WORKERS COMPENSATION, RISK MANAGEMENT
Origami Risk | March 09, 2023
Fleming Insurance Holdings informed on March 8, 2023, that it has chosen the multi-tenant core solution platform from Origami Risk to improve its data and analytics capabilities for liabilities, including workers' compensation, auto liability, and general liability lines.
Fleming Insurance Holdings is a provider of property and casualty capital solutions. Origami's platform is set to give it several tools and capabilities for data collection, reporting, and advanced analytics that the company can use to speed up and improve its underwriting and claims management processes.
Benjamin Bomhoff, CTO of Fleming, stated, "As our insurance carrier partners look to us for innovative reinsurance and capital solutions, we are committed to leveraging state-of-the-art technology to facilitate timely and accurate decision-making."
He added, "Origami's end-to-end solution should be a real difference-maker for our enterprise, enabling us to operate with expanded data/analytics capabilities, greater speed and efficiency."
(Source – Business Wire)
Chris Bennett, President of Core Solutions division at Origami Risk, remarked, "By implementing Origami's risk management information system, Fleming will be able to drive efficiency in its underwriting and claims operations, and deliver added value to its carrier partners."
"These capabilities are among several innovative solution sets we've developed to help carriers and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance," he concluded.
(Source – Business Wire)
Origami Risk offers all internal and external stakeholders a complete digital engagement experience and integrated SaaS solutions for policy, rating, billing, loss control, claims administration, reporting, and analytics.
About Origami Risk
Origami Risk offers comprehensive SaaS solutions that make insurance, risk, and safety easier for insurers, including managing general agents, program administrators, third-party claims administrators, risk pools, brokers, and others. The company's core insurance system, risk management, and safety solutions are all delivered through a secure, multi-tenant platform that can be accessed through a web browser or a mobile app.
LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | April 18, 2023
YuLife, the tech-driven financial services provider on a mission to inspire life, today announced its launch in South Africa. Founded in London in 2016, YuLife achieved rapid traction in the UK insurance market through its flagship product, group life insurance. The company's expansion into South Africa marks a significant milestone as it seeks to redefine how people around the world derive value from financial products.
YuLife's Group Risk Protection (Life, Income Protection, Lump Sum Disability, and Funeral Cover) includes everything in a traditional group insurance policy – but also adds a globally award-winning wellbeing app and trusted support services. YuLife harnesses the latest trends in behavioral science and game mechanics to encourage employees to make proactive lifestyle changes, while also prioritising prevention by de-risking individuals through healthy activities.
Gamification ensures that YuLife attracts unrivaled levels of engagement which is valued and enjoyed by all employees. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin, YuLife's virtual well-being currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees' standard of living, and safeguard their loved ones' financial future.
In addition to day-to-day wellbeing, YuLife provides critical wellbeing tools and services to further prevent illness, both mentally and physically. All employees with YuLife get access to a virtual GP service through Kena Health, counseling and advice through ICAS, alongside access to multiple wellbeing apps like Meditopia and Fiit.
"South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance," said Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa. "There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection – we're looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner."
YuLife South Africa's policies are underwritten by Guardrisk Life, SA's largest life cell captive insurer and the market leader in tailored risk solutions. "We are excited to be working together with YuLife to bring cost-effective insurance solutions to customers in South Africa," said Herman Schoeman, CEO, Guardrisk Life. "As a company rooted in innovation, partnering with such a forward-thinking company like YuLife that shares our commitment to meeting customers' needs makes good business sense. We look forward to developing our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and protection provider."
YuLife has achieved rapid traction in an industry traditionally lacking in innovation. The company recently expanded into the US, and now covers >600k group policyholders across small to large businesses, with over $50bn of coverage in place. YuLife has seen more than 5x growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company's total funding to $206M.
YuLife is a tech-driven financial services provider on a mission to inspire life and turn financial products into a force for good. By harnessing the power of technology and the latest behavioural science, YuLife's insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial wellbeing and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://www.YuLife.com/
Guardrisk is South Africa's largest cell captive insurer. We pioneered the cell captive concept in 1993 and provide tailor-made risk financing and insurance solutions for corporates, small enterprises and municipalities. The option of a third-party insurance offering lets clients sell insurance cover to their customers, boosting their business' earning potential and building their brand. Essentially, a cell captive facility gives clients all the benefits of owning their own insurance company without the inherent cost and administrative implications. Cell captives provide underwriting, reinsurance, claims management, investment, actuarial and accounting functions for clients (cell owners), which keeps costs down and gives clients access to a broad base of insurance skills. Guardrisk is a subsidiary of Momentum Metropolitan Holdings Limited, one of SA's largest insurance-based financial services groups. The company is listed on the Johannesburg Stock Exchange in South Africa and on the Namibian Stock Exchange in Namibia.
CLAIMS, LIFE INSURANCE
Constellation Insurance | March 10, 2023
On March 9, 2023, SS&C Technologies Holdings announced that Constellation Insurance, Inc. has chosen SS&C Precision LMTM to assist in handling its expanding portfolio of commercial mortgages.
Precise LM software for loan origination and servicing will help track pipelines, service loans, account for assets, manage regulators, and report on its increasing commercial mortgage portfolio on a single platform.
Vice President of Mortgages and Real Estate at Constellation, Timothy Biggs, expressed, "We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology."
Timothy Biggs added, "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented."
(Source – Cision PR Newswire)
Constellation thinks the new system will make the lending process faster and more accurate, bring in more money, and help the company manage risks better. Additionally, the cloud-based platform that Precision LM offers will help reduce the workload for Constellation's IT division.
Bhagesh Malde, General Manager and Global Head of SS&C GlobeOp, remarked, "SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies."
"This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients," he concluded.
(Source – Cision PR Newswire)
SS&C's Precise LM software also helps more than 130 banks, insurance companies, real estate investment trusts, and debt funds with lending.
About Constellation Insurance
Constellation Insurance, Inc., a leading insurance holding company, serves consumers and small business owners in the US and Latin America through its insurance subsidiaries - Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company, and other affiliated (re)insurance entities in Latin America and the Cayman Islands. As of September 30, 2022, its insurance firms managed about $34 billion in assets. Furthermore, Constellation's equal partners, CDPQ and Ontario Teachers', oversee a combined net asset of roughly C$660 billion. This includes over C$140 billion in private capital investments.