Insurity and Utah Business Insurance Company | November 10, 2022
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that Utah Business Insurance Company (UBIC) is the recipient of the “Data and Analytics Innovator of the Year” award at Excellence in Insurance Innovation. The Excellence in Insurance Innovation awards ceremony took place in Las Vegas. It recognized the outstanding performances of P&C organizations in categories including exceptional policyholder service, digital transformation, and excellence in data and analytics.
UBIC is a monoline workers’ compensation carrier that serves roofers, framers, and excavators, and it needed to be strategic in how it deployed resources in a traditionally high-risk sector. They effectively navigated these complexities using Insurity Predict’s real-time predictive insights and data consortium to process a significantly higher volume of submissions.
“UBIC is a data-driven company, and we have fostered a culture around predictive modeling thanks to the ease of using Insurity Predict, We brought the Insurity Predict model into play just a few years ago, transforming how we do business. We went from running loss control on every risk to deploying our resources across submissions more intelligently. Instead of spending time servicing every account the same way, we now tailor these experiences for our policyholders based on the predictive risk scores.”
-Tyler Nielsen, Chief Operating Officer at UBIC
One of the ways UBIC innovated with this model was by extracting the data from the Insurity Predict system and integrating it with their business intelligence platforms. This way, everyone from the underwriters to loss control to customer service has access to this data in their reports.
The sheer volume of data that insurance organizations have can overwhelm and make it difficult to write new business and quickly make the right underwriting decisions, Using the Insurity Predict Model, UBIC has made strides in leveraging predictive data and analytics to manage their risk portfolio better, giving them the ability to assess risk much more quickly and accurately over the long term,said Sylvester Mathis, Chief Insurance Officer at Insurity.
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.
About Utah Business Insurance Company
Based in South Jordan, Utah, UBIC has become an insurance industry leader in workers' compensation. UBIC is dedicated to meeting the needs of its agents and policyholders with a strong emphasis on providing outstanding customer service and results-oriented risk management programs.
Farm Bureau Mutual Insurance Company of Idaho | October 14, 2022
Farm Bureau Mutual Insurance Company of Idaho (FBM Idaho), the state’s largest domestic personal lines insurer, and Guidewire (NYSE: GWRE) announced that FBM Idaho selected InsuranceSuite on Guidewire Cloud to power core operations, simplify IT operations, quickly adapt to changing market demands, and deliver more value to its agents and policyholders. A Guidewire self-managed customer since 2010, the company plans to migrate InsuranceSuite to Guidewire Cloud across the entire organization at the same time.
“As a regional insurance organization, we need to make sure that we're maximizing resources, and we feel that Guidewire Cloud aligns with our long-term strategy and goals to leverage the capabilities of a broader organization to move us forward and allow us to compete effectively against competitors of all sizes, Guidewire Cloud offers us resource flexibility and cost management by enabling us to stay current on Guidewire’s latest technologies and innovations, while devoting less time to system maintenance and upgrades.”
-Todd Argall, executive vice president and chief executive officer, FBM Idaho
Argall added, InsuranceSuite’s management reporting capabilities are very impressive in the Guidewire Cloud environment to enhance what our team has done. CustomerEngage and ProducerEngage will enable us to take the system to the next level of usability and maximize the experience our agents and customers have in working with us. Another big advantage of Guidewire Cloud is that it will offer us tremendous flexibility to integrate with the best-in-class insurtech solutions in the Guidewire PartnerConnect ecosystem and advance our transformation.
We admire FBM Idaho’s 75 years of service as one of Idaho’s leading auto insurers, the largest writer of farm and ranch insurance in the state, and the largest personal lines insurance company wholly based there, We appreciate the company’s partnership and their confidence in leveraging InsuranceSuite on Guidewire Cloud to amplify their reputation as a company that helps its neighbors,said John Mullen, president and chief revenue officer, Guidewire.
About Farm Bureau Mutual Insurance Company of Idaho
Celebrating 75 years of protecting what matters most in Idaho, Farm Bureau Mutual Insurance Company of Idaho is one of Idaho’s leading auto insurers, the second largest writer of all insurance lines in Idaho, the largest writer of farm and ranch insurance in the state, and the largest personal lines insurance company based solely in Idaho. The company was recently recognized by Forbes as Idaho’s “Best-In-State” insurance company for homeowners insurance.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
CLAIMS, INSURANCE TECHNOLOGY
One Inc | October 27, 2022
One Inc, the leading digital payments network for the insurance industry, announced today that it has integrated the Hi Marley Insurance Cloud with One Inc’s ClaimsPay® platform. This valuable new integration allows carriers to conduct text message conversations with claimants inclusive of digital payment, a unified and modern approach.
The text-based opt-in for Hi Marley customers seamlessly integrates payments within their active insurance workflows, ensuring policyholders have a modern, complete experience within a single text engagement. This increased automation and simplification of the claims process, from digital claims initiation with Hi Marley straight through to claim payment with One Inc, improving the experience for adjusters, policyholders and vendors.
Designed with a seamless policyholder experience in mind, no app download is required for policyholders to use the service. One Inc’s ClaimsPay configuration will include the option to seamlessly integrate with Hi Marley, running Hi Marley-generated Case IDs through the ClaimsPay API. One Inc clients may utilize their existing APIs to access the service.
“Better user touchpoints are a key priority for insurers looking to transform the experience around claims workflow and payments, and One Inc has long sought to make these interactions as seamless as possible, By using text functionality from Hi Marley in ClaimsPay, carriers can literally put payments flexibility at their policyholder’s fingertips. We are thrilled with this partnership and fully expect that expansive new communications channels, enabled by partners like Hi Marley, will prove critical as we reimagine the way claims are initiated, managed, and distributed.”
-One Inc CEO, Ian Drysdale
The pace of change in our insurance industry lies with leaders who provide breakthrough simplicity while managing customer expectations and removing points of friction, The magic is delivering an empathetic and streamlined policyholder experience, where human interaction is facilitated by technology. We’re excited about our One Inc partnership, as together we can enable carriers to connect and build trust with customers and communicate and transact simply meeting policyholders where they are,said Mike Greene, CEO of Hi Marley.
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments.
About Hi Marley
Hi Marley is the intelligent collaboration platform for the insurance industry. Built by people who know and love insurance, the platform enables hassle-free texting across the entire ecosystem, empowering insurance professionals and delighting policyholders. Hi Marley’s industry leading analytics deliver novel insights that fuel continuous improvement. The solution is built for the enterprise - fast to deploy, easy to use and seamlessly integrates with other core systems. Hi Marley is empowering the world’s leading insurance carriers to reinvent the customer and employee experience.