CORE INSURANCE

EY Announced a Partnership with Fadata to Assist Insurance Firms Enhance their Business Performance

EY | July 14, 2021

EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience.

The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey.

Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.

Spotlight

The underwriting process is critical for insurers. But manual processes, spreadsheets, and data from disparate silos slow down the process and make audit trails a nightmare. All that means a lot of stress on systems and employees, plus a less-than-ideal customer experience.

Fortunately, it doesn’t have to be that way.

With the P&C Underwriter Workbench from Mendix and Capgemini, you can optimize and digitize underwriting, leading to efficiency, effectiveness, and increased productivity.

Connect with your core systems and data sources to make data-driven decisions. Customize every aspect to make an offering that’s uniquely yours.

Spotlight

The underwriting process is critical for insurers. But manual processes, spreadsheets, and data from disparate silos slow down the process and make audit trails a nightmare. All that means a lot of stress on systems and employees, plus a less-than-ideal customer experience.

Fortunately, it doesn’t have to be that way.

With the P&C Underwriter Workbench from Mendix and Capgemini, you can optimize and digitize underwriting, leading to efficiency, effectiveness, and increased productivity.

Connect with your core systems and data sources to make data-driven decisions. Customize every aspect to make an offering that’s uniquely yours.

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CLAIMS, RISK MANAGEMENT

Majesco and EvolutionIQ Partner to Expand AI-Powered Claims Guidance for Disability Insurance Lines

Businesswire | April 05, 2023

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced a partnership to integrate EvolutionIQ’s AI-powered Claims Guidance platform with Majesco’s suite of disability insurance claims technology solutions. These include Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H. The integration is part of the Majesco EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer. Closely working with the EvolutionIQ team, the partnership will combine market-leading technologies from both organizations to help insurers transform their claims process, which in turn helps sick and injured claimants recover and return to work faster while reducing claim losses and expenses. Majesco and EvolutionIQ have a number of joint customers using both solutions today. Benefits of the partnership for insurers and TPAs include: Faster technology deployments and a faster return on investment from integrated solutions. A more dynamic and responsive claims solution to cost effectively manage and guide examiners and adjusters to the right claim at the right time and deliver excellent claimant experience. Reduced loss ratios, improved claims processing, reduced claim durations, and more claimants returning to work. “The insurance industry is at an inflection point as rapid advances in technology are now fundamentally changing the underlying economics of claims handling,” said EvolutionIQ co-founder and Co-CEO Michael Saltzman. “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment. By deploying them together, forward-thinking insurers will help many more sick or injured people recover – while simultaneously realizing an impressive ROI.” EvolutionIQ’s AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guide examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The technology has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day. Carriers report up to a 35 percent increase in sick or injured people returning to work using EvolutionIQ with those returns happening on average 3.5 months sooner when compared to legacy processes. “EvolutionIQ with Majesco Claims solutions for the L&AH segment offers our customers and the industry a significant opportunity to transform the claims dynamics for disability and workers compensation,” said Adam Elster, CEO at Majesco. “This partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences. We are thrilled to be working with EvolutionIQ to deliver real business value to our customers.” Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H are industry recognized as market leading solutions by industry analysts, supporting some of the largest insurers and most demanding claims operations. Majesco solutions help insurers manage and resolve claims faster, exceed customer expectations, manage complex integrated disability and absence management and return to work, and ignite innovation that delivers frictionless and transparent claims experiences. While historically claims operations focused on costs and efficiencies, today insurers must take a holistic customer view including management of complex injury claims to help claimants return to work quicker and safer, creating a new customer experience that is a cornerstone of satisfaction, loyalty, and retention. About EvolutionIQ EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers’ Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ’s proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn. About Majesco Majesco is the partner P&C and L&A 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 350 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 900+ 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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CORE INSURANCE, RISK MANAGEMENT

Inszone Insurance Completely Acquires Donna Ledwick Insurance Services

Inszone Insurance | March 08, 2023

On March 7, 2023, Inszone Insurance Services announced the conclusion of its acquisition of Donna Ledwick Insurance Services, previously owned and operated by Donna Ledwick. The move is part of Inszone Insurance's plan to increase its national reach and solidify its position as one of the best insurance companies in the United States. Donna Ledwick expressed, "I'm excited to join forces with Inszone Insurance, which will enable us to better meet the demands of our clients in every way." She continued, "Inszone Insurance places great importance on serving each client, especially those with extremely specialized needs, which aligns perfectly with the values we hold dear." (Source – Business Wire) Chris Walters, CEO of Inszone Insurance Services, remarked, "Donna has been a strong leader in the insurance industry, and we are thrilled to have her on our team." "Our clients can expect the same personalized care they are used to, with the added benefit of extra resources offered by a larger agency. We look forward to working together to help streamline efficiencies, add resources, and continue expanding throughout the state," he concluded. (Source – Business Wire) Besides, Inszone Insurance Services is set to announce several high-profile acquisitions in the coming months. Even though the company has grown quickly, it is still committed to giving customers excellent nationwide service and new insurance options. About Inszone Insurance Services California-based Inszone Insurance Services has developed substantially in the insurance industry since 2002. It covers all 50 states, with offices in California, Arizona, Colorado, Utah, Nevada, Missouri, Texas, and Illinois. Inszone Insurance Services, which offers both personal and business insurance, has expanded by prioritizing customer satisfaction and agent-customer relationships. Its edge in the insurance industry comes from its professional, disciplined agents and its partnerships with many different carriers. The competitive benefits of these long-standing ties allow Inszone to use its expertise and access to provide actual value to its customers.

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CORE INSURANCE, RISK MANAGEMENT

Insurify to Acquire Compare.com, Bolstering Consumer Insurance Options

Insurify | March 13, 2023

Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023. This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand. Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company. Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market." (Source – Business Wire) Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity. About Insurify Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.

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