RISK MANAGEMENT, INSURANCE TECHNOLOGY
Businesswire | May 09, 2023
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today launched a version of its Executive Risks Insurance products designed for not-for-profit organizations. Coalition’s Executive Risks insurance for not-for-profits combines automated underwriting data collection and real-time analysis with a streamlined application process compared to the industry standard for Executive Risks applications.
“Not-for-profits need to focus on their day-to-day operations to fulfill their mission. They may not have the time or resources to address management liability issues,” said Patrick Mitchell, Coalition’s Executive Risks Lead. “Coalition’s robust suite of risk management solutions adds complementary services, including a hotline for pre-claim issues, training for employees and boards of directors, handbook builders, and more. We help not-for-profit organizations where they need it most, enabling them to dedicate their limited time and resources to areas of more significant impact.”
Not-for-profit organizations often face unique management liability claims, including those related to the misuse of funds, compensation issues, excess benefit transactions, and potential antitrust law violations, including the Sherman Antitrust Act.
Starting today, these organizations and their leaders can access A+ rated coverage for all of Coalition’s existing Executive Risks product lines—Directors & Officers (D&O) Insurance, Employment Practices Liability (EPL) Insurance, Fiduciary Liability Insurance, and Crime Insurance via our carrier. For brokers, Coalition’s quoting experience for not-for-profit organizations is highly convenient, allowing brokers to bundle all of Coalition’s Executive Risks insurance products and generate a bindable quote in minutes.
“We adapted our Executive Risks experience specifically for not-for-profits to ensure the smoothest path to help minimize and resolve management liability incidents that could seriously damage their organization,” continued Mitchell. “Not-for-profit leaders can have peace of mind knowing they have helped safeguard their organizations.”
Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.
CLAIMS, RISK MANAGEMENT
Businesswire | April 05, 2023
Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced a partnership to integrate EvolutionIQ’s AI-powered Claims Guidance platform with Majesco’s suite of disability insurance claims technology solutions. These include Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H. The integration is part of the Majesco EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer.
Closely working with the EvolutionIQ team, the partnership will combine market-leading technologies from both organizations to help insurers transform their claims process, which in turn helps sick and injured claimants recover and return to work faster while reducing claim losses and expenses. Majesco and EvolutionIQ have a number of joint customers using both solutions today. Benefits of the partnership for insurers and TPAs include:
Faster technology deployments and a faster return on investment from integrated solutions.
A more dynamic and responsive claims solution to cost effectively manage and guide examiners and adjusters to the right claim at the right time and deliver excellent claimant experience.
Reduced loss ratios, improved claims processing, reduced claim durations, and more claimants returning to work.
“The insurance industry is at an inflection point as rapid advances in technology are now fundamentally changing the underlying economics of claims handling,” said EvolutionIQ co-founder and Co-CEO Michael Saltzman. “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment. By deploying them together, forward-thinking insurers will help many more sick or injured people recover – while simultaneously realizing an impressive ROI.”
EvolutionIQ’s AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guide examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The technology has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day. Carriers report up to a 35 percent increase in sick or injured people returning to work using EvolutionIQ with those returns happening on average 3.5 months sooner when compared to legacy processes.
“EvolutionIQ with Majesco Claims solutions for the L&AH segment offers our customers and the industry a significant opportunity to transform the claims dynamics for disability and workers compensation,” said Adam Elster, CEO at Majesco. “This partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences. We are thrilled to be working with EvolutionIQ to deliver real business value to our customers.”
Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H are industry recognized as market leading solutions by industry analysts, supporting some of the largest insurers and most demanding claims operations. Majesco solutions help insurers manage and resolve claims faster, exceed customer expectations, manage complex integrated disability and absence management and return to work, and ignite innovation that delivers frictionless and transparent claims experiences. While historically claims operations focused on costs and efficiencies, today insurers must take a holistic customer view including management of complex injury claims to help claimants return to work quicker and safer, creating a new customer experience that is a cornerstone of satisfaction, loyalty, and retention.
EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers’ Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ’s proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn.
Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
Businesswire | May 05, 2023
Recuro Health (Recuro), an integrated digital health solutions company designed to transition the U.S. healthcare system from a reactive, disease-focused model to a proactive care approach, today announces a partnership with Ease, the number one rated benefits administration and human resource (HR) software company powered by insurance brokers to manage benefits and HR for 3.4 million+ employees. Recuro will provide access to its Digital Medical Home, which includes diagnostic-enabled Virtual Primary Care (VPC) and Virtual Behavioral Health (VBH) solutions that are tailored to fit the healthcare needs of any population. The Digital Medical Home care model integrates advanced science, data, at-home diagnostics and targeted genomics – cancer screening, pharmacogenomics – to better inform integrated care.
Michael Gorton, CEO and founder, Recuro Health, says, “Our virtual care solutions continue to transform traditional healthcare to a holistic system that is digitally integrated, patient-centric and focused on personalized and preventative health and wellness. We are seeing more focus on a virtual-first approach to address significant healthcare challenges while also driving value throughout the healthcare ecosystem. By helping brokers in the Ease platform to support their clients by virtually connecting members with primary care doctors and behavioral health clinicians, Recuro is proving to be a meaningful solution for health plan sponsors to positively impact the triad of cost, quality and access to care.”
Recuro delivers solutions that help brokers and other intermediaries achieve their goals in serving plan administrators, employers and employees. The objective is to get members who are covered by plan-sponsored benefits to make better healthcare decisions, participate at a lower cost strategy and take advantage of opportunities to treat chronic disease more proactively.
David Reid, co-founder, Ease, says, "We're thrilled to partner with Recuro Health to offer these virtual first solutions on the Ease platform. We recognize that employers want to provide digital health solutions to current and prospective employees, and we’re proud to make this valuable new benefit available to insurance brokers so they can bring even more value to their clients.”
About Recuro Health
Recuro is an integrated digital health solutions company with a uniquely personalized, proactive approach to virtual health. Recuro’s Digital Medical Home enables easy connectivity to virtual care, including primary and urgent care, behavioral health, at-home lab testing, genomics testing, as well as a suite of supplemental benefits spanning pharmacy, care management and care navigation all on one platform. To learn more visit www.recurohealth.com.
Ease is the #1 rated benefits administration and HR software for businesses with 2-250 employees, powered by insurance brokers. More than 2,300 agencies trust Ease to help them and their clients grow. Over 85,000 businesses trust Ease to manage benefits & HR for 3.4 million+ employees. Visit ease.com for more.