Japan Post Insurance admits to mismanaging 90,000 policies

Insurance Business Magazine | July 11, 2019

Japan Post Insurance admits to mismanaging 90,000 policies
Japan Post Insurance has confessed to mismanaging over 90,000 policies, in what could be the largest scandal for the insurer and parent postal company since its privatisation in 2007. The insurer admitted on Wednesday that around 22,000 customers were charged double for their life insurance premiums between April 2016 and December 2018, the Japan Times reported. Furthermore, it also revealed that in the past five years, there were 47,000 cases where customers did not receive coverage – despite having paid the premiums – and around 23,900 cases where the insurer declined extending policyholders’ contracts for no valid reason. Japan Post initially denied any wrongdoing, and said that customers had given consent for the contracts. However, Mitsuhiko Uehira, Japan Post Insurance’s president, later apologised at a news conference. Meanwhile, Kunio Yokoyama, president of Japan Post Company, the insurer’s parent firm, said that the misconduct may have been committed by staff scrambling to meet sales quotas.

Spotlight

Today’s insurance ecosystem is characterized by complex business models, strict regulations, and fickle customer attitudes. Therefore, it is imperative that insurers embrace digital capabilities to tackle these challenges proactively to overcome any obstacles to growth, portability, and even survival. In the 1960s, the insurance industry pioneered the use of mainframes, and in the 1980s they were among the early adopters of imaging and document management technologies. Once again, insurers find themselves on the cusp of a new technological transition faced with an interconnected, customer-centric, and hypercompetitive business environment.

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INTELLECTUAL PROPERTY

Majesco Announces Launch of Insight Driven Underwriting Workbench - Majesco Digital Underwriter360 for P&C

Majesco | September 03, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Digital Underwriter360 for P&C, a next-gen insight driven underwriting workbench for commercial and specialty lines. Majesco Digital Underwiter360, powered by Majesco Digital1st® Insurance is an intelligent, insight-driven cloud-native SaaS, that enhances underwriting efficiency and profitability, drives underwriter productivity and profitability, and creates greater transparency and collaboration with brokers. “In order for insurers to elevate the customer experience, they must make the underwriting processes more efficient, profitable and responsive,” says Manish Shah, President and Chief Product Officer for Majesco. “Built on Majesco Digital1st® Insurance no code/low code platform, Majesco Digital Underwriter360, leverages today’s leading technology to increase efficiencies and effectiveness, maximize underwriter’s expertise and improves collaboration between underwriters and brokers. Our relationship with KPMG to develop and deliver another next-gen digital solution built with the customer in mind brings a new level of innovation and capability to the industry.” SMA research highlights the expectations of insurance executives regarding the magnitude of changes coming… 80% of insurance executives expect underwriting to be significantly different than it is today within 5 years and 94% expecting significant change in 10 years. The expected changes expose the gaps between today’s capabilities and those required in the future and which Majesco Digital Underwriter360 addresses. "The potential for underwriting transformation in P&C is tremendous,” stated Deb Smallwood, Senior Partner at Strategy Meets Action. “Our research indicates significant recognition that this will take a new solution and set of technologies separate from policy management solutions. To make this great leap forward, insurers need new thinking on roles and processes coupled with a new digital platform that is advanced beyond the portals and workbenches of the past. Majesco Digital Underwriter360 represents an innovative new solution that will help revolutionize underwriting.” Majesco engaged KPMG LLP in the experience centric design and development of the solution using Majesco Digital1st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution focuses on better insights, increased productivity, and driving more seamless interactions for the underwriter. Some of the key capabilities include: Insight driven: Multi-level risk view, across the portfolio and line of business for digitally optimized risk assessment and management. Just in time, relevant information: Data and information pushed to the underwriter’s fingertips at the exact moment they need it to optimize underwriting. Intelligent data ingestion and extraction: Refine rules and leverage technologies like AI to collect, automate and analyze the data to provide a full picture of the exposures for a given submission. Portfolio Optimization: Prioritize, assess, and reinforce risk appetite across the portfolio of business through the use of data and a holistic view of risk. Broker Collaboration: Increased and predictable collaboration between broker/agent and underwriter creating full transparency and speed for quote. Streamline underwriter workflow and improve risk assessment: Automated, efficient workflow, routing and case management capabilities to optimize underwriting and improve risk assessment leading to better outcomes. Automated data prefills: Using a growing array of structured and unstructured data sources from InsurTech and traditional third-party data providers to optimize the underwriting process and maximize underwriter’s knowledge. Underwriting control and oversight: Using authority management to monitor and manage underwriting limits, risks and more to align to company guidelines and strategy. Core Integration: Pre-integrated with Majesco Core Suite for P&C and can easily be integrated with any other core solutions. “We're seeing a lot of activity in digital underwriting as a lynchpin component of modernization and transformation efforts,” stated Jeanne Johnson, Principal at KPMG LLP. “Leveraging a platform solution that connects insights across the underwriter’s interactions, and more easily integrates a rich mix of relevant data offers a path to more sustained value. Productive data, alongside digital enablement, machine learning, and Underwriter360, can address some longstanding pain points to better equip the underwriter talent - to better segment, predict, service, and deliver profitable growth that will continue to be a competitive differentiator.” As insurers continue to adopt the latest digital technologies, tedious and time-consuming underwriting processes still make it difficult to quickly respond to customer needs and expectations. Without a holistic and unified view, underwriters cannot access risk information to facilitate quick and calculated underwriting management. Majesco Digital Underwriter360, digitally enables technology and data proliferation that transforms how underwriters collect risk data, analyze it, perform multi-level risk assessment, and make decisions resulting in reduction of underwriter’s administrative workload. The increased efficiency and effectiveness in the underwriting process enables underwriters more time to be utilized in making key decisions and increase collaboration with distributors as opposed to spending time in core processes due to technologically challenged systems. It delivers a profitable underwriter process through centralized digital solutions that provide aggregation and mediation of business as well as system services, so underwriters don’t have to depend on multiple sources of disparate data. Underwriter360 is currently available for commercial and specialty lines with other lines of business to be considered in the future. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

