INSURANCE TECHNOLOGY

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

Decision Research Corporation | November 06, 2020

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

As insurance plans change, people are finding new ways of saving for retirement alongside the old faithful 401Ks, IRAs, and savings accounts. One of the main benefits people are finding is that with certain health policies and life policies, they can spread their retirement planning throughout their policies instead of solely relying on that 401K contribution alone. This provides them with extra savings for the future and helps offset those healthcare costs that can skyrocket throughout retirement.

Spotlight

As insurance plans change, people are finding new ways of saving for retirement alongside the old faithful 401Ks, IRAs, and savings accounts. One of the main benefits people are finding is that with certain health policies and life policies, they can spread their retirement planning throughout their policies instead of solely relying on that 401K contribution alone. This provides them with extra savings for the future and helps offset those healthcare costs that can skyrocket throughout retirement.

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INSURANCE TECHNOLOGY

One80 Intermediaries Deepens Affinity Business With Acquisition of SelmanCo

One80 Intermediaries | July 11, 2022

One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced the acquisition of SelmanCo, a leading third-party administrator and broker offering life, supplemental health and related products and services to associations, credit unions, banks, employers and insurance companies. Dowling Hales acted as the exclusive financial advisor to SelmanCo and Jones Day provided legal representation for the transaction. One80 Intermediaries was represented by Ropes & Gray. Terms of the deal were not disclosed. SelmanCo has been in business for over 40 years and operates throughout the U.S. and Canada with headquarters in Cleveland, Ohio. The company enjoys long-term partnerships with over 55 insurance companies and maintains $300 million of annual insurance premium under administration. SelmanCo provides insurance services to more than 1.3 million customers, and serves over 800 financial institutions, 2,100 employers and 70 affinity groups. “One80 Intermediaries is excited to further expand our presence in the affinity market. We have been impressed with the SelmanCo’s market leading administrative services in the employee benefit space, as well as the company’s supplemental health insurance offerings provided to retired members of the United States Armed Forces and their families,” -Matthew F. Power, President, One80 Intermediaries. We are pleased to join One80 Intermediaries as we are confident that our partnership will enable us to continue to grow in a nimble and efficient manner. Further, the One80 platform will provide enhanced opportunities for our employees and expanded services to our clients and customers with the continued adherence to the values that have made us successful, said David Selman, Managing Director at SelmanCo, a division of One80 Intermediaries. About One80 Intermediaries One80 Intermediaries is a privately held, national firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, financial lines, personal lines, cannabis, life insurance, medical stop loss, alternative risk, warranty, lender-based insurance, travel/accident and health risks. One80 serves commercial companies, non-profits, public entities, and individuals, and has access to all major insurance markets in the US, Canada and UK. Coverage spans all industry classes. One80 has offices in more than 35 locations in the US and Canada. For more information visit www.one80intermediaries.com

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AUTOMOBILE INSURANCE

Greater Than listed in AIFinTech100 list as one of world's most innovative AI solution providers

Greater Than | July 12, 2022

Greater Than the global provider of DriverDNA for real-time insurance and predictive risk insights, is listed in AIFinTech100, in recognition of its next-generation pattern AI technology providing real-time predictions of car crashes and CO2 emissions. The AIFinTech100 list, published today, highlights the world's most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services. These are the companies every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions. "We're extremely proud that our unique patented AI technology has been recognized in the prestigious AIFinTech100 list. Thanks to the dedication and perseverance of our team, our AI can find micropatterns in people's behavior, enabling us to create a DriverDNA for every trip, with a crash probability, cost and CO2 impact attached to it. This is transforming the risk forecasting landscape for insurance, mobility providers and fleets, and incentivizing safer, cleaner driving behaviors for the benefit of the wider community," Sten Forseke, Founder of Greater Than The adoption of AI and data analytics solutions by financial institutions has exploded over the last two years accelerated by technological advancements, increased use of digital channels, and shifting regulatory frameworks. Additionally, the potential cost savings for banks from AI applications is estimated to reach $447bn over the next 12 months. As a result, the number of tech providers employing AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance has skyrocketed. This made the selection process for this year's AIFinTech100 list extremely competitive as the finalists were selected by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies. "Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry," - says Richard Sachar, Director of FinTech Global.

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INSURANCE TECHNOLOGY

EY and FINEOS Partnered to Promote Smart Digital Transformation for Insurers

EY | May 26, 2022

FINEOS and Ernst & Young Business Consultants have announced an alliance (EY Ireland). The Alliance will support intelligent digital transformation for insurers. Furthermore, it will positively impact the entire employee benefits value chain, from insurers to employers to employees, while also achieving tangible operational efficiencies. The Alliance has also been expanded to include the United States, with further global expansion planned. FINEOS is a global market leader in core life, accident, and health insurance systems. EY teams have worked with FINEOS on software implementations with different life, accident, and health insurance carriers. The goal of assisting these companies is to realize their transformation journeys through multiple technologies and services ranging from consulting to on-site execution and integration. Many insurance companies currently use manual processes, which create a slew of inefficiencies. As a result, carriers are increasingly required to influence digital and analytical solutions while redesigning customer operations and service models. The Alliance provides clients with the technology they need to achieve their transformation objectives. It will also assist EY teams in developing services around the already successful teams deploying the FINEOS Platform. FINEOS has also developed a leading cloud-based end-to-end software-as-a-service (SaaS) core product suite covering the insurance lifecycle, including rating and underwriting, quotes, claims, absence, billing, and policy administration. Through FINEOS Insight, FINEOS Engage, and EY Nexus, FINEOS and EY teams can bring artificial intelligence (AI) and machine learning capabilities and data analytics software. The industry knowledge and global reach of the EY organization and FINEOS will assist clients worldwide in accelerating smart digital transformation. Finally, this Alliance will aid in the acceleration of innovation and digitization in the employee benefits market. The collaboration between EY and FINEOS will assist clients in maximizing the value of their digital transformation efforts. Insurance carriers are likely to increase their success rate and total value as they build future-ready organizations by combining the FINEOS Platform with the consulting capabilities of EY teams." Matthias Loh, the EY Global FINEOS Alliance Sponsor. As the global life, accident, and health insurance market continues to evolve at a rapid pace, this new alliance with the EY organization brings additional business and technology experience, as well as systems integration capabilities, to assist clients in achieving their goals. As FINEOS continues to invest proactively in new products and growth plans, we want to ensure that our clients access the market support and system integration knowledge required for their transformation plans. With FINEOS New Business & Underwriting, FINEOS Claims, and FINEOS Absence implementations underway, this announcement reinforces our commitment to forging strategic alliances to better support our clients' digital transformation efforts." FINEOS CEO and Founder Michael Kelly.

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