Insurance Plans Vary in Policies for Gender-Affirming Surgeries

Drugs.com | October 17, 2019

Ledibabari M. Ngaage, M.B., B.Chir., from the University of Maryland in Baltimore, and colleagues assessed insurance coverage of "top" gender-affirming surgery and evaluated the differences between insurance policy criteria and World Professional Association for Transgender Health (WPATH) recommendations. Policies were determined using internet-based information and telephone interviews. Based on the 57 insurers reviewed, the researchers found that bilateral mastectomy (transmasculine) was covered by significantly more insurers than breast augmentation (transfeminine; 96 versus 68 percent). WPATH-consistent criteria were used by only 4 percent of insurers, with no criterion universally required by insurers. Beyond WPATH guidelines, additional prerequisites for top surgery coverage were continuous living in congruent gender role, two referring mental health professionals, and hormone therapy before surgery. A significantly higher proportion of transfeminine policies required hormone therapy versus transmasculine policies (90 versus 21 percent).

Spotlight

We live in a digital economy and, by default, operate in a digital ecosystem. The challenge for insurers is how to become relevant, create partnerships and meet changing customer expectations.

Spotlight

We live in a digital economy and, by default, operate in a digital ecosystem. The challenge for insurers is how to become relevant, create partnerships and meet changing customer expectations.

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INSURANCE TECHNOLOGY

Microsoft and At-Bay Partner to Offer Data Driven Cyber ​​Insurance Coverage

Microsoft Corp | September 30, 2021

Microsoft Corp. will announce a new multi-year commitment to help the insurance industry build superior, data-driven cyber insurance products backed by Microsoft security solutions. Managing risk is a critical business objective for all companies. However, even with the adoption of the best cybersecurity technologies and best practices, companies can face residual risks due to inconsistent management of applications and other productivity platforms exploited by a rapidly evolving threat landscape. To fill this gap, insurance providers have begun offering policies to help mitigate the impact of data breaches and ransomware attacks. This new area of ​​insurance is growing rapidly; however, uncertainty is common as insurers struggle to acquire and use the dynamic, real-time data needed to mitigate cyber risk, while threats increase as ransomware drives urgency. Due to the widespread adoption of Microsoft solutions across companies of all sizes, Microsoft is working with insurers to address their customers' cybersecurity needs and reduce insurers' own risk of loss through greater data visibility and controls standardized. Insurance operators, agents, reinsurers and brokers are required to understand and assess cybersecurity threats for each of their policyholders. With this complexity, insurers are seeking greater visibility into each company's health and safety environment to better support new policies. To address the issue, Microsoft is partnering with leading insurance industry partners to deliver innovative data-driven cyber insurance products, enabling customers to securely share security posture information through platforms like Microsoft 365and security solutions from Microsoft. All data and details about a Covered company's technology environment will be owned and controlled entirely by that customer, but that customer may choose to share it securely with providers to receive benefits such as enhanced coverage and more competitive premiums. This model rewards customers with real savings by adopting cybersecurity best practices and gives insurers the information they need to proactively protect their customers from breaches. Partnership with At-Bay Microsoft will announce, on today's date, a partnership under this initiative with At-Bay , an innovative cyber insurance company. Through its modern approach to risk management, At-Bay assesses the cyber risk of each company it secures and provides actionable insights into how customers can improve their security posture. Encouraging the implementation of security controls with improved policy terms and pricing has strengthened the overall security of At-Bay's portfolio companies. According to At-Bay, its policyholders are seven times less likely to experience a ransomware incident than the industry average. As of October 1, businesses in the US using Microsoft 365 are eligible to save on their At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multi-factor authentication and Microsoft Defender for Office 365 Microsoft is also actively working in partnership with At-Bay to identify additional ways to improve its customers' digital risk exposure and proactively address vulnerabilities. This offer will be available through the At-Bay broker community and available to customers using any version of Microsoft 365. Interested companies can contact their insurance agent to get started. In addition to these security controls, the level of savings depends on the loss history and individual risk profile of each business. An insurance policy is an effective tool to articulate the impact of cybersecurity choices on a company's financial risk. way to reduce risk, Working with Microsoft allows us to educate customers about the powerful security controls that exist in Microsoft 365 and reward them for adopting those controls. - Rotem Iram , co-founder and CEO of At-Bay. Microsoft enables digital transformation in the era of Smart Cloud and Smart Edge. Its mission is to empower all people and organizations on the planet to achieve greater achievements.

