Claims, Insurance Technology
PRnewswire | July 20, 2023
Simplifai, an AI automation solutions provider, launches Simplifai InsuranceGPT – a world-first custom-built GPT tool, fuelled by the company's revolutionary no-code AI-powered platform.
With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, providing enriched communication between insurers and their customers through the power of generative AI - delivering fast, concise, and accurate responses in a secure way.
While several insurance product providers have merely begun to integrate ChatGPT or Google Bard into their services, Simplifai's InsuranceGPT large language model (LLM) is the first to be trained specifically on information directly relevant to the insurance sector.
Gartner predicts the global market for AI software will surpass $135bn by 2025, with the banking, financial services and insurance sector constituting a massive 25% of that market. Yet, the insurance industry is still learning how to fully embrace AI and LLMs, such as ChatGPT. The technology holds the potential to radically transform the data processing and claims processes, but with several LLMs facing criticism around data security concerns and the inaccurate presentation of data, public LLMs are being labelled unsuitable to address the needs of the claims handling industry.
"Amidst an era where data security and accuracy have become paramount concerns, InsuranceGPT is our response to these challenges. Unlike public LLMs, our solution has been meticulously engineered with a strong emphasis on privacy and the precise presentation of data, thereby directly addressing the inadequacies flagged in the insurance claims handling industry. By providing an AI solution that is tailor-made for this sector, we're not just promising innovation, we're ensuring trust and reliability." - Vasim Shaikh, CEO India Operations at Simplifai
By offering the insurance industry's first custom, cloud-based, private Software-as-a-Service LLM, Simplifai can allay these concerns through:
Fitting into existing ecosystems - InsuranceGPT is platform-based and plugs into third-party services such as Salesforce and Hubspot, as well as industry platforms for claims management, pulling information from the often cumbersome and conflicting systems used by insurance firms for easy implementation and management.
Being ever vigilant about security – As a company, Simplifai is committed to privacy and upholding strict control and regulation of data, as well as firm adherence to GDPR. By training a private LLM, security can be guaranteed.
Maintaining 'No code necessary' – Simplifai's no-code model allows businesses to seamlessly integrate to the platform, without the need for tech expertise, increasing efficiency and speed of use.
Showcasing a commitment to building services tailored to the specific and regulated requirements of insurers, Simplifai has also launched the Simplifai Reference Programme for advanced AI, establishing a customer reference board. The board has leading names within the insurance sector from Europe and Nordics, including Van Ameyde, CCN and Eika, and they are in talks with some of the biggest Indian Insurers to join the board. This will ensure product development is in line with customer requirements.
Jan-Michiel Cillessen, Group COO of Van Ameyde Group said: "Van Ameyde's Claims platform, ECHO, has already benefited from the best-in-class AI automation that the Simplifai partnership provides. In addition, Simplifai's expansion to GPT technology will further solidify our leading position in the claims handling space. In order to even consider Simplifai as a partner, we also needed to ensure their continued strategic focus on security and compliance, as well."
"The potential offered by generative AI is incredible, but a specially-built industry-specific GPT trained on insurance data is the only way to offset risks around security, data privacy and accuracy. InsuranceGPT grants us the ability to make our customers' employees even more efficient and effective, not to mention more valuable, while maintaining our commitment to privacy and security," said Bård Myrstad, Simplifai Co-Founder and CEO.
About Simplifai
Founded in 2017, Simplifai is a secure AI solutions company. Its AI Automation platform is used to create Simplifai Archiver, Claims Handling, Document Handling, Debt Collection and Customer Service solutions. With its headquarters in Oslo, Norway, the company has offices in Pune, India, the Netherlands, Sweden and Ukraine.
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Core Insurance, Risk Management
Business Wire | August 16, 2023
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it has partnered with Web Connectivity Limited (WCL), a Zywave company, a provider of ACORD standards-based solutions for the commercial insurance industry. This partnership will empower carriers, brokers, and syndicates to leverage Insurity's Sure Underwriting platform while expanding access to tools related to London Market insurance operations by adding a London Market messaging function.
WCL aims to make it easier for insurance organisations to exchange critical information and simplify workflows to improve accuracy, accelerate business, and reduce risks. As a longtime ACORD Messaging Gateway provider to the London Market, WCL allows organisations to streamline processes by automating the electronic transfer of data and documents between brokers and insurers and central services to improve client service, increase process efficiency, and decrease cost.
Insurity is the largest provider of cloud-based insurance software solutions, with over 400 of its 500 customers deployed successfully in the cloud. Sure Underwriting recently became available for insurance organisations in the London Market. The cloud-native solution enables insurers to gain 50% faster risk assessment with real-time insights to increase underwriting accuracy and efficiency.
"Our partnership with Insurity allows us to offer a variety of interconnected solutions through collaborations and integrations," said James Willison, Managing Director at Web Connectivity Limited. "By delivering solutions like Insurity's Sure Underwriting to our clients, we can speed up implementations and help our clients achieve significant operational efficiencies."
