Spot | March 14, 2022
Today Spot (www.lifebyspot.com), the on-demand injury insurance company protecting everyone from athletes and adventurers to families at home; along with Ikon Pass, the world's premier season pass, announced a partnership to bring a new level of protection to pass holders who live an active lifestyle.
As part of the partnership, Spot provides 22/23 Ikon Pass holders with access to a unique, affordable insurance policy that covers injury-related medical bills anytime they're using their pass. Spot's policy for pass holders will provide up to $25,000 toward any Ikon Pass holder's medical bills with absolutely zero deductible.
Spot is fundamentally changing how people purchase health coverage across their lives. We built Spot to address the needs of an active community who lives life to the fullest, We have a passion for being outdoors and, while we'd rather be on the hill than at the office, we understand the peace of mind that comes from knowing you're protected no matter what you're doing."
Matt Randall, co-founder and CEO of Spot.
In addition to the personal injury coverage, Spot will also offer a pass protection policy that will refund all or part of an Ikon Pass holder's price if they are injured or unable to take advantage of their full season on the mountain.
We are pleased to now offer pass holders both pass and injury coverage with Spot Insurance for the 22/23 winter season. We are always looking for ways to add benefits for pass holders, and Spot's options offer additional financial protection and peace of mind."
Erik Forsell, CMO, Alterra Mountain Company.
Spot partners with businesses and organizations across the active lifestyle space to cover their customers' out-of-pocket medical bills, regardless of health insurance status. Launched by a team with experience at both insurance industry giants and groundbreaking tech startups, the company provides affordable accidental injury coverage, which can be used with or without traditional health insurance. Spot is fully digital, conveniently allowing customers to sign up in just one minute for immediate coverage at any time. Partners including Telluride, USA Cycling, Chicago Triathlon (via LifeTime), USA BMX, Powder Mountain, National Collegiate Rugby, and athleteReg trust Spot to protect their communities. The company is headquartered in Austin, Texas, and has raised $17.5 million from GreatPoint Ventures, Montage Ventures, Mutual of Omaha, Silverton Partners, and MS&AD Ventures.
About Ikon Pass
Ikon Pass welcomes skiers and riders to a community of inspiring mountain destinations and the people who live and play among them across the Americas, Europe, Australia, New Zealand, and Japan. Brought to you by Alterra Mountain Company, the Ikon Pass unlocks adventure at iconic and unique destinations worldwide. Special offers are available at CMH Heli-Skiing & Summer Adventures, the world's largest heli-skiing and heli-accessed hiking operation.
ApplicInt, SBLI | January 14, 2021
ApplicInt, an industry chief with their suite of insurance application fulfillment solutions, as of late drove endeavors to digitize the Life Insurance application measure for Savings Bank Life Insurance Company (SBLI), situated in Woburn, Massachusetts. In a Pilot, SBLI successfully executed ApplicInt's U*Complete platform for clients to self-complete Life Insurance applications, which is consistently incorporated into SBLI's fulfillment cycle. SBLI is getting ready for a full production rollout of U*Complete in the second quarter of this current year (2021).
"We are very excited about our partnership with ApplicInt and the opportunity to use UComplete in innovative ways to help our clients," said Rose Conneely, COO, SBLI. "Our focus is to simplify the application process for agents and their clients alike, and our 100% digital Self-complete Application Process Pilot has demonstrated very positive results. We look forward to rolling it out to the market."
"Our goal is to make the application process as simple and convenient as possible, and via our partnership with ApplicInt, we have piloted an easy-to-use 100% digital process for clients to self-complete their application, while automatically providing agents and their clients 'status alerts'," said Rose Conneely, COO, SBLI. "We are planning to roll-out this new option in mid-2021."
ApplicInt's U*Complete has two work process self-administration models: "Transporter Direct to Consumer" and "Specialist Direct to Customer". In the Carrier Direct to Consumer measure, the consumer has a secure login to the Carrier's Website. The consumer picks a face amount/term product and runs a quote. They at that point complete a Part A Life Insurance Application, with the Part B clinical questions being discretionary relying upon the transporter's fulfillment cycle. The consumer then eSigns Forms. There is constant visit accessible when required or a warm exchange to a call community to schedule a test if necessary. Structures and information are shipped off the transporter in great request. The Agent Direct to Consumer model is basically indistinguishable, then again, actually the Agent starts the fulfillment cycle and the consumer can audit quotes from various transporters.
