Berkshire company partners up to build insurance administration platform

Berkshire | April 16, 2020

Wellfleet, a Berkshire Hathaway insurance company, has partnered with industry technology firm EIS Group to build an insurance administration platform for the employee benefits market.
“In the complex voluntary benefits landscape, brokers and their clients commonly work with multiple systems, fighting to integrate with carriers’ patchworked legacy systems,” Wellfleet said. “Whether it’s product sophistication, internal workflow monitoring, enrollment and third-party integration, or communications across multiple modules, carriers struggle to administer plans in a digitally unified way.”
Wellfleet partnered with EIS Group to build a cloud-based software system designed to support the full broker and customer lifecycle, the company said.

Spotlight

As a family physician, your job is to help protect your patient's health. As a spouse and parent, your job is to protect your family's well-being. Life insurance is one of the many ways that you can help financially protect the ones you love in the event that you are no longer around Get the facts on why family doctors like you should make sure you are covered.

Spotlight

As a family physician, your job is to help protect your patient's health. As a spouse and parent, your job is to protect your family's well-being. Life insurance is one of the many ways that you can help financially protect the ones you love in the event that you are no longer around Get the facts on why family doctors like you should make sure you are covered.

Related News

INSURANCE TECHNOLOGY

Bindable Unveils its New Digital Solution - The Agent Wholesale Platform for Insurance Industry

Bindable | November 19, 2020

Bindable, the insurance technology pioneer for elective dissemination, today declared the dispatch of its Agent Wholesale Platform, an advanced software solution that empowers autonomous agents to dispatch their own virtual offices and to flawlessly access and sell insurance items on the web, via telephone, or face to face. The Agent Wholesale Platform is a white name insurance marketplace that permits agents and transporters to offer auxiliary items, for example, pet, lawful, and home guarantee through a virtual organization without disturbing their present auto and home stream. Locales can be custom marked and incorporate a changed rendition of Policy Crusher®, Bindable's restrictive SaaS platform and CRM. Utilization of the Agent Wholesale Platform will bring about higher commissions and improved strategically pitching capacities for agents, just as better help for their clients. Strategically pitching auxiliary items is significant for agents since it assists with forestalling center auto and home clients from buying these items somewhere else and possibly exchanging over their auto and home insurance also. “Our focus has always been to continuously drive innovation in the insurtech industry. We’re proud to have created digital tools so that agents and their carrier partners can achieve more growth and better customer retention through product diversification,” says Bill Suneson, CEO and co-founder of Bindable. “With a virtual agency, they can do just that, and initiate more efficient transactions with consumers online or over the phone.” Coronavirus has quickened digitization, expecting agents to turn out to be more tech forward in their strategic approaches. As the quantity of purchasers finishing exchanges online versus in-person keeps on climbing, the desire for advanced admittance to insurance contributions has just expanded. Examination from Bindable shows that 93% of free agents were in understanding that with regards to buying insurance items, client desires are evolving. Furthermore, 76% announced that client desires around cycles, for example, cases and installments being robotized has expanded, flagging a more prominent longing for computerized exchanges. Bindable's Agent Wholesale Platform is right now accessible in every one of the 50 states. About Bindable Bindable is the insurance technology leader for alternative distribution. Its proprietary platform brings together software, a digital wholesale marketplace, and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands, and consumers. The company is headquartered in Boston, Massachusetts.

