CORE INSURANCE, RISK MANAGEMENT
PRnewswire | March 31, 2023
HawkSoft announces that CoverRight is now participating in its Solution Partner program. CoverRight.com is a digital-first concierge platform designed to empower retirees and their families to easily learn about and navigate Medicare health insurance online. The US-based insurtech collaborates with experienced Insurance, Banking, and Healthcare Provider partners nationwide to create new revenue opportunities through a digitally-driven and personalized Medicare navigation and enrollment experience for their clients. HawkSoft is a leading agency management system for independent insurance agencies that serve communities throughout the US.
Given the uncertain economic landscape, many independent agencies are seeking options to capture missed revenue opportunities and protect retention rates in 2023. Adding CoverRight as a Solution Partner will provide Property & Casualty (P&C) focused agencies an option to generate new revenue at no additional cost.
America's workforce continues to age with over 10,000 Americans retiring each day, affecting more personal lines clients than insurance agencies may realize. In fact, 1 in 5 Americans is a silent caregiver and may have to make complex Medicare decisions on behalf of an aging parent. Instinctively, clients turn to trusted channels such as personal insurance, banking, or healthcare providers for advice when transitioning to Medicare but require the additional expert help that CoverRight provides. CoverRight's digital-first concierge-style platform has helped over 14,000 Americans learn about Medicare and offers its partners clients a dedicated licensed Medicare advisor end-to-end – 100% free.
"HawkSoft is built by industry veterans who are exceptionally positioned to understand and help deliver what agencies will require to thrive on an evolving basis," said Karan Narang, Head of Partnerships at CoverRight. "As a Solutions Partner, CoverRight uniquely offers HawkSoft agencies the ability to cultivate a new revenue stream from their existing client portfolios while driving value back to their business. We're excited to grow our alliance with HawkSoft and help enable P&C focused agencies to capture missed opportunities with Medicare."
"Our customers often describe their jobs as 'protecting their community,' which is not limited to just covering their insureds' P&C risks," says Rushang Shah, VP of Marketing at HawkSoft. "They are resources in their communities, offering advice and guidance through some of the hardest situations a person will encounter. CoverRight feels like a natural fit for our efforts to support that pillar position agents find themselves in."
About HawkSoft
Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year. Learn more about HawkSoft's story at www.hawksoft.com/story.
About CoverRight
CoverRight.com is the first digital concierge platform designed to empower retirees and their families to easily learn about and navigate Medicare online. The company collaborates with experienced Insurance, Banking, and Healthcare Provider partners nationwide to create a digitally-driven and personalized Medicare enrollment experience for eligible clients. The CoverRight platform pairs technology with human support to simplify a traditionally confusing and complex decision by delivering a concierge-style experience that provides consumers with a delightful and comprehensive Medicare plan selection and enrollment experience. The company's vision is to become the go-to retirement concierge platform to help retirees manage and navigate health and finance in retirement.
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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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LIFE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | June 01, 2023
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a new partnership with Empathy, the innovator behind the leading platform that helps families navigate the emotional and logistical challenges of loss. This partnership will provide life insurers with tech-powered services to aid them in delivering comprehensive bereavement support to beneficiaries.
Empathy’s recently published installment of its annual Cost of Dying Report sheds light on the financial and emotional demands of loss, finding that the average bereaved family spends close to $5,000 on all legal matters, yet under 15% of these families have access to life insurance or dedicated funds to settle the estate. The strain faced by bereaved families presents both a challenge and an opportunity for life insurance carriers, as they work with families struggling through these burdens every day. Insurance providers are in a unique position to go beyond a financial payout and act as a source of support, guidance, and information for grieving beneficiaries.
“If you want to build a relationship of trust and generational loyalty with beneficiaries, the first step is providing valuable support that acknowledges the nature and significance of the burden they face,” said Ron Gura, Co-Founder & CEO of Empathy. “Our experience has taught us that the burden of loss is both broad and deep, and life insurers can play a leading role in supporting bereaved families as they navigate emotional and logistical challenges. Partnering with industry leaders like Majesco further simplifies the implementation of our services with insurers of all sizes, meeting beneficiaries where they are. Together, we are transforming transactions into relationships and sticking around with families in the days, weeks, and months following their loss.”
Both Empathy and Majesco provide unique solutions for insurance companies seeking to better support their beneficiaries. Over 350 insurers, from startups to some of the world’s largest insurance companies, use Majesco’s SaaS solutions to anticipate what’s next and deliver customized experiences that customers rely on. Empathy’s bereavement care platform accentuates that support, ensuring that beneficiaries have access to comprehensive grief care and helping them wind down their loved one’s affairs with full administrative assistance.
“The life, annuity and health market is evolving in its understanding of ways in which insurance providers can improve operationally and create long-term value for beneficiaries especially during their most difficult and critical moments,” said Ray Law, SVP & GM of Products at Majesco. “As a company focused on delivering outstanding experiences for customers, we pride ourselves on selecting innovative partners like Empathy to maximize the support we are able to offer to the people we serve.”
About Empathy
Empathy is the comprehensive support system for loss, offering bereaved families holistic guidance and care for all of the administrative, emotional, legal, and financial challenges they face after their loved one passes away. Empathy's award-winning app and care team are trusted by leading employers and insurance carriers to support their employees and beneficiaries through life's greatest challenges, saving them time, money, and stress. Headquartered in New York and recognized as a Top Digital Health Company by CB Insights, as well as a Most Innovative Company by FastCompany, Empathy has raised $43 million in funding from leading investors including General Catalyst, Aleph VC, and Entrée Capital. To learn more about Empathy, visit us at empathy.com.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
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