Core Insurance, Claims
Business Wire | August 08, 2023
Reliance Matrix, a leading absence and employee benefits company, has partnered with insurance tech company Zywave, the leading provider of cloud-based, digital agency management systems for brokers. Zywave’s CPQ – Employee Benefits solution, which will now feature Reliance Matrix dental and vision products, is designed to make quoting and placing plans simple and streamlined.
“A partnership with Zywave is a huge win for everyone,” said Matthew Ennis, Director, Strategy, Product & Marketing. “Brokers have the opportunity to quote and place our plans for their clients with ease thanks to the greater efficiency that Zywave offers, and Reliance Matrix benefits from new exposure generated by having a presence on this game-changing platform.”
Reliance Matrix and Zywave are aligned in their posture as technology-driven companies. This collaboration keeps Reliance Matrix on the cutting-edge of insurance technology and readies the enterprise for the digital revolution of the industry, which shows no signs of slowing down.
“By placing our products on the Zywave platform, Reliance Matrix has opened itself up to a host of new business,” Ennis asserted. “The sheer volume of quotes Reliance Matrix will now be able to access could never be matched through traditional quoting methods. This partnership illustrates our commitment to staying at the forefront of industry technological advancements.”
About Reliance Matrix
Reliance Matrix delivers employee benefit, absence management and workforce productivity solutions through the financial stability of a top-rated insurance carrier, the proven innovation of an absence TPA, and the daily commitment of thousands of team members across America. Where larger competitors offer size, we inspire confidence and long term engagement through integration, reliability and dedication to providing customized solutions. Born in 1907, Reliance Standard Life Insurance Company is a leading provider of employee benefits, absence management and retirement savings solutions. Matrix Absence Management traces its roots to Silicon Valley at the dawn of the tech boom. Seamless and secure, we innovate and deliver products and programs to help individuals, employers, brokers and fiduciaries protect and nurture those most important to them. Reliance Matrix is a member of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group’s main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan.
Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave’s all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies, and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. Additional information can be found at www.zywave.com.
Intellectual Property, Insurance Technology
PR Newswire | September 01, 2023
ISU Insurance Agency Network (ISU IAN) announces the launch of the proprietary ISU Quote&Bind Platform. The platform is the result of a collaboration between ISU Digital Partnerships, ISU preferred carriers, and CoverForce, an InsurTech API platform facilitating the insurance distribution process, to maximize the ease of doing business. The ISU Quote&Bind Platform works directly with ISU preferred carriers' APIs to simplify and streamline the production workflow, allowing ISU Members to access multiple quotes at once and bind policies in one click. The exclusive member benefit aims to reduce the cost of doing business for ISU preferred carriers, ISU members, and the members' prospects and clients through increased efficiency, speed, and transparency.
"The partnership between ISU and CoverForce is opening the door to the future of the insurance industry," says CEO TJ Ryan III. "Providing this cutting-edge technology to our members to increase the ease of doing business shows our investment and commitment to the independent insurance agent. ISU Quote&Bind eliminates the headaches of regional insurance coverage capacity, new market development, and at least half of the cost associated with producer management when used as business-to-consumer direct sales platform, which facilitates a national reach in the chosen vertical market."
ISU preferred carriers presently binding commercial policies from all 420 ISU IAN Members locations include AmTrust, Chubb, CNA, Employers, Great American, Liberty Mutual, Nationwide and Travelers. ISU plans to add more preferred carriers and expand lines of business on the platform throughout 2023 and 2024. ISU is the first organization in the country to quote and bind Great American's business owner's policy digitally. Members will also be the first group to access the latest digital products from the leading commercial carriers in America.
"We are excited to partner with ISU IAN to enable ISU members to digitally connect with their preferred carriers to maximize placement profitability and expand their books of business," says CoverForce CEO Cyrus Karai. "This partnership embodies our mission to strengthen the independent agent with digital capabilities."
