Business Wire | October 01, 2020
Fortegra Financial Corporation, a leading specialty insurer and subsidiary of Tiptree Inc. Announced today the formation of a new excess and surplus lines subsidiary, Fortegra Specialty Insurance Company. Now that it has received approval in its domicile state of Arizona, Fortegra’s new E&S subsidiary is working to obtain the remaining regulatory approvals necessary to conduct business throughout the United States. Fortegra anticipates that underwriting within the E&S company will commence in the fourth quarter of 2020. Richard Kahlbaugh, CEO of Fortegra, commented, We have seen rates harden in the market. The catalysts for the hardening are diverse and as such we expect the trend to continue for the foreseeable future. Adding an excess and surplus lines company to our portfolio was a natural response, allowing us to broaden our product reach and scope within the U.S.
DXC TECHNOLOGY | August 20, 2021
Mosaic Insurance and DXC Technology today announced the successful launch of an innovative new insurance technology platform that increases the speed at which specialty insurance is sold, underwritten and serviced. Together with DXC’s business-process expertise and technology, Mosaic, a next-generation global specialty insurer, will refine underwriting, simplify transactions, and process claims and assess risks faster. Mosaic also streamlines end-to-end processing and provides real-time access to data.
“Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage”
“Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage,” said Mitch Blaser, Mosaic’s Co-Founder and Co-CEO. “This open platform also delivers the benefit of leveraging the latest technology that’s very modular. You can look at what’s available in the market, put it on your platform because it suits your needs, and modify it easily. Overall, this allows for better decision-making and lower expense ratios.”
Combining Mosaic’s IP, expertise, and proprietary workflows with DXC’s best-in-class technology, the platform differentiates Mosaic from competitors through use of disruptive technologies, including analytics and artificial intelligence (AI). The platform is 100-percent cloud native, supporting Mosaic’s tenet of an open architecture and Lloyd’s of London’s vision for “data-first” and “automation everywhere.” Mosaic’s structural centerpiece is Syndicate 1609 at Lloyd’s - the world’s leading insurance market, providing specialist services to businesses in more than 200 countries and territories.
The new platform automates interactions throughout the risk life cycle with:
Machine-learning algorithms and natural-language processing that enhance underwriting in Mosaic’s highly technical product lines, including transactional liability, political violence, political risk, financial institutions, professional liability and cybersecurity
Blockchain (distributed ledger technology) infrastructure that provides transparent and instantaneous sharing of data across the platform among brokers, syndicated capital partners, reinsurers and regulators, Data transparency, open interfaces, robotics and AI that cut costs and streamline processes, including regulatory complexities required to operate a syndicate at Lloyd’s .“DXC is excited to play a critical role in launching Mosaic’s game-changing approach to specialty insurance,” said David Swift, President, Insurance and Business Process Outsourcing, DXC Technology. “Our relationship with Mosaic provides DXC with a unique opportunity to flexibly harness the capabilities of our offerings across the entire Enterprise Technology Stack and demonstrate how we are helping innovative enterprises succeed in the marketplace.”
Significantly, Mosaic’s platform, delivered by DXC, will be at the forefront of using DXC-developed application programming interfaces (APIs) integrated with Lloyd’s—allowing systems to exchange data sources for claims processing and seamless receipt of submissions from multiple broker partners. The architecture creates a digital ecosystem offering customers faster coverage and claims payments.
“Our patent-pending insurtech operating model addresses key frailties in the market today,” said Mosaic’s COO Krishnan Ethirajan. “The platform enables a seamless interaction with broker partners for electronic placements, algorithms for risk selection, triaging, pricing, and claims settlement across our highly-specialized lines.”
About DXC Technology
DXC Technology helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services across the Enterprise Technology Stack to drive new levels of performance, competitiveness, and customer experience.
Mosaic is a next-generation global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world.
Sapiens | July 01, 2021
Sapiens International Corporation, a leading global provider of insurance software solutions, announced the availability of two new cloud-native components of its DigitalSuite, a dynamic, digital engagement and enablement platform that helps insurers accelerate their digital transformation: Sapiens Journey and Form Composer. Sapiens Journey & Form Composer, created and developed especially for the insurance market by some of the industry's top digital specialists, can be deployed as a stand-alone solution or as part of a full digital enablement program.
Sapiens Journey & Form Composers enable business users to introduce and manage current journeys and workflows and design and build new ones without writing code. Simple drag-and-drop, low-code functionality, and a library of widgets and components enable insurers to cut costs and speed time to market without relying on IT personnel. In addition, the modules are very user-friendly, graphic, clear, and easy to publish.
Sapiens Journey Composer allows insurers to digitize their existing journeys to improve every stage of the insurance lifecycle for consumers and internal users. Sapiens Form Composer digitizes documentation and forms, allowing insurers to rapidly change journeys by converting conventional PDFs into new digital formats. Together, they can improve existing client journeys while also developing new ones in new businesses or for new lines of insurance. In addition, the modules provide insurers the tools they need to quickly configure and deploy new products, easily integrate data sources, and eliminate costly IT resources, allowing them to control the process of intuitive journey management and creation fully.
Sapiens DigitalSuite's modular, cloud-native components can be connected with insurers' existing technology landscape to build new, digitally native journeys, reinvent consumer experience using new technologies, or cater to new lines of business. Sapiens DigitalSuite's open architecture and seamless connection through advanced APIs, the insight of data-driven business processes, and the agility of a cloud-native environment allow a fast entry into new markets.
Sapiens International Corporation enables insurers to thrive in this ever business. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial markets. Sapiens has over 35 years of experience delivering to over 600 companies worldwide, demonstrating a proven ability to meet clients' core systems, data, and digital requirements.