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automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.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 U.S. economic recession of recent years has touched all Americans, and the working middle class has been especially hard hit. The market is healing, yet job prospects remain limited, wages are idle, and savings, investments and home values are low. In this environment, consumers have had to reconsider their definition of financial security. Some have changed their behaviors to spend less, pay off debts and build emergency savings. Yet many more millions are missing out on true financial security because they don’t have enough if any life insurance protection.

Spotlight

The U.S. economic recession of recent years has touched all Americans, and the working middle class has been especially hard hit. The market is healing, yet job prospects remain limited, wages are idle, and savings, investments and home values are low. In this environment, consumers have had to reconsider their definition of financial security. Some have changed their behaviors to spend less, pay off debts and build emergency savings. Yet many more millions are missing out on true financial security because they don’t have enough if any life insurance protection.

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RISK MANAGEMENT

JENCAP GROUP ACQUIRES INTERNATIONAL ASSURANCE OF TENNESSEE, Expands Medical Stop-Loss Capabilities

Jencap Group LLC | January 04, 2022

Jencap Group LLC (Jencap) has agreed to acquire International Assurance of Tennessee (IAT), a Managing General Underwriter (MGU) specializing in Employer and Medical Stop Loss Insurance. IAT will operate under the auspices of the Jencap Program Administrators LLC division. “The rapidly changing landscape of the insurance industry demands precision and expertise. When you integrate IAT’s niche specialization and proven success into Jencap’s established Stop Loss book of business, we will better serve the growing market demand for Stop Loss Insurance by providing additional resources and an expanded geographic footprint to our agency partners.” -John Jennings, Chief Executive Officer of Jencap IAT is one of the longest standing MGU’s in the business, with its principal office located in Franklin. “For nearly 40 years, our team at IAT has exceeded our agency partners’ expectations by staying true to our product, providing unparalleled service, and remaining consistent in our approach. Partnering with Jencap will offer amplified growth and expansion for IAT and allow us to capitalize on new Stop Loss opportunities in the marketplace.” -TN. Bob Baisden, President and Founder of IAT About International Assurance of Tennessee Founded in 1984, International Assurance of Tennessee is one of the oldest Managing General Underwriters in the business. They write Employer Stop Loss and Medical Stop Loss Insurance for prisons and jails. About Jencap Group Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 17,000 independent agency partners.

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CORE INSURANCE

Insurance Digital Payment Provider PayCloud.io Introduced New Platform

PayCloud.io | May 27, 2021

PayCloud.io is pleased to introduce a digital payment platform specialized for insurers and MGAs to fulfill the continuously expanding need for digital payment solutions. While the name payCloud.io is new, the core systems and team have been in the insurance industry for over two decades. PayCloud.io spun out of insurance software pioneer Silvervine Software, uses the same forward-thinking digital payment technology as Silvervine Software, but with a dedicated payment focus. PayCloud.io provides a comprehensive suite of modern payment solutions, each of which provides a safe, convenient, and user-friendly customer experience. Its efficient digital payment systems allow insurers to receive payments as well as initiate a wide range of outbound payments to insureds, claimants, vendors, and others. payCloud.io allows premium payments both online and by phone. The company, which is ultra-secure and always reliable, achieved 99.99% uptime in 2020 and the previous five years. "We're pleased to formally launch payCloud.io and expand our digital payment offerings," said Timothy Cunningham, payCloud.io's director of payments. Cunningham, who has over 20 years of product and software development expertise in the insurance sector, is in charge of many new product developments that will be deployed in the coming weeks. "Because our entire payCloud.io team has prior expertise in the insurance sector, we can easily help both existing and new customers. Because we are familiar with insurance operations, structuring, and digital payment requirements, we can quickly support customers, capitalize on new digital payment opportunities, and grow within the industry." "We are excited to offer payCloud.io, which provides customers with an expert team committed to digital payment innovation, exceptional customer support, and highly competitive rates," said Shurre Hampton, Silvervine's general manager. "Silvervine can now focus completely on developing cutting-edge insurance software to meet the rising demands of the insurance sector, due to payCloud.io. Best of all, Silvervine clients will benefit from the all-star payCloud.io team's products and services." About payCloud.io payCloud.io helps insurers improve their performance by providing quick, friendly digital payment experiences at the industry's lowest rates. The company provides an ultra-secure digital payment platform with inbound and outbound payment options that are also specifically tailored to the needs of insurers and MGAs. All payCloud.io solutions include simple implementation, extensive customer support, and PCI hosting for efficient risk management.

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Fortegra Financial Corporation Announces the Formation of New Excess and Surplus Lines Subsidiary Fortegra Specialty Insurance Company.

Business Wire | October 01, 2020

Fortegra Financial Corporation, a leading specialty insurer and subsidiary of Tiptree Inc. Announced today the formation of a new excess and surplus lines subsidiary, Fortegra Specialty Insurance Company. Now that it has received approval in its domicile state of Arizona, Fortegra’s new E&S subsidiary is working to obtain the remaining regulatory approvals necessary to conduct business throughout the United States. Fortegra anticipates that underwriting within the E&S company will commence in the fourth quarter of 2020. Richard Kahlbaugh, CEO of Fortegra, commented, We have seen rates harden in the market. The catalysts for the hardening are diverse and as such we expect the trend to continue for the foreseeable future. Adding an excess and surplus lines company to our portfolio was a natural response, allowing us to broaden our product reach and scope within the U.S.

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