CORE INSURANCE
CCC Information Services | May 05, 2021
CCC Information Services Inc. (CCC), a leading SaaS supplier to the P&C insurance industry, announces the introduction of an enterprise payments network to power electronic payments through the insurance and automobile ecosystems. The company intends to extend its CCC® Payments capabilities to allow digital payments between insurers and their business partners, thus lowering administrative costs and cycle time while improving customer satisfaction.
CCC's network of over 30,000 businesses will benefit from their CCC connections because payments functionality is built to integrate with their CCC solutions, presenting payment details inside existing workflows. CCC Payments transactions initiated by insurers will be handled by Nvoicepay, a third-party financial services provider and a pioneer in payment automation software, which is expected to begin in the second half of 2021. CCC first launched electronic payment capabilities in 2019, offering collision repair customers an easy way to manage customer-to-shop payments.
"CCC is systematically bringing digitization to every area of the automobile and insurance industries," said Barrett Callaghan, senior vice president of markets and customer success at CCC. "By expanding CCC Payments, we want to remove two significant market pressure points: paper checks and phone calls." Our plans to incorporate CCC Payments into our workflow solutions would be important, particularly for our collision repair and lender customers, who will be able to use their single access to CCC to handle digital receipt of insurer payments. CCC is eager to expand its digital capability to cover payments, as it continues to meet the industry's vision for straight-through processing."
CCC Payments is designed to enable insurers to accept any form of B2B digital payment through P&C lines. Recipients using the payment solution would only need to insert their payment details once with the processor for it to be seamlessly and securely deployed through the CCC network, making it simple to enable payments at scale. CCC Payments is intended to enable straight-through processing as well as configurable workflows, enabling insurers to select the level of automation for payment approvals. Furthermore, all insurers and payees will access premium notifications and status updates directly from their existing CCC environment.
"CCC is proud to help more than $100 billion in commerce per year through its technology and connections," said Shivani Govil, CCC's chief product officer. "CCC intends to expand our core capabilities and advance the digitization of the P&C insurance economy through our expected expansion in digital payments. We anticipate that CCC Payments will open up a whole universe of possibilities for our customers to enhance their performance and the customer experiences they deliver."
About CCC
CCC is a leading SaaS platform for the multi-trillion-dollar P&C insurance market, powering operations for insurers, repairers, automakers, part suppliers, lenders, and others. More than 30,000 companies use CCC cloud technology to digitize mission-critical workflows, commerce, and customer experiences. CCC, a recognized expert in AI, IoT, customer experience, network, and process management, delivers innovations that keep people's lives going when it matters most.
Read More
INSURANCE TECHNOLOGY
Next Insurance, Juniper Labs | December 11, 2020
Next Insurance, the main digital insurtech company changing small business insurance, today reported that it has finished the acquisition of Juniper Labs, an imaginative supplier of elective open information and endorsing innovation zeroed in on small businesses. Together, Next Insurance and Juniper Labs will keep on creating improved AI abilities and apparatuses to reinforce the omni-channel client experience. This is Next Insurance's first securing and follows the end of its $250 million Series D financing round at a $2 billion valuation.
Juniper Labs gives better danger straightforwardness by utilizing open information and AI to construct devices for smoothed out information assortment and automated endorsing. Utilizing common language preparing, Juniper Labs mixes divided information sources and unstructured substance to give more organized bits of knowledge that reinforce the certainty and prescient intensity of their models, at last taking into consideration more exact danger evaluation and a less difficult client experience.
Juniper Labs co-founder and CEO Lance Poole, and his team, will join Next Insurance's AI and information examination gathering and will help dispatch the Next Insurance Data Labs. The reason for the lab is to consolidate human-driven plan, actuarial science, and best in class AI to give adaptable, industry-driving arrangements that drive development and danger based valuing. Also, the Juniper Labs group will help reinforce and scale Next Insurance's workers' compensation offering (among different lines of business), which has seen almost a 14x expansion in year-over-year development since November 2019.
