Risk Management, Insurance Technology
PRnewswire | June 29, 2023
Shift Technology, a provider of AI-powered decision automation and optimization solutions for the global insurance industry, today announced Central Insurance has expanded its use of the company's technology to include Shift Subrogation Detection. As a result, Central Insurance can better identify those claims for which a third party may be wholly or partially responsible for paying. The decision follows the insurer's successful use of Shift Claims Fraud Detection to identify suspicious activity in the claims process over the past three years.
Central Insurance is recognized for delivering exceptional hospitality and fulfilling its promise to quickly pay policyholders for covered losses when they occur. The company's use of Shift's Claims Fraud Detection solution has proven effective in identifying legitimate versus suspicious claims and settling claims quickly and fairly. By introducing subrogation detection into the claims process, Central Insurance can more effectively spot hidden subrogation opportunities and develop optimal recovery strategies.
"When a policyholder files a claim, they want to be made whole for their loss," said Jeff Lieberman, Director of Anti-Fraud and Recovery at Central. "The intricacy of what goes on behind the scenes is not important to them, but it's very important to us. Anytime we're able to efficiently and accurately identify if all or part of a claim is the responsibility of a third party, we ensure our policyholders are paid quickly while creating opportunities to recover that loss for the business."
Shift Subrogation Detection helps insurers accurately identify subrogation opportunities at scale and recommend claims handler actions that improve recovery outcomes, thus reducing claims leakage while providing a top-tier customer experience. Shift uses artificial intelligence to analyze claims data to provide a holistic view of the claim, including what happened, who was involved, and could other parties be at fault. Alerts provided by the solution include clear guidance on the nature and specifics of the subrogation opportunity, allowing for optimized demands and recovery execution. The ability to eliminate manual review and identification of recovery opportunities empowers handlers to focus their time and effort on opportunities with the highest likelihood of recovery.
"Not all claims are the responsibility of the policyholder making the claim; however, it's not always easy to make that determination," explained Paul Edwards, Vice President of Claims at Central. "Doing so has long been a manual and time-consuming process. Central is turning to innovative solutions like Shift Subrogation Detection to better understand what's happening in the claims process and ensure the parties truly responsible for a loss are held accountable."
About Shift Technology
Shift Technology delivers AI-powered decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
Risk Management, Insurance Technology
Businesswire | July 21, 2023
Insurity, the leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced its partnership with Rented Mule Consulting to accelerate cloud-based software implementations for P&C carriers. As a System Integrator (SI) partner, Rented Mule Consulting will work with small and mid-sized carriers and MGAs to plan, build, and support the systems and tools required to successfully take Insurity’s cloud-based products to market.
Insurity’s network of SI Partners offers insurance organizations with the collaborative, capabilities-driven deployment options they need to quickly enter new markets and take advantage of new opportunities. Rented Mule Consulting, comprised of experienced insurance technology professionals, understands the unique challenges facing the P&C industry today in order to build innovative and effective solutions for insurers.
As an advisory and professional services firm, Rented Mule Consulting helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. Rented Mule Consulting provides in-depth guidance on the selection and implementation of a core system that allows insurers to extend product capability, expand distribution channels, move into additional jurisdictions, and increase written premium by over 20% in less than one year.
“The Insurity and Rented Mule partnership speaks directly to our shared goal of helping smaller P&C insurers and MGAs compete, win, and profitably grow market share by combining innovative business models with the best mix of technologies available,” said Ben Stinson, Managing Partner of Rented Mule Consulting. “We’re thrilled to bring our combined strengths to bear on behalf of our clients and prospects.”
“Insurity is excited to welcome Rented Mule Consulting as an SI Partner and expand our footprint of cloud-native policy, billing, and claims software to growth-focused insurers,” said Jennifer Saylors, VP, SI Success at Insurity. “The close partnership between Insurity and Rented Mule will provide insurers with the necessary tools, expertise, and capabilities to achieve their goals of profitable growth with confidence.”
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About Rented Mule Consulting
Rented Mule Consulting (RMC) is an advisory and professional services firm that helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. RMC maintains specific focus on helping start-ups, MGAs, and small/mid-size carriers quickly implement core system functionality facilitated by our closely coupled partnerships with leading solution providers. RMC’s depth of experience enables them to deliver successful builds to our clients with minimal expenditure of money, time, and resources.
Core Insurance, Insurance Technology
PR Newswire | August 07, 2023
Today, NEXT Insurance, a leading digital small business insurer, announced it is expanding its insurance offerings for small businesses with the launch of commercial umbrella/excess liability in 41 states, and the expansion of liquor liability coverage in 7 additional states. Commercial umbrella/excess liability insurance includes the same coverage, conditions, and exclusions as its underlying general liability policy, and provides coverage when that policy's per-occurrence or aggregate limits are exhausted. This expansion will be launched on a direct and agents channel, furthering NEXT's commitment to customers while providing the best possible experience for agents.
NEXT's umbrella/excess liability coverage will sit over customers' general liability policies and provide higher limits for coverage offered in that policy, ensuring small businesses can get the protection they need from a potentially catastrophic loss due to a lawsuit. Customers will be able to add this optional coverage to a general liability policy post-purchase to easily modify their insurance needs as their business needs continue to grow. Often, umbrella/excess liability coverage is required due to a contractual obligation, like a new construction client requiring higher limits on general liability to take on a project, or moving operations to a new building and a landlord requires an umbrella/excess liability policy. With this expansion, instead of needing to call to make policy changes, customers can now self-serve, adding umbrella/excess liability coverage to their policy in the Customer Portal, providing them the tools to tailor their coverage to satisfy new insurance requirements instantly.
NEXT is also furthering its commitment to restaurant small business owners with the expansion of liquor liability coverage to 7 additional states including Illinois, Michigan, Massachusetts, Missouri, Minnesota, Utah, and Iowa. Liquor liability is a crucial protection for small businesses that manufacture, sell, or serve alcoholic beverages. Available as a part of NEXT's general liability coverage, NEXT's liquor liability covers losses resulting from the intoxication of customers and is designed for small businesses such as cafés, diners, pop-up restaurants, and fine dining.
On the launch of umbrella/excess liability coverage, Jack Ramsey, NEXT Insurance Vice President of Agent Business, shares:
"We're launching umbrella/excess liability coverage to help entrepreneurs thrive. As businesses grow, their liability insurance needs change, and as a carrier, we want to make sure we're able to continue to support our customers' growth. We're confident that this highly-requested umbrella/excess liability offering will address the demand we've seen from both customers and agents who require this coverage for contractual obligations, and we are excited to be able to offer this expansion ourselves with the aim of being a one-stop-shop for our small business customers."
This news follows NEXT's integration with Ivans Download™ for General Liability and Workers' Compensation policies, and the recent strategic hire of Jack Ramsey as the company's Vice President of Agent Business. NEXT is doubling down on its commitment to the needs of agents and customers alike by quickly iterating and reacting to feedback, providing an unparalleled digital experience to help them thrive and expand their business.
About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy 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 utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com.