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Shift Technology Partners with MAPFRE to Transform Insurance Claims Process

Cision PR Newswire | October 19, 2020

MAPFRE and Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, have come together to radically transform the way customers deal with insurance claims. Shift, who had already disrupted the insurance world with their acclaimed AI-powered fraud solution, is now leveraging its experience in claims to create a state-of-the-art, end-to-end claims automation solution. Together with MAPFRE, the company aims to deliver an instant, friendly and transparent experience. Numerous studies show that filing an insurance claim is often cumbersome for customers and that the process typically takes longer than expected. Once they have notified their insurer of the incident, customers report finding it difficult to navigate the various steps of the claims process.

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Hailstorms in the US hit the property insurance market hard

Insurance Business America | April 27, 2020

Wildfires and hurricanes from recent years have impacted many homeowners’ and businesses’ ability to find affordable property insurance, but they’re not the only types of weather events that are contributing to a hardening property market. Hailstorms rank as one of the more damaging weather events in the US with 5,382 major hailstorms occurring in 2019 and 4,610 hailstorms in 2018, the latter of which resulted in $810 million in property and crop damage, according to the National Oceanic and Atmospheric Administration (NOAA). It’s no surprise then that the property insurance market is finally reacting to this icy threat. “The assumption of risk from property carriers has proven unsustainable due to years of deteriorating property rates and terms and conditions, and the lowering of deductibles – just general soft market issues,” said Andy Hendrix, SVP of US property at Colony Specialty, a part of Argo Group. “The other concern that we have as property carriers is roof maintenance from both commercial and personal lines risks that haven’t really been consistent.”

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Spotlight

Today’s insurance ecosystem is characterized by complex business models, strict regulations, and fickle customer attitudes. Therefore, it is imperative that insurers embrace digital capabilities to tackle these challenges proactively to overcome any obstacles to growth, portability, and even survival. In the 1960s, the insurance industry pioneered the use of mainframes, and in the 1980s they were among the early adopters of imaging and document management technologies. Once again, insurers find themselves on the cusp of a new technological transition faced with an interconnected, customer-centric, and hypercompetitive business environment.