INSURANCE TECHNOLOGY
Majesco | December 17, 2020
Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation.
“Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.”
Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems.
Infinilytics
A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app.
Innovative Systems
In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases.
These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era.
Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation.
“Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.”
Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems.
Infinilytics
A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app.
Innovative Systems
In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases.
These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era.
About Majesco
Majesco, provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.
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INSURANCE TECHNOLOGY
Shift Technology, Elephant Insurance | December 15, 2020
Shift Technology, a provider of AI-native fraud detection and claims mechanization solutions for the global insurance industry, today announced Elephant Insurance selected the company to help improve fraud detection in the P&C insurer's claims process.
Well known for its customer-centric approach to insurance, Elephant is focused on ensuring consumers approach the best products and services available, at the correct cost, to deliver the protection they need. Recognizing that insurance fraud can impact all policyholders through higher premiums and a lengthier claims process, Elephant sought to strengthen its fraud detection capabilities. After careful evaluation of the technology available, Elephant selected the Shift Claims Fraud Detection solution. According to Elephant, Shift was selected because its artificial intelligence and data science expertise helps improve the detection of fraud earlier in the claims process to maintain a strategic distance from issuing payments on fraudulent claims and provides agents with important tools for investigations.
"Insurance fraud is a cost we all bear. Naturally, we want to do our best to reduce fraud, making it possible to offer our customers the lowest price possible," explained Rhys Pearce, Head of Claims at Elephant Insurance. "With Shift, we have found an industry-proven technology that gives us an efficient, effective means of uncovering hidden fraud to the benefit of all our policyholders."
Notwithstanding its own evaluation of the Shift solution, Elephant was impressed with the technology's performance at two of the insurer's sister companies in Europe, L'olivier and Admiral Spanish Operation. It was shown that Shift's data scientists can effectively use historical claims data to build models exceptional to Elephant which will aid its agents in flagging potential fraud significantly earlier in their audit process. These capabilities represent important cost efficiencies that Elephant can pass on to customers as lower rates.
"It is incredibly gratifying to work with insurers like Elephant who understand that the ability to spot potential fraud, as early as possible, has an incredibly beneficial impact on the claims process overall," explained Jeremy Jawish, CEO and co–founder, Shift Technology. "Effective fraud detection is a very powerful tool in support of delivering phenomenal customer experiences."
About Shift Technology
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed billions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.
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INSURANCE TECHNOLOGY
BOXX Insurance | October 19, 2021
BOXX Insurance, the Toronto-based fast-growing cyber insurtech, is pleased to announce a new partnership with security consulting firm Asceris.
The partnership was confirmed at the recent NetDilligence Cyber Risk Summit in Santa Monica, and follows BOXX's announcements that it closed its Series A financing round and is expanding to the US.
Under BOXX's Hackbusters banner, the Asceris partnership will add to BOXX's incident response capabilities. BOXX's new service with Asceris includes 24/7 incident response and new services that have been customized for BOXX's consumer and employee benefit clients. With this partnership, Asceris will provide BOXX clients with a seamless escalation from suspected incident to full Incident Response and Forensics support.
"Too often, we see individuals and families struggle to know how to stay ahead of threats, really panic in the event of an incident and then suffer the ignominy of being severely out of pocket. BOXX solves all three problems in one integrated product."
- Vishal Kundi, CEO & Co-founder of BOXX
The collaboration with Asceris will fuel BOXX's mission to become a leader in personal cyber insurance. It follows BOXX's global partnership with Consumer Privacy and Security specialist AURA. "By leveraging such partnerships, BOXX is able to craft meaningful propositions for consumers and boost their confidence to avail of all the good things digital can provide," Kundi said
"Consumers continue to struggle to know how to address cyber risk. The threats are constantly evolving, so in addition to being more secure and better prepared, consumers need to have timely access to the right expertise in case the worst happens. BOXX delivers on all of these requirements. Their innovative business model combined with their global reach provides them with an exceptional ability to strengthen cyber defenses and reduce the impact of cyber events. Asceris is excited to work with BOXX and we look forward to a long relationship and the opportunities this partnership brings."
- Anthony Hess, CEO at Asceris and former executive at CFC Underwriting and the Big 4 consulting firm KPMG
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada
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