Time to Overcome Barriers in Your Decision-Making with Data Analytics

Anusree Bhattacharya | May 20, 2022 | 130 views

Time_to_Overcome
A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries.

These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics.

The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model.
The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process.

Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020.

Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation.


Bring Data to These Key Levels of Departments


Marketing

Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data.

Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative.


Sales

Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently?

CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as:

  • Acquisition and management of leads
  • Lead segmentation
  • Sales funnel optimization

There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers.


Operations

Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run.

Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations.


Begin with Overcoming Barriers to your Decision-Making Process


Use Data to Identify Customer Patterns

Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns.

What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now!

As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales.

According to research by McKinsey and Company, automation saves 43% of insurance employees’ time.


Segmenting Sales Plans

Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent.

Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check.

When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics.
 

CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.”
 

Pricing & Savings

Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI.


Keep Improving with Data to Stay Abreast with The Decision-Making Process

Better data organization in your business boosts productivity."

Warren Buffett, an American business magnate, investor, and philanthropist.

This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions.

Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving.


Frequently Asked Question


How are data analytics used in insurance companies?

Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement.


What does data analytics mean in insurance?

Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth.


How are insurance companies using data?

Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

Spotlight

Cook Maran & Associates

Cook Maran is a leading full-service insurance agency staffed by more than 200 experienced insurance professionals and licensed in 50 states. Ranked as one of the top privately held insurance brokerages in the US, the firm provides a full range of personal and commercial insurance services, employee benefits, surety, and credit risk solutions. Cook Maran became part of Prime Risk Partners family in 2015. Joining Prime Risk Partners allows us to provide our clients with a broader array of services and resources, expanded specialty offerings, greater market access, and the comfort of knowing we have the strength of our thriving national organization supporting us.

