Guidewire | July 30, 2021
Guidewire Software, Inc., the platform that property and casualty insurers rely on to engage, innovate, and grow efficiently, announced today that Genpact, a firm focused on delivering digital transformation, including deep expertise in claims processing, has joined Guidewire PartnerConnect as a Solution partner. In addition, the companies announced that Genpact's new Ready for Guidewire certified add-on is now available in the Guidewire Marketplace for insurers.
Genpact supports the insurance sector by transforming business processes through digital-led innovation and digitally-enabled intelligent operations. The company acts as a transformation partner for insurers across the world; its solutions span the entire claims lifecycle to create strategic business impact while also delivering positive claims experiences for policyholders and cost-effective claims processing with shorter cycle times.
The Ready for Guidewire add-on from Genpact links ClaimCenter users to Genpact Claims Manager for digital inspection and adjudication. Virtual inspections, self-service inspections, and a complete suite of field services, including managed repairs, are all possible with Genpact's technology.
Insurers can use Genpact's Claims Services add-on to:
Create and assign claims to Genpact instantly and automatically for claims processing.
Directly access claim status updates within ClaimCenter;
Send and receive notes and documents related to the claim with ease to and from Genpact; and
Reduce claims cycle times and free up claims experts to concentrate on the entire claims process and policyholder experience to improve customer satisfaction.
Genpact is a global professional services firm that helps companies transform. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience reinventing processes for hundreds of clients, many of whom are Global Fortune 500 companies, and guided by our purpose – the relentless pursuit of a world that works better for people. We connect every dot, reimagine every process, and redefine the ways companies work — from New York to New Delhi and more than 30 countries in between – because transformation happens here.
About Guidewire Software
Guidewire is the platform that P&C insurers rely on to engage, innovate, and grow efficiently. We integrate digital, core, analytics, and AI to offer our platform as a cloud service. Guidewire is used by over 400 insurers, ranging from start-ups to the world's biggest and most complex.
As a partner to our clients, we are constantly evolving to assist their success. We are proud of our unmatched implementation track record, with 1,000+ successful projects backed by the industry's biggest R&D team and partner ecosystem. As a result, hundreds of applications are available in our marketplace to help with integration, localization, and innovation.
CCC Information Services | May 05, 2021
CCC Information Services Inc. (CCC), a leading SaaS supplier to the P&C insurance industry, announces the introduction of an enterprise payments network to power electronic payments through the insurance and automobile ecosystems. The company intends to extend its CCC® Payments capabilities to allow digital payments between insurers and their business partners, thus lowering administrative costs and cycle time while improving customer satisfaction.
CCC's network of over 30,000 businesses will benefit from their CCC connections because payments functionality is built to integrate with their CCC solutions, presenting payment details inside existing workflows. CCC Payments transactions initiated by insurers will be handled by Nvoicepay, a third-party financial services provider and a pioneer in payment automation software, which is expected to begin in the second half of 2021. CCC first launched electronic payment capabilities in 2019, offering collision repair customers an easy way to manage customer-to-shop payments.
"CCC is systematically bringing digitization to every area of the automobile and insurance industries," said Barrett Callaghan, senior vice president of markets and customer success at CCC. "By expanding CCC Payments, we want to remove two significant market pressure points: paper checks and phone calls." Our plans to incorporate CCC Payments into our workflow solutions would be important, particularly for our collision repair and lender customers, who will be able to use their single access to CCC to handle digital receipt of insurer payments. CCC is eager to expand its digital capability to cover payments, as it continues to meet the industry's vision for straight-through processing."
CCC Payments is designed to enable insurers to accept any form of B2B digital payment through P&C lines. Recipients using the payment solution would only need to insert their payment details once with the processor for it to be seamlessly and securely deployed through the CCC network, making it simple to enable payments at scale. CCC Payments is intended to enable straight-through processing as well as configurable workflows, enabling insurers to select the level of automation for payment approvals. Furthermore, all insurers and payees will access premium notifications and status updates directly from their existing CCC environment.
"CCC is proud to help more than $100 billion in commerce per year through its technology and connections," said Shivani Govil, CCC's chief product officer. "CCC intends to expand our core capabilities and advance the digitization of the P&C insurance economy through our expected expansion in digital payments. We anticipate that CCC Payments will open up a whole universe of possibilities for our customers to enhance their performance and the customer experiences they deliver."
CCC is a leading SaaS platform for the multi-trillion-dollar P&C insurance market, powering operations for insurers, repairers, automakers, part suppliers, lenders, and others. More than 30,000 companies use CCC cloud technology to digitize mission-critical workflows, commerce, and customer experiences. CCC, a recognized expert in AI, IoT, customer experience, network, and process management, delivers innovations that keep people's lives going when it matters most.
AXA XL | February 24, 2022
Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company ('A+' rated) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies ('A' rated) in a move intended to bolster Applied's operating capabilities in support of its strategic partners as the E&S market hardens. The transaction is scheduled to close during Q2 as anticipated regulatory approvals are received.
Mr. Jamie Sahara, President of Applied Underwriters, characterized the acquisition as a major advantage to Applied, its emerging E&S market leadership and its growing collaboration with channel partners in the sector:
"Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market."
-Mr. Jamie Sahara, President of Applied Underwriters
Mr. Steve Menzies, Chairman of Applied Underwriters, noted that the structure for the transaction drew upon a business transfer process used in Oklahoma that is based upon the successful Part VII transfer procedure used in the UK and the EU:
"We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act's regulatory process and its regulators' application of it. Uniquely, the IBT process permits insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both the transferring and assuming companies an efficient, transparent and straightforward process, while also realizing a legal finality. Our deal was complex and the Oklahoma regulatory format really helped facilitate this."
-Mr. Steve Menzies, Chairman of Applied Underwriters
According to Mr. Menzies, the transaction required the redomestication of the company: "The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of surplus lines authorizations. To effect the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, so that Oklahoma's IBT process could be used. We thank the regulators involved in these states in acting to benefit the sector and, ultimately, the clients we serve."
Formed in the 1950s, the Company that is Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company became part of what is now AXA XL.
Catlin Specialty Insurance Company currently holds an 'A+' rating from AM Best. The North American Casualty companies are rated 'A' by AM Best.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. AXA XL partners with those who move the world forward.