INSURANCE TECHNOLOGY
Advisor360° | July 05, 2022
Advisor360°, a Software as a Service (SaaS) provider of integrated technology for the wealth management industry, today announced a significant cross-product enhancement to its existing Beneficiaries capability. Financial advisors are now able to see and report on their clients’ beneficiaries on insurance products, in addition to custody and investment accounts, in a single view.
“Having consolidated beneficiaries reinforces Advisor360°’s leadership position in providing cross-product support and solutions to broker-dealers, advisors, and their clients,” said Patrick Noonan, Product Manager for Wealth Management and Insurance at Advisor360°. “With our latest enhancement, it has never been easier for advisors to guide clients on necessary updates to their intended heirs and beneficiaries, which is a critical part of estate planning.”
The improved functionality integrates beneficiaries across all investment products, including insurance and annuities, eliminating the need to visit multiple websites. Advisors can efficiently view and report on primary, secondary, tertiary, and custom beneficiary arrangements for policies that are in effect and those that are pending. This streamlines meeting preparation and allows advisors’ clients to see all of the beneficiary information for their investments in a single view.
“On the heels of rolling out Digital Onboarding, today’s announcement is further proof of Advisor360°’s commitment to developing and delivering the very best in cross-product capabilities. We believe continuous innovation is part of our responsibility to existing and future clients,” said Darren Tedesco, President of Advisor360°.
“On the heels of rolling out Digital Onboarding, today’s announcement is further proof of Advisor360°’s commitment to developing and delivering the very best in cross-product capabilities. We believe continuous innovation is part of our responsibility to existing and future clients,” said Darren Tedesco, President of Advisor360°.
Advisor360°’s insurance and wealth management capabilities are already the most sophisticated on the market, and the company plans to offer new features later in 2022 to remove even more technological hurdles that broker-dealers must overcome to remain competitive.
About Advisor360°
Based in Weston, Massachusetts, Advisor360° is a Software as a Service (SaaS) provider that builds, integrates and delivers technology for wealth management firms. The company’s proprietary Unified Data Fabric™ (UDF) synthesizes complex and disparate data streams into one platform for a highly sophisticated wealth planning solution. Today, 3 million households with $1 trillion in assets under advisement benefit from the integrated Advisor360° experience. Whether the enterprise back office, the client-facing advisor or the individual investor, Advisor360° brings clarity to all stakeholders seeking a holistic approach to managing household wealth. Advisor360° launched as an independent company in 2019 and was named the second largest fintech company in Massachusetts by The Boston Business Journal in 2021. To learn more, visit www.advisor360.com.
Read More
CORE INSURANCE
SECURIAN FINANCIAL | September 30, 2022
To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company.
BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians.
“Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.”
-Darin Reeser, regional director of supplemental health benefit sales for Securian Financial
According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work.
Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning.
Workplace supplemental health benefits on the rise
According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance.
Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion.
A group insurance leader
Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100.
ABOUT SECURIAN FINANCIAL
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
Read More
INSURANCE TECHNOLOGY
Duck Creek Technologies and CogniSure | September 15, 2022
CogniSure Submission Ingestion API allows commercial insurance carriers quicker access to risk insights buried in submission emails and attachments such as Loss Runs and SOVs.
CogniSure AI, an Illinois-based corporation, has entered into partnership with market-leading insurance software provider Duck Creek Technologies, which allows insurance companies to exponentially gain underwriting efficiencies while enhancing their risk decision-making capabilities. CogniSure AI's algorithms extract data from complex submission documents such as applications, schedules, SOVs and loss runs into structured formats and further derive risk insights for underwriter consumption. Duck Creek customers can easily integrate CogniSure AI's Submission Ingestion APIs through its Marketplace.
With ever-increasing risk complexity and customer expectations, it's important that underwriters focus their time on risk assessment and nurturing relationships rather than manually extracting and aggregating data buried in PDF/Excel documents attached to submissions.
PropertyCasualty360 reported that commercial insurers receive roughly 100 million submissions each year; as such, underwriters are extremely selective as to which risks they are willing to work. A majority of the commercial submissions come in emails, and unstructured data is one of the biggest challenges to digitization of commercial underwriting operations.
"Unstructured Data ingestion is a big challenge for property and casualty (P&C) insurance carriers, and we are excited to have CogniSure AI join the Duck Creek solution partner ecosystem. CogniSure AI drives significant operational efficiencies and helps underwriters make better risk decisions by providing access to data that is buried in unstructured documents."
- Robert Fletcher, Head of Global Partnerships at Duck Creek
Sai Raman, Founder & CEO, CogniSure, said, We're really excited to roll out our submission intake solution for Duck Creek customers. We believe it's a tremendous opportunity to complement the Duck Creek platform and drive the automation of underwriting submission processes. We have invested significantly to pre-train our solution through large volumes of insurance documents such as loss runs and schedules to make it production ready and deliver best-in-class precision and responsiveness.
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
About CogniSure
The CogniSure AI platform provides actionable insights from unstructured data buried in insurance documents such as submissions, loss runs, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data extraction and provides unrivaled insights to address the complexity of insurance document processing.
Read More