Core Insurance, Claims
Business Wire | August 09, 2023
One Inc, the leading digital payments network for the insurance industry, announced today that National Indemnity Company (NICO), a leading property and casualty insurance company based in Omaha, Nebraska, has selected One Inc’s inbound payments solution PremiumPay® to deliver a faster and easier payment experience for their policyholders.
NICO becomes One Inc’s first insurer to select Guidewire BillingCenter and Guidewire PolicyCenter on Guidewire Cloud as its core system. The Guidewire platform is designed to offer the flexibility and agility to design and deliver new products to best-fit policyholder needs and support enhancements to the policyholder experience.
One Inc and Guidewire expanded their relationship in 2022, announcing a strategic partnership that empowers insurers to deliver a modern payments experience. NICO and its users will be able to accept payments using PremiumPay products from One Inc. PremiumPay, which natively includes Apple Pay®, Google Pay™, PayPal®, and Venmo, amongst other options, will make payment processes a more cohesive and seamless experience.
“Our integration with One Inc’s PremiumPay solution will help build a strong digital payments infrastructure for the National Indemnity Company to deploy innovative solutions to improve the policyholder experience. Leveraging One Inc’s digital platform with Guidewire will help us modernize and strengthen our core systems,” said Tracy Gulden, Senior Vice President of NICO.
“Today’s policyholders expect enhanced digital speed and convenience, and we are thrilled that National Indemnity Company will be processing its policyholders’ payments on the One Inc network,” said Ian Drysdale, CEO of One Inc. “We are humbled by the company’s vote of confidence in our digital payment solutions and capabilities, and we applaud NICO’s mission of providing the best service to their customers.”
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest-growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit www.oneinc.com.
About National Indemnity Company (NICO)
Located in the heart of downtown Omaha, Nebraska, and backed by decades of experience, National Indemnity Company specializes in commercial auto and general liability insurance. We are proud to be part of the Berkshire Hathaway group of insurance companies, boasting the highest possible financial strength rating of A++XV by A.M. Best.* We are Berkshire Hathaway’s oldest insurance company and established our roots in Omaha more than 80 years ago with the strength, stability, and integrity which remain today. *As of February 3, 2023. For the latest rating, access www.ambest.com.
Claims, Insurance Technology
PRnewswire | July 20, 2023
Simplifai, an AI automation solutions provider, launches Simplifai InsuranceGPT – a world-first custom-built GPT tool, fuelled by the company's revolutionary no-code AI-powered platform.
With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, providing enriched communication between insurers and their customers through the power of generative AI - delivering fast, concise, and accurate responses in a secure way.
While several insurance product providers have merely begun to integrate ChatGPT or Google Bard into their services, Simplifai's InsuranceGPT large language model (LLM) is the first to be trained specifically on information directly relevant to the insurance sector.
Gartner predicts the global market for AI software will surpass $135bn by 2025, with the banking, financial services and insurance sector constituting a massive 25% of that market. Yet, the insurance industry is still learning how to fully embrace AI and LLMs, such as ChatGPT. The technology holds the potential to radically transform the data processing and claims processes, but with several LLMs facing criticism around data security concerns and the inaccurate presentation of data, public LLMs are being labelled unsuitable to address the needs of the claims handling industry.
"Amidst an era where data security and accuracy have become paramount concerns, InsuranceGPT is our response to these challenges. Unlike public LLMs, our solution has been meticulously engineered with a strong emphasis on privacy and the precise presentation of data, thereby directly addressing the inadequacies flagged in the insurance claims handling industry. By providing an AI solution that is tailor-made for this sector, we're not just promising innovation, we're ensuring trust and reliability." - Vasim Shaikh, CEO India Operations at Simplifai
By offering the insurance industry's first custom, cloud-based, private Software-as-a-Service LLM, Simplifai can allay these concerns through:
Fitting into existing ecosystems - InsuranceGPT is platform-based and plugs into third-party services such as Salesforce and Hubspot, as well as industry platforms for claims management, pulling information from the often cumbersome and conflicting systems used by insurance firms for easy implementation and management.
Being ever vigilant about security – As a company, Simplifai is committed to privacy and upholding strict control and regulation of data, as well as firm adherence to GDPR. By training a private LLM, security can be guaranteed.
Maintaining 'No code necessary' – Simplifai's no-code model allows businesses to seamlessly integrate to the platform, without the need for tech expertise, increasing efficiency and speed of use.
Showcasing a commitment to building services tailored to the specific and regulated requirements of insurers, Simplifai has also launched the Simplifai Reference Programme for advanced AI, establishing a customer reference board. The board has leading names within the insurance sector from Europe and Nordics, including Van Ameyde, CCN and Eika, and they are in talks with some of the biggest Indian Insurers to join the board. This will ensure product development is in line with customer requirements.
Jan-Michiel Cillessen, Group COO of Van Ameyde Group said: "Van Ameyde's Claims platform, ECHO, has already benefited from the best-in-class AI automation that the Simplifai partnership provides. In addition, Simplifai's expansion to GPT technology will further solidify our leading position in the claims handling space. In order to even consider Simplifai as a partner, we also needed to ensure their continued strategic focus on security and compliance, as well."
"The potential offered by generative AI is incredible, but a specially-built industry-specific GPT trained on insurance data is the only way to offset risks around security, data privacy and accuracy. InsuranceGPT grants us the ability to make our customers' employees even more efficient and effective, not to mention more valuable, while maintaining our commitment to privacy and security," said Bård Myrstad, Simplifai Co-Founder and CEO.
Founded in 2017, Simplifai is a secure AI solutions company. Its AI Automation platform is used to create Simplifai Archiver, Claims Handling, Document Handling, Debt Collection and Customer Service solutions. With its headquarters in Oslo, Norway, the company has offices in Pune, India, the Netherlands, Sweden and Ukraine.
Core Insurance, Risk Management
Newswire | July 25, 2023
ALKEME, a Top 50 Insurance Brokerage, announced the acquisition of the Paul Kinan Insurance Group and Wiggins Farha Insurance Group, both full-service insurance agencies operating out of Placentia, California, and Wichita, Kansas, respectively.
Tracing its roots back to 1986, Paul Kinan Insurance Group has a long track record of success in Southern California built on its strong customer service philosophies. The company provides a wide variety of property and casualty insurance solutions to individuals, families and businesses.
Wiggans Farha Insurance Group is an independent insurance agency serving the state of Kansas and the Midwest region as a subsidiary of Paul Kinan Insurance Group.
"Paul Kinan Insurance Group and Wiggans Farha add more industry-leading insurance brands to our growing platform" said Curtis Barton, CEO of ALKEME. "They have an amazing, highly experienced team and an approach to customer service that fit in perfect with the ALKEME culture."
"We are excited to join forces with a national-scale partner to expand the resources and capabilities of our group," said Paul Kinan and Greg Locy of Paul Kinan Insurance Group and Wiggans Farha, respectively. "As the insurance industry is changing every day, it made perfect sense to take advantages of the many benefits we can pass along to our clients by working with ALKEME."
ALKEME helps insurance brokerages realize sustainable growth and success through the creative use of innovation, shared services, consultation, and marketing. Our proven methodology, unmatched expertise, and externally validated results have quickly propelled us into the top-50 privately held insurance agencies in the U.S. Partners across the country rely on ALKEME's proven platform coupled with experience, resources, and long-term perspective to help them realize sustainable growth and success in a rapidly modernizing insurance world. Based in Ladera Ranch, California, and backed by GCP Capital Partners, ALKEME serves thousands of clients with a wide range of offerings including P&C, Benefits, Surety, Risk and Wealth Management.