Read More

INSURANCE TECHNOLOGY

PZU Uses Tractable's AI to Enhance Auto Damage

PZU, Tractable | November 27, 2020

PZU, the biggest financial institution in Central and Eastern Europe, is using AI to upgrade how it audits its car insurance claims across Poland, it declares today. PZU handles almost 500,000 motor damage claims for every year. Prior to implementing AI, Poland's biggest insurer was performing a detailed audit of around 20% of its motor claims that are handled by body shops (the remaining body shop cases were affirmed with improved control). Presently, the AI solutions - gave by the tech organization Tractable - permit PZU to check in detail practically the entirety of the body shop claims it measures, progressively. The calculations can recognize any oddities that should be checked by PZU's specialists or affirm that all repairs are carried out in consistence with methodology and standards defined by PZU. Because of this development, PZU's specialists can zero in on those cases that truly need their consideration. PZU has worked with Tractable since 2018 and is the primary insurer in Poland to utilize AI to handle its motor insurance claims. Up until this point, the innovation has handled more than 150,000 claims, or 1/3 of PZU's yearly auto claims volume, worth PLN 1.3bn (£260m). According to PZU, the applied arrangement has made claims handling essentially more powerful, while likewise shortening the waiting time for vehicle repair. Marcin Kurczab, Director of Innovation Lab at PZU, and responsible for cooperation with start-ups, said: "At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology. Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company." Established in 1803, PZU is the most seasoned and biggest insurer in Poland, with record-breaking benefit and deals in 2019. Net benefit totalled PLN 3,295m (£667m), deals totalled PLN 24.2bn (£4,91bn), and ROE was 21.2 percent, almost twofold the European normal among insurance companies. Adrien Cohen, Tractable Co-Founder and President, said: "It's been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale. This proves PZU's dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI." Tractable's AI utilizes machine learning calculations and is trained on photographs and human repair choices across a great many verifiable mishaps. The innovation can be applied internationally to any traveler vehicle. The AI empowers insurers to survey car damage, shares suggested repair tasks, and aides the claims the executives cycle to guarantee these are prepared and settled as fast as could reasonably be expected. The framework continually improves as an ever increasing number of insurers and repairers profit by its utilization. Tractable's AI has handled over $1 billion in auto claims for the world's top insurers, including Ageas UK, Covéa, the biggest auto insurer in the French market, and Tokio Marine, the biggest auto insurer in Japan. About Tractable Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55m in venture capital and has offices in London, New York City and Tokyo. About PZU The Powszechny Zakład Ubezpieczeń SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland. The PZU Group's consolidated assets total PLN 377bn. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognisable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.

Read More

INSURANCE TECHNOLOGY

Centerbridge Joins Realogy to Launch Title Insurance Underwriter Venture

Title Resources Group | March 30, 2022

Title Resources Guaranty Company, doing business as "Title Resources Group," announced today that the Texas Department of Insurance had approved the formation and funding of its previously announced title underwriting joint venture with Centerbridge Partners, L.P. ("Centerbridge") and Realogy Holdings Corp. The stock of TRG, which conducts underwriting operations, contributes to a new holding company cooperatively owned by the joint venture partners as part of the transaction. In addition, Realogy's title agencies will be retained in its Realogy Title Group division. The joint venture will assist TRG to accelerate its profitable growth trajectory and build the company's current strong momentum. TRG has attained a compound annual growth rate of approximately 15% in title premiums and 19% in statutory net income over the last 12 years while providing superior customer capabilities and outcomes. Title Resources Group has developed due to our commitment to providing knowledgeable and responsive underwriting solutions to our network of title insurance agents across the United States while maintaining quality through integrity and financial stability. We're ecstatic to form this partnership, which is a testament to our firm's high-quality people and operations, and accelerate our profitable growth trajectory. With the support of our Centerbridge partners, we're excited about the opportunity to broaden our reach and deepen our capabilities through investment in our people and technology." Scott McCall, President and CEO, will continue to lead TRG in a similar position in 2009. We're encouraged by the strong team, and platform Scott has built. We look forward to accelerating the growth at TRG as an independent entity. The board of TRG will continue to prioritize investments in technology and new services, all to deliver value to all stakeholders, including agents and employees." Kevin Mahony, Managing Director at Centerbridge. Furthermore, TRG will have its board of directors, chaired by Alan Colberg, former CEO of Assurant, Inc, as an independent entity from Realogy. Before Assurant, Alan was at Bain & Company for 22 years and served as the global practice leader for financial services. Additional independent board members will be admitted over the coming months.

Read More