INSURANCE TECHNOLOGY
Parachute Digital Solutions | November 23, 2020
Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in a simple to-utilize, secure and smoothed out digital environment.
“Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.”
The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice.
Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items sold through Parachute 2.0 are reinsured by Munich Reinsurance Company.
“The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.”
About Parachute Digital Solutions Inc.
Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.
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CLAIMS
Guidewire | July 30, 2021
Guidewire Software, Inc., the platform that property and casualty insurers rely on to engage, innovate, and grow efficiently, announced today that Genpact, a firm focused on delivering digital transformation, including deep expertise in claims processing, has joined Guidewire PartnerConnect as a Solution partner. In addition, the companies announced that Genpact's new Ready for Guidewire certified add-on is now available in the Guidewire Marketplace for insurers.
Genpact supports the insurance sector by transforming business processes through digital-led innovation and digitally-enabled intelligent operations. The company acts as a transformation partner for insurers across the world; its solutions span the entire claims lifecycle to create strategic business impact while also delivering positive claims experiences for policyholders and cost-effective claims processing with shorter cycle times.
The Ready for Guidewire add-on from Genpact links ClaimCenter users to Genpact Claims Manager for digital inspection and adjudication. Virtual inspections, self-service inspections, and a complete suite of field services, including managed repairs, are all possible with Genpact's technology.
Insurers can use Genpact's Claims Services add-on to:
Create and assign claims to Genpact instantly and automatically for claims processing.
Directly access claim status updates within ClaimCenter;
Send and receive notes and documents related to the claim with ease to and from Genpact; and
Reduce claims cycle times and free up claims experts to concentrate on the entire claims process and policyholder experience to improve customer satisfaction.
About Genpact
Genpact is a global professional services firm that helps companies transform. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience reinventing processes for hundreds of clients, many of whom are Global Fortune 500 companies, and guided by our purpose – the relentless pursuit of a world that works better for people. We connect every dot, reimagine every process, and redefine the ways companies work — from New York to New Delhi and more than 30 countries in between – because transformation happens here.
About Guidewire Software
Guidewire is the platform that P&C insurers rely on to engage, innovate, and grow efficiently. We integrate digital, core, analytics, and AI to offer our platform as a cloud service. Guidewire is used by over 400 insurers, ranging from start-ups to the world's biggest and most complex.
As a partner to our clients, we are constantly evolving to assist their success. We are proud of our unmatched implementation track record, with 1,000+ successful projects backed by the industry's biggest R&D team and partner ecosystem. As a result, hundreds of applications are available in our marketplace to help with integration, localization, and innovation.
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INSURANCE TECHNOLOGY
APOLLO Insurance | July 15, 2021
APOLLO Insurance, Canada’s largest online insurance provider, has collaborated with CAARY, a financial platform for small and medium-sized businesses (SME), to provide visitors to caary.com with customized digital insurance products.
APOLLO Insurance, which debuted in 2019, currently has the biggest selection of online insurance in Canada, thanks to brokers and integrated partnerships. Consumers can obtain a quote and buy insurance via APOLLO in five minutes, from any device, 24 hours a day, seven days a week. As a result, CAARY is changing how Canadian small businesses get credit and manage their spending and expenses. CAARY will use its partnership with APOLLO to provide its clients with digital access to value-added insurance products.
CAARY, which will launch its complete platform offering this autumn after a private beta this summer, is a first-of-its-kind corporate credit card solution for Canada’s more than 850,000 SMEs that still depend on personal credit. CAARY, which uses the renowned Mastercard network, offers same-day credit card acceptance, no personal guarantee requirements, and near-instant virtual card issuance, with physical cards issued on demand. In addition, the CAARY senior leadership team, made up of former senior banking executives and entrepreneurs, has developed a model for assessing and offering credit to SMEs based on cash flow and assets rather than credit history, a novel approach that is expected to benefit this underserved market in Canada significantly.
The APOLLO Exchange, APOLLO’s proprietary technology platform, transacts insurance business in real-time, using vast data and powerful algorithms to quote, collect a payment, generate and distribute policies. As a result, APOLLO enables thousands of small businesses and individuals to purchase online without the need for human intervention.
About APOLLO Insurance
Apollo Insurance Solutions Ltd. (“APOLLO Insurance”) is the largest online insurance company in Canada. The APOLLO Exchange, our unique platform, enables insurance brokers and their clients to buy their coverage instantly, from anywhere, on any device, 24 hours a day, seven days a week.
Unlike traditional paper-based procedures, APOLLO uses vast data and sophisticated algorithms to quote, collect money, and issue policies for thousands of different kinds of small businesses and individuals without the need for human intervention.
APOLLO is reinventing insurance distribution through traditional agents and embedded finance partnerships.
About CAARY
CAARY is a financial technology company with a mission to reimagine products, processes, and the client experience to transform and streamline credit and banking for businesses. CAARY is a fully digital corporate card that is more than just a credit card. CAARY’s expenditure management and spend control features are intended to give you back control and time so you can focus on growing your business.
CAARY has developed the next generation of financial tools to improve the efficiency of your company credit and banking experience, just like the rest of your digital life.
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