WORKERS COMPENSATION
Sapiens, VPay | February 19, 2021
Sapiens International Corporation, a main worldwide supplier of software solutions for the insurance industry, and VPay, an insurance industry pioneer in quick and secure e-payments, reported today an association that will stretch out VPay's digital payment services to workers' compensation insurers.
Insurers will likewise approach Sapiens GO for Workers' Compensation, a thorough suite for controlling workers' compensation strategies and cases. The joint offering will give insurers a total digital payment stage that will smooth out operational expenses, improve client associations, and satisfy the need for quick, protected and solid B2B and B2C claims payment handling.
"Streamlining claim processes is central to achieving economies of scale across the workers' compensation insurance sector, and digital payment is an important component of this strategy," said Jeff Brown, President of VPay. "We are pleased to partner with a forward-looking company like Sapiens and extend greater value to their clients through VPay's total payment solution."
Until now, VPay's answer has empowered workers' compensation insurers to digitize 40-55% of all specialist organization payments, yielding up to $1 million in investment funds on print, mail and depository expenses. Among insurers utilizing VPay to make payments to harmed workers, 60-75% of those payments have gone electronic.
The association comes in the midst of a change in outlook in the insurance industry, with the ascent of insurtechs and advances in man-made reasoning and Big Data making digital change a serious basic for insurers. As payers strive to meet client assumptions for claims payments at the "speed of light," coordinating digital payments has assisted insurers with addressing the requirement for speed, which has just increased in the midst of the COVID-19 pandemic.
A new Lightico-Sapiens survey of workers' compensation professionals found that the pandemic has prompted an ascent in digital client collaborations, including the digitization of administrative work, structures and marks – further solidifying client assumptions for consistent, proficient and secure digital encounters in insurance
"With insurers facing a new competitive landscape, digital innovation is more important than ever," said Michael Desrochers, VP Product Strategy and Alliances at Sapiens. "In joining forces, VPay and Sapiens have forged a synergistic partnership that will equip insurers with the next-generation solutions they need to flourish."
About Sapiens
Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 550 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements.
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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.
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INTELLECTUAL PROPERTY
AXA XL1 INSURANCE | January 11, 2022
AXA XL has appointed Thisiani Matsumura-Martins as Global Chief Underwriting Officer, Aerospace. Effective April 1st and based in Sao Paulo, she will report to Nancy Bewlay, Global Chief Underwriting Officer and work closely with the Regional Business Units to develop and assess underwriting strategic direction and profitability for Aerospace.
"Thisiani brings a wealth of technical and market-facing experience. She is a seasoned regional leader prepared to support the Aerospace team in product development, innovation and client and broker engagement across all geographies and markets,"
- Ms. Bewlay.
Ms. Matsumura-Martins brings 27 years of experience in the insurance and reinsurance industry. She has previously worked at Allianz and Liberty, and as an underwriter in a variety of business lines including Aerospace, Property, Construction, Marine, Personal Accident and Life. She first joined AXA XL in 2014 as Technical Director for Brazil and was later appointed as Chief of Staff for Latin America. Currently, she serves as the interim Regional Leader for AXA XL in Latin America and Country Manager for Brazil where she is co-leading the integration of AXA's operations in the country.
Additionally, Tom Callahan has been promoted to Global Head of Underwriting Management and CUO of Aviation. Based in New York, Mr. Callahan will be reporting to Ms. Matsumura-Martins.
Mr. Callahan has been a member of the Aerospace team at AXA XL since 2006, most recently serving as the Global Head of Underwriting Management. In his new role, he will have increased responsibility and management of the technical underwriting strategy for Aviation.
Mr. Callahan has more than three decades experience in the business, having worked across all areas of the aerospace insurance and reinsurance sector. He holds a degree in finance from Manhattan College and an MBA from Pace University.
ABOUT AXA XL
AXA XL¹, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward.
ABOUT AXA XL1 INSURANCE
AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally.
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