Aviva Canada Adopts CoreLogic’s digital insurance hub to power its claims Business

Business Wire | September 08, 2020

Aviva Canada Adopts CoreLogic’s digital insurance hub to power its claims Business
CoreLogic®, a leading global property data and analytics-driven solutions provider, announced today Aviva Canada has adopted CoreLogic’s leading digital insurance hub. Aviva chose CoreLogic’s digital insurance hub because it enables the seamless unification of all parts of the claim supply chain on one cloud-native concurrent platform. CoreLogic simplifies claims workflows, enables innovation agility through best-in-class InsurTech solutions and integrates its supply chain partners into the claims workflow with a flip of a switch.

Spotlight

Insurance companies are often perceived as being conservative in their approach and slower to embrace changes. Unfortunately, such inertia is no longer a viable option. Simply put, insurers who fail to embrace the cognitive journey will likely cede the important strategic advantage to competitors and new market entrants already riding the wave. Conversely, organizations that try to do too much too soon in pursuit of first-mover advantage in the R&CA space may also be at risk. Running a manageable set of pilot programs at the outset of the journey to test cognitive automation capabilities is a more sound strategy. This approach can enable the insurer to align business outcomes with the expectations and facilitate a smoother implementation downstream. Once pilot results prove out, a longer-term strategy can be leveraged to define how cognitive automation should be blended into the fabric of the organization.

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INSURANCE TECHNOLOGY

Paragon Adopts CyberCube’s Broking Manager as its Cyber Analytics Tool

Business Wire | October 26, 2020

Paragon International Insurance Brokers has partnered with CyberCube to roll out Broking Manager, CyberCube’s market-leading cyber risks analytics platform for insurance intermediaries. Broking Manager will allow Paragon’s teams to quantify the sources and financial impact of cyber risk exposure and educate clients accordingly. The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking. Pascal Millaire, CEO of CyberCube, said: It’s extremely exciting that Paragon has chosen to adopt Broking Manager as its cyber analytics tool. This is a forward-thinking business that’s clearly taken a long, hard look at both its and its clients’ cyber needs. We are looking forward to working with Paragon and developing the insights Broking Manager can deliver for its team.

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AGPM Selects Prima XL as its Cloud-Based Reinsurance Management Platform.

GlobeNewswire | September 11, 2020

Prima Solutions, the leading French insurtech group for insurance and reinsurance professionals in North America, Europe, and Asia Pacific, has announced that AGPM has selected Prima XL as its cloud-based reinsurance management platform. The insurer is placing its confidence in Prima XL to optimize its reinsurance operations. The deployment of the Prima XL cloud platform is part of the group’s strategic initiative to streamline its information systems. After acquiring Prima P&C in 2004, Prima Analytics in 2007, and Prima Compliance in 2012, AGPM is reaffirming its commitment to Prima Solutions with the acquisition of a new tool, Prima XL, with the aim of standardizing its insurance/reinsurance tools and improving its performance in reinsurance calculations. We chose Prima XL because we were impressed by the reliability of their cloud platform and the range of functionality offered,” says Philippe Auffray, Chief Financial Officer of AGPM.

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INSURANCE TECHNOLOGY

TONI Digital Selects Socotra to Power New TONI Insurance-as-a-Service Technology Platform

TONI Digital | December 23, 2020

TONI Digital, a leading European insurtech provider, has picked Socotra, the main cloud-native insurance center platform, to control the new TONI insurance-as-a-service innovation platform for the white-label insurance market. TONI Digital has built up an insurance-as-a-service arrangement enabling large corporations to rapidly enter the insurance market, generate income, and leverage existing brand and client bases. Based on Socotra's agile center platform, TONI Digital's new proprietary insurtech service will have the option to automate all aspects of the insurance life-cycle. It will offer profoundly serious insurance charges and integrate with established danger carriers. Back up plans will have the option to furnish clients with easy to understand, completely digital encounters and transparent, affordable insurance products. The service is launching with personal auto insurance and will keep on expanding into different lines of business. TONI Digital has heavily invested in its new proprietary insurtech platform, which it began creating on Socotra's cloud-native insurance center platform only 10 months ago. By utilizing Socotra's modern product architecture and open APIs, TONI Digital's new insurtech platform has the agility expected to add new insurance products and appropriation partners at a remarkable speed. Subsequently, TONI Digital was able to rapidly configuration, create, and launch a complete, cloud-based service providing corporations with exceptionally customizable insurance products. “Socotra handed us the essential underlying insurance functionality as a readily developed product on a silver platter,” said Alexander Sanders, TONI Digital CTO. “Integrating the Socotra insurance core using their well-documented APIs was easy. Additionally, we can configure everything ourselves—no phone calls or time-consuming and costly customizations needed. At the same time, Socotra fits perfectly into our vision of TONI developing highly-valuable intellectual property on our own TONI Digital insurance tech platform. As an example, we built our highly-flexible, self-hosted, proprietary pricing engine on top of Socotra’s cloud-native core. We also took a similar approach to developing integrations with 3rd party providers, and creating our customer-facing frontend and features. This hybrid-approach of Socotra’s cloud-native core and our proprietary technologies and integrations is a glimpse of the future of insurance technology.” “It’s exciting to see what a talented team can build on Socotra’s platform,” said Dan Woods, Socotra CEO. “The TONI Digital team is taking full advantage of Socotra’s extensibility to empower banks, retailers, and other businesses to provide their customers with custom digital insurance products. We’re thrilled to partner with them as they build out the personal auto insurance service and explore additional lines of business.” About TONI Digital TONI Digital offers Europe’s leading insurance-as-a-service offering and enables companies and corporations to quickly enter the insurance market without requiring any insurance know-how, insurance licence or insurance IT system. TONI’s proprietary insurance tech platform offers a fully digital and state-of-the-art customer experience in all aspects of the insurance life cycle while achieving unprecedented cost ratios due to its high degree of process automation. To learn more, visit www.tonidigital.ch. About Socotra Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.

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Spotlight

Insurance companies are often perceived as being conservative in their approach and slower to embrace changes. Unfortunately, such inertia is no longer a viable option. Simply put, insurers who fail to embrace the cognitive journey will likely cede the important strategic advantage to competitors and new market entrants already riding the wave. Conversely, organizations that try to do too much too soon in pursuit of first-mover advantage in the R&CA space may also be at risk. Running a manageable set of pilot programs at the outset of the journey to test cognitive automation capabilities is a more sound strategy. This approach can enable the insurer to align business outcomes with the expectations and facilitate a smoother implementation downstream. Once pilot results prove out, a longer-term strategy can be leveraged to define how cognitive automation should be blended into the fabric of the organization.