Milliman | December 03, 2021
Milliman, Inc., a premier global consulting and actuarial firm, today announced the acquisition of Ruark Consulting, the platform and industry benchmark for principles-based insurance data analytics and risk management. Ruark publishes experience studies that are the leading benchmark for life insurers, with data contributed each year from companies comprising over $1.1 trillion of current annuity account values. These studies address complex and interrelated behaviors such as surrenders, partial withdrawals, annuitizations, and mortality.
"This is an exciting acquisition for Milliman and for our life insurance clients, Ruark has a reputation as the authority on annuity experience studies. With this addition, Milliman will be able to deliver these data-driven benchmarks to our insurance clients in tandem with our consulting and complementary analytic offerings."
- Stephen Conwill, Milliman's global practice director for life and financial services.
"Milliman's data-driven culture and deep life insurance prowess pairs perfectly with our expertise, By combining our consulting and experience studies with Milliman's industry reach and depth, we give clients a unique offering that allows sharper, data-driven decision making."
- Timothy Paris, Ruark Chief Executive Officer who will join Milliman as part of the transaction.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.
Majesco, Infosys | May 19, 2021
For insurance business transformation, Infosys, a world leader in next-generation digital services and consulting, and Majesco, a global leader in cloud insurance platform solutions, announced a strategic partnership today. Infosys and Majesco will collaborate to help joint customers drive their digital transformation journeys, allowing them to capitalize on emerging opportunities, meet the need for personalized customer experiences, operating efficiency, and digital adoption through the insurance business value chain.
The insurance industry will benefit from Infosys' insurance domain and digital technologies, which will be integrated with Majesco's cloud-based next-generation suite of solutions, which includes the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st® Insurance on Majesco CloudInsurer®. Customers in the Life & Annuity (L&A), Group, and Property & Casualty (P&C) segments would benefit from the combined synergy, which would help insurers achieve efficiency and innovation at scale.
Majesco provides insurers with the technology, expertise, and leadership they need to modernize, innovate, and connect to develop the future of their business – and the future of insurance – at scale. The platforms bring insurance to individuals and companies in new, hyper-relevant, compelling, and personal ways. Majesco is changing the businesses of over 190 insurance companies worldwide in P&C, L&A, and Group Benefits by modernizing, optimizing, or creating new business models.CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform; Distribution.
Infosys is a global leader in digital services and consulting for the next generation. Clients in 46 countries depend upon it to help them manage their digital transition. It expertly guides its clients on their digital journey with nearly four decades of experience managing the systems and workings of multinational organizations. It has accomplished this by providing the enterprise with an AI-powered core that helps in the prioritizing of change execution. It also empowers the business with agile digital at scale, enabling it to achieve virtually unknown levels of success and customer delight. The never-ending learning agenda propels it forward by developing and transferring digital skills, expertise, and ideas from its innovation ecosystem.
CCC Information Services | May 05, 2021
CCC Information Services Inc. (CCC), a leading SaaS supplier to the P&C insurance industry, announces the introduction of an enterprise payments network to power electronic payments through the insurance and automobile ecosystems. The company intends to extend its CCC® Payments capabilities to allow digital payments between insurers and their business partners, thus lowering administrative costs and cycle time while improving customer satisfaction.
CCC's network of over 30,000 businesses will benefit from their CCC connections because payments functionality is built to integrate with their CCC solutions, presenting payment details inside existing workflows. CCC Payments transactions initiated by insurers will be handled by Nvoicepay, a third-party financial services provider and a pioneer in payment automation software, which is expected to begin in the second half of 2021. CCC first launched electronic payment capabilities in 2019, offering collision repair customers an easy way to manage customer-to-shop payments.
"CCC is systematically bringing digitization to every area of the automobile and insurance industries," said Barrett Callaghan, senior vice president of markets and customer success at CCC. "By expanding CCC Payments, we want to remove two significant market pressure points: paper checks and phone calls." Our plans to incorporate CCC Payments into our workflow solutions would be important, particularly for our collision repair and lender customers, who will be able to use their single access to CCC to handle digital receipt of insurer payments. CCC is eager to expand its digital capability to cover payments, as it continues to meet the industry's vision for straight-through processing."
CCC Payments is designed to enable insurers to accept any form of B2B digital payment through P&C lines. Recipients using the payment solution would only need to insert their payment details once with the processor for it to be seamlessly and securely deployed through the CCC network, making it simple to enable payments at scale. CCC Payments is intended to enable straight-through processing as well as configurable workflows, enabling insurers to select the level of automation for payment approvals. Furthermore, all insurers and payees will access premium notifications and status updates directly from their existing CCC environment.
"CCC is proud to help more than $100 billion in commerce per year through its technology and connections," said Shivani Govil, CCC's chief product officer. "CCC intends to expand our core capabilities and advance the digitization of the P&C insurance economy through our expected expansion in digital payments. We anticipate that CCC Payments will open up a whole universe of possibilities for our customers to enhance their performance and the customer experiences they deliver."
CCC is a leading SaaS platform for the multi-trillion-dollar P&C insurance market, powering operations for insurers, repairers, automakers, part suppliers, lenders, and others. More than 30,000 companies use CCC cloud technology to digitize mission-critical workflows, commerce, and customer experiences. CCC, a recognized expert in AI, IoT, customer experience, network, and process management, delivers innovations that keep people's lives going when it matters most.