The Standard and Noyo | October 21, 2022
Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, has entered into a strategic partnership with Noyo. This partnership reinforces The Standard's commitment to digital transformation by bridging member enrollment and eligibility data across benefits technology platforms. The solution will enable faster group connection and processing times, as well as decreasing operational overhead for benefits administration.
By incorporating Noyo's capabilities around handling, standardizing, and transmitting data quickly and accurately, The Standard is making it easier for employers to administer their benefits and employee enrollments and reducing data issues that can disrupt coverage. The partnership will provide an enhanced billing experience and access to data, allowing information to pass quickly and seamlessly between stakeholders.
“The Standard is making a significant investment in our group insurance business to transform the way we connect with and provide service to our customers, We are investing to deliver a superior outcome for our customers through a unique combination of expertise, caring and digital experience."
-Jill Schlofer, second vice president of Implementation and Enrollment for The Standard
Key Partnership Benefits
Streamlines member maintenance updates including open enrollment, new hires, qualifying life events and demographic and termination changes across all group sizes.
Allows brokers to connect clients faster, spend more time advising their clients and less time on administration.
Performs member enrollment data audits to ensure eligibility changes are processed quickly and accurately.
I am incredibly excited to see an insurance carrier with more than a hundred years of history adopt the technology of the future, We look forward to transforming the way key benefits data is managed and enabling The Standard to focus on their mission to protect the lifestyles of their customers,said Shannon Goggin, CEO at Noyo.
About The Standard
The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals.
Noyo is the modern data infrastructure that makes frictionless employee benefits possible. Founded by leaders in benefits, insurance and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry with seamless digital connectivity. With Noyo, crucial benefits data is instantly available anywhere it’s needed, unlocking new possibilities for how benefits are designed and delivered.
CORE INSURANCE, LIFE INSURANCE
Vouch Insurance | October 13, 2022
Vouch, a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions.
For decades, life science startups have struggled to acquire business insurance. Large insurance carriers typically do not insure early stage life science companies, especially those that are pre-revenue. When they do, minimum premiums are prohibitively expensive.
George Aliaga, Vouch's Health & Life Sciences Vertical Lead, sees tremendous opportunity to support this category during a technological inflection point, as life science startups digitize their business models and increase investment in artificial intelligence to accelerate R&D cycles.
"We believe the most innovative medical advancements are happening right now in incubators around the country, and these startups need help protecting their business in a constantly evolving risk environment, For example, artificial intelligence techniques are being used for drug discovery, disease diagnosis and patient risk identification. AI use in life sciences is rapidly maturing, and groundbreaking startups are emerging with innovative tech as a result."
Vouch is the insurance of the technology industry. Since 2018, Vouch has revolutionized the buying experience and quality of coverage available to tech companies with the introduction of 10 proprietary coverages and a specialty brokerage. Now, the company is offering the same expertise and proprietary capabilities to the underserved life science startup ecosystem.
Life science startups face unique risks. Vouch offers a suite of exposure-driven coverages to ensure comprehensive protection from R&D through product commercialization:
Change in Controlled Environment Coverage - For perishable property prone to spoilage
Vivarium Coverage - For animals used in R&D, breeding or biological product harvesting
Clinical Trials Coverage - When sponsoring or operating human clinical trials
Medical Malpractice Coverage - When offering medical treatment or advice that may create medical malpractice exposure
Specialized Contamination Coverage - For products susceptible to contamination by radiation, bacteria, mildew, mold, microorganisms, viruses or pathogens
Condemnation of Undamaged Stock Insurance - For situations where product is not damaged but is deemed compromised and condemned by the FDA
In addition to the new proprietary coverages launched today, Vouch also offers life science startups access to its specialty brokerage, which can procure additional policies from the broader insurance market to provide comprehensive and holistic insurance solutions.
While insurance provides necessary protection, coupling an insurance program with expert advisory best positions a startup to withstand future risk.
Since they operate in a fast-paced environment with complex and unique risk profiles, life science startups not only require specialized coverage, but an advisor who understands their needs, Our life science Insurance advisors are trained to provide expert guidance for startups through each of their stages and milestones,said Aliaga.
About Vouch Insurance
Vouch is a provider of business insurance to thousands of high-growth companies. Since its inception in 2018, the company has empowered its clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
Insurity and Utah Business Insurance Company | November 10, 2022
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that Utah Business Insurance Company (UBIC) is the recipient of the “Data and Analytics Innovator of the Year” award at Excellence in Insurance Innovation. The Excellence in Insurance Innovation awards ceremony took place in Las Vegas. It recognized the outstanding performances of P&C organizations in categories including exceptional policyholder service, digital transformation, and excellence in data and analytics.
UBIC is a monoline workers’ compensation carrier that serves roofers, framers, and excavators, and it needed to be strategic in how it deployed resources in a traditionally high-risk sector. They effectively navigated these complexities using Insurity Predict’s real-time predictive insights and data consortium to process a significantly higher volume of submissions.
“UBIC is a data-driven company, and we have fostered a culture around predictive modeling thanks to the ease of using Insurity Predict, We brought the Insurity Predict model into play just a few years ago, transforming how we do business. We went from running loss control on every risk to deploying our resources across submissions more intelligently. Instead of spending time servicing every account the same way, we now tailor these experiences for our policyholders based on the predictive risk scores.”
-Tyler Nielsen, Chief Operating Officer at UBIC
One of the ways UBIC innovated with this model was by extracting the data from the Insurity Predict system and integrating it with their business intelligence platforms. This way, everyone from the underwriters to loss control to customer service has access to this data in their reports.
The sheer volume of data that insurance organizations have can overwhelm and make it difficult to write new business and quickly make the right underwriting decisions, Using the Insurity Predict Model, UBIC has made strides in leveraging predictive data and analytics to manage their risk portfolio better, giving them the ability to assess risk much more quickly and accurately over the long term,said Sylvester Mathis, Chief Insurance Officer at Insurity.
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.
About Utah Business Insurance Company
Based in South Jordan, Utah, UBIC has become an insurance industry leader in workers' compensation. UBIC is dedicated to meeting the needs of its agents and policyholders with a strong emphasis on providing outstanding customer service and results-oriented risk management programs.