INSURANCE TECHNOLOGY

Guidewire Software Announces Promotion of PartnerConnect Consulting Partner, Exavalu, Inc.

Guidewire | June 10, 2021

Guidewire Software Announces Promotion of PartnerConnect Consulting Partner, Exavalu, Inc.
Exavalu, Inc. is promoted to PartnerConnect Consulting Select partner by Guidewire Software, Inc.; the platform P&C insurers rely on to engage, innovate, and expand effectively. There are three relationship tiers in the PartnerConnect Consulting partner program: Select, Advantage, and Global Premier. The levels are designed to award partners based on their accomplishments and contributions, such as insurance sector expertise, the number of Guidewire certified employees, and specialization achievement.

Exavalu, Inc. is a consulting company focused on the insurance industry that serves as a trusted adviser to significant property and casualty insurers on core and digital transformation. Exavalu’s global Guidewire practice comprises seasoned experts with several years of implementation expertise in the Guidewire suite of products, including InsuranceSuite, Digital, Data, and InsuranceNow, along with Guidewire Cloud, Guidewire’s cloud services.

“We congratulate Exavalu, Inc. on its well-deserved promotion to Select partner within our PartnerConnect program,” stated Lisa Walsh, vice president of Alliances at Guidewire Software. “We are delighted to recognize Exavalu Inc.’s proven implementation experience throughout Guidewire’s suite of products, and we look forward to strengthening our collaboration in serving our mutual and valued customers.”

About Exavalu, Inc.
Exavalu, Inc. is a consulting firm focusing on the insurance business that serves as a trusted advisor to leading Property & Casualty insurers on Core and Digital Transformation. We assist insurance carriers in executing their market growth, profitability, cost-cutting, risk management, and innovation strategies. Our global team of highly experienced Insurance business and technology SMEs provides carriers with advisory and implementation services on core modernization, customer experience enhancement, integration, automation, data analytics, artificial intelligence, and cloud migration and engineering.

About Guidewire PartnerConnect
Guidewire PartnerConnect Consulting partners offer business transformation and strategy consulting and implementation and related solution and delivery services. Guidewire Consulting practices now have over 12,000 consultants globally that have been trained or have expertise with Guidewire products. Guidewire PartnerConnect is a program that is exclusively available via invitation.

Spotlight

It all ties together. You want your sales reps to behave a certain way and close a certain amount of deals in specific verticals that match your company’s 3- and/or 5-year vision, but the systems you currently have in place to drive this behavior are not working for any number of reasons. Most likely, they’re too slow. Or too complicated. Or not scalable. Almost certainly, it’s at least one of the above—if not all three. Growing companies, especially enterprises, need big solutions to handle their sales operation’s size and complexity.

