Insurance law firm BLM launches Fraud Edge tool giving insight on fraudulent activity

BLM | July 21, 2020

As the battle against insurance fraud rages on, insurance law firm BLM believes it may have a vital new weapon to help win the war. The firm is introducing what it describes as a “game-changing” tool, known as Fraud Edge. It gives greater levels of insight on fraudulent activity to help the user form their claim investigation strategy.
Among its key features, is an “Innovations” offering, which offers the full spectrum of previous claims and fraud data. This helps avoid oversights – for example, if a suspected fraudster had previously been involved in a questionable motor claim, this may not have otherwise been picked up on a holiday sickness claim. In addition, it offers an analysis of the track record of the claimant firm and medical practice involved.

Spotlight

It is never too late to avail a health insurance plan. You must avail a health insurance plan between 30 to 35 years of age. However, if you are 40, then you are at the mid-point of your career where most of your long-term debts are either ongoing and you have certain family liabilities like taking care of your dependents or children’s education. At this age, you still need to earn to provide for your family and take care of responsibilities as well as stay healthy. So, it is advisable that once you are 40 years of age, you must purchase a health insurance plan to take care of any sudden medical expenses. This helps avail quality treatment at the right time and keeps finances stable.

Spotlight

It is never too late to avail a health insurance plan. You must avail a health insurance plan between 30 to 35 years of age. However, if you are 40, then you are at the mid-point of your career where most of your long-term debts are either ongoing and you have certain family liabilities like taking care of your dependents or children’s education. At this age, you still need to earn to provide for your family and take care of responsibilities as well as stay healthy. So, it is advisable that once you are 40 years of age, you must purchase a health insurance plan to take care of any sudden medical expenses. This helps avail quality treatment at the right time and keeps finances stable.

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Exavalu and Topa Insurance Company Successfully Implement Digital Claims Payment Capabilities with One Inc and Guidewire Technology

One Inc | January 18, 2022

Exavalu Inc., a leading global digital solutions and IT consulting company and Guidewire PartnerConnect Consulting Select partner, announced today that they have partnered with Topa Insurance Company to successfully enable digital claims payment capabilities for the insurer. Topa Insurance Company seeks to achieve faster claims processing, improved customer experience, and lower operational costs through its use of digital payment capabilities from One, Inc., a Guidewire PartnerConnect Solution Advantage partner, integrated with its Guidewire InsuranceNow core suite. Topa Insurance Company engaged Exavalu Inc, a One Inc. partner and a Guidewire PartnerConnect Select Consulting partner, to deliver the digital payments capability. Exavalu provided technical and business process expertise around Guidewire InsuranceNow integrations with One Inc, helping with requirements definition and overall implementation of the integration. "I was very impressed with the skills and experience demonstrated by both One Inc and Exavalu in making this a successful project, In a very short period of time, we were able to greatly improve user experience in claims payment processing, while creating efficiencies for our claims examiners." -Tracy Tillinghast, Vice President and Chief Information Officer of Topa Insurance Company. "The One Inc. implementation was completed successfully within three months from inception to deployment of the product. The integration between Guidewire InsuranceNow and One Inc. was a unique feature of the implementation as was the range of payment methods that we helped enable with the initial deployment." -Smitha Sasidharan, Guidewire InsuranceNow Practice Leader, Exavalu "Digital payments is a critical component of the digital journey for insurers to help improve customer experience and reduce costs. We've been a trusted partner to Topa on their technology needs and glad to have collaborated successfully on this initiative." -Saurav Basu, President and Founder, Exavalu One Inc. enables insurance carriers to digitally pay claimants, vendors, mortgagees, lienholders, third party carriers and multiple parties. Payments can be made with a variety of payment methods including direct debit, ACH, claims cards, Venmo, PayPal, and checks. About Topa Insurance Company Topa Insurance Company is one of the wholly owned subsidiaries of Topa Insurance Group, a boutique insurance holding company which provides insurance products through the wholesale market. Other subsidiaries include Dorchester Insurance Company (USVI) and Topa Insurance Services (USVI). The group is led by President and Chief Executive Officer, Michael Day. Topa Insurance Group is focused on underwriting profit, operational excellence and agility for continuous growth. About Exavalu Exavalu is a Specialized Digital Transformation Advisor & Digital Solutions Partner for the Insurance Industry. Founded by former Industry CIOs and Consulting Executives with background in complex transformation and change Initiatives within the Insurance Industry, Exavalu brings the best in Strategic Advisory and Digital Solutions delivery on Industry leading technology platforms. About One Inc One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payment platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments.

