Insurance Technology
PR Newswire | October 19, 2023
Acturis, the leading technology provider to the general insurance industry, has partnered with Customer Lifecycle Intelligence platform FullCircl to integrate its SmartBroker solution into the platform in order to deliver a rich, contextualised, and connected data solution for brokers, insurers, and MGAs. The SmartBroker API integration will provide next generation data enrichment to Acturis users proven to drive growth, improve decisioning, and enhance compliance.
Recent research has highlighted a persistent level of doubt when it comes to broker and insurer trust in data. This has significant knock-on impacts when tackling many of the biggest challenges facing the industry - onboarding speeds, underwriting accuracy, underinsurance, personalised customer journeys, risk and fraud reduction, and meeting compliance duties. By integrating FullCircl SmartBroker into the Acturis platform brokers and insurers can:
Efficiently identify and win new customers
Save time and pre-populate forms in Acturis with validated data
Run screening and onboarding checks
Enrich customer data to save time and improve underwriting submissions
Improve in-life monitoring for personalised experiences, elevated renewal rates, and expanded upsell opportunities
Improve customer outcomes and comply with the Consumer Duty
Speaking about the partnership Tony Goddard, CEO of Acturis commented: We're always looking for new ways to enhance how our customers write more business and ensure the trading experience is accurate, efficient, and effective. Integrating with FullCircl is another opportunity for us to elevate our platform and connect the insights brokers need, when it matters most.
Andrew Yates, CEO and Co-Founder at FullCircl said: "This integration has been driven by demand from our shared customer base. We've worked together to provide users with a connected solution that will provide meaningful opportunities to drive growth. We believe brokers, insurers and MGAs are better with data, and this integration makes data enrichment more accessible. We're delighted to announce this partnership so quickly after the launch of our SmartBroker solution and exclusive facility for BIBA members. It's an exciting time for us, and for our customers in the insurance sector."
Phil Barton CEO at Partners&, collaborators in the integration, expressed his excitement at the launch commenting: "I am delighted to see the integration of Acturis and FullCircl being announced. As a partner of both firms, and a business committed to intelligent use of technology, we could see the natural synergy in this integration, and the potential added value for our business. I am pleased to have played a role in influencing the development of this valuable proposition for the broking community."
About FullCircl
FullCircl is a Customer Lifecycle Intelligence (CLI) platform that connects the insight you need, when it matters most.
Its software, delivered through a platform, API, and suite of applications, is used to identify and acquire customers, verify entities and assess risk to accelerate onboarding, and retain and grow customers by delivering proactive account management.
FullCircl identifies millions of actionable insights daily on entities from 160 countries, providing a near real-time record of companies, their officers and shareholders, and the relationships between them. FullCircl improves commercial effectiveness while empowering businesses to satisfy regulatory requirements and make informed decisions about their customers.
FullCircl was formed following the merger of Artesian Solutions and DueDil and is backed by top tier investors including Octopus Investments, Notion Capital and Augmentum Fintech. In 2023, FullCircl acquired W2 Global Data Solutions, strengthening its KYC, AML and identity verification capabilities. Today, it serves 700+ customers, 15,000+ users, processes over 300 million onboarding and monitoring transactions per month and facilitates the onboarding of 200,000+ customers annually.
About Acturis
Acturis is the leading, award winning Software-as-a-Service provider to the insurance industry.
Founded in 2000, we have grown exponentially over the past 20 years. To date, more than 100,000 individuals, in over 40 countries, use Acturis solutions to power their business. We drive innovation in both personal and commercial lines by working closely with brokers, insurers, and MGAs. Our work has helped create and shape the insurance market of today.
The Acturis Group includes Acturis SaaS, Nordic Insurance Software (NIS), ICE InsureTech, Broker Buddha, Acturis Deutschland, Acturis France and Acturis Canada.
