CORE INSURANCE, RISK MANAGEMENT
Simplicity Group and Insurance Designers of America | March 06, 2023
Simplicity Group Holdings, Inc. (Simplicity) recently informed that it has acquired Insurance Designers of America (IDA), a leading insurance marketing organization (IMO), in order to provide a comprehensive range of services.
As a result of this merger, Simplicity and IDA will now provide their respective members with a market-leading, tech-enabled distribution platform along with an unrivaled range of sales and marketing services.
Bruce Donaldson, Simplicity's President and CEO, expressed, "We have known the partners of IDA for many years and have always admired the spirit of true, equitable partnership, which was one of the founding characteristics of the group."
He continued, "Simplicity was founded on the premise that all our partners should be treated equitably and enjoy all the aspects of our growing platform. We recognize that independent distributors have a choice with whom they wish to affiliate and we are thrilled that IDA has chosen Simplicity to be its long-term partner."
(Source – Cision PR Newswire)
Ethan Emmett, Executive Director of IDA remarked, "Partnering with Simplicity is a natural evolution in the growth of IDA and the furthering of our mission to best serve our member agencies and ultimately provide consumers access to the best insurance solutions across life, annuity, LTC and DI."
(Source – Cision PR Newswire)
About Simplicity Group
Simplicity Group offers holistic financial professionals and their clients a full range of products and services for every stage of life, guided by education, value, and cooperation. The company offers its advisor, agent, broker-dealer, and financial institution partners best-in-class and proprietary guaranteed income, life insurance, wealth management, long-term care products as well as operational support. Besides, it also provides sales, marketing materials, and training to help its partners build businesses and serve their clients.
About Insurance Designers of America
Founded in 1986, IDA is one of Georgia's oldest, largest, and most-esteemed IMOs. The company was founded by former agency heads of a national insurance carrier that was quitting the agency distribution system to fill the void as insurance companies focused entirely on product manufacturing and sought alternative distribution channels. Currently, it has over 50 agencies and $250+ million in yearly premiums, giving it the capacity and resources to support over 85,000 financial professionals with their client's insurance needs.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Accesswire | May 04, 2023
CogniSure AI, a leading provider of insurance document extraction and analytics solution provider, has entered into a partnership with market-leading no-code platform provider, Innoveo, to drive underwriting efficiencies and pricing accuracy for commercial insurers.
CogniSure's Submission Insights platform unlocks understandings trapped in unstructured documents such as loss runs, applications, schedules, and SOVs - in real time with high accuracy levels. The enhanced submission data output is integrated into Innoveo's Digital Underwriting Workbench accelerator that automates underwriting workflows to deliver a frictionless and end-to-end digital experience for underwriters.
This partnership thus combines the power of two revolutionary technologies - the no-code capabilities of Innoveo with the AI-powered automation capabilities of CogniSure. The pre-built integration between CogniSure and Innoveo will help insurers cut down the time and cost of processing submissions and boost underwriting capacity while allowing underwriters to focus on risk analysis and decision-making.
"We are excited to partner with Innoveo who is committed to the cause of improving time to value and innovation for the insurance industry. We are thoroughly impressed by their no-code capabilities, and I believe the unique combination of our solutions will maximize value for commercial insurers driving superior underwriting outcomes," said Sai Raman, Founder & CEO, CogniSure.
"Innoveo's Digital Underwriting Workbench integrated with CogniSure's Submission Insights platform is a great example of the Insurtech ecosystem at work," said Thiru Sivasubramanian, Chief Solutions Officer, Innoveo. "The integrated offering is truly a winning proposition for Commercial Insurers as it accelerates digitization through trained ML models and enhances efficiency of submission intake and underwriting for the industry."
About Innoveo
We believe you can build modern applications that deliver digital experiences and drive business growth without having to write any custom code. That's why it's our mission to empower enterprises in complex and regulated industries to re-imagine application development by enabling them to be connected, innovative, quick, and nimble. Backed by leading investors including Everstone Capital and Paulson & Co, Innoveo's cloud-based, AI-enabled no-code platform is currently in production globally at over 30 industry leaders across insurance, financial services, healthcare, and real estate. With Innoveo, you'll get the solutions and industry expertise you want, plus a little extra: a thoughtful, no-nonsense experience delivered with a refreshing dose of honesty. For more information, visit: www.innoveo.com.
About CogniSure AI
CogniSure helps commercial lines companies to transform unstructured insurance documents into actionable insights. Its deep learning algorithms accurately extract, normalize, validate, and analyze data from documents to develop insights that will enhance risk decision-making capabilities, improve customer experience and prevent losses. For more details, please visit www.cognisure.ai.
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CORE INSURANCE, INTELLECTUAL PROPERTY
Businesswire | May 15, 2023
CCC Intelligent Solutions Inc. (CCC) and Verisk Analytics, Inc. (Verisk) announced today a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C insurance claims. CCC is a leading cloud platform for the P&C insurance economy and Verisk is a leading global data analytics and technology provider.
The first project announced through the partnership is the planned integration of anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform. This integration will help P&C insurers fight the rising threat of fraud in auto physical damage (APD) claims. When fully integrated, insurers will be able to quickly and easily identify potential fraud in real-time within existing CCC-powered workflows.
“Working with Verisk we can leverage the strengths of both companies to create new opportunities for our shared customers,” said Marc Fredman, chief strategy officer at CCC. “Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”
The Coalition Against Insurance Fraud estimated the cost of insurance fraud in America at more than $308 billion per year. According to the FBI, fraud costs the average family between $400 and $700 a year in premiums. With the increasing adoption of technology and the emergence of new capabilities like generative AI, the threat of fraud is expected to increase.
“With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims,” said Shane Riedman, general manager of anti-fraud solutions at Verisk. “Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”
This partnership builds upon an existing integration between the two companies. Auto insurers can currently use CCC’s platform to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims.
About CCC
CCC Intelligent Solutions Inc., (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network, and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
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