"Next Insurance and Juniper Labs believe that data is a key differentiator in the effort to provide a better online experience at a more affordable price," said Lance Poole, co-founder and CEO of Juniper Labs. "We're excited to join this like-minded company and contribute to its continued success."
As the world keeps on moving on the web, purchasers have generally expected fast, effective and customized insurance policies, and Next Insurance's initial obligation to conveying incredible insurance products and client commitment has cemented the company as a pioneer in the insurtech space. With Next Insurance, insureds approach USA-based authorized insurance counselors, apparatuses and administrations like every minute of every day admittance to testaments of insurance from a cell phone or PC, and in-house claims filings where a choice is ordinarily made inside 48 hours. Become familiar with Next Insurance's General Liability, Professional Liability, Commercial Auto and Workers' Compensation product offerings and get a moment quote online today.
About Next Insurance
Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers.
About Juniper Labs
Juniper Labs leverages open data and machine learning to help insurtechs, carriers and brokers to more effectively sell and underwrite small business insurance. Founded in 2019 by Lance Poole and John Stevenson, the company's suite of APIs provide structured insights and predictive models that allow more precise risk assessment and a simpler customer experience.
Read More
INSURANCE TECHNOLOGY
Transverse Insurance Group, Cloverleaf Analytics | December 10, 2020
Cloverleaf Analytics, an insurance-prepared, enterprise business intelligence (BI) and analytics solution provider, is pleased to announce Transverse Insurance Group (Transverse) has selected the Cloverleaf business intelligence (BI) solution.
Princeton, New Jersey-based Transverse is a property and casualty (P&C) insurance company specializing in program business and providing an expansive scope of commercial and personal lines products through partnerships with program managers and reinsurers. Launched in 2018, Transverse provides conceded and non-conceded solutions and actively collaborates in all phases of program organization by drawing in a group of insurance professionals with different backgrounds of technical abilities including endorsing, product development, actuarial and financial examination, compliance, and claims organization.
“You can’t manage what you can’t see,” said Robert Zerafa, COO for Transverse. “It seems simple to say, but to compete and to continue adding unique value to our customers in the best way we possibly can, we needed access to more information. The Cloverleaf implementation will give us insights into opportunities within our existing book of business, help steer us away from unnecessary exposures, deliver cost savings through recommendations for operational efficiencies, and provide direction for development of new products which may be advantageous to our current and potential customers.”
New challenges presented by the human, economic, and political chaos of the worldwide Coronavirus pandemic face all guarantors today. Cloverleaf's comprehensive BI solution provides access to constant analytics for discovering patterns and bits of knowledge across the whole enterprise and empowering proactive business decisions that would not in any case be possible. Customers can jump start more educated decision-production processes, ramp up new business, and understand a quick quantifiable profit (ROI) utilizing Cloverleaf's natural interface to access up-to-the-minute pattern examination, 100+ pre-assembled reports, dashboards, alarms and much more.
“We are literally finding new ways of accessing and interpreting data for our insurance company clients every day,” said Robert Clark, president of Cloverleaf Analytics. “We look forward to working closely with our new friends at Transverse in the months and years to come.”
About Cloverleaf Analytics
Cloverleaf Analytics (Cloverleaf) delivers a comprehensive business intelligence (BI) solution which reduces risk and improves profitability and performance for P&C insurance companies. Cloverleaf consolidates enterprise data for real-time analytics and visualizations which drive underwriting efficiency, claims optimization, and better enterprise performance management through pre-built and ad hoc reporting capabilities.
About Transverse Insurance Group
Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA and reinsurance markets with offices in New York, New Jersey and Texas. Transverse is backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President and CIO, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. Solutions oriented carrier providing multi-lines of business with risk management, underwriting, claims, reinsurance and compliance to fit the objectives of their partners.
Read More