Japan Post Insurance admits to mismanaging 90,000 policies

Insurance Business Magazine | July 11, 2019

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.

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Wondering what return of premium life insurance is? In this video, Jeanna and Natasha from Quotacy explain how return of premium life insurance works in both term life insurance products and permanent life insurance products. They also discuss the pros and cons of return of premium life insurance and whether or not it's a good idea.

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INSURANCE TECHNOLOGY

Next Insurance Acquires Data Analytics Firm Juniper Labs

Next Insurance, Juniper Labs | December 11, 2020

Next Insurance, the main digital insurtech company changing small business insurance, today reported that it has finished the acquisition of Juniper Labs, an imaginative supplier of elective open information and endorsing innovation zeroed in on small businesses. Together, Next Insurance and Juniper Labs will keep on creating improved AI abilities and apparatuses to reinforce the omni-channel client experience. This is Next Insurance's first securing and follows the end of its $250 million Series D financing round at a $2 billion valuation. Juniper Labs gives better danger straightforwardness by utilizing open information and AI to construct devices for smoothed out information assortment and automated endorsing. Utilizing common language preparing, Juniper Labs mixes divided information sources and unstructured substance to give more organized bits of knowledge that reinforce the certainty and prescient intensity of their models, at last taking into consideration more exact danger evaluation and a less difficult client experience. Juniper Labs co-founder and CEO Lance Poole, and his team, will join Next Insurance's AI and information examination gathering and will help dispatch the Next Insurance Data Labs. The reason for the lab is to consolidate human-driven plan, actuarial science, and best in class AI to give adaptable, industry-driving arrangements that drive development and danger based valuing. Also, the Juniper Labs group will help reinforce and scale Next Insurance's workers' compensation offering (among different lines of business), which has seen almost a 14x expansion in year-over-year development since November 2019. "Next Insurance and Juniper Labs believe that data is a key differentiator in the effort to provide a better online experience at a more affordable price," said Lance Poole, co-founder and CEO of Juniper Labs. "We're excited to join this like-minded company and contribute to its continued success." As the world keeps on moving on the web, purchasers have generally expected fast, effective and customized insurance policies, and Next Insurance's initial obligation to conveying incredible insurance products and client commitment has cemented the company as a pioneer in the insurtech space. With Next Insurance, insureds approach USA-based authorized insurance counselors, apparatuses and administrations like every minute of every day admittance to testaments of insurance from a cell phone or PC, and in-house claims filings where a choice is ordinarily made inside 48 hours. Become familiar with Next Insurance's General Liability, Professional Liability, Commercial Auto and Workers' Compensation product offerings and get a moment quote online today. About Next Insurance Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers. About Juniper Labs Juniper Labs leverages open data and machine learning to help insurtechs, carriers and brokers to more effectively sell and underwrite small business insurance. Founded in 2019 by Lance Poole and John Stevenson, the company's suite of APIs provide structured insights and predictive models that allow more precise risk assessment and a simpler customer experience.

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INSURANCE TECHNOLOGY

SafeAuto Launches Sober Driving Campaign to Give Drivers Safe Ways to Celebrate this Holiday Season