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INSURANCE TECHNOLOGY

Zurich Insurance Germany Selects Cognizant as Strategic IT Partner to Transform its General Insurance Application Landscape

Zurich Group Germany, Cognizant | July 07, 2022

Cognizant today announced that it has extended its relationship with Zurich Beteiligungs-AG, the German subsidiary of global insurance leader Zurich Insurance Group (Zurich), to help Zurich Germany deliver more digital services offerings to its clients and partners. As part of the new multi-year agreement, Cognizant will work closely with Zurich Germany to simplify, modernize, and manage and maintain the insurer's enterprise application landscape in the General Insurance domain. The partnership will establish joint DevOps teams and is designed to extend Zurich Germany's artificial intelligence (AI), data, software engineering and cloud capabilities. By bringing together Zurich Germany's applications in its General Insurance domain under the joint management of inhouse IT and Cognizant as key strategic IT services provider, Zurich Germany is expected to reduce the total cost of ownership, speed up the time to market of new digital services and products, and lay the foundation for further digital and agile enablement of the enterprise. "Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany. "Zurich is on an ongoing journey of 'accelerated digital evolution' to meet the rapidly changing needs of our customers and partners and creating a more intimate connection with them. Cognizant has proven itself as a knowledgeable and reliable strategic partner, and we look forward to further capitalizing on its industry expertise to help us advance our digital transformation," said Jens Becker, chief information officer, Zurich Germany. The new agreement builds on and significantly expands the two companies' existing agreement, under which Cognizant successfully implemented and manage and maintain Zurich's General Insurance products on Guidewire. "Innovative, forward-thinking clients like Zurich understand the importance of collaborating with a strategic IT partner to help them achieve their digital transformation and meet their business objectives," said Dr. Rolf Werner, head of Germany, Austria and Switzerland, Cognizant. "Cognizant is pleased to have been selected by Zurich to expand our successful collaboration, and we will apply our deep expertise in application modernization, development and maintenance, along with our in-depth knowledge of the insurance industry, to deliver even more value and help Zurich meet its customers' needs." About Zurich Group Germany Zurich Group Germany is part of the worldwide operating Zurich Insurance Group. With a premium income (2021) of about EUR 6.3 bn, investments of EUR 53 bn and about 4,500 employees, it is among the leading insurers in Germany with a wide range of property and life insurance products. Zurich offers innovative, powerful and sustainable products and solutions for insurance, prevention and risk management from a single source. Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world. About Cognizant Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

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INTELLECTUAL PROPERTY

Zurich American Insurance Co. signs agreement to acquire Special Insurance Services, Inc.

Zurich | November 12, 2021

Zurich American Insurance Company ("ZAIC"), a leading provider of insurance products and services to businesses in multiple industries, has signed an agreement to acquire Special Insurance Services, Inc. ("SIS"), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. The acquisition will expand ZAIC's supplemental health insurance solutions that help businesses and individuals better manage medical costs. ZAIC's Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational accident and student accident insurance. The acquisition of SIS, which is expected to be completed in early 2022, will help expand ZAIC's ability to deliver solutions in gap medical, occupational accident and primary employer indemnity insurance. "As medical costs continue to increase, employers are seeking solutions that enable migration to higher deductible major medical plans while ensuring healthcare affordability for workers. Gap medical is gaining popularity because it can help employees cover their deductibles and coinsurance, reducing out-of-pocket expenses. Through the acquisition of SIS, ZAIC can build our capacity to deliver high-quality supplemental health products like this — products that businesses and workers need, desire and deserve." - David Fike, Head of Life, Accident and Health for ZAIC. SIS has capabilities to develop, underwrite, distribute and administer specialty insurance products for small- and midsize employers. SIS has been managing programs since 1987 and today provides some level of administrative services to more than 5,000 employers and their employees, with annual premium of approximately $55 million. "Zurich and SIS share a commitment to listening to the needs of the marketplace and putting customers first. That's one reason our talented team at SIS looks forward to joining the Zurich family and amplifying our positive impact. Together, we will help solve for some of the most pressing health challenges that businesses and individuals face today." - SIS President Philip Rearick. About Zurich Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. Customers are served through the individual member companies of Zurich, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services Zurich offers and the people Zurich employs in the U.S. and Canada.

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