Vertafore | October 06, 2022
Vertafore®, the leader in modern insurance technology, today announced its Commercial Submissions™ solution has been recognized for technology innovation by the NU PropertyCasualty360 Luminaries program. This industry-focused recognition program spotlights innovation by companies, people, programs, and practices that are modernizing and humanizing the P&C business.
The platform was honored for automating and simplifying one of the industry's most time-consuming processes: quoting small commercial insurance. Honorees are selected by a panel of industry experts.
In a September 2022 survey of 800 independent agents, Vertafore found that 65% of respondents said their agency would benefit from automated quoting for commercial insurance lines. However, less than one in ten said they had access to such technology.
Commercial Submissions is delivering a game-changing experience for independent agents and the business clients they serve by:
Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting.
Enabling real-time digital collaboration with clients to complete applications quickly and accurately.
Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry.
The award reflects the platform's growing momentum. Vertafore also recently announced the latest carriers to join Commercial Submissions, bringing even more choice to the solution.
"Commercial Submissions isn't technology just for the sake of innovation, it is about making it faster, easier and simpler for agencies and carriers to work together to deliver the coverage their clients need, We're honored that the platform is being recognized for helping to modernize and humanize market connectivity."
-James Thom, chief product officer at Vertafore
As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.
The Standard and Noyo | October 21, 2022
Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, has entered into a strategic partnership with Noyo. This partnership reinforces The Standard's commitment to digital transformation by bridging member enrollment and eligibility data across benefits technology platforms. The solution will enable faster group connection and processing times, as well as decreasing operational overhead for benefits administration.
By incorporating Noyo's capabilities around handling, standardizing, and transmitting data quickly and accurately, The Standard is making it easier for employers to administer their benefits and employee enrollments and reducing data issues that can disrupt coverage. The partnership will provide an enhanced billing experience and access to data, allowing information to pass quickly and seamlessly between stakeholders.
“The Standard is making a significant investment in our group insurance business to transform the way we connect with and provide service to our customers, We are investing to deliver a superior outcome for our customers through a unique combination of expertise, caring and digital experience."
-Jill Schlofer, second vice president of Implementation and Enrollment for The Standard
Key Partnership Benefits
Streamlines member maintenance updates including open enrollment, new hires, qualifying life events and demographic and termination changes across all group sizes.
Allows brokers to connect clients faster, spend more time advising their clients and less time on administration.
Performs member enrollment data audits to ensure eligibility changes are processed quickly and accurately.
I am incredibly excited to see an insurance carrier with more than a hundred years of history adopt the technology of the future, We look forward to transforming the way key benefits data is managed and enabling The Standard to focus on their mission to protect the lifestyles of their customers,said Shannon Goggin, CEO at Noyo.
About The Standard
The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals.
Noyo is the modern data infrastructure that makes frictionless employee benefits possible. Founded by leaders in benefits, insurance and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry with seamless digital connectivity. With Noyo, crucial benefits data is instantly available anywhere it’s needed, unlocking new possibilities for how benefits are designed and delivered.
PolicyMe | November 08, 2022
Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness.
“Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.”
-Jeff McKay, Co-Founder & CTO of PolicyMe
How PolicyMe is building a better Critical Illness Insurance product
Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers.
From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe.
How PolicyMe is bringing more critical illness coverage to Canadians
PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions).
Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability.
Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application.
We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro.
Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders.
We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro.
PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.