WORKERS COMPENSATION, COMPLIANCE
PRweb | March 23, 2023
Future Capital has announced an exciting new partnership with Ease that enables insurance brokers to offer professional retirement planning services as a voluntary benefit to their clients through the award-winning Ease platform.
A 2021 J.P. Morgan survey showed that 62% of retirement plan participants wish they could completely hand over retirement planning. With this first-of-its-kind partnership, brokers can offer professional retirement planning as a voluntary benefit without the need for special licensing, retirement industry knowledge, or a relationship with an employer’s particular retirement plan.
"We're thrilled to partner with Future Capital to offer retirement planning services through the Ease platform, " said Ease CEO and Co-Founder, David Reid. "We know employers want to provide professional retirement planning to current and prospective employees. We’re proud to make this valuable new financial wellness benefit available to insurance brokers so they can bring even more value to their clients.”
A technology-driven registered investment advisor (RIA) specializing in retirement planning and asset management, Future Capital makes it easy for insurance brokers to offer professional retirement planning services by eliminating the need for technical integrations, special licensing, or existing relationships with retirement plans.
"We're proud to be the first retirement solution to partner with Ease,” said Jay Jumper, Founder and CEO of Future Capital. "We believe that our solution is a perfect fit for the powerful HR and benefits platform Ease has built, and we look forward to helping insurance brokers expand their offerings and grow their businesses."
About Ease
Ease is the #1 rated benefits administration and HR software for businesses with 2-250 employees, powered by insurance brokers. More than 2,300 agencies trust Ease to help them and their clients grow. Over 85,000 businesses trust Ease to manage benefits & HR for 3.4 million+ employees. Visit ease.com for more.
About Future Capital
For more than 20 years, Future Capital has provided powerful tools, customized services, and professional management of retirement assets to help employees retire with confidence. For more information, visit futurecapital.com.
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CLAIMS, COMPLIANCE
PRweb | May 11, 2023
Guidewire (NYSE: GWRE) and Transcard announced that Transcard’s new Ready for Guidewire validated accelerator is now available to ClaimCenter users in the Guidewire Marketplace.
Customer expectations surrounding claims, specifically claims payments, continue to rise. Now, according to Aite-Novarica, customers expect to receive funds not only in a manner that is convenient to them, but also as quickly as possible. In fact, many customers want the option of “real-time payments” to “receive funds instantly” from their insurer. These high, modern expectations need to be met with modern solutions.
Transcard’s SMART Suite is a secure, all-in-one payments platform that helps insurers meet their customers’ modern payment needs. It allows policyholders to choose their preferred payment method from a wide variety of modern payment types, from ACH and card to PayPal and Zelle.
With the Transcard Accelerator for Claims Payments, insurers can:
Easily access the SMART Hub dashboard within ClaimCenter;
Quickly make or schedule payments to customers or suppliers; and
Automatically reconcile payments in Guidewire in real-time without manual labor.
Transcard’s technology works with any existing bank account, so insurers aren’t required to set up or pre-fund new bank accounts to disburse funds electronically. Additionally, it offers pre-configured workflows for claim payouts, lienholder payments, and other business applications. SMART Hub is Transcard’s all-in-one portal for managing payments. SMART Hub’s dashboard provides access to payment insights in real-time and insurers can track all incoming and outgoing activity via the SMART Hub dashboard.
“Our embedded payment solutions extend the value of Guidewire by making it easier for insurers to make, receive, and manage payments of any type from a single platform, without having to set up or pre-fund a new bank account,” said Greg Bloh, CEO, Transcard. “Connecting our technologies helps our shared customers drive operational efficiency and improve customer satisfaction.”
“We applaud Transcard on the release of its new ClaimCenter app,” said Will Murphy, Vice President, Global Solution Alliances, Guidewire. “Transcard’s SMART solutions enable better payment control and visibility for insurers, while fulfilling policyholders’ modern payment needs and enhancing their experience.”
About Transcard
We make frictionless payments a reality with comprehensive global payment solutions designed for banks, fintechs, and businesses of any size and in any industry. We deliver solutions for B2B payments, C2B payments, B2B2C payments, A2A automation, BaaS.
Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that 550 businesses and more than 200 banks trust us with their payments.
About Guidewire PartnerConnect ecosystem and Ready for Guidewire
Guidewire’s solution ecosystem is the largest in the P&C industry, with over 180+ solution partners providing over 195+ integrations in the Guidewire Marketplace. Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
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LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 20, 2023
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry.
The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members.
The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks:
The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims.
Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers.
Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America.
Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more."
"Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward."
About MIB
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.
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