Related News

ANNUITIES

Luma and Insurance Technologies Partner to Bring Annuities Solution

Luma Financial Technologies, Insurance Technologies | February 24, 2021

Luma Financial Technologies ("Luma"), a free, multi-issuer structured products and annuities platform, reported today that they have chosen Insurance Technologies, LLC, supplier of FireLight®, a multi-transporter start to finish insurance and retirement deals platform, as its most recent accomplice to bring their annuities solution, "Luma Annuities," to market. The Luma platform, which is sponsored by three of the world's biggest banks, was worked to improve on the structured item venture measure. After solidly setting up itself as the worldwide fintech market leader in the structured products space, Luma is currently presenting an unequaled annuities solution that gives improved customer worth and helps consultants in battling their customers retirement saving difficulties, which are being driven by increasing market unpredictability and a low interest rate climate. Luma Annuities is a turn-key annuity deals and lifecycle management solution that straightforwardly addresses the greatest difficulties confronting counselors selling annuities today. The solution works on all parts of getting the hang of, executing, arranging, and overseeing annuities for venture firms and guides, allowing them to unquestionably offer their customers a more extensive scope of income-generating products. “Our mission has always been to simplify product complexities and give advisors smart solutions that they can believe in,” said Jay Charles, Director of Annuities at Luma Financial Technologies. “By partnering with Insurance Technologies and leveraging the FireLight platform’s embedded API capabilities, we bring a seamless order entry experience to financial professionals around the world. It is through our scale that we’re able to provide advisors with this unmatched experience, allowing them to offer their clients a wider-range of solutions to potentially put them on a path to a more secure retirement.” The new solution offers best in class innovation modules that are worked by guides, for counselors. It was intended to offer top tier instructive substance just as highlight broad information across a merchant seller's whole annuity item rack so guides can look at rates, riders, and item includes. Additionally included are prescient investigation and transporter delineation includes that enable consultants to introduce the best, most secure item solutions to their customers. Independently, the solution additionally allows guides to track and screen the presentation of the products they sold through the Luma platform, just as products in their past book of business. By inserting the Insurance Technologies FireLight solution inside the Luma platform, clients get a durable deals insight, allowing them to oversee products and rules in one incorporated area. Since 1995, Insurance Technologies has been altering the insurance and financial services industry to enable financial experts and counsels to all the more likely serve their customers. Their solutions have for some time been executed inside industry-driving insurance transporters and wholesaler firms. “We’re extremely excited to partner with a company that is adding tremendous value to the annuity category at a time when Americans need guaranteed income options more than ever,” said Doug Massey, EVP of Sales and Relationship Management, Insurance Technologies. “The ability for Luma to utilize the FireLight sales platform to access e-application and illustration data demonstrates the power of FireLight to allow carriers to build product rules once and re-use anywhere, seamlessly offering products in various user interfaces and effective solutions such as Luma Annuities. The transparency, efficiency, objectivity, and easy-to-manage tools that Luma provides financial professionals are simply powerful. We look forward to working with them to enhance the annuity investment experience provided to their customers.” About Luma Financial Technologies Luma Financial Technologies is the creator of Luma, a fully customizable, independent, buy-side platform that helps financial teams more efficiently learn, create, order and manage market-linked investments such as structured products, structured annuities and more. Launched in 2011, Luma is one of the largest and longest-tenured structured product platforms in the U.S. market and is used by broker/dealer firms, RIA offices and private banks to automate and optimize the full process cycle for offering and transacting in market-linked investments. This includes education and certification; creation and pricing of custom structures; order entry; and post-trade actions. Luma is multi-issuer, multi-wholesaler and multi-product, thus providing teams with an extensive breadth of market-linked investments to best meet clients’ specific portfolio needs. About Insurance Technologies Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.

Read More

INSURANCE TECHNOLOGY

InsurTech Carrot Continues On Its Explosive Growth Trajectory With Written Policies Surpassing 400k Mark

Carrot General Insurance Corp. | December 27, 2021

Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January. "What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward." -Paul Jung, CEO of Carrot The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration. "We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance," -Paul Jung, CEO of Carrot He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation. Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort. About Carrot General Insurance Corp. Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.

Read More

9.6% Permanent rate decrease in auto insurance policies for all State Farm Insurance policyholders

State Farm | July 07, 2020

The Louisiana Insurance Commission has approved a 9.6% permanent rate decrease in auto insurance policies for all State Farm Insurance policyholders in the state, commissioner Jim Donelon announced on Monday. This marks the fourth occasion State Farm has reduced rates in recent times. In 2018, the insurer slashed 4.5% off auto insurance rates, followed by a 6.5% cut in 2019 and a 2.3% reduction last March. The company has decreased rates by a total of 23% in the last two years.

Read More

Spotlight

It all ties together. You want your sales reps to behave a certain way and close a certain amount of deals in specific verticals that match your company’s 3- and/or 5-year vision, but the systems you currently have in place to drive this behavior are not working for any number of reasons. Most likely, they’re too slow. Or too complicated. Or not scalable. Almost certainly, it’s at least one of the above—if not all three. Growing companies, especially enterprises, need big solutions to handle their sales operation’s size and complexity.