Brown & Brown, CoverHound, CyberPolicy | November 09, 2020
CoverHound® and CyberPolicy®, a main advanced protection commercial center for people and independent companies, today declared they have been obtained by Brown and Brown, Inc. a main protection financier firm giving danger the executives answers for people and organizations.
With this procurement, Brown and Brown increases extra admittance to the quickly developing computerized protection market for the two people and independent companies, notwithstanding abilities that modernize the protection buying experience. CoverHound, and its completely possessed auxiliary CyberPolicy, are an impetus for driving the computerized change that the protection market requests, specifically the advanced quickening that has happened in the course of recent months because of the Covid pandemic. Consolidating Brown and Brown's solid transporter connections and item information with CoverHound and CyberPolicy's association organization and client experience will make a solid incentive for clients and accomplices.
CoverHound and CyberPolicy will keep on working autonomously under Brown and Brown and will zero in on scaling advanced associations with confided in brands.
Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd said of the acquisition, “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience. By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.”
CoverHound and CyberPolicy CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity. The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.”
In the course of recent years, CoverHound and CyberPolicy have kept up a main Net Promoter Score of 82, have essentially expanded the quantity of approaches sold totally on the web and have built up the ability to carefully cite and tie numerous transporters and items into a solitary online exchange.
As one of the first InsurTechs that have arisen and scaled over the previous decade, CoverHound and CyberPolicy have stayed consistent with their vision, zeroing in on being a confided in guide for curated decision and satisfying the intricate needs of the present current client, all while streamlining the protection examination and buying measure
CoverHound® is an original InsurTech that allows consumers and businesses to easily compare and purchase insurance. CoverHound offers competitive rates and coverages in 50 states, delivering fast, accurate and actionable quotes from leading US carriers based on a customer’s specific needs. Developed by a team with deep insurance and online financial marketplace experience, CoverHound is dedicated to providing best-in-class customer experience
In 2016, CyberPolicy® became the world’s first marketplace to help small businesses compare, quote and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its offerings to deliver more complete coverages and bundles for Small and Medium-sized businesses including additional core business insurance products. CyberPolicy offers competitive rates in 50 states and helps small businesses “Plan. Prevent. Insure™”.
About Brown & Brown:
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.
EXL, Benekiva | February 17, 2021
EXL, a main operations management and analytics organization, today declared an association with Benekiva, a software startup zeroed in on giving seamless technology solutions to financial services, to upgrade the digital claims capabilities of EXL's LifePRO® policy administration platform.
The association will join the start to finish policy management capabilities of LifePRO® with Benekiva's digital claims solutions, which incorporate work processes, record digitization, and claims admission to give a more powerful, effective claims insight for the two clients and representatives.
Homesteaders Life Company, a public chief in preneed protection subsidizing and LifePRO® customer, has just started seeing advantages from the EXL and Benekiva partnership
“We’ve seen the combination of Benekiva and LifePRO® transforming customer experience and enhancing customer journeys,” stated Nick Gerhart, Executive Vice President and Chief Innovation Officer, Homesteaders Life Company. “It’s also enhanced our resilience. When we shifted to remote work during the pandemic, our employees were able to seamlessly continue to pay claims and keep functioning.”
“We are excited to augment our digital claims management capabilities through this partnership with Benekiva,” said Keith Johnson, Senior Vice President and head of digital insurance solutions and LifePRO®, EXL. “A major component of our success in the policy administration space stems from the way we ensure fast, accurate resolution for customers’ claims. Benekiva will help us amplify the customer and beneficiary experience within our digital claims solutions.”
Said Brent Williams, CEO, and President, Benekiva, “EXL is a global leader in insurance across operations, analytics, and technology with a two-decade track record of innovation in areas of policy administration and claims, through their LifePRO® platform. We are excited to partner with EXL to bring a more digitized and seamless claims experience to the insurance market. We look forward to bringing the same great benefits Homesteaders Life Company has experienced from this partnership to other LifePRO® clients.”
