Kyobo Life Insurance rolls out AI-based underwriting system

Insurance Business America | October 31, 2019

Kyobo Life Insurance announced on October 30 that its AI-based underwriting system, known as Best Analysis and Rapid Outcome (BARO), is now fully operational. The system, according to a Korea Times report, provides real-time services to the insurer’s sales consultants and customers. Combined with its underwriting manual, BARO facilitates the online underwriting process, through instant communication with sales consultants. Meanwhile, the insurer’s underwriters will focus more on assessing higher-risk, higher-stakes insurance contracts.

Spotlight

How have IoT and telematics disrupted the insurance model and what benefits do they bring to the consumer? To what extent can IoT boost cost reduction, risk management and underwriting accuracy?, How have insurers coped with the huge increase in data management?

Spotlight

How have IoT and telematics disrupted the insurance model and what benefits do they bring to the consumer? To what extent can IoT boost cost reduction, risk management and underwriting accuracy?, How have insurers coped with the huge increase in data management?

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CLAIMS,INSURANCE TECHNOLOGY

Zurich Insurance UK Selects CoreLogic’s Digital Platform to Support Its Claims Operations

CoreLogic and Zurich UK | November 07, 2022

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, is pleased to announce that Zurich Insurance UK (“Zurich”) will use CoreLogic’s digital claims workflow and collaboration platform to enhance its claims operations. In the UK, Zurich provides a suite of insurance products including commercial and retail property insurance. The agreement with CoreLogic will enable Zurich to enhance its existing claims capabilities by digitising processes on a secure, real-time web application – bringing a streamlined and much simpler claims experience for its customers, handlers and key supply chain partners. The CoreLogic platform helps to standardise claims processing on a single, cloud-based platform, enabling consistent and efficient triaging, for desk based adjusting and settlement and supply chain allocation. Delivering reduced claim lifecycles, greater cost control, enhanced accuracy and transparency into the claims management process, the platform provides a streamlined workflow management solution. This allows users to easily and securely access, share and process information and data, as well as communicate and collaborate more effectively. “Zurich has a strong reputation for its customer-centric focus and is now looking to enhance the customer experience even further through a faster, streamlined and easy-to-use claims experience. We are delighted that they have put their trust in our claims platform to help them achieve that goal. -Mark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic By digitising processes and bringing everyone on to one single platform, Zurich’s teams, suppliers and customers will all benefit from better communication and transparency throughout the whole claims journey. The Claims Connect™ platform enables higher quality data and resultant insights, greater process efficiencies and ensures that customers can receive the help and support they need at a time that suits them. We are excited about bringing our solution’s value to Zurich’s claims teams, suppliers and customers through this new relationship, saysMark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic. Helen Rogers, Zurich’s Head of Claims Digital Experience, said: This collaboration will benefit both our customers and our supply chain partners. CoreLogic’s technology will enable our teams to speed up the customer journey by putting claims into the right hands, quicker. In addition, we will have a single source of data that will drive greater simplicity and consistency throughout the claims process as well as enhancing supply chain resilience and efficiencies. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, UK and Western Europe, and Asia Pacific. About Zurich UK Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK – with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley – Zurich employs approximately 4,500 people in the UK. Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience. Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil. The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. 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.

