LIFE INSURANCE
MIB, Paperless Solutions Group | November 30, 2020
MIB, the life insurance industry's generally trusted and secure partner for data-driven services, declared that it has acquired Paperless Solutions Group (PSG), a computerized solutions supplier. The obtaining extends MIB's arrangement of solutions pointed toward making the application and endorsing processes snappier and more productive.
MIB's extended portfolio will incorporate PSG's items and apparatuses that mechanize and encourage the application process, including necessity gathering, signatures, policy conveyance, application accommodation and endorsing risk appraisal. These services incorporate deftly and effectively with transporter frameworks and supplement MIB's current items, which assist guarantors with evaluating risk during and after the endorsing process.
"PSG has a long history of service to the life & health space with a special eye to process improvement," said Jeff McCauley, President of PSG. "The team and I are very excited to join the MIB Group as we believe the alignment of our products, services and personnel will bring even more innovation to the industry."
PSG's tools can be used individually, or on a bundled basis, and are easily incorporated into a carrier's existing systems through robust API plug-in capabilities. "We believe PSG's platform could provide significant value to the life insurance industry by streamlining the underwriting process and providing an efficient and reliable portal to collect key data closer to the point of sale," said Winikoff. That value is of critical importance as the life insurance industry looks to new technologies to help them drive efficiencies.
About Paperless Solutions Group
PSG is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Our products and services provide unparalleled automation and integration for the insurance services industry. These innovative offerings conduct millions of transactions annually by enabling the presale, new business and underwriting, point of sale, and post-sale support.
About MIB
MIB Group, Inc. is the life and health insurance industry's most trusted and secure partner for data-driven risk management and digital solutions that protect the financial integrity of its members and clients while addressing their evolving needs. Owned by its members who span the life insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably.
Read More
CORE INSURANCE
Betterfly | December 06, 2021
Chubb, the world's largest publicly traded property and casualty insurer, announced its most recent digital alliance with Betterfly, a Latin America digital benefits platform used by companies to encourage employees' commitments to self-care. The platform rewards healthy habits with charitable donations and life insurance protection that grows at no cost based on lifestyle choices that foster physical, mental, and financial wellbeing.
Betterfly has developed a unique embedded insurance B2B2C model and has chosen Chubb as its preferred insurance provider for Mexico, Colombia, Ecuador, Chile, and Argentina. Chubb will make Betterfly's membership and benefits platform available to its consumer line insureds in these countries through existing distribution channels. The integration of Chubb's digital insurance into the Betterfly ecosystem uses the capabilities of Chubb Studio, Chubb's global digital product distribution platform.
"We are thrilled to start working together with Chubb to bring our Betterfly Effect to every corner of Latin America. This alliance combines Chubb's global expertise in risk management, data analytics, and superior claims service with our AI-based customer behavioral science to complement our prevention, protection, and purpose solutions. This is a huge step towards scaling our platform throughout the region and to our vision of protecting the future of 100 million people by 2025,"
- Eduardo della Maggiora, Founder and CEO of Betterfly.
"We are excited by this new digital alliance. Betterfly's wellbeing platform will convert good habits into tangible benefits, combining social purpose with financial protection, I am pleased to join efforts with Betterfly for a healthier Latin America and to provide greater access to insurance protection for people, families, and businesses."
- Marcos Gunn, Senior Vice President, Chubb Group and Regional President, Latin America.
Most people in Latin America do not have life insurance coverage. According to a Swiss Re Institute's Report from October 2020, the region had an estimated total mortality protection gap of US$14 trillion. Betterfly is making it easier and more affordable for individuals and companies in Latin America to access financial, insurance, and lifestyle benefits. Integrated with apps like Google Fit, Apple Health, and Strava, the platform tracks members' activities and rewards healthy habits, such as walking, exercising, sleeping, and meditation, with "Better Coins" that can be exchanged for charitable donations, lifestyle rewards, and increased life insurance coverage.
Chubb's technology, analytics, and data capabilities provide its global partners and their customers with a seamless experience. These capabilities are being utilized in Latin America with partners like Betterfly and in other regions around the world, including Asia and Europe. Specifically, Chubb's global digital product distribution platform, Chubb Studio, allows business partners to quickly and easily add "white label" insurance offers to their existing digital platforms, with significant speed-to-market capabilities. Additionally, it provides a secure and scalable platform with multiple APIs to simplify the process. The platform enables Chubb's partners in retail, e-commerce, banking, fintech, airline, telecommunications, and other industries to add digital insurance options to their product and service offerings, as well as the ability for their customers to submit claims 100% digitally within their ecosystems and platforms.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. As an underwriting company, we assess, assume, and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations and employs approximately 31,000 people worldwide.
About Betterfly
Betterfly, one of Latin America's most valuable insurtech startupi, is a leading technology company that combines wellbeing, insurance, and social purpose with a mission to help people do better, live better, and be better. The company is pioneering a new way of bringing flexible and simple financial protection to all by empowering people to help others and take care of their own mental, physical, and financial wellbeing. Betterfly is making it easier and more affordable for individuals in Latin America to access financial, insurance, and lifestyle benefits and for organizations to provide these benefits to their employees. Its fully digital benefits subscription gives each member smart life insurance coverage. The company leverages its platform to track and rewards members' good habits with charitable donations options and life insurance coverage that grows at no cost. As a Public Benefit Corporation and Certified B-Corp, Betterfly is reimagining insurance with a purpose-driven approach that empowers members to protect their families, communities, and the environment.
Read More
INSURANCE TECHNOLOGY
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.
Read More