Business Wire | January 11, 2024
Hourly.io, a fast-growing payroll and workers’ compensation company, has completed the initial implementation of Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution, bringing automation and accelerated underwriting to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers.
Using Origami’s API, Hourly can now provide instant quotes for policies throughout California and in other states as it continues its rapid expansion throughout the U.S. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information is instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal.
“We're pleased that the implementation of Origami’s scalable rating solution took fewer than 90 days from start to finish; by streamlining our rate-to-bind process we’re able to drive down costs, strengthen relationships with our network of agents and brokers, and win more business,” said Tom Sagi, Co-founder and CEO, Hourly. “We now look forward to completing the full implementation of Origami’s policy administration system to help us maintain speed, efficiency and accuracy as we grow.”
“We’re able to work closely with Hourly’s team to accommodate their accelerated timeline for implementing our API and our entire policy administration system,” said Christopher Bennett, chief strategy officer, Core Solutions division at Origami Risk. “These proprietary capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.”
Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a full-service bureau content management solution and a comprehensive digital engagement experience for all internal and external stakeholders.
Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform.
Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as easy as pressing a button and that you get accurate workers' comp premiums down to the penny.
About Origami Risk – Core Solutions Division
Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.
Roadzen Inc | December 01, 2023
HCLTech, a global technology company, and Roadzen, a leading AI-driven auto insurance technology company, announced a collaboration to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers.
This partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviors and improve loss ratios.
said Srinivasan Seshadri, Chief Growth Officer and Global Head, Financial Services, HCLTech.
Partnering with Roadzen aligns with our commitment to constantly evolve and offer unparalleled services to our insurance customers. We see AI as a transformative power in the insurance sector and believe the combination of HCLTech’s trusted delivery capabilities with Roadzen’s AI leadership creates a solution that all our clients will be excited to engage with, to redefine insurance experiences.
The HCLTech-Roadzen partnership underscores the significance of telematics, computer vision and AI in the auto insurance industry. The collaboration draws on and significantly enhances HCLTech’s domain expertise in auto insurance and related service offerings, positioning HCLTech as a forward-looking provider of next-gen insurance technology to clients.
"We are thrilled to collaborate with an industry leader like HCLTech. This synergy perfectly embodies Roadzen's mission to revolutionize insurance through AI and tech-forward solutions," said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen.
HCLTech was positioned as Leader in the Everest’s Insurance Business Model Innovation Enablement Services – PEAK Matrix Assessment 2021. It was also recently named a Leader and Star Performer in Everest Group’s Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023.
HCLTech is a global technology company, home to more than 221,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2023 totaled $12.9 billion.
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express.
Augment Risk | December 04, 2023
Augment Risk, the pioneering new reinsurance brokerage firm, today announced the arrival of Andrew Matson as Chief Executive Officer. Matson will build on Augment Risk’s significant traction, having already bound $1 billion of premium in its first year of business. Augment Risk’s initial success is a testament to the firm’s transformative ‘Client, not class of business’ approach that protects and grows client equity value.
“Augment Risk was founded to address a fundamental structural problem in the insurance and reinsurance markets. We champion the need for a shift from outdated practices of ‘products sold at prices’ to better cater to our clients’ needs,” Matson said. “I am thrilled to work with some of the most exceptional talent in the industry. We believe we can transform reinsurance broking for the better by focusing on our client’s entire business, creating partnerships with reinsurers, and enhancing equity value by better managing capital, reducing earnings volatility, and expanding the margins of our clients. Our approach has never been done at this scale.”
The reinsurance industry has remained unchanged for generations. But with the advent of an increased interest rate environment, the rise in loss cost through inflation, and challenges mounting from natural catastrophes, the need to manage capital more efficiently has never been more important. Augment Risk has implemented a numerical approach to help clients better utilize their capital to maintain or improve their financial strength while achieving their business goals.
At the heart of Augment Risk’s approach is a relentless focus on the client’s balance sheet, where capital has been blocked from being put to its best use due to operational complexity, vertical barriers, and mismanagement of risks. Augment Risk unlocks this opportunity by managing volatility through tailored solutions that are meticulously crafted to optimize enterprise value and are agnostic toward all forms of capital—a key differentiation from the conventional one-size-fits-all approach.
Matson’s deep experience and understanding of the challenges facing reinsurers’ businesses are key to executing the vision of Augment Risk’s groundbreaking broker model. His accomplishments in the industry have spanned the globe and brought billions of dollars of premium to the global reinsurance market.
“Andrew has the experience and conviction to lead Augment Risk’s next chapter of growth, and we are pleased to welcome him as CEO,” said Sam Gaynor, Managing Director, Altamont Capital Partners, which announced $100 million in funding for Augment Risk earlier this year. “Augment Risk addresses a clear market need to help global customers manage complex risk capital challenges based on efficiency, with a model poised to transform the reinsurance industry.”
“Augment Risk provides the depth and breadth of expertise to ensure leaders of global companies have the capital, tools, and strategic insights necessary to thrive in a complex, often volatile environment; a one-size-fits-all approach to reinsurance doesn’t work and isn’t always in the best interest of their businesses,” said Keoni Schwartz, Co-Founder and Managing Director, Altamont Capital Partners. “This puts Augment Risk in a completely different category of reinsurance, building a new market in the industry to deliver better outcomes for these businesses.”
About Augment Risk
Augment Risk is a risk capital and reinsurance solutions broker, focused on designing and placing bespoke protections for a variety of clients. With a wide range of solutions, Augment creates growth and equity value through tailored transactions to deliver long-term capital and partnerships. Augment Risk’s expertise extends beyond (re)insurance, allowing the company to disrupt the value chain and build creative, value-accretive solutions for individual client needs.