Convex Insurance gains regulatory approval to write E&S in the US

Insurance Business America | October 04, 2019

International specialty re/insurer Convex Group has revealed that its UK-based insurance company, Convex Insurance UK Limited, has been cleared to write excess and surplus (E&S) lines across the US. Convex Insurance UK has been added to the National Association of Insurance Commissioners’ (NAIC) Quarterly Listing of Alien Insurers, effective October 01, 2019. NAIC, established and governed by the chief insurance regulators of all 50 states, is responsible for setting standards, regulations, and best practices for insurers operating in the US. Convex Group is the brainchild of Stephen Catlin – founder and CEO of the Catlin Group – together with Paul Brand, the former chairman of XL Catlin. It launched in late April, backed by a sizable $1.8 billion of initial committed capital.

Spotlight

When customers are treated with empathy, they are more likely to be satisfied with their experiences and, ultimately, more loyal to the companies that serve them. But for frontline employees, being empathetic can be emotionally taxing, especially when customers are upset. Companies that train frontline employees to express greater empathy, but fail to provide the appropriate support, may see higher job stress and turnover among employees, which inevitably leads to higher costs.

Spotlight

When customers are treated with empathy, they are more likely to be satisfied with their experiences and, ultimately, more loyal to the companies that serve them. But for frontline employees, being empathetic can be emotionally taxing, especially when customers are upset. Companies that train frontline employees to express greater empathy, but fail to provide the appropriate support, may see higher job stress and turnover among employees, which inevitably leads to higher costs.

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INTELLECTUAL PROPERTY

Milliman's Arius introduces new API capabilities, streamlined diagnostic tools with latest reserving software release

Milliman | November 18, 2021

Milliman, Inc., a premier global consulting and actuarial firm, announced that it has released the latest version of its Arius® insurtech solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems' analytical, reporting, and data management tools. This release provides tools to help actuaries and insurance analysts more easily build and share statistical exhibits among multiple projects, providing more consistent analysis and more efficient management review. It also adds new reports to help users with Canadian and IFRS-17 reporting requirements. Arius® insurtech solutions is a family of state-of-the-art reserve analysis systems for property and casualty insurers In addition, the release includes new API capabilities, additions to the system's role-based security options, and enhanced controls related to editing and managing data files, both in the Arius Enterprise system and in the Triangles on Demand data management solution. "Our goal with the Arius solutions is to relieve the burden of managing the overall reserving process from our clients' shoulders, so they can spend their valuable time helping and advising their business. This release furthers those efforts with additional steps to enhance the overall efficiency and reliability of the actuarial reserving team." - Ken Scalf, reserving products manager at Milliman About the Arius family of solutions The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand®, and Arius Enterprise. Arius Deterministic and Stochastic are self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses the latest cloud technology to instantly aggregate millions of records of loss and claims data on the fly for review in Arius. Designed specifically for large insurance carriers and self-insureds, Arius Enterprise combines the Arius analysis system and ToD with sophisticated Microsoft Azure-based project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments. Milliman's Claim Variability Benchmarks provide benchmark statistics for comparison with an insurer's own data, drawn from statistical analysis of 5,100 companies and over 30 years of activity. About Milliman Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

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INSURANCE TECHNOLOGY

Mountain West Farm Bureau Upgrades Majesco Policy for P&C to Majesco CloudInsurer®

