AXA XL enters partnership with insurtech, expands private residential flood

AXA XL | September 12, 2019

AXA XL has entered a strategic underwriting partnership with all-digital flood insurance program administrator Neptune Flood Insurance. The partnership will expand Neptune Flood Insurance’s capacity to homeowners in the US, a release said. “Private residential flood insurance in the US has emerged as a rare growth opportunity in an otherwise crowded P&C market. We are thrilled to be working with such a capable delegated program administrator partner,” said AXA XL North America senior vice-president and head of program business Chris Bressette. Bressette noted in a statement that Neptune has strong analytic capabilities, a deep understanding of related legislative issues, and an innovative client service platform.

Spotlight

When was the last time you reviewed your insurance policy? Have you had any big life changes or any coming up? Insurance Awareness Day reminds you to take the time to talk with your insurance agent to ensure you're protected in the event of an accident or damage. Scroll down to learn more in our infographic.

Spotlight

When was the last time you reviewed your insurance policy? Have you had any big life changes or any coming up? Insurance Awareness Day reminds you to take the time to talk with your insurance agent to ensure you're protected in the event of an accident or damage. Scroll down to learn more in our infographic.

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AUTOMOBILE INSURANCE

Click-Ins Joins Sapiens to Provide Automated AI-based Vehicle Damage Inspection

Click-Ins, Sapiens | January 12, 2021

Sapiens International Corporation, a main worldwide provider of software solutions for the insurance industry, and Click-Ins, a rapidly developing cutting edge AI SaaS vehicle damage inspection and assessment platform, today announced a partnership that will provide carriers with a comprehensive answer for accelerate claims management. Click-Ins joins Sapiens' robust partner ecosystem, which empowers carriers to consistently and effectively implement third party solutions, providing them a significant competitive advantage. Sapiens' API-based platform and open architecture guarantees that providers can undoubtedly choose the structure blocks they need to incorporate all components inside their ecosystem, offering full digital enablement. Click-Ins solutions support start to finish processing, automation and claims management and settlement. Through a consistent reconciliation with Sapiens' CoreSuite for P&C, carriers, everything being equal, can outfit the advantages of AI to enable agility, speed and genuinely digital, yet simplified, claims experiences. "AI and deep learning are transforming insurance underwriting as we know it," said Roni Al-Dor, President and CEO at Sapiens. "Click-Ins has the expertise and capabilities needed to drive this transformation, making them ideal partners in our quest to provide comprehensive, customer-centric solutions." Click-Ins computerizes vehicle inspections for a smart, digital experience, empowering carriers to detect, dissect and process vehicle damage, with the click of any digital camera. Click-Ins attempts to increase automation, reduce human blunders, misrepresentation and danger, and increase customer satisfaction. In view of AI, deep learning, 3D demonstrating, applied mathematics and computer vision, Click-Ins empowers accurate recognition and investigation of outside damages to a wide range of vehicles. The arrangement captures and processes digital pictures of damaged vehicles and transforms them into damage reports and damage repair gauges. "We are pleased to partner with Sapiens. The need to automate car damage detection and accelerate claim processes is vital in today's industry climate," said Eugene Greenberg, Co-Founder and CEO at Click-Ins. "The integrated solution will enable insurance companies to better serve their customers." Sapiens CoreSuite for Property and Casualty is a profoundly coordinated, adaptable, digital contribution that combines top tier policy, charging and claims solutions into a consistent start to finish framework, giving carriers the competitive edge. Sapiens' market-driving, purpose-assembled platform is available as a full arrangement suite or as independent best of breed contributions. About Sapiens Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 600 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements. About Click-Ins Founded with the aim of simplifying vehicle inspection, Click-Ins introduces AI-driven automated technology that completely redefines its category. Helping insurance and car companies transition from manual procedures to fast and efficient fact-based processes, Click-Ins provides a user experience that is both simpler and more reliable, for all parties involved. To achieve the highest level of transparency and certainty, Click-Ins has developed a hybrid approach to AI. Using proprietary simulated data to pretrain AI modules, and leveraging multidisciplinary technologies, Click-Ins SaaS cloud solution accurately and consistently recognizes any damage, with no training period.

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INSURANCE TECHNOLOGY

Vertafore Acquires MGA Systems, Expanding and Improving MGA Solutions

Vertafore | June 30, 2022

The latest acquisition by the InsurTech industry leader, Vertafore, brings top-tier industry talent and two market-leading MGA solutions into the fold. Vertafore, the industry standard in cutting-edge insurance technology, announced that it had acquired MGA Systems, the industry's preeminent developer of MGA-specific software. MGAs need solutions that can keep up with their fast-paced business needs as they seek to diversify into new niche markets and keep their current client. Vertafore's suite will be expanded to include policy administration and rating solutions thanks to MGA Systems' acquisition. This enhances Vertafore's existing MGA offering and gives these critical players in the independent insurance channel a leg up in entering the new markets and rapidly deploying products for their customers. MGA Systems offers two industry-leading solutions. IMS is a management system with policy administration and back-office functionality, and NetRate is an ISO-based rating platform. These solutions have helped MGA Systems customers accelerate product time to market by integrating industry and technology knowledge. Vertafore is committed to expanding MGA Systems' customization and open architecture, which are key to customer success. As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions, MGA Systems has been at the forefront of the industry's work in this area, I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring." Vertafore's CEO Amy Zupon. Together, MGA Systems and Vertafore's already-extensive MGA management system (AIM™) form the industry's most robust and feature-rich software suite. After acquiring AgencyZoom™, Vertafore has taken the next step toward its goal of simplifying and automating its products and services across the entire insurance distribution channel by acquiring MGA Systems.

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INSURANCE TECHNOLOGY

Payers achieve CMS Interoperability compliance and complete member visibility with Redox platform

Redox | November 03, 2021

Redox announces their payer-specific interoperability solution. This expansion of Redox's platform allows payers to meet current and future CMS regulatory requirements while also enabling connections with providers, partners and vendors. As a result, payers can access the data necessary to unlock administrative efficiencies, understand the breadth of member journeys, and improve care. The CMS Interoperability and Patient Access final rule mandates that payers enable patients to access payer-hosted clinical and claims data upon a patient's request via third-party applications. Payers must also make provider directories publicly available for third-party applications. In 2022, those mandates will expand such that payers must exchange data with other payers at a patient's request. Further proposed are additional interoperability mandates focused on providing electronic access to prior authorization requests. Redox connects payers to the data and applications needed to keep pace with a rapidly shifting healthcare and technology landscape. Redox solves data interoperability for: Electronic prior authorization Connect providers and payers to streamline the $30 billion existing prior authorization process to reduce administrative waste. Closing Care Gaps Receive clinical information for your member population and send insights back to providers to ensure best practice guidelines are met and that all care team members are in sync. Integrating digital health solutions Power data exchange between the growing ecosystem of third-party applications used in managing patient populations and individual patient health. Direct Scheduling Build superior member experiences by enabling real-time scheduling with any provider in your network. "Large payers already know that Redox has the most extensive network in the healthcare data interoperability space, and they are using Redox's platform as a strategic advantage, Although the mandates aren't yet urgent, payers are moving quickly to adopt them because those payers are already benefiting from its efficiencies." - Garrett Rhodes, Product Manager for Payers at Redox. About Redox Redox accelerates the development and distribution of healthcare software solutions with a full-service integration platform to securely and efficiently exchange healthcare data. With just one connection, data can be transmitted across a growing network of 1,700+ healthcare delivery organizations and 300 independent software vendors. Members of the Redox Network exchange more than 20 million patient records per day, leveraging a single data standard compatible with more than 85 electronic health record systems. Redox exists to make healthcare data useful and every patient's experience a little bit better.

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