INSURANCE TECHNOLOGY

DRC Releases Enhanced Product APIs for its RS X Rating solution.

Decision Research Corporation | November 06, 2020

DRC Releases Enhanced Product APIs for its RS X Rating solution.
Decision Research Corporation (DRC), a leading provider of enterprise software solutions for the P&C insurance industry, announced today the release of enhanced Product APIs for its RS X Rating solution. RS X Rating empowers business users and subject matter experts by allowing them to model, design and configure new insurance products using a familiar, easy-to-use Excel® interface. DRC's release of new Product APIs for RS X Rating now allows even complex and custom products to integrate effortlessly with third-party systems. By continuing to invest significantly in their development, DRC recognized the increasing value to insurers of creating custom touch points through APIs. RS X Product APIs make the development process easier, and faster, by providing all essential information needed to seamlessly integrate with RS X Rating, DRC Quote and DRC Policy. This, in turn, allows insurers and brokers to curate and enrich the experience of their customers without sacrificing the power, speed and security of DRC's processing platform.

Spotlight

New insurance processes and business models built on blockchain will call into question current orthodoxies and challenge multiple pain points that are prevalent across the value chain.

Spotlight

New insurance processes and business models built on blockchain will call into question current orthodoxies and challenge multiple pain points that are prevalent across the value chain.

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INSURANCE TECHNOLOGY

Majesco Expands New Partnerships and Apps in Majesco Digital1st® EcoExchange

Majesco | December 17, 2020

Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation. “Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.” Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems. Infinilytics A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app. Innovative Systems In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases. These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era. Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation. “Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.” Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems. Infinilytics A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app. Innovative Systems In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases. These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era. About Majesco Majesco, provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.

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AGCS Embarks on Global Transformation Program to Regain Profitability and Market Leadership

AGCS | July 02, 2020

Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, has announced a comprehensive transformation program, “New AGCS”. The program aims to regain profitability and market leadership in the corporate and specialty insurance segment. The company has made a number of new leadership appointments as part of the move, and aims to strengthen its technical capabilities across its core underwriting and claims functions, streamline its organization and processes, enhance its current distribution and sales abilities, and invest in digitalization.

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CORE INSURANCE

One Inc Partners with Mastercard to Offer Real-Time Insurance Payments

One Inc | September 14, 2021

To ensure that individuals, families, and businesses have near-instant access to insurance funds in the face of emergency, One Inc, a leading digital payments network for the insurance industry, today announced plans to disburse claims through Mastercard virtual cards and Mastercard Send ®. Powered by One Inc's flagship product, ClaimsPay ®, the partnership builds on a shared vision to deliver near-instant, secure payments that deliver needed cashflow for claimants and vendors and reduce cycle time and expenses for insurers. The partnership is One Inc's latest initiative aimed at digitalizing the entire insurance payments stack with an alternative to checks. It arrives at a time when virtual card adoption is expected to accelerate to over $5 trillion in transaction value by 2025, more than triple its $1.6 trillion value in 2020, according to Juniper Research. "This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster," said One Inc CEO Ian Drysdale. "Together, we have the ability to transform and facilitate the delivery of funds in near real-time via Mastercard's virtual cards, providing unique benefits to our vendor network and ever-growing roster of insurance customers. It is another sign of the fast-moving digital evolution in the insurance industry." Despite managing trillions of dollars in claims payments per year, the US insurance industry still relies upon outdated payment methods like checks, which lack transparency, are ten times more expensive for insurers to manage, and take an average of six to ten days to reach claimants. Adoption of virtual cards will solve for each of these critical issues. "Mastercard is focused on improving the ways people and businesses pay and get paid, providing more choice, security and convenience," said Marie Aloisi, senior vice president, Business Development, North America, Mastercard. "Through our collaboration with One Inc and by providing virtual card solutions and near real-time payments with Mastercard Send, we're helping insurance providers digitize payments so people and businesses can receive their claim payments quickly, securely and into the financial accounts of their choice." About One Inc One Inc is modernizing the insurance industry through a unified and frictionless payment experience. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments.

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