Majesco | October 11, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that long-term customer, Mountain West Farm Bureau, upgraded Majesco Policy for P&C to Majesco CloudInsurer®, a move that will improve operational effectiveness and decrease infrastructure costs. This move reflects the consistent move of existing Majesco customers to the Cloud. Like others who have made this shift, Mountain West hopes to leverage this upgrade to optimize their operations while enabling the company to take advantage of automatic monthly upgrades for software, rate, rules, and forms, and more on CloudInsurer®. Founded in 1948, Mountain West Farm Bureau is a regional multi-line property & casualty insurance company, serving the needs of individuals, families, farms and ranches, and businesses throughout Wyoming and Montana. Mountain West employs just over 200 individuals, with more than 120 people operating from their home office in Laramie, Wyoming. They have approximately 50 claims field representatives assisting their clients across Wyoming and Montana, and less than 30 IT professionals working from both the home office, as well as remote locations across Wyoming, Montana, Idaho, New Mexico, and Utah. The organization has more than 100 contracted agents located throughout Wyoming and Montana and is committed to providing financial peace of mind to customers with competitive, quality products and services. We take pride in our work and challenge ourselves to be proactive and continually improve the delivery and quality of our products and services to our customers. Our strategic relationship with Majesco has enabled our business transformation and our move to Majesco CloundInsurer® will continue our transformation by enabling us to focus on our operations, while keeping us at the leading edge to meet the ever-changing market and customer demands. This transition to the cloud has improved efficiencies and helped improve the ROI of our investment with Majesco. We look forward to the future with Majesco. - Tim Hays, Vice President of Information Technology at Mountain West Farm Bureau. As the industry continues to change and adapt to new market demands, insurers recognize they must keep pace to enable growth and remain competitive. Migrating to the cloud is a critical step in truly becoming digital and can help organizations engage with customers, bring products to market faster and capture rapidly unfolding market opportunities. Majesco CloudInsurer® is the industry chosen platform that is built to handle key business applications and services to match the reality of the changing market and increasing demands of customers. Over 65% of Majesco’s customers are on the cloud, making it the dominant deployment option. We’re thrilled with the successful cloud migration for Mountain West Farm Bureau and the opportunities ahead for them as a result of this transition,. Majesco CloudInsurer® has been at the forefront of the transition to cloud since the beginning, providing cutting-edge capabilities that increase flexibility, greater service and a modern insurance experience for our customers like Mountain West Farm Bureau. As a recognized market leader, we’ve built a reputation on helping organizations transform business operations to better meet the needs of today’s digitally-charged customer. - Prateek Kumar, EVP of Sales at Majesco. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

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CORE INSURANCE

Sensely Announces Partnership with Krungthai-AXA Life Insurance

Krungthai-AXA Life Insurance | December 28, 2021

Virtual assistant pioneer Sensely announced a strategic partnership with Krungthai-AXA Life Insurance, a Thailand-based carrier providing health insurance to approximately 500,000 members. Under the partnership, Krungthai-AXA Life has integrated Sensely's technology and health solutions into its recently launched Emma by AXA application, a powerful all-in-one digital solution which offers policyholders instant access to a range of convenient healthcare services and policy information in one application. Emma by AXA includes the evidence-based Sensely Symptom Checker, which highlights Sensely's groundbreaking conversational AI interface, which utilizes a combination of voice, chat, and avatar-based interaction. To start with, users enter their symptoms by conversing with the Sensely avatar. In just a few minutes, users receive a recommendation for the appropriate level of care and information on where to go next. Fast, reliable, and available in both the English and Thai languages, the Sensely Symptom Checker provides Krungthai-AXA Life members with quality information and valuable peace of mind. In addition to the Symptom Checker, Emma by AXA also includes a wide range of other service options: including telehealth, network directory location information, health content, and policy information services, such as electronic insurance cards. "Providing enhanced access to world-class health services creates immediate value for our members, The Emma platform offers a full spectrum of tools and services to enhance health and wellness, helping members to live their best lives, while being delivered with a modern customer experience that leads the industry. Partnering with Sensely helps accelerate our efforts, and we look forward to broadening and deepening the relationship." -Pakawipa Charoentra, Chief Customer Officer of Krungthai-AXA Life. "We've been impressed by the AXA team's commitment to being their policyholders' go-to resource for accessing and navigating healthcare services in a friendly and helpful manner, with digital services playing a leading role, Enabling easy, user-friendly access to trusted health information has never been more important, and we're looking forward to continuing to work with Krungthai-AXA Life to drive increasing member value over time." -Adam Odessky, CEO and Co-founder of Sensely. About Sensely Sensely's avatar and chatbot-based platforms assist insurance plan members and patients with the insurance services and healthcare resources they need, when they need it. With offices in San Francisco, London, Kiev, Manila, and Tokyo, Sensely's global teams provide virtual assistant solutions to insurance companies, hospital systems, and pharmaceutical clients worldwide. About Krungthai-AXA Life Insurance Established in 2007, Krungthai-AXA Life Insurance Public Company Limited (KTAXA) is a partnership between Krungthai Bank PCL., and the AXA Group. Today, Krungthai-AXA Life Insurance Public Company Limited is a fast-growing Life Insurance Company with a new brand promise "Know You Can" which encourages our customers to have self-belief and positions the company as a life partner that aims "to empower people to live a better life."

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