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Insurance Technology
PR Newswire | September 28, 2023
Expert.ai unveiled today its "Enterprise Language Model for Insurance" – ELMI, a cutting-edge innovation in domain trained language models, set to help insurers reach their process automation and digital transformation goals with the highest accuracy. By simplifying and powering the interaction with language data within the expert.ai Platform for Insurance, Insurers can access solutions that scale and take advantage of deep insurance domain expertise combined with the best and most cost-effective attributes of Large Language Models (LLMs) to automate core processes.
Through the expert.ai Platform for Insurance, ELMI supports key capabilities, including:
Generative Summarization: generate accurate summaries, condensing vast amounts of claim or policy information into concise insights, saving time and accelerating straight through processing or human review activities.
Zero Shot Extraction: extract crucial insurance data from structured/unstructured, handwritten/typed, good quality/bad quality sources with accuracy and automatically normalize output formats and add medical annotations such as ICD 9/10 medical codes.
Generative Q&A: answer questions quickly so underwriters and claims handlers can extract meaningful insights from proprietary case files by asking questions using natural language queries.
Walt Mayo, expert.ai CEO, said: "Delivering on our commitment to innovation and higher level of efficiencies in the insurance sector, ELMI sets a new standard for AI-driven language solutions. As part of the expert.ai Platform for Insurance, ELMI equips insurers with the generative AI tools they need to automate the complex landscape of language-driven processes, while also offering substantial cost savings."
Unlike general knowledge large language models, ELMI is:
Trained for Insurance: Eliminating the cost and complexity of training language models, ELMI is engineered with a deep understanding of the insurance domain, providing insurers with generative AI capability ready to tackle underwriting and claims processing challenges.
Built for the real-world: ELMI is integrated into expert.ai end-to-end insurance solutions to meet the practical challenges of AI at scale across insurance workflows from underwriting to claims. Expert.ai purpose-built approach addresses critical shortcomings of general-purpose language models and brings the power of generative AI to improve accuracy and reduce costs.
Cost Optimized: When compared to hosted token-based models, ELMI offers a more cost-effective solution, reducing expenses related to usage, hosting, running, and maintenance, while still delivering superior performance and accuracy.
Secure and Compliant: ELMI is designed to ensure compliance with the most stringent governance standards and does not share sensitive insurance data.
Cloud-agnostic: Offering the flexibility to deploy on any cloud infrastructure or on-premises, ELMI deployments easily meet insurer's varying requirements.
For inquiries, demonstrations, or more information about ELMI, please request a demo.
About expert.ai
Expert.ai is the leading enterprise AI company solving complex language challenges. Our solutions deliver key information for publishers, streamline operations for insurers, drive revelations for pharmaceutical giants, and enhance customer interactions within financial services – all while automating traditional labor-intensive methods. By combining deep domain expertise with the finest attributes of Large Language Models, Machine Learning, and Symbolic AI, we are at the leading edge of linguistic advancements in hybrid AI. With a global presence in Europe and North America, we proudly serve clients that include AXA XL, Zurich Insurance Group, Generali, Sanofi, EBSCO, The Associated Press, Bloomberg INDG, and Dow Jones. For more information, visit https://www.expert.ai/
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Insurance Technology
Business Wire | October 17, 2023
Hourly.io, a fast-growing workers’ compensation and payroll startup, has selected Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution to bring critical automation to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers.
Hourly will use Origami’s API to instantly quote policies. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information will be instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal.
As we continue our rapid growth across the United States, choosing and deploying the best available technology has enabled us to drive down costs and streamline the rate-to-bind process for small and mid-sized employers, said Tom Sagi, Co-Founder and CEO, Hourly. Origami’s solution seamlessly integrates with our platform so we can scale while maintaining our speed, efficiency and accuracy.
“Our automated solution aligns perfectly with Hourly’s objectives and the needs of its distribution network and clients,” said Christopher Bennett, Chief Strategy Officer, Core Solutions division at Origami Risk. “This proprietary capability is among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.”
Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders.
Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking, and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform.
About Hourly
Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io.
About Origami Risk – Core Solutions Division
Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at info@origamirisk.com.
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