Mike Feroah Sr., Founder and Chief Strategy Officer of ApplicInt stated, "We are overly excited about the extension of our technology that allows a common platform to be used by consumers, call centers and examiners to provide part A or part B application information to carriers. U*Complete also can be integrated with automated underwriting platforms for deep instant decisioning. And if you have existing ApplicInt software, it can be converted to U*Complete in a matter of weeks. U*Complete provides better a customer experience with enormous cost and efficiency savings."
ApplicInt, a leading information technology company, has developed several innovative, interoperable solutions that can be customized to meet the unique requirements of each client. ApplicInt was founded in 2003 to provide efficient and cost-effective technology solutions for the collection and distribution of information for life insurance applications. Automating the broker's world not only means digitalizing their offices but, more importantly, streamlining and simplifying the process of obtaining insurance.
Majesco | August 31, 2021
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has been recognized as a Challenger in the August 2021 Gartner Magic Quadrant for Life Insurance Policy Administration Systems, North America.
Per the report, which evaluates 15 vendors, “The pace of policy administration system adoption by life insurers in 2020 continued uninterrupted despite COVID-19. North American life insurance CIOs can use this research to identify vendors that are most relevant to their future.”
“The life insurance industry was upended in 2020 due to the COVID-19 pandemic. But through that upheaval, life insurers in North America continued to move forward with legacy modernization and implementation of new policy administration systems at a pace consistent with 2019,” wrote Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “This signals that CIOs took advantage of this time to eliminate technical debt and prepare for the future. And the pace could accelerate. Life insurers expect to spend more on legacy modernization in 2021 than they did in 2020.”
The report also notes, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market. Examples include:
Low-code product and system configuration to rapidly launch new products and to provide a more adaptable and easy-to-configure user interface.
A service-oriented architecture (SOA) that exposes insurance products, rules, algorithms and processes to wider enterprise systems. In addition, it supports integration and ease of upgrade using technologies common to all life insurance business models — such as APIs and an enterprise service bus (ESB).
SaaS or off-premises deployment options that support seamless introduction of state-of-the-art native technologies offered by technical giants, such as Amazon or Microsoft, and that provide ready-made resilient infrastructure.
Continuous integration/continuous delivery (CI/CD) that provides seamless and frequent upgrades to avoid technical debt accumulation.
Digital accelerators, including business intelligence (BI) capabilities, with an array of dashboards and key performance indicators (KPIs) that assist with decision making and portal capabilities to deliver a multichannel, intuitive user experience configurable for different distribution channels and devices.
Maintaining safeguards around security and compliance.”
“We have seen the acceleration of life insurance companies moving to a robust, cloud-based core insurance platform that will position them to compete with new products, services and customers experiences demanded in our new normal,” stated Adam Elster, CEO of Majesco. “We are honored to be recognized as a Challenger and will continue our investment and commitment to our customers and the industry in providing next generation SaaS solutions that keep them ahead of the competition and market changes. We believe that the report showcases not only our robust capabilities, but our Ability to Execute with the tremendous growth momentum over the last year in terms of new wins and our growing strategic partnerships with systems integrators supporting our implementations. In our opinion, this recognition reaffirms that we are helping our customers seamlessly transition to building the future of insurance with digitally enabled solutions.”
Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing, and claims across a wide array of products, both traditional and new. It brings a host of exciting, innovative capabilities to life, group, and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
“Nearly every insurance company is in the midst of transforming their business, recognizing the significant need to improve, both operationally and innovatively, to enable profitable growth,” said Manish Shah, President and Chief Product Officer of Majesco. “This era of life insurance is different than even just two years ago and Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and benefits insurance market that digitally enable carriers to meet the emerging shift in new customer needs and expectations while helping them maintain their competitive advantage.”
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Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.