Core Insurance, Insurance Technology
Businesswire | July 18, 2023
FINEOS Corporation (ASX:FCL) announced today that Securian Canada has selected FINEOS for its disability management claims administration software solution. Securian Canada is a leading insurance provider of innovative, life-ready insurance and protection solutions in Canada. The FINEOS claims administration solution is scheduled to go live this fall to support Securian Canada’s short- and long-term disability benefits programs.
FINEOS is the global leader providing end-to-end core software systems for life, accident and health insurance. The FINEOS Platform is purpose-built for the group and supplemental employee benefits market. More than a dozen customers in Canada use the FINEOS Platform, and FINEOS serves 7 of the 10 largest employee benefits insurers in the U.S.
“We are delighted Securian Canada has chosen FINEOS and look forward to building a long-term, mutually beneficial relationship,” said CEO Michael Kelly. “The FINEOS Platform will help Securian deliver an excellent customer experience and will bring automation and efficiencies to their operations, enabling their staff to maximize their time caring for Canadians in the moments that matter the most.”
“Securian Canada needs a best-in-class partner to support our ambitious strategic plans in the disability space,” said Sharla Postic, SVP Insurance Operations for Securian Canada. “We believe the FINEOS purpose-built platform and industry-leading capabilities in disability claims administration will help us continue to raise the bar in providing innovative insurance products and services to our customers.”
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S., as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, EMEA, and Asia Pacific.
Core Insurance, Risk Management
Businesswire | July 28, 2023
Socotra, the leading provider of modern, cloud-based solutions for technology-driven insurers, today announced that high-risk homeowners provider Annex Risk is processing business with Socotra. Annex Risk has successfully implemented the true cloud-native insurance policy core platform, Socotra Connected Core, and is now live, offering a digitally-forward approach to close critical coverage gaps in coastal Texas, Florida, and the Eastern Seaboard. Annex Risk’s innovative platform combines algorithmic underwriting and capacity, empowering retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes.
“Technology is core to our business, not an enabler - we needed the most modern, continuously improving policy administration system we could find. No-code/low-code platforms were less compelling to us than Socotra’s flexible, API-centric solution,” said Annex Risk Co-Founder Charlie Sido. "Socotra's API-driven platform allows us to configure the entire policy lifecycle natively, while also seamlessly integrating with external solutions for payments, e-signatures and inspections. This flexibility ensures our ability to adapt and scale as the business evolves, while also providing a foundation for future innovation.”
Socotra's cloud-based architecture allows Annex Risk to eliminate significant operational overhead and leverage Socotra's ongoing investments in the platform. This partnership has expedited Annex Risk’s market entry, enabling them to sell their complex product in four states within six months. As a technology startup, Annex appreciates the capital-efficient and self-sufficient nature of Socotra's implementation, allowing them to maintain control and agility while minimizing reliance on third-party consultants.
"We are thrilled to have Annex Risk join our ecosystem of innovative insurance providers," said Dan Woods, CEO of Socotra. "By leveraging Socotra Connected Core, Annex Risk can offer their retail partners a streamlined and digitized experience that sets them apart in the market. Additionally, Socotra's modern underpinnings will future-proof Annex Risk's investment as they continue to grow and evolve their business."
Socotra offers a game-changing alternative to legacy underwriting systems that rely on emails, PDFs and proprietary tools, resulting in quote times that could stretch into days. With Socotra's powerful capabilities, Annex Risk can deliver an instant quote and bind experience, aligning with retail insurance agents’ expectations and setting a new standard in the industry.
Annex is a leading provider of homeowners insurance for properties with significant natural catastrophe exposure. Through its partnership with over two thousand retail agents, Annex focuses on closing critical coverage gaps in coastal areas from Texas up the Eastern Seaboard. Annex's sophisticated algorithmic underwriting and capacity enable retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes. With a technology-driven approach, Annex leverages innovative solutions to deliver an exceptional customer experience.
Socotra provides insurance companies with the flexible modern core platform and ecosystem they need to adapt, innovate, and grow their business. By leveraging solutions such as Socotra CorePlus and Socotra Connected Core, insurers can streamline policy administration, enhance digital experiences, and deliver products to market faster. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
Core Insurance, Risk Management
Businesswire | July 07, 2023
Inszone Insurance Services, a fast-growing national provider of benefits, personal, and commercial lines insurance, is pleased to announce its recent acquisition of Quail Ridge Insurance Services.
A well-respected agency, Quail Ridge Insurance Services was established by Cora Wong in August 2003. Quail Ridge, previously known as C Wong Insurance Agency in Vallejo, CA, moved to Vacaville, CA, in 2013, and rebranded to emphasize its commitment to exceptional client service. This merger heralds a promising new phase for both companies and strengthens Inszone Insurance Services' commitment to offering personalized insurance solutions to small contractors.
Quail Ridge Insurance Services saw its beginning in a single room of Wong's home. The agency experienced rapid growth, moving into leased office space within six months. Their exceptional service and personalized approach to insurance for small contractors quickly earned them a strong reputation in the industry.
"We are very excited to welcome the Quail Ridge Insurance Services team into the Inszone Insurance family," said Chris Walters, CEO of Inszone Insurance. "Their dedication to providing personalized service to their clients aligns perfectly with our goal of being the top insurance service provider in California. We look forward to working together to continue delivering exceptional service and value to our clients."
After the merger, Quail Ridge Insurance Services' clients can expect a smooth transition. They will now have access to more resources, a wider market reach, and the added expertise of Inszone Insurance Services at the Inszone Vacaville location. The combined knowledge and experience of both teams will enable the provision of comprehensive insurance solutions tailored to the unique needs of small contractors.
About Inszone Insurance Services
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, Oregon, Texas, and Utah, the company is looking to further expand throughout the United States.