SafeAuto | November 17, 2021

While many Americans celebrated the holidays at home last year, more families are expected to travel and gather once again, which could lead to an uptick in drunk driving. A new national survey of over 1,900 US adults ages 21+, conducted by The Harris Poll on behalf of SafeAuto, reveals 40 percent of Americans ages 21-34 say they are more likely to drive after consuming alcohol over the holidays than other times of the year. The survey also found more than 6 in 10 Americans ages 21+ (62%) worry they've been a passenger in a vehicle when they've known the driver has had too much to drink, while 49% of those 21-34 say they themselves have regretted driving after having too much to drink. To encourage drivers to celebrate safely, SafeAuto is launching the We Got You: Drive Sober Get Rewarded campaign to help drivers make a plan when alcohol is involved, giving away Uber rides and hotel stays to help them do so. "Drunk driving is always more prevalent during the holidays, with Thanksgiving and the week between Christmas and New Year's Eve often among the deadliest for drivers. We want everyone to play it safe this holiday season, and that starts by having a plan to avoid drunk driving such as using rideshare, having a designated driver, or making arrangements to stay somewhere for the night." - Amber Yeray, Marketing Leader, SafeAuto. Whether behind the wheel or as a passenger, SafeAuto wants to make sure consumers don't end up in a dangerous situation when alcohol is involved over the holidays. Only about 3 in 5 Americans ages 21+ (62%) say they always make a plan to get home safely after drinking alcohol. To help drivers make a plan to celebrate safely, SafeAuto is giving away over $35,000 in Uber rides and hotel stays through the We Got You: Drive Sober Get Rewarded campaign. For a chance to win all consumers must do is: Survey Methodology This survey was conducted online within the United States by The Harris Poll on behalf of SafeAuto between October 19-21, 2021 among 2,006 US adults ages 18+, among whom 1,936 are ages 21+. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Complete methodology is available upon request. About SafeAuto Safe Auto Insurance Group Inc., an Allstate Company, has been a leading provider of affordable state minimum coverage since its founding in 1993. SafeAuto has always been proud to call Columbus, Ohio home. With an unwavering entrepreneurial spirit and the idea that everybody has the right to have insurance, we're now providing options in 28 states for drivers who are looking to save hard-earned dollars. SafeAuto offers flexible payment plans, immediate coverage, and 24/7 customer service through the phone and web. Whether you're looking for auto, commercial, home, life, motorcycle or renters insurance, our dedicated team rides with you around the clock to ensure we are providing you the coverage that fits your needs.

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INSURANCE TECHNOLOGY

Cardinality.ai acquires ClearCycle, a proven Claims & Disbursement technology company

Cardinality.ai | December 08, 2021

Cardinality.ai, a data technology group helping government agencies achieve better outcomes through artificial intelligence (AI) solutions has acquired ClearCycle, based in Redmond WA, a proven Claims and Disbursement Management technology provider since 1983, for the Healthcare and Insurance industries, to expand its suite of SaaS solutions. "The acquisition of ClearCycle will accelerate our mission of enabling government workers to deliver citizen services effectively. ClearCycle's depth of knowledge in claims, payments, disbursements, and compliance reporting with their track record of serving its clients in regulated industries will expedite the deployment of our ready-built solutions. In addition, we welcome the ClearCycle team, who will improve our ability to serve US Government agency clients and increase the scale of our US-based client success team." - Thiag Loganathan, CEO of Cardinality.ai. "Joining hands with the Cardinality team, we are excited about the possibilities of coupling our 20+ years of knowledge and subject matter expertise with Cardinality's modern software, built with configurable modules, cloud-based tech, a powerful AI assistant, and an intuitive interface, powered by a low-code platform" - Ravi Nithyanandham, Chief Technology Officer of ClearCycle. With decades of experience in complex healthcare claims, payments, disbursements, translation to different currencies with international funding requirements, and regulatory reporting, the ClearCycle acquisition improves Cardinality features, such as compliance tracking, Medicare and Medicaid reporting while ensuring payments are disbursed quickly, appropriately, and traced easily. ClearCycle will continue to operate under that name and is now a wholly owned subsidiary of Cardinality.ai. About Cardinality.ai Cardinality helps government agencies achieve better social and economic outcomes through intuitive, AI cloud-based solutions. Founded in 2017 by four serial entrepreneurs and a team of data specialists, the company has one goal: impact a billion lives. And it's already on its way—Cardinality solutions are being used by multiple agencies in the states of Indiana and Maryland. Their suite of solutions is built specifically for workforce, health, and human services leveraging it's modern AI Case Management, CRM, ERP, RedBird AI and Low-Code platform, so that agencies can modernize existing systems up to 50% faster than other low-code platforms and 200% faster than custom or unproven solutions.

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