Every ISU Member Coast to Coast™ is now taking advantage of the ISU Quote&Bind platform's convenience and speed to access preferred carriers and products, assure data security, usage control, and preferred compensation and coverage terms. In addition to quick and accurate access to bindable products, the ISU Quote&Bind platform incorporates the ISU Commercial Lines Placement Advisor©, a proprietary system delivering the most up to date carrier appetite guide on the market driven by industry classification, state, and line of business.
About ISU Insurance Agency Network
Founded in 1978, the mission of the ISU Insurance Agency Network (ISU IAN) is to help the independent insurance agent thrive. ISU is the largest independently owned and operated independent insurance agency network representing approximately $8 billion in written P&C premiums across 240+ members in 41 states. All ISU Members receive the best-in-class insurance solutions while leveraging the business benefits that come with being part of a large national organization to complement their local presence and independence. Visit www.joinisu.com for more information.
CoverForce is the first core insurtech API platform working to bridge the gap between insurance distributors and their preferred P&C carrier partners. CoverForce was founded in 2020 at the University of Pennsylvania's Innovation Lab, in conjunction with insurance industry veterans from Travelers and The Hartford, and experienced software engineers from Amazon and Google. Investors include NYCA Partners (www.nyca.com), and QED Investors (www.qedinvestors.com). For more information, visit www.coverforce.com.
Life Insurance, Insurance Technology
PRnewswire | July 10, 2023
Quility, an award-winning insurtech company, today announced the launch of Navigator: a proprietary end-to-end digital life insurance distribution marketplace.
Quility Navigator is a free, user-friendly platform built by industry experts to provide a one-stop shop for agents to quote and sell insurance. Navigator's product selector and quoter tools feature pre-underwriting systems to confidently select the right insurance solution personalized to each client. Agents also gain best-in-class commission rates and full access to Quility's proprietary product suite.
"Gone are the days of long, tedious applications and archaic underwriting systems," said Brandon Ellison, CEO of Quility and Symmetry Financial Group. "With the launch of Navigator, we are making it simpler and faster than ever to connect Quility clients with their best-fit policy. This, alongside our growing suite of digital products, is a major stride in our efforts to eliminate the friction of buying and selling life insurance."
With a 90% likelihood of a client approved as applied for, agents experience a frictionless quoting and underwriting process supported by a seamless, tech-driven experience for clients. Along with the Navigator launch, Quility brings two new proprietary products to market, including a term life insurance policy in partnership with Legal & General America (LGA) and a digital hybrid whole life policy in partnership with American-Amicable Life Insurance Company of Texas.
"We are thrilled about our partnership with Quility and the launch of Legal & General America's term life product on the Navigator platform," said Andrew Doerman, Vice President of Digital Distribution and Strategy at LGA. "We share a common vision of transforming the industry by leveraging digital technology with a consumer-first approach to simplify the buying journey. This milestone is yet another giant step forward in our mission to close the coverage gap and provide financial protection for families across the country."
"The opportunity to partner with Quility and leverage their digital platform, Navigator, to market various insurance products to our clients, provided an additional, expedient pathway to accommodate the transformation to a digital-first focus," said Rick Weaver, Vice President Marketing at American Amicable Group of Companies.
Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a 10-minute application or with the support of a licensed insurance agent. Learn more at quility.com.
About Legal & General America
Legal & General America is part of the worldwide Legal & General Group. For over 70 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and William Penn Life Insurance Company of New York. With more than $57 billion in new coverage issued in 2020, LGA is a top five US term life insurance provider and ended 2021 with $780 billion of coverage in force with 1.4 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A.M. Best and AA- Very Strong from Standard and Poor's and Fitch. For more information, please visit lgamerica.com.
About American-Amicable Group of Companies
Tracing its roots back to 1910, American-Amicable Life Insurance Company of Texas is a progressive special markets insurer. The Company offers innovative life insurance and annuity products developed to target the individual needs of protection, wealth creation and estate preservation. Learn more at americanamicable.com.