How can we make the insurance industry more diverse?

insurancebusinessmag | July 08, 2019

Diversity and inclusion is something that Tali Shlomo, the people engagement director at the Chartered Insurance Institute (CII) and speaker at the upcoming Women in Insurance event, is extremely passionate about.Shlomo worked in a number of different industries, from start-ups to tech to media, before landing the job at the CII. She said that the organisation was looking for someone to bring in a mindshift change and that she was ready to take that on.

Spotlight

In this, video industry leaders from AIG, Bain Capital, Acord, HFS Research and Genpact share insights on digital transformation and explain why insurers should embrace it and align their strategic intent with the capabilities.

Spotlight

In this, video industry leaders from AIG, Bain Capital, Acord, HFS Research and Genpact share insights on digital transformation and explain why insurers should embrace it and align their strategic intent with the capabilities.

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INSURANCE TECHNOLOGY

K2 Insurance Services launches another innovative product on the DRC Insurance Platform

LoadStar and K2 Insurance | October 05, 2021

Decision Research Corporation (DRC), an industry-leading provider of cloud-based enterprise solutions for the P&C insurance sector, announced today K2 Insurance Services has successfully deployed their innovative LoadStar Customs Inspection Insurance product on the DRC Insurance Platform. Via the DRC Agent Portal, freight forwarders and Customs Brokers are now able to purchase coverage online, submit claims, and are issued certificates in a single session, with full policy service, billing, and claims enabled for back-office processing. LoadStar, developed by K2 in partnership with a global insurance leader, is the first insurance solution to solve the problem of unpredictable shipping container inspection costs. President of LoadStar Insurance Services, Dan Williams said, "By creating a predictable cost to eliminate an unpredictable threat, LoadStar can mitigate uncertainty and protect profit margins to keep containers flowing smoothly." Due to the novel nature of the product, K2 required a platform that could handle any risk, not just established insurance products. DRC is our longtime technology partner, so we felt extremely confident turning to them to help us get this unique new product to market quickly and in a cost-effective manner. We were able to get LoadStar up and running on the DRC Insurance Platform, and totally integrated with our enterprise architecture, in just a few months. We take pride in serving our customers using the best and most efficient systems available to the insurance industry, which is why we rely on the DRC Insurance Platform. - Rebecka Kilkenny, CIO of K2. Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage. At K2 we're always looking to launch creative programs run by exceptional people. We consider it part of our core mission to provide innovative products and exceptional results in specialty markets, and DRC's technology empowers us to do exactly that. - Mark Smith, K2 President. Innovative thinking is part of DRC's DNA, so we're always excited to see how visionary clients like K2 are able to use our solutions to create a brand-new market. We have been honored to be part of their success and growth for the past seven years and look forward to continuing our partnership for many more to come. -Karen Yamamoto, CEO of DRC. About LoadStar and K2 Insurance LoadStar Customs Inspection Insurance was born out of a decade long "thorn in the side" problem of Importers who have never been offered a solution to offset the unpredictable financial sting of a Customs Inspection. Today we pride ourselves on offering a first ever solution to deliver "a predictable cost to eliminate an unpredictable threat". LoadStar is there to cover your inspection fees from an X-Ray Exam to a Tailgate Exam to a full devanning of your container in an Intensive Exam. LoadStar covers the expense of the invoice and reimburses the claim in 24-48 hours. Fast and efficient processing of your invoice ensures you'll be back up and running and protecting your profit margins and future business. K2 partners are top-tier insurers and MGAs in the specialty areas they serve. In addition to working with financially sound companies, we also employ robust, modern technology that aligns with our expansion plans and allows us to bring products to the marketplace efficiently and quickly. We understand how important it is in today's environment to have a policy administration system nimble enough to accommodate new products, enhancements, and regions. We're continually looking for acquisitions and growth opportunities. Through a combination of specialized, successful MGAs and well-capitalized, nationwide insurance carriers, K2 offers a compelling value proposition to the marketplace. About DRC DRC provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium.

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INSURANCE TECHNOLOGY

Guidewire Introduces End-to-End Usage-Based Insurance Solution

Guidewire | May 06, 2021

Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced the availability of Guidewire's Usage-Based Insurance Solution. Planned in view of speed, the UBI Solution can be deployed inside 12 weeks and supports the start to finish insurance lifecycle including quote, billing, and automated claims consumption. Forrester Research projects usage-based insurance policies to grow 50 percent in 2021.1 “Increasing appetite for usage-based insurance (UBI) in personal auto will drive insurers to rethink how they help customers discover and use auto insurance,” wrote Jeffery Williams, senior analyst, Forrester Research in a recent blog post. “COVID-19 has ushered in a new paradigm where consumers are more conscious about price transparency. That will result in strong new business growth across the sector.”2 Accessible exclusively on Guidewire Cloud, Guidewire's UBI solution accelerates deployment with a prebuilt package of capabilities, services, and mixes with Guidewire PartnerConnect Solution partners, Cambridge Mobile Telematics and TrueMotion for telematics. "Personal lines insurers want to offer UBI as fast as possible to their customers, and with Guidewire they can in just a few months,” said Eugene Lee, senior vice president and general manager, Guidewire. “Guidewire’s UBI Solution was informed by our experience with multiple UBI-specific deployments, and unlike other offerings that focus only on product definition, the solution is designed to support the entire quote-to-claim lifecycle.” One of those UBI deployments was at CAA Insurance Company, Canada’s largest not-for-profit automobile association. “As the pandemic continues, so do the financial hardships faced by many households," said Matthew Turack, president of CAA Insurance Company. “In response, we quickly launched a new MyPace product using Guidewire to help our customers who were working from home save on auto insurance costs. Our customers appreciated our responsiveness and sales have exceeded our expectations with a 300 percent year-over-year increase in new auto policy sales and 72 percent increase in new customers.” CAA has been an in-production InsuranceSuite customer since 2012. About Guidewire Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire. As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

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LIFE INSURANCE

Atidot & Health Gorilla Announce a Strategic Partnership Transforming the Process of Onboarding and Customer Retention in the Life Insurance Industry

Health Gorilla | October 01, 2021

Atidot, the next-generation AI and predictive modeling platform for understanding policyholder needs, and Heath Gorilla, the leading provider of healthcare data, have announced a strategic partnership focused on providing data access and management tools that life insurers use to overhaul their customers' journey from underwriting to portfolio management. The partnership will improve the experience of Atidot's life insurance customers during key stages of their journey. Health Gorilla's access to and connectivity with health and wellness data sources, coupled with Atidot's proprietary technology to understand and predict policyholder needs and preferences, will allow top insurers to engage, measure, and proactively manage risks of their new and existing business. Atidot is a Silicon Valley startup that provides a data-driven platform for life insurers, powered by AI, machine learning, and predictive analytics. Health Gorilla, the largest aggregator of health data in the United States and Latin America, securely provides life insurance underwriters with HIPAA-compliant, permission-based access to streamlined health data through its FHIR-based clinical data APIs allowing insurers to make more informed decisions when assessing underwriting risks. Atidot is pleased to partner with Health Gorilla in the life insurance space to provide a complete view of the customer-driven opportunities we see in this business, Health Gorilla's data is a crucial piece of the puzzle. Together we are capable of transforming the insurer's ability to maximize the value and provide additional benefits for their customers. - Dror Katzav, Founder and CEO of Atidot. We are excited to partner with Atidot and support the life insurance industry as we expand our product offering for life insurance customers, This creates a strong market relationship for two transformational organizations who together can streamline and improve how new business is underwritten and managed - placing the customer first. - Steve Yaskin, CEO and Co-founder of Health Gorilla. About Health Gorilla Health Gorilla is a secure interoperability platform that allows insurers to completely streamline and scale how medical records are retrieved and analyzed. Through the Health Gorilla platform, insurers leverage structured, complete medical records into their internal solutions to inform risk assessments, streamline underwriting workflows, and enhance the policyholder experience. About Atidot Atidot is a cloud-based, SaaS platform tailored specifically to the needs of the life insurance industry, which uses artificial intelligence, machine learning and predictive analytics to enable life insurers to make data-driven business decisions.

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