EXL's LifePRO® offers adaptable help for an expansive scope of life, wellbeing, and annuity items. With an adaptable help based design highlighting a library of more than 250 REST and ACORD digital services and minimized single-reason services for regions including policy servicing, party upkeep, specialist and chain of importance management, and item arrangement, the platform furnishes back up plans with security, versatility, and configurability. An electronic UI gives a 360-degree perspective on clients and specialists and is planned considering ADA consistence. EXL is ceaselessly putting resources into and improving LifePRO®, with the platform now on its twentieth rendition.
About Homesteaders Life Company
Homesteaders Life Company is a national leader providing products and services to promote and support advanced funding of funeral planning and end-of-life expenses.
Benekiva, LLC, was founded in 2018 to offer smart, elegant, and powerful technology solutions to insurance providers. It has since developed a comprehensive digital claims and customer service platform to service all of the document management, compliance, workflows, adjudication, and claims issues related to the insurance industry. The company is headquartered in West Des Moines, Iowa, with a satellite division in Winston-Salem, North Carolina.
EXL is a leading operations management and analytics company that helps our clients build and grow sustainable businesses. By orchestrating our domain expertise, data, analytics, and digital technology, we look deeper to design and manage agile, customer-centric operating models to improve global operations, drive profitability, enhance customer satisfaction, increase data-driven insights, and manage risk and compliance. Headquartered in New York, EXL has more than 31,000 professionals in locations throughout the United States, the UK, Europe, India, the Philippines, Colombia, Australia, and South Africa. EXL serves multiple industries, including insurance, healthcare, banking, and financial services, utilities, travel, transportation and logistics, media, and retail, among others.
Grange Insurance, | April 30, 2021
The insurance claims process is commonly regarded as a pivotal point in the customer experience journey. Grange Insurance has enabled next-generation policyholder interactions through the claims journey in response to changing customer expectations in the modern age.
Digital updates include:
• Two-way texting to enable Grange claims associates to connect with policyholders within multiple modes of communication
• Electronic claims payments for faster claims resolution and payment
• Proactive customer texts to keep our policyholders informed of their claim status throughout the claims process.
• These improvements are part of Grange and its associate partner Integrity Insurance's dedication to engaging in new solutions to provide exceptional customer experiences.
Grange has implemented next-generation business technology to provide claims customers with text message services. Policyholders will text pictures of their assigned insurance claims and get real-time answers to their claims questions when they need them the most. This program, which is powered by Hi Marley, an AI-based conversational service interface designed specifically for the insurance sector, needs no IT integration or app to get started.
Grange saw an improvement in its already high customer loyalty scores within months of allowing two-way texting capability. Grange policyholders may connect with their adjuster in a variety of ways, including phone and email.
Paying claims electronically
Grange policyholders can also receive claims payments more quickly due to a secure electronic settlement system built to expedite restitution. Customers who file a home, vehicle, or business claim with Grange will choose to pay their claims electronically. Customers who use this payment method will collect their electronic payment in as little as a few hours by direct deposit to a checking or savings account, direct deposit to a debit card, or instant prepaid virtual cards.
Other advantages of this new capability include the ability to easily navigate payment status in a touchless experience and reduce the chance of fraud through mailed checks.
Grange allows customers to have a say in how they want to receive claims payment in the manner they find most convenient.
Claims status notification
Grange also offers automatic text messages, enabling policyholders to access claim status notifications on their mobile devices quicker than ever before. Grange's mission, with further updates already in the works, is to make the claims experience more manageable and less frustrating, allowing policyholders to get back on their feet as soon as possible. Policyholders do have the option of participating or not, and their choices can be changed at any time.
Grange is deeply committed to protecting individuals and enterprises with exceptional service and takes tremendous interest in consumer loyalty, as shown by strong ratings from J.D. Power and positive customer feedback. The business is dedicated to keeping ahead of user preferences, attitudes, and desires to have a customized and effortless customer experience.
About Grange Insurance
Grange Insurance Company, with $3 billion in assets and more than $1.3 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin