Insurers issue warning relating to forced coronavirus payouts

Insurance Business America | April 06, 2020

The Global Federation of Insurance Associations (GFIA) has issued a statement warning of the need for the continued financial stability of the insurance industry and the danger posed by forced coronavirus payouts. The statement detailed the work being done by the global insurance industry to help develop solutions to the greatest challenges facing individuals, businesses and governments, and its role as an essential stabilising force throughout the world. The statement highlighted that: “GFIA understands that governments around the world and international organizations are also fulfilling their necessary duties to respond to the crisis: both in protecting the health of their citizens and in supporting the businesses that drive their economies. GFIA appreciates that central banks, governments and international organizations have put forward proposals targeting flexibility in respect to some regulatory and data collection requirements.”

Spotlight

In this episode, we welcome back Tom Scales, head of the life and annuity practice at Celent. Tom shares his thoughts on life insurance technology for the decade past, the current landscape, and the decade ahead. Tom has his finger on the pulse of the industry like few others, and is always a fascinating interview!

Spotlight

In this episode, we welcome back Tom Scales, head of the life and annuity practice at Celent. Tom shares his thoughts on life insurance technology for the decade past, the current landscape, and the decade ahead. Tom has his finger on the pulse of the industry like few others, and is always a fascinating interview!

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INSURANCE TECHNOLOGY

Cybersecurity Solutions for Buildings: A Launch by Schneider Electric and Claroty to Reduce Cyber and Asset Risks for Smart Buildings

Schneider Electric | June 20, 2022

Schneider Electric, the global leader in energy management, automation, and digital transformation, announced the launch of Cybersecurity Solutions for Buildings. This solution assists all building customers in securing their building management systems (BMS) to protect their people, assets, and operations. The collaborative solution with Claroty, a security company for cyber-physical systems in industrial, healthcare, and commercial environments, will combine award-winning technology with Schneider Electric industry expertise and services to identify all facility-wide assets, deliver unparalleled risk and vulnerability management capabilities, and provide continuous threat monitoring to protect enterprise investments. By 2050, it is expected that half of today's buildings will still be in use. This is causing commercial buildings to digitize their assets, including updating their building management system. Indeed, IoT technology for buildings is expected to grow from 1.7 billion connected devices at the end of 2020 to more than 3 billion by 2025. The integration of IoT in buildings is sparking an exciting shift across the sector, but like with any innovation, it also presents new risks, For threat actors looking to disrupt operations, benefit financially and/or achieve other objectives, and in so doing to put individuals at risk, buildings can appear to be the perfect target. It is with this in mind that we are partnering with Claroty to bring our customers a comprehensive, industry-leading solution that meets the unique security and operational risks facing buildings of today and of the future.” Annick Villeneuve, Vice President Digital Enterprise Solutions, Schneider Electric. Schneider Electric and Claroty's Cybersecurity Solutions for Buildings offer includes the following steps: asset discovery, risk assessment, remote access control, threat detection, and response. It will provide building owners, facility operators, and security teams with a simple solution that identifies baseline risks, reduce both cyber and asset risks and identify and remediates threats in their environment before service interruption. Schneider Electric's core mission in developing Cybersecurity Solutions for Buildings for our customers remains unchanged: by improving the resiliency of their buildings today. In the future, through an enhanced cybersecurity posture with the right technology and expertise, Schneider Electric works hand-in-hand with our customers as their digital partner for sustainability and efficiency, assisting them in making the most of their investments.

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HEALTH INSURANCE

EquiTrust Life Partners with Sapiens on their Next Generation Digital Agent Experience

EquiTrust | June 24, 2022

Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that EquiTrust Life, a leading North American life and health insurance company, has selected Sapiens' award-winning suite of e-application, illustration and digital solutions to provide their agents next generation customer acquisition and service capabilities. Sapiens IllustrationPro, Sapiens ApplicationPro and Sapiens DigitalSuite support EquiTrust Life's key product offerings by providing comprehensive, new business illustrations with enhanced solutions for complex scenarios with split second calculations, and an interactive experience to reduce re-keying, resulting in fewer errors, faster time to decision and better engagement. Sapiens' simple, intuitive, device-agnostic user engagement with flexible branding and integrations enhances EquiTrust Life's partner experience. Leveraging Sapiens' toolkit, the solution provides self-sufficiency and reduces total cost of ownership. We were looking for one vendor to drive our digital transformation and accelerate innovation within our agent sales process. Innovation is a key pillar within EquiTrust Life, and we felt that Sapiens' digital tools would enable innovation much faster than any other competitor, while providing us industry insights and best practices, We administer financial products for retirees, and Sapiens' solution delivers a superior agent experience to market complex financial products that help protect our growing senior population." Carol Woodruff, Vice President, Information Systems with EquiTrust Life. We are very excited to partner with EquiTrust Life on their digital transformation journey, Sapiens not only provides a wide array of best-of-breed solutions, but we also truly understand our customers' operational goals and are committed to delivering best-in-class solutions, seamlessly to drive growth and deliver value. " Jamie Yoder, Sapiens North America President & General Manager. Sapiens IllustrationPro for Life & Annuities is a cloud-first, point-of-sale illustration and quoting solution, offering a fully responsive, modern, intuitive user experience for the life and annuities and health markets. Sapiens ApplicationPro is a robust electronic application software that helps carriers address critical business drivers, such as decreasing time–to–issue and reducing policy acquisition costs, all in an extremely intuitive and easy–to–use package. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience. The flexible, component-based platform can be leveraged together with Sapiens' core solutions or on top of other (non-Sapiens) solutions. About EquiTrust Life EquiTrust Life Insurance Company is a trusted provider of life insurance and annuity products with a strong track record of operating performance. EquiTrust is a national carrier of competitive, client-friendly options, available through various distribution channels including more than 15,700 independent sales representatives and independent marketing organizations. EquiTrust offers fixed-rate and indexed annuities and life insurance and is headquartered in Chicago with operations in West Des Moines. In June 2015, Magic Johnson Enterprises became the majority shareholder, making EquiTrust Life Insurance one of the largest minority-owned life insurance company in the history of the country at $25.7 billion in assets. About Sapiens Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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INSURANCE TECHNOLOGY

Oakbridge Insurance Partners with Brock Insurance Agency

Oakbridge | June 15, 2022

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