Damco Solutions, omni:us | December 07, 2020
Damco Solutions Inc., leading innovation solutions and digital services company, has announced the partnership with omni:us, an Artificial Intelligence as a Service (AIaaS) provider to fast-track insurers adoption of data-driven cognitive claims management.
Backed with more than two decades of IT experience, profound insurance domain information, and industry-demonstrated ability in arising advancements, Damco Solutions would leverage omni:us remarkable capabilities to help insurance businesses accelerate their pace of digital transformation. This partnership would uphold insurers to rapidly convey AI into their claim's lifecycle streamlining the interactions among insurers and safeguarded parties.
The combination of Damco's Insurance industry experience, innovation capability with omni:us ability in AI would give exceptionally differentiated digitization services assisting insurers with reevaluating the claims venture with high impact automation.
Below is a snapshot of omni:us capabilities:
Digital FNOL: Real-time claims management that converts information into actionable claims data by minimizing touchpoints with intelligent claim automation
Claims Indexation: AI cognitive process that streamlines document extraction and classification to read, interpret, and understand data by eliminating the manual workflow
Completeness Check: AI-powered claims handling process with AI-powered decisions and recommendations, providing insights for regulatory compliance and reducing manual claims touchpoints
Coverage Check: Intelligent claims automation improving productivity in the claims process by eliminating time-intensive tasks, identifying noncovered claims, detecting fraud, claims leakage, etc.
"We look forward to collaborating with omni:us to help insurance companies with AI-based cognitive claims management solution and digital technologies to simplify claims lifecycle," said Mohit Gupta, Founder & Chief Executive Officer, Damco Solutions Inc. "Together, we would be able to help a broader range of insurers industrialize innovation in claims management. With the addition of omni:us, we see tremendous opportunity to enlarge our approach and help more businesses supercharge their future-readiness."
"omni:us and Damco share a common aspiration: to drive insurance businesses towards a more efficient and customer-oriented experience", said Sofie Quidenus-Wahlforss, Founder & Chief Executive Officer, omni:us. "We at omni:us are excited to team up with such a veteran player in the field as Damco. Both sides will benefit from the other's strengths and specializations and be further empowered to realize our ultimate goal of bringing about wide digital transformation to the insurance sector."
Damco Solutions is the trusted technology partner of businesses worldwide enabling them to leverage IT as a strategic asset. Empowered by technology expertise, immaculate execution capabilities, and unwavering focus on the customer needs; Damco has nurtured businesses to connect with their customers, clients and employees in an entirely new way. Damco and omni:us partnership aim to deliver data-driven AI-based solutions for streamlining the claims ecosystem, driving efficiency, collaboration, and bringing the digital future to global insurance businesses.
omni:us is an Artificial Intelligence as a Service (AIaaS) provider for cognitive claims management. Built on a fully data-driven approach, omni:us transforms the way insurers interact with their insured parties. It provides all the necessary tools and information to make fast, transparent and empathetic claims decisions, whilst improving operational efficiency and reducing loss adjustment expenses.
Arthur J. Gallagher & Co. | August 16, 2021
Arthur J. Gallagher & Co. today announced an agreement to acquire the treaty reinsurance brokerage operations of Willis Towers Watson plc. The transaction is expected to close during the fourth quarter of 2021.
"Broadening our reinsurance brokerage offerings has been a strategic objective at Gallagher and this acquisition will significantly enhance our global value proposition," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We were very impressed with the Willis Towers Watson reinsurance professionals we met during our initial due diligence and strongly believe a combination will significantly enhance our offerings to clients and prospects. I look forward to welcoming the 2,200 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals."
Benefits of the acquisition are expected to include:
Expanded global value proposition within reinsurance brokerage
A broad suite of analytics capabilities including actuarial services, catastrophe modeling, dynamic financial analysis, rating agency analysis and capital modeling
Addition of talented management team
Increased product breadth & offerings
Further leveraging of Gallagher's industry-leading alternative risk and ILS business
Strengthened relationships with major insurance carriers
The operations include all of Willis Re's treaty reinsurance brokerage operations. For the year ended December 31, 2020, these operations generated $745 million of estimated pro forma revenue and $265 million of estimated pro forma EBITDAC. The pro forma 2020 figures include revenues reported in Wills Re's 2020 unaudited financial information, and reflect known growth, as well as Gallagher's estimate of "breakage", defined as known lost business and the departure of key brokers and other employees, as well as normalization of operating expenses and additional investments. Willis Re's treaty reinsurance business operates in 24 countries, places over $10 billion of premium annually and represents over 750 insurance and reinsurance company clients.
