Claims, Life Insurance
Genpact | November 30, 2023
Genpact a global professional services firm focused on delivering outcomes that transform businesses, announced it is working with Amazon Web Services (AWS) and Amazon Business to introduce a transformed approach to property loss replacement and claims management.
Genpact is leveraging its extensive claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement API integrations, including pricing information, to reduce the claims submission process from weeks to days. This initiative is streamlining replacement item identification and enabling more efficient and timely delivery of policyholder estimates. Amazon Bedrock is a fully managed service that provides access to foundation models (FMs) from leading AI companies through an application programming interface (API) to build and scale generative AI applications.
"AI is fundamentally reshaping the landscape of the insurance industry,"
said Sameer Dewan, Global Operating Officer, Genpact.
Our Genpact AI-driven automated pricing workflow, powered by AWS, is transforming the research, significantly reducing the time adjusters spend investigating by as much as 75 percent. By automating routine tasks and enhancing decision making, our AI solution is empowering smarter pricing decisions, expediting claims settlements, and bringing about a profound transformation in the customer experience.
[Source - PR Newswire]
Genpact is committed to delivering measurable value to its clients through ongoing innovation. In the future, the company plans to integrate additional AI services into the automated workflow to introduce enhanced features. These include real-time summaries of market values for claimed contents and optimal action recommendations for further processing.
About Genpact
Genpact is a global professional services firm delivering the outcomes that transform our clients' businesses and shape their future. We're guided by our real-world experience redesigning and running thousands of processes for hundreds of global companies. Our clients – including many in the Global Fortune 500 – partner with us for our unique ability to combine deep industry and functional expertise, leading talent, and proven methodologies to drive collaborative innovation that turns insights into action and delivers outcomes at scale. We create lasting competitive advantages for our clients and their customers, running digitally enabled operations and applying our Data-Tech-AI services to design, build, and transform their businesses. And we do it all with purpose. From New York to New Delhi and more than 30 countries in between, our 115,000+ team is passionate in its relentless pursuit of a world that works better for people.
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Core Insurance
Business Wire | October 10, 2023
Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri.
DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence.
In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team.
"We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients."
When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service."
Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale.
About Inszone Insurance Services
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 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.
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Core Insurance
PR Newswire | October 03, 2023
NSM Insurance Group, a global specialty insurance provider with more than $1.6B in premium across 25+ niche insurance programs, today announced the completion of its acquisition of Envisage International. Based in Neptune Beach, Fla., Envisage is a leading provider of global health and travel insurance plans for international students and cultural exchange participants around the world.
"The travel insurance market is booming and will continue to grow at a rapid pace — with the industry predicted to reach $41B by 2027. We plan to seize this market opportunity and become a dominant player in the space," said Bill McKernan, President of NSM Insurance Group. "Envisage is a market leader in international education and cultural exchange insurance with a talented team, strong customer base, established revenue relationships and cutting-edge technology infrastructure. They are an enterprising addition to our portfolio as we look to build our footprint in the international health and travel insurance space."
Envisage offers a wide range of international health and travel medical insurance products through its two brands, International Student Insurance (ISI) and Envisage Global Insurance (EGI). ISI serves colleges, universities, ESL programs, study abroad programs, students, teachers and scholars with A+ rated plans and best-in-class resources. EGI is the leading provider of group insurance plans to organizations in the J1 cultural exchange and global youth travel market, offering unparalleled service and custom-built technology to its clients around the world.
"We're absolutely thrilled to join forces with NSM to help us continue to grow and scale the business," said Keith Clausen, President of Envisage International. "Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help ISI and EGI grow by expanding our distribution channels, further enhancing our technology platforms and expanding our global market reach."
Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable insurance programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance.
For more information about NSM or for investment opportunities, please visit nsminc.com.
About NSM Insurance Group
NSM Insurance Group is a global specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.6 billion in premium across 25+ specialty insurance programs and brands around the world focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; general contractors; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.
About Envisage International
Envisage International Corporation specializes in international health and travel insurance under its two key brands, International Student Insurance (ISI) and Envisage Global Insurance (EGI). With more than 20 years of experience, we take a consultative approach to helping our clients understand their insurance needs, creating customized solutions and providing support every step of the way. With offices in the United States, Mexico, China and Europe, Envisage is well placed to help organizations around the world with their international insurance needs. You can find more information about Envisage, ISI and EGI at envisageinternational.com
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