | July 15, 2022

Environmental, social, and governance (ESG) considerations have increasingly entered the mainstream of investment discussions, both through routine incorporation into traditional investment processes and through distinct sustainable or impact investing styles. Recent and current global conditions, such as extreme weather events, the inequitable effects of the COVID-19 pandemic, rising distrust of government institutions, and geopolitical challenges to a rules-based world order, have accelerated this trend, emphasizing the direct relevance of ESG and sustainability to understanding long-term market risks and opportunities. Until recently, equity investors were more concerned with ESG and sustainability than their fixed-income counterparts. That is, however, beginning to change, and at a rapid pace. ESG and sustainability have gained significant traction among bond investors, particularly since the implementation of COVID-19, and are now widely regarded as essential components of fixed income investing. For example, global sustainable debt issuance reached a new high of over US$1.6 trillion in 2021 and is expected to rise further in the coming years. Notably, we believe that ESG integration and sustainable fixed-income investing require a very deliberate, thoughtful approach — one that varies significantly from one fixed-income sector to the next. ESG and sustainability: At a high level, researchers believe that increased awareness of ESG and sustainability benefits global markets in two ways: 1. ESG integration allows market participants to think more holistically about the types of financially material risks and opportunities — such as physical, reputational, and (geo)political — that should ideally be reflected in asset valuations and taken into account during the routine portfolio construction and management process. 2. Furthermore, the conversation about sustainable investing is encouraging more market participants to look beyond narrow, issuer-specific investment thesis to consider how market participants' behaviors affect the broader systems and structures (e.g., climate stability, institutional strength) whose long-term viability is critical for the long-term health of economies and markets. We, like many others, believe that a stable global climate, clean air and water for all, adherence to the rule of law, strong institutions with broad public legitimacy, and broad-based access to economic opportunity are valuable public goods from which market participants would benefit collectively over time. As a result, a central goal of sustainable investing is to assist markets in evolving toward rewarding participants for exercising responsible stewardship of these public goods, which are critical to pursuing favorable long-term outcomes for the real people who are the ultimate beneficiaries of markets. This framing of sustainability highlights why fixed income is so important in moving global markets and economies in a more sustainable direction.

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
MORE ARTICLES

Spotlight

Bespoke Medical Indemnity

At Bespoke Medical Indemnity we work hard to provide surgeons, consultants, groups and medical professionals with robust medical indemnity, malpractice insurance and medico-legal solutions.

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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