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INSURANCE TECHNOLOGY

Cyber insurer BOXX Insurance and cybersecurity firm Asceris announce partnership

BOXX Insurance | October 19, 2021

BOXX Insurance, the Toronto-based fast-growing cyber insurtech, is pleased to announce a new partnership with security consulting firm Asceris. The partnership was confirmed at the recent NetDilligence Cyber Risk Summit in Santa Monica, and follows BOXX's announcements that it closed its Series A financing round and is expanding to the US. Under BOXX's Hackbusters banner, the Asceris partnership will add to BOXX's incident response capabilities. BOXX's new service with Asceris includes 24/7 incident response and new services that have been customized for BOXX's consumer and employee benefit clients. With this partnership, Asceris will provide BOXX clients with a seamless escalation from suspected incident to full Incident Response and Forensics support. "Too often, we see individuals and families struggle to know how to stay ahead of threats, really panic in the event of an incident and then suffer the ignominy of being severely out of pocket. BOXX solves all three problems in one integrated product." - Vishal Kundi, CEO & Co-founder of BOXX The collaboration with Asceris will fuel BOXX's mission to become a leader in personal cyber insurance. It follows BOXX's global partnership with Consumer Privacy and Security specialist AURA. "By leveraging such partnerships, BOXX is able to craft meaningful propositions for consumers and boost their confidence to avail of all the good things digital can provide," Kundi said "Consumers continue to struggle to know how to address cyber risk. The threats are constantly evolving, so in addition to being more secure and better prepared, consumers need to have timely access to the right expertise in case the worst happens. BOXX delivers on all of these requirements. Their innovative business model combined with their global reach provides them with an exceptional ability to strengthen cyber defenses and reduce the impact of cyber events. Asceris is excited to work with BOXX and we look forward to a long relationship and the opportunities this partnership brings." - Anthony Hess, CEO at Asceris and former executive at CFC Underwriting and the Big 4 consulting firm KPMG About BOXX Insurance BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada

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B2Z Insurance Introduces a Full Suite of Products to Protect a New Generation of Small Businesses

B2Z Insurance | May 17, 2021

B2Z Insurance, an online business insurance provider, has announced the introduction of its full suite of insurance plans, which includes business owners policies (BOP), workers' compensation, cyber insurance, professional liability, and hired and non-owned vehicles. The pandemic has increased the need for commercial insurance to be offered online and have the same straightforward experience as personal insurance. B2Z provides a fully digital experience for small businesses, allowing them to browse for coverage options, get quotes, purchase coverage, and file claims at any time, from any place, and any mobile device. Diya (pronounced "dee-ya"), B2Z's AI-powered guide, uses artificial intelligence and data sourcing to assist customers and efficiently determine a business's special coverage needs. Diya also identifies areas of confusion during the application process and intervenes to offer simple explanations to make the process faster, smoother, and less frustrating. When they enter the market, small business owners now have the resources they need to confidently assess and meet their specific coverage requirements. The complete B2Z product offering includes: • Business Owners Policy (BOP) - A BOP protects more than just general liabilities; it also covers buildings, structures, customer injuries, and all loss and liability claims. • Workers Compensation - If an employee is injured on the job, this coverage pays for medical bills and can cover related legal costs. • Cyber Insurance - Cyber insurance saves small businesses against the crippling costs associated with data breaches and cyberattacks by assisting them in paying for customer notification, fraud monitoring, legal bills, and system damage. • Professional Liability - Businesses that provide expertise and consultancy services are protected against claims of bad work, such as errors, missing deadlines, and professional negligence. • Automobile Hired and Non-Owned - Third-party losses including vehicles operated for business purposes but personally owned by workers, or leased by a small business and its employees, are covered. “In today's business environment, small business owners recognize the value of resilience and the need for comprehensive coverage to protect their assets, staff, and clients. However, today's insurance options are confusing and slow, leaving many businesses with policy gaps—or even uninsured entirely,” said Kuldeep Malik, Founder, and CEO of B2Z Insurance. “The launch of our full suite of policies, together with our customer-centric platform, signals the start of our path to lift the bar for a great insurance shopping experience.” B2Z Insurance also provides hassle-free cancellations to help small business owners save time and energy while switching from existing coverage. Its licensed customer experience team works closely with customers' current carriers to search for potential penalties, prevent coverage lapses, and make cancellation and registration as simple as possible. About B2Z Insurance B2Z Insurance is a five-minute online business insurance provider that covers small businesses. B2Z lets small businesses prosper by providing easy coverage explanations, online quote decisions, same-day coverage purchasing, hassle-free cancellations, and an on-the-go customer portal. Unlike most business insurance sites, B2Z offers a fully digital experience: exploring policy plans, obtaining quotes, buying coverage, and making claims can all be done online at any time, from any place, from any mobile device.

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