"Through this partnership, Insurity customers can take advantage of WCL's integrated products, including rapid deployment of ACORD standard-based London Market messaging," said Sylvester Mathis, Chief Insurance Officer at Insurity. "This partnership marks a significant milestone for the London insurance market and solidifies our commitment to providing cutting-edge software for London Market carriers, MGAs, and brokers to capitalise on new opportunities quickly."
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 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. For more information, visit www.insurity.com.
About Web Connectivity Limited, a Zywave Company
WCL is a wholly owned subsidiary of Zywave, Inc. Zywave leads the insurance tech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Offering a technology platform embedded with robust data and the most comprehensive content portfolio available, we empower smarter business decisions throughout the entire customer lifecycle. More than 6,000 carriers, HCM service providers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance firms—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness and safety. For more information about Web Connectivity Limited, visit www.webconnectivityltd.com
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Life Insurance, Insurance Technology
PR Newswire | August 29, 2023
LIBRA Insurance Partners (LIBRA), the largest independently-owned life insurance marketing organization (IMO) in the United States, announces a partnership with Highland Capital Brokerage (HCB), a national life insurance and annuity distribution company and a subsidiary of Osaic.
"Highland Capital Brokerage is a formidable organization and we are excited they have selected LIBRA as their strategic partner to help facilitate its growth and expansion initiatives," said William (Bill) Shelow, CLU®, ChFC®, CPCU®, LLIF, president and CEO of LIBRA.
HCB provides risk management strategies and solutions to help financial professionals protect and grow their clients' assets. As a national life insurance, annuity, disability, and longevity planning firm, HCB distributes these solutions across the wealth spectrum to both institutional and independent partners.
"The partnership with LIBRA is an important step in Highland's evolution. Our diversified sales organization will rely on the vast array of carriers and their products to provide risk management solutions to our clients," said Teague Wright, president of Highland Capital Brokerage. "We look forward to taking advantage of the breadth of tools and resources this affiliation makes available."
HCB is comprised of more than 300 employees nationwide with an exceptionally talented and tenured team.
"I have enjoyed having an association in various capacities with Highland Capital Brokerage since its inception. They embody everything that LIBRA and our partners symbolize," said J. Craig Collins, executive vice president and chief relationship officer of LIBRA. "Teague and her senior leadership team have built a first-class organization and will greatly complement the markets we serve and the carriers we represent. Their interest in LIBRA further demonstrates the great value that we bring to our partner firms with our focus on delivering industry-leading tools and resources that support their efforts."
Shelow added, "I believe this affiliation elevates the stature of both organizations."
LIBRA Insurance Partners takes a true partnership approach with each of its valued relationships with the core belief in "the strength of many and power of one." With unique reinsurance ownership opportunities, agent retention programs, business development consulting, live training events and robust sales and marketing resources, the firm provides an unparalleled community of comradery and commitment to the success of each of its shareholders.
By way of partnership, HCB further expands upon its expansive resources and capabilities with direct access to several additional proprietary advanced planning tools and benefits, including:
exclusive facultative underwriting program with RGA Reinsurance Group of America, Incorporated (RGA)
established relationships with an expanded lineup of affiliated carriers and reinsurers
a dedicated medical director
product white papers and benchmarking tools
a proprietary quick quoting and informal processing platform
About Highland Capital Brokerage (HCB)
Highland Capital Brokerage is a national life insurance, annuity, disability, and long-term care distribution company providing point-of-sale support, advanced marketing, and creative estate- and business-planning techniques to financial advisors and insurance professionals. We deliver these services in an efficient, client-focused environment that extends to carrier and product expertise, underwriting negotiation, and complete back-office processing. Highland offers objective access to major insurance carriers, advanced planning support, expertise in risk underwriting, and back-office processing to insurance brokers, financial planners, and various institutions such as banks, wirehouses, and certified public accountant firms. To learn more about Highland Capital Brokerage, visit www.highlandbrokerage.com.
About LIBRA Insurance Partners (LIBRA)
LIBRA Insurance Partners is an insurance marketing organization dedicated to serving independent insurance producers, brokers, and financial institutions. Formerly known as LifeMark Partners and BRAMCO Financial Resources, and through the merger with Insurance Designers of America (IDA) in 2022, the firm exists to leverage strategic relationships, expertise, and innovation to expand life insurance distribution for the benefit of all stakeholders. LIBRA Insurance Partners is dedicated to the ongoing development and enhancement of resources to differentiate partner agencies from the competition. Its firms benefit from robust proprietary service offerings, unparalleled partnership, product expertise, and access to industry-leading technologies and tools, including expansive underwriting support resources. To learn more about becoming a LIBRA partner firm, visit www.LIBRAInsurancePartners.com or call (410) 837-3022.
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