Japan Post Insurance freezes policy sales

Insurance Business Magazine | July 15, 2019

Japan Post Insurance freezes policy sales
Policies by Japan Post Insurance and sold through its sister company Japan Post Co. have been put on hold until August 31 following widespread allegations of improper business practices at the formerly government-owned postal and insurance firm. The group halted sales following its top executives’ admissions that there were irregularities in how it sold life, education, and post-retirement insurance products over the past few years, affecting over 90,000 customers. Customers had reported double charging of premiums as well as not having received coverage, despite having paid the premiums.

Spotlight

When buying a car, make sure you call your insurance company to get your policy updated. Some dealerships may say they will take care of that can change for you, but that is not always the case. In this video, R&R's Nancy Engelbert helps our insured out when this happened to her.

Spotlight

When buying a car, make sure you call your insurance company to get your policy updated. Some dealerships may say they will take care of that can change for you, but that is not always the case. In this video, R&R's Nancy Engelbert helps our insured out when this happened to her.

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INTELLECTUAL PROPERTY

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

Majesco | September 03, 2021

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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. 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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. 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INSURANCE TECHNOLOGY

HawkSoft Releases HawkLink for Google Chrome to Auto-fill Policy Data

HawkSoft | March 10, 2021

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INTELLECTUAL PROPERTY

Milliman's Arius introduces new API capabilities, streamlined diagnostic tools with latest reserving software release

Milliman | November 18, 2021

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