OTHER ARTICLES
INSURANCE TECHNOLOGY

5 Essential Features of Policy Management Tools

Article | July 14, 2022

The worldwide marketplace is undergoing a host of structural changes and insurance companies are consistently working to capitalize on them. The past few years posed a number of new challenges. For an industry whose primary promise is to “be there when customers need us,” delivering top-notch timely services is not only crucial for business continuity but the most urgent goal. Inspiring trust through every process of the policy lifecycle is a significant factor for insurers to be able to maintain goodwill in the market. Recent pressures proved that the industry needs a systemic metamorphosis and digital solutions may be able to provide them. This is also why many industries are jumping on the bandwagon of digital transformation and insurance is no different. With a barrage of new technologies, solutions and software, it has become easier to automate processes and eliminate inefficiencies that hamper day-to-day-operations. One such area of transformation is insurance policy management. Forward-looking insurers today, can start by rethinking their policy management framework. The Importance of Automated Policy Management Simplifying all internal processes is a priority for many insurance providers worldwide. Much of the insurer’s business outcome hinges on streamlined workflows, seamless document management and effective use of different tools. In policy management, mitigating risk is another significant aspect that impacts the bottom line. Today, insurers are heavily investing in new technologies like artificial intelligence and machine learning, robotic process automation, data analytics and much more. Policy management entails the comprehensive process of administering policies. From pre-sale to renewal to claims, at every stage of the policy lifecycle, insurers must ensure a smooth process at every stage. Some of the stages of policy management that can be enhanced by using automated policy management tools which include: Member services Loss mitigation Risk assessment Claims processing Policy issuance Policy renewal Policy cancellation Compliance It’s clear that insurance policy administration system (pas) encompasses all the main business processes of an insurance company and the importance of policy management is enough to invest in high-quality solutions that span the policy lifecycle. The Must-Haves of Policy Management Software A smart insurance policy management simplifies the process for both the insurer and the insured. For insurers, it should be able to optimize resources and save time in administering policies. For example, life insurance policy management system can help a provider scale their operation, introduce flexibility and administrative simplicity. Here are the components of a policy management solution that is a must-have for every insurance provider. For the insured, the solution can help organizations not only provide a smooth experience Policy Issuance, Update and Cancellation The most significant must have that an effective policy management solution should have, is the ability to digitalize every aspect of policy administration. This includes being able to generate documentation, centralize records and oversee all operations across the policy lifecycle. For instance, everything should be synced so that any updates are made universally across all documents. This eliminates doing manual changes to all the records. In addition, with technologies like robotic process automation (RPA), repetitive tasks can be automated and reduce the time it takes to process documentation. Underwriting Underwriting is a process where individuals or firms take financial risk for a fee. In insurance, underwriters are responsible for evaluating the degree of risk to the insurer’s business. It is in essence a manual process that comprises extensive research and assessment of the prospective policy holder. For instance, medical underwriting consisted of ascertaining the charges to levy or even whether to provider coverage to them based on an applicant’s health condition. Even though underwriting is a time-consuming process, it doesn’t have to be tedious. Underwriters need to access data that is spread across a range of different platforms and sources. Automated policy management enables organizations to accelerate the process of data collection and collation. This is why, automation in underwriting functionalities is one of the most important features of a policy management software that is a must-have. Estimates and Quotes Holistic policy management tools are incomplete without quote estimate capabilities. Quoting allows insurers to generate leads. With automated quoting features, insurers can provide estimates without having to directly contact customers, saving time and money in cold calling. In addition, it helps insurers to gather the information they need to then target their leads and tailor solutions that meet consumer expectations. Quality policy management systems include these capabilities. They work by letting customer input their information and receive a quote estimate based on it. For insurers, in addition to providing leads, it lets them engage customers from the start itself. Policy Renewal Renewals is a critical stage in the policy lifecycle. Overseeing renewals and reducing customer churn is something every insurer must prioritize. Renewals handling amplifies the importance of policy management software that offer renewals management tools. Renewals management features allow insurers to alert policy holders about the ending of their coverage and provides a timely reminder to renew it. Since renewals management tools offer ready information for insurers to access, customers need to update fewer fields. It not only reduces customer churn but contributes to an easy, fast, and customer-friendly process. Claims Processing Claims processing is when an insurer reviews a claim process to verify and authenticate the claim made by the policy holder. As a core business process, claims management and processing needs intelligent systemization. Insurance policy management tools that integrate claims processing will enable insurers to automate the settlement process. Modern policy management tools sync different systems so insurers have a centralized database and can simplify tasks like assigning claims, detecting fraud, record payments issued and automatically generate reports. Regulations and Compliance Insurance is a heavily regulated industry and insurers must keep up with the many compliance and location-specific regulations to avoid hefty fines. Regulatory policies are also subject to change and can often realign processes to protect consumers. This may sometimes cause insurers financially. However, complying with new regulations is a business necessity and policy compliance management solutions help immensely. Insurers must be able to monitor any changes in global and local policies or keep an eye out for announcements regarding the change in rates or regulations. Many insurers have a team to do this but maintaining a team is costly and causes operational complexities. Modern policy management tools offer the automation capabilities that eliminate the need for extensive overhaul or insurers to keep up with new regulations. These policy compliance management tools help in detecting breach and minimizing it. They also enable better resource allocation as teams no longer need to monitor new and upcoming regulations and plan for implementing the change. Customer Support Customer support is one of the most critical aspects of policy management. Beyond software and applications, being able to meet your customers’ demands, address their concerns throughout the customer lifecycle is vital in order to meet business objectives on time. With digitalization transcending platforms and devices, policy management tools today need to be able to keep up to meet customer demands. This is why mobile-ready policy management solutions are a must. They allow insurers to respond to customers quickly and keep channels of communication open and flowing. In addition, features like quoting estimates and claims processing that accelerate policy administration and management in a streamlined manner are bound to keep customers happy and reduce churn. Some policy management tools come with marketing automation capabilities as well as a CRM that lets insurers deliver a great experience right from buying decision to ongoing support. Conclusion There is no denying that digitalization is the future and insurers need to be ready to adapt to new challenges and evolving demands from consumers. Policy management tools not only enable insurers to overhaul their core process but simplify it and eliminate operational inefficiencies. The importance of policy management cannot be understated. Age-old challenges and bottlenecks of managing millions of policies can be mitigated with comprehensive policy management solutions. The above components are the most critical process your organization should look to simplify. These essential features ensure you are able to optimize resources, improve operational efficiencies, streamline processes and translate all these into enhanced customer experiences. Frequently Asked Questions How does insurance policy management differ from other policy management tools? Insurance policy management is a specialized solution that caters to insurance companies and enables them to manage renewals, claims, underwriting and all other processes associated with managing an insurance policy for their customers. Other policy management tools help organizations frame policies and management internal policy documents. What is an insurance policy lifecycle? An insurance policy lifecycle starts with generating a quote for the customer, onboarding the customer’s application, and finally setting the payment of premiums and renewals. When a policyholder claims insurance, the insurer has to process the claim, verify its authenticity then accept the claim fully or partially or reject it. What are the ways the insured can choose to pay for the insurance policy? The insured can either pay a lump sum amount or choose to pay monthly, yearly or quarterly. These payments are called premiums and are calculated based on certain condition set by the insurer.

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How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 15, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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The role of AI in enhancing claims experience for Insurance customers

Article | July 20, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

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5 Deep Learning Use Cases for the Insurance Industry

Article | February 11, 2020

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

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Spotlight

Cook Maran & Associates

Cook Maran is a leading full-service insurance agency staffed by more than 200 experienced insurance professionals and licensed in 50 states. Ranked as one of the top privately held insurance brokerages in the US, the firm provides a full range of personal and commercial insurance services, employee benefits, surety, and credit risk solutions. Cook Maran became part of Prime Risk Partners family in 2015. Joining Prime Risk Partners allows us to provide our clients with a broader array of services and resources, expanded specialty offerings, greater market access, and the comfort of knowing we have the strength of our thriving national organization supporting us.

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Hildene Capital Launches $1 Billion Reinsurer

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Pinpoint Predictive | November 30, 2022

Pinpoint Predictive, which provides Property and Casualty insurers with a top-of-funnel, deep-learning-powered loss predictions and risk scores, announced that the company has joined Guidewire’s Insurtech Vanguards program. This is an initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them. “Guidewire has a great reputation, and we are thrilled to align ourselves with a forward-thinking leader in the insurance sector that recognizes the impact that insurtechs can bring, Being able to work with and strategize with experts such as those leaders and Guidewire is a huge step in this period of rapid growth for Pinpoint.” -Scott Ham, CEO of Pinpoint Pinpoint uses deep-learning AI at scale to significantly improve loss ratios. By providing loss predictions and specific risk behavior scores even before an application is submitted, Pinpoint is enabling insurers to focus their acquisition, renewal, and book-roll processes on the customers who will best benefit the entire book of business. Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to, and advocates for, the participating insurtechs, while connecting them with Guidewire’s P&C customers. We are thrilled to welcome Pinpoint to Guidewire’s Insurtech Vanguard program, Pinpoint is a great addition to our existing Insurtech Vanguards who are bringing innovative solutions to the P&C industry, and we are excited to see what will come of this newest collaboration,said Laura Drabik, chief evangelist, Guidewire. About Pinpoint Predictive Pinpoint Predictive provides Property and Casualty insurance unmatched risk selection at the beginning of the customer journey. Pinpoint's deep learning-powered platform has revealed $100s of millions in bottom-line value for insurers by identifying unpriceable risks like individual loss cost, litigation, SIU referral, cancellation, and premium leakage earlier and more accurately than previously possible. Pinpoint provides the largest and fastest improvements to loss ratios in the P&C ecosystem, generating immediately deployable predictions within a week.

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Hildene Capital Launches $1 Billion Reinsurer

Hildene Capital Management | November 25, 2022

Hildene Capital Management, LLC (“Hildene”), a $12 billion credit-focused asset manager, today announced the formation of Ludlow Re SPC, Ltd. (“Ludlow Re”), a Cayman Islands-based, Class B(iii) insurance company. Ludlow Re will offer reinsurance to the global insurance market and, as part of its inaugural transaction, will reinsure approximately $1 billion of fixed index annuity reserves through a quota share agreement entered into with a U.S.-based life insurance carrier. “Given its ability to provide long-term, flexible capital, Ludlow Re optimizes Hildene’s robust asset management capabilities, helping us as we seek to enhance returns for our investors, Since Hildene’s inception in 2008, we have taken a prudent approach to managing the size and scale of our assets and will continue to execute on this approach with Ludlow Re — opportunistically adding to our portfolio only when we believe we can confidently invest in assets that produce attractive returns for our clients.” -Brett Jefferson, Founder and Co-Chief Investment Officer of Hildene. Hildene’s structured credit assets, particularly TruPS CDOs, align well with the duration and liquidity profile of life and annuity insurance liabilities, We believe insurers and asset managers can benefit from a symbiotic relationship — money managers receive access to insurers’ expansive capital base while insurers receive access to sophisticated investment opportunities they may not have otherwise,added Dushyant Mehra, Co-Chief Investment Officer of Hildene. Ludlow Re received its B(iii) insurance license from the Cayman Islands Monetary Authority in September 2022. About Hildene Capital Management Founded in 2008, Hildene Capital Management, LLC is a diversified institutional asset manager specializing in asset-based and credit opportunities. Hildene Co-CIOs Brett Jefferson and Dushyant Mehra are backed by a senior investment team with a long and established track record of investing across various credit and distressed cycles, leveraging their expertise in managing complex assets. Today, Hildene manages over $12 billion for a broad range of clients across its flagship private funds, tailored managed accounts and securitized asset structures.