Key Transaction Terms
Under the agreement, Gallagher will acquire the combined operations for an initial gross consideration of $3.25 billion, and potential additional consideration of $750 million subject to certain third-year revenue targets. Gallagher intends to finance the transaction using cash on hand, including the $1.4 billion of net cash raised via its May 17, 2021 follow-on common stock offering and the $850 million of net cash borrowed via its May 20, 2021 30-year senior note issuance, short-term borrowings and additional free cash generated before close. The funding contemplates Gallagher maintaining its investment grade debt rating.
Integration is expected to take approximately 3 years with total non-recurring integration costs estimated to be approximately $250 million. After giving effect to these assumptions and pro forma results discussed above, the acquired operations would have been approximately 5% accretive to Gallagher's 2020 adjusted GAAP EPS excluding earnings from clean energy investments and 9% accretive to Gallagher's 2020 adjusted GAAP EPS excluding amortization and earnings from clean energy investments.
Pro forma revenues – Pro forma revenues reflect Gallagher's estimate of revenues reported in the acquired operations' 2020 unaudited financial information, reflecting known growth, as well as "breakage", defined as known lost business and the departure of key brokers and other employees.
Other Cost Adjustments - In addition, specific costs have been identified as adjustments to the acquired operations' 2020 financial statements in order to better reflect Gallagher's estimate of pro forma. Specifically, these cost adjustments include the normalization of operating expenses to reflect the extraordinary impact of the COVID-19 pandemic in 2020 and additional investments in operations attributed to the target business based on the estimated costs to provide specific services from the center.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 57 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Guidewire | July 30, 2021
Guidewire Software, Inc., the platform that property and casualty insurers rely on to engage, innovate, and grow efficiently, announced today that Genpact, a firm focused on delivering digital transformation, including deep expertise in claims processing, has joined Guidewire PartnerConnect as a Solution partner. In addition, the companies announced that Genpact's new Ready for Guidewire certified add-on is now available in the Guidewire Marketplace for insurers.
Genpact supports the insurance sector by transforming business processes through digital-led innovation and digitally-enabled intelligent operations. The company acts as a transformation partner for insurers across the world; its solutions span the entire claims lifecycle to create strategic business impact while also delivering positive claims experiences for policyholders and cost-effective claims processing with shorter cycle times.
The Ready for Guidewire add-on from Genpact links ClaimCenter users to Genpact Claims Manager for digital inspection and adjudication. Virtual inspections, self-service inspections, and a complete suite of field services, including managed repairs, are all possible with Genpact's technology.
Insurers can use Genpact's Claims Services add-on to:
Create and assign claims to Genpact instantly and automatically for claims processing.
Directly access claim status updates within ClaimCenter;
Send and receive notes and documents related to the claim with ease to and from Genpact; and
Reduce claims cycle times and free up claims experts to concentrate on the entire claims process and policyholder experience to improve customer satisfaction.
Genpact is a global professional services firm that helps companies transform. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience reinventing processes for hundreds of clients, many of whom are Global Fortune 500 companies, and guided by our purpose – the relentless pursuit of a world that works better for people. We connect every dot, reimagine every process, and redefine the ways companies work — from New York to New Delhi and more than 30 countries in between – because transformation happens here.
About Guidewire Software
Guidewire is the platform that P&C insurers rely on to engage, innovate, and grow efficiently. We integrate digital, core, analytics, and AI to offer our platform as a cloud service. Guidewire is used by over 400 insurers, ranging from start-ups to the world's biggest and most complex.
As a partner to our clients, we are constantly evolving to assist their success. We are proud of our unmatched implementation track record, with 1,000+ successful projects backed by the industry's biggest R&D team and partner ecosystem. As a result, hundreds of applications are available in our marketplace to help with integration, localization, and innovation.