'Fast follower' insurance firms to feel the sting of COVID-19 pandemic

Insurance Business America | April 23, 2020

The insurance industry has never been known for its speed or agility. Rather, it has been characterized as slow, methodical, and cautious of any sudden movement. Of course, that’s a generalization. There are many insurance firms that break the mold and lead the way in terms of transformative innovation, but, generally speaking, most insurers have opted to spend their time on other things … until now. The global coronavirus pandemic has caused an explosion in firms throwing caution to the wind. COVID-19 has created a situation where the world has shifted in a non-linear way – and it’s shifted much faster than anyone could have anticipated. The global economy has been forced into an induced coma to try and slow down the spread of the virus. As governments call for physical distancing, and in some cases total society lockdown, insurance businesses have been forced to close their offices, ask employees to work remotely, and conduct all of their business through digital and/or virtual channels. The coronavirus has triggered the fastest overnight transformation in the history of the insurance industry.

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Why Does My Organization Need Insurance? The number one question that most Parent Teacher groups face today is “Why does my Organization need insurance?” That’s a great question and one that every Parent Teacher group should ask itself. There are many misconceptions about insurance when it comes to Parent Teacher groups.

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Why Does My Organization Need Insurance? The number one question that most Parent Teacher groups face today is “Why does my Organization need insurance?” That’s a great question and one that every Parent Teacher group should ask itself. There are many misconceptions about insurance when it comes to Parent Teacher groups.

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CORE INSURANCE

Liberty Mutual Insurance Joins MIT-led Global Alliance on Innovation to Combat Climate Change

Liberty Mutual Insurance | August 03, 2022

Liberty Mutual Insurance today announced its membership to the MIT Climate and Sustainability Consortium (MCSC), supporting the acceleration and implementation of large-scale, real-world solutions to address climate change. Liberty Mutual joins 17 other member companies in the Consortium's efforts to inspire transformative climate progress across industries and the globe. We believe collaboration is a critical component to combatting climate change, As an insurer we continually see and learn more about climate change, and we're eager to bring this knowledge to MCSC and help advance the Consortium's important, urgent work, said Liberty Mutual Chief Sustainability Officer Francis Hyatt, who will serve on MCSC's industry advisory board. Liberty Mutual will participate in several workstreams that support MCSC's key objectives: To accelerate the introduction of large-scale, feasible solutions to address the threat of climate change. To advance proposals regarding sustainability opportunities, training for innovators, regulatory policies, and the development of business models across sectors. To catalyze links between academic innovations and commercial scalability. To materialize sustainable practices that are action-oriented and incorporate social justice, economic equity, and respect for the environment. "We are excited to welcome Liberty Mutual to the MIT Climate and Sustainability Consortium and look forward to the perspective and expertise they bring from the insurance and risk management industry, Liberty Mutual will contribute to the dialogue and solutioning currently underway within the Consortium." -Jeremy Gregory, PhD, Executive Director of the MCSC As two renowned organizations in Massachusetts, Consortium membership is just the latest step in Liberty Mutual's long-standing relationship with MIT. In 2019, Liberty Mutual launched an artificial intelligence research collaboration with MIT Quest for Intelligence, is a member of the MIT Industrial Liaison Program, and is one of the founding members of the MIT Mobility Initiative. About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2021 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue. We employ over 47,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