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Pinpoint Predictive Joins Guidewire Insurtech Vanguards Program

Pinpoint Predictive | November 30, 2022

Pinpoint Predictive, which provides Property and Casualty insurers with a top-of-funnel, deep-learning-powered loss predictions and risk scores, announced that the company has joined Guidewire’s Insurtech Vanguards program. This is an initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them. “Guidewire has a great reputation, and we are thrilled to align ourselves with a forward-thinking leader in the insurance sector that recognizes the impact that insurtechs can bring, Being able to work with and strategize with experts such as those leaders and Guidewire is a huge step in this period of rapid growth for Pinpoint.” -Scott Ham, CEO of Pinpoint Pinpoint uses deep-learning AI at scale to significantly improve loss ratios. By providing loss predictions and specific risk behavior scores even before an application is submitted, Pinpoint is enabling insurers to focus their acquisition, renewal, and book-roll processes on the customers who will best benefit the entire book of business. Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to, and advocates for, the participating insurtechs, while connecting them with Guidewire’s P&C customers. We are thrilled to welcome Pinpoint to Guidewire’s Insurtech Vanguard program, Pinpoint is a great addition to our existing Insurtech Vanguards who are bringing innovative solutions to the P&C industry, and we are excited to see what will come of this newest collaboration,said Laura Drabik, chief evangelist, Guidewire. About Pinpoint Predictive Pinpoint Predictive provides Property and Casualty insurance unmatched risk selection at the beginning of the customer journey. Pinpoint's deep learning-powered platform has revealed $100s of millions in bottom-line value for insurers by identifying unpriceable risks like individual loss cost, litigation, SIU referral, cancellation, and premium leakage earlier and more accurately than previously possible. Pinpoint provides the largest and fastest improvements to loss ratios in the P&C ecosystem, generating immediately deployable predictions within a week.

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Insurity Launches New Payroll Validator Feature for Sure Premium Audit, Enabling Workers’ Comp Carriers to Streamline the Audit Process

Insurity | November 29, 2022

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it had launched a Payroll Validator feature for workers’ compensation carriers leveraging Sure Premium Audit. The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers’ comp carriers and policyholders. The Payroll Validator feature is available for immediate purchase for existing Sure Premium Audit users. Sure Premium Audit enables P&C carriers to uncover additional premiums by automatically screening a carrier’s entire book of business to generate audits based on business-defined rules without human intervention. For example, a top 25 P&C carrier recently presented at Insurity’s customer conference, Excellence in Insurance Innovation, that Sure Premium Audit’s automation tools have allowed them to reduce the operational time of their audit staff by over 24,000 hours a year. Now, with the new Payroll Validator feature, workers’ compensation carriers can further automate their audit process by transferring raw payroll data from over 100 payroll service providers, decreasing wait times as payroll data is imported directly to the field audit tool. Policyholders can log in once and provide permission to pull payroll data throughout the policy period or shortly after. Sure Premium Audit’s Payroll Validator also reduces the opportunity for fraud. Carriers can increase security by eliminating the sending of sensitive data through email or other unsecured channels and minimize fraud by having the unaltered payroll data come directly from the source of the payroll system. “The faster and more efficient workers’ comp providers can make their premium auditing process, the faster they can send out bills, and more likely they are to collect payments, Sure Premium Audit’s Payroll Validator automates a historically time-consuming process for workers’ comp providers by capturing that payroll data directly from the payroll service provider. Not only does this eliminate the time auditors must spend obtaining messaging and payroll data from policyholders, but it creates a more streamlined experience for your policyholders.” -Sylvester Mathis, Chief Insurance Officer at Insurity About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.

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