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HEALTH INSURANCE

Digital-First Health Insurance Provider Angle Health Is Expanding in Indiana

Angle Health | November 18, 2022

Angle Health, the digital-first, full-stack health insurance company bringing transparency, simplicity, and ease of use to members, employers, and brokers, announced today it is expanding in Indiana. Powered by its integrated, AI-enabled technology platform, Angle Health provides a digital-first navigation experience with fully tailored, comprehensive healthcare benefit plans for employers. Telemedicine, behavioral health, and other digital health solutions – normally sitting outside of the traditional health insurance environment – are core offerings integrated into Angle Health plans at minimal to no cost for members. "We built Angle Health from the ground up to fundamentally change how people interact with the healthcare system and ensure that access to modern healthcare services isn't limited by a lack of time or understanding of the system, We could not be more excited to announce that access to Angle Health and our digital-first experience will be available to thousands more employers and brokers and millions more members across Indiana." -Ty Wang, co-founder and CEO of Angle Health Catering to more than 529,456 small businesses, 99.4% of all of businesses in the state, Angle Health is bringing its unified health benefits services to Indiana-based employers, brokers, and members, as follows: For Members Personalized, mobile-first member engagement: Angle Health meets members wherever they are on their journey. Angle's chat-first mobile app is a true partner in care. Whether a member has a question about the providers in the network, service costs, or how to navigate a medical concern, Angle Health is always there to remove the burden of access and navigation. Access to board-certified physicians, psychiatrists, psychologists, and therapists is always available, anytime and anywhere. On-demand pharmacy benefits are offered through a broad network of pharmacies alongside convenient options for home delivery. Concierge clinical management: The Angle Health clinical teams guide members on their everyday health questions, including acute and chronic needs, with one-on-one clinical support. Angle nurses prioritize a multidisciplinary approach, ensuring an individualized, tech-forward clinical wellness experience. For Employers and Brokers Fully customizable benefits packages to meet the needs of each employer and their employees Instant quoting and competitive pricing across its level-funded solutions Streamlined plan administration, delivering seamless employee enrollment and engagement, fully integrated with benefits administration and payroll Angle Health's level-funded solution gives our employer customers the benefits and flexibility of an independent TPA, with the predictability and seamlessness we have come to expect from national carriers, Their instantaneous quoting cuts, and in some instances eliminates, the standard 10-day turnaround quote window,Eric Dreyfus, Senior Vice President at Assured Partners, broker partner of Angle Health. Serving small and growing businesses and technology startups and scaleups alike, Angle Health is on a mission to democratize access to healthcare by bringing choice, affordability, transparency, and tailored health and wellness solutions to modern employers and their employees. Co-founded by former Palantir engineers, CEO Ty Wang and CTO Anirban Gangopadhyay, Angle Health was born out of the duo's frustration with their personal healthcare experiences. About Angle Health Angle Health democratizes access to modern healthcare by unifying today's fragmented healthcare benefits system into one core coverage and delivery platform. As a full-stack healthcare benefits provider, Angle Health drives efficiencies across the value chain through its digital-first platform—from instant underwriting for brokers and streamlined administration for employers to personalized care navigation for members. With access to a national network of healthcare providers and facilities, Angle Health is the health benefits provider for modern employers, now servicing thousands of employees and members across the country.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Hildene Capital Launches $1 Billion Reinsurer

Hildene Capital Management | November 25, 2022

Hildene Capital Management, LLC (“Hildene”), a $12 billion credit-focused asset manager, today announced the formation of Ludlow Re SPC, Ltd. (“Ludlow Re”), a Cayman Islands-based, Class B(iii) insurance company. Ludlow Re will offer reinsurance to the global insurance market and, as part of its inaugural transaction, will reinsure approximately $1 billion of fixed index annuity reserves through a quota share agreement entered into with a U.S.-based life insurance carrier. “Given its ability to provide long-term, flexible capital, Ludlow Re optimizes Hildene’s robust asset management capabilities, helping us as we seek to enhance returns for our investors, Since Hildene’s inception in 2008, we have taken a prudent approach to managing the size and scale of our assets and will continue to execute on this approach with Ludlow Re — opportunistically adding to our portfolio only when we believe we can confidently invest in assets that produce attractive returns for our clients.” -Brett Jefferson, Founder and Co-Chief Investment Officer of Hildene. Hildene’s structured credit assets, particularly TruPS CDOs, align well with the duration and liquidity profile of life and annuity insurance liabilities, We believe insurers and asset managers can benefit from a symbiotic relationship — money managers receive access to insurers’ expansive capital base while insurers receive access to sophisticated investment opportunities they may not have otherwise,added Dushyant Mehra, Co-Chief Investment Officer of Hildene. Ludlow Re received its B(iii) insurance license from the Cayman Islands Monetary Authority in September 2022. About Hildene Capital Management Founded in 2008, Hildene Capital Management, LLC is a diversified institutional asset manager specializing in asset-based and credit opportunities. Hildene Co-CIOs Brett Jefferson and Dushyant Mehra are backed by a senior investment team with a long and established track record of investing across various credit and distressed cycles, leveraging their expertise in managing complex assets. Today, Hildene manages over $12 billion for a broad range of clients across its flagship private funds, tailored managed accounts and securitized asset structures.

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