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INSURANCE TECHNOLOGY

BriteCore Platform Launch Expands Core Capabilities for P&C insurers

BriteCore | September 19, 2022

BriteCore, a next-generation provider of cloud-native core administration solutions for property and casualty (P&C) insurers, today announced the launch of the BriteCore Platform, a comprehensive suite for managing policies, billing, and claims complete with advanced analytics, a ratings engine, and agent and policyholder portals. As the insurance industry trends toward greater levels of customer-centricity, BriteCore is redefining the traditional boundaries and capabilities of policy administration systems (PAS) with the BriteCore Platform by enabling small to mid-size insurers and managing general agents (MGAs) to gain a competitive edge against larger companies. In fact, recent BriteCore research into current technology and industry trends in North America found 94 percent of survey respondents rely on core systems to support business growth initiatives, improve efficiency and productivity, and modernize operations. Further, the BriteCore P&C Core Systems Survey confirmed industry leaders see modern, cloud-native core systems as a solution to the challenges driving a continuous need for enhanced business operations and customer experiences. “When we decided to move away from the legacy system which had been running our business for years, we chose the BriteCore Platform since it enabled us to establish new business processes that deliver exceptional agent and policyholder experiences, all while providing options to better manage cost and grow our business, In addition, the BriteCore Platform decreased our dependency on on-prem solutions and future-proofed our IT environment by allowing us to easily integrate with existing and emerging technologies going forward.” -Nancy Newmister, President and CEO for Frederick Mutual Insurance Company In addition to the BriteCore Platform’s comprehensive digital core functionality, new and enhanced features available immediately include: E-Signature – Through a new partnership with DocuSign, the BriteCore Platform provides agents and policyholders with the option of signing documents electronically during the quoting and underwriting process. E-signature delivers faster time to revenue, greater ROI and cost savings, and reduced risk through improved compliance. Advanced Analytics & Reporting – BriteCore extended the core platform to deliver persona-based executive dashboards, advanced analytics and reporting. Now agents, executives, and line-of-business leaders (underwriting, claims, billing) can easily create custom and standard reports, identify new business opportunities for growth or cost savings, and translate their data into actionable insight. UI Enhancements – BriteCore performed a major update to the platform user interface to ensure the experience for agents, policyholders, and insurance carrier staff benefits from a simple, modern design that is easy to learn and use while delivering a consistent look-and-feel. Enhanced Comprehensive IT Environment – Backed by AWS for reliability, scalability, and enterprise-grade security, the BriteCore Platform is relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes. BriteCore added to the range of Amazon Web Services (AWS) services and technologies used to support the BriteCore platform in such areas as delivering fast and responsive query performance through a robust in-memory engine. The BriteCore Platform redefines and expands the capabilities P&C insurers industry-wide, and our ever-growing number of insurer customers, can expect from a core system, Historically, core systems focused on automating internal processes and workflows. The BriteCore Platform automates internal AND external processes, provide superior underwriting and claims processing experiences for agents and policyholders, and integrates a wide range of external services and data sources to improve the competitiveness of insurers. Today and into the future, the BriteCore Platform can be relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes,said Ray Villeneuve, CEO for BriteCore. About BriteCore BriteCore is a cloud-native platform for P&C insurers that unlocks business growth, enhances the customer experience, and delivers great efficiency gains. BriteCore provides end-to-end support for insurance operations that includes policy administration, an agent and policyholder portal, rapid product configuration, underwriting rules and rating, billing management, claims management, document management, and reporting. As a cloud-native solution, BriteCore is continually updated for maximum security, efficiency, and durability at scale.

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INSURANCE TECHNOLOGY

Zurich Insurance Germany Selects Cognizant as Strategic IT Partner to Transform its General Insurance Application Landscape

Zurich Group Germany, Cognizant | July 07, 2022

Cognizant today announced that it has extended its relationship with Zurich Beteiligungs-AG, the German subsidiary of global insurance leader Zurich Insurance Group (Zurich), to help Zurich Germany deliver more digital services offerings to its clients and partners. As part of the new multi-year agreement, Cognizant will work closely with Zurich Germany to simplify, modernize, and manage and maintain the insurer's enterprise application landscape in the General Insurance domain. The partnership will establish joint DevOps teams and is designed to extend Zurich Germany's artificial intelligence (AI), data, software engineering and cloud capabilities. By bringing together Zurich Germany's applications in its General Insurance domain under the joint management of inhouse IT and Cognizant as key strategic IT services provider, Zurich Germany is expected to reduce the total cost of ownership, speed up the time to market of new digital services and products, and lay the foundation for further digital and agile enablement of the enterprise. "Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany. "Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany. The new agreement builds on and significantly expands the two companies' existing agreement, under which Cognizant successfully implemented and manage and maintain Zurich's General Insurance products on Guidewire. "Innovative, forward-thinking clients like Zurich understand the importance of collaborating with a strategic IT partner to help them achieve their digital transformation and meet their business objectives," said Dr. Rolf Werner, head of Germany, Austria and Switzerland, Cognizant. "Cognizant is pleased to have been selected by Zurich to expand our successful collaboration, and we will apply our deep expertise in application modernization, development and maintenance, along with our in-depth knowledge of the insurance industry, to deliver even more value and help Zurich meet its customers' needs." About Zurich Group Germany Zurich Group Germany is part of the worldwide operating Zurich Insurance Group. With a premium income (2021) of about EUR 6.3 bn, investments of EUR 53 bn and about 4,500 employees, it is among the leading insurers in Germany with a wide range of property and life insurance products. Zurich offers innovative, powerful and sustainable products and solutions for insurance, prevention and risk management from a single source. Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world. About Cognizant Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

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