CORE INSURANCE, INSURANCE TECHNOLOGY
Sure | March 14, 2023
Sure, a leader in insurance technology recently unveiled its latest product - Retrace. This innovative technology empowers online merchants to offer their customers embedded one-click insurance and protection.
Retrace offers a suite of APIs, enabling online merchants to embed insurance and protection into various use cases such as e-commerce returns, travel insurance, and product warranty protection at any stage of the purchase process.
With the help of Retrace, online retailers are able to grow their customer base by providing an improved customer experience. This results in higher levels of customer satisfaction and generates more brand advocates. Also, they have the ability to diversify their revenue streams while simultaneously increasing their top-line revenue.
Sure is introducing its first e-commerce solution with the launch of Retrace. This innovative technology empowers online merchants to provide return shipping protection to their customers at the point of sale, covering the cost of returning goods. Retrace's embedded Return Shipping Protection is a revolutionary technology that streamlines the online shopping experience for merchants and consumers, reducing friction.
Wayne Slavin, Co-Founder and CEO of Sure, stated, "Retrace is the latest offering of Sure's innovative technology to unlock the potential of digital insurance and protection through frictionless online customer experiences."
He added, "Our technology reaches and engages customers wherever they are on their journey, and with Retrace, we are enabling online merchants to provide customers with embedded insurance and protection tools. We're starting with the first of its kind one-click return shipping protection but the sky's the limit, and we have set our sights on a variety of other products spanning travel insurance to warranty protection and beyond."
(Source – Cision PR Newswire)
About Sure
Sure is a prominent insurtech company that powers some of the world's most recognized brands and carriers. Its enterprise SaaS infrastructure and embedded insurance programs drive the insurance industry forward, allowing it to reach its full potential in the digital age. Sure's customers use its unified system of APIs to streamline the entire insurance lifecycle, leading to enhanced customer experiences and efficient digital operations. Founded in 2015, the company is based in Santa Monica (California) and has offices worldwide.
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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.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Socotra | February 23, 2023
Socotra, an insurance solutions provider, has recently announced a vast market expansion in Europe, having the primary drive in the United Kingdom, France and DACH. This expansion is supported by API-driven cloud-first technology, accelerating demand generation and insurers’ speed-to-market at a low expanse.
It has achieved strong growth in 2022 with about 75% customer growth, approximately 71% revenue increase and over 117% YoY increase in policies on SaaS managed platform. Its clients, like MS Amlin and AXA, are increasing significantly, and API-driven cloud-first technologies are required. These technologies would enhance product launches and flexibility and decrease IT expenditures.
Its solution, Socotra Connected Core, offers insurers the authority and flexibility to launch any insurance product through any chosen distribution channel. Moreover, these products can efficiently be distributed to even local places around the world, adhering to the rules and the currency of that place with the details of date and address formats. Its other solution, Socotra App MarketPlace, provides instant access to the software and insurance data providers with a click-to-run experience for all its customers without additional cost.
Founder and CEO of Socotra, Dan Woods, said, “Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere.” He added, “We are greatly increasing our investments in Europe and hiring top talent on the ground. Our major push into the UK and European Union continues our commitment to helping insurers thrive around the world. Our first customer in Europe was in 2017, and since then we’ve made steady progress throughout Europe. We are seeing increasing demand for technologies like Socotra that are fast, flexible, cost-effective, and mature.”
(Source – Business Wire)
About Socotra
Headquartered in San Francisco, California, Socotra, a software development company, has provided solutions for the insurance sector since 2014. Working with global insurers, it has modified their technology for innovative products and business growth. It gives insurers an advanced enterprise-grade core system for the rapid development and distribution of insurance products, enhancing their customer services. It accelerates operational speed and flexibility and provides more control to the insurer over their businesses. Its complete insurance solutions improve product development, customer experiences and cost-effectiveness for global insurers and insurtech MGAs.
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