Life.io Partners with Unqork to Scale New Digital Capabilities

Cision PR Newswire | October 20, 2020

Life.io, a subsidiary of SE2 and a leading customer engagement solution for the insurance and financial services industries, today announced a strategic partnership with Unqork, the leading enterprise no-code platform, to bring next-generation insurance solutions to the market. Leveraging Unqork's unique no-code platform, and Life.io's expertise in engagement, UX/UI, and behavioral-design, we are offering insurers a highly intuitive digital purchasing platform that reduces friction for clients and advisors.

Spotlight

Why is health insurance so complicated, while car insurance and life insurance are so simple? Can health insurance be more like, well, insurance? Lanhee Chen, fellow at the Hoover Institution, explains.

Spotlight

Why is health insurance so complicated, while car insurance and life insurance are so simple? Can health insurance be more like, well, insurance? Lanhee Chen, fellow at the Hoover Institution, explains.

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INSURANCE TECHNOLOGY

Styra Announces Styra Run, a New Application Authorization Service for Developers, Built on Open Policy Agent

Styra | July 18, 2022

Styra, Inc., the creators and maintainers of Open Policy Agent (OPA) and leader of cloud-native authorization, today announced Styra Run. Designed for application development teams, this new OPA-based authorization service provides enterprise-grade authorization to developers via a simple drop-in API, allowing teams to accelerate time to market, remove ongoing maintenance demands and improve end user experience. Styra Run, using OPA, is the first cloud-hosted application authorization service to completely decouple policy logic and data from the underlying application. This turnkey service frees software developers from the complex, time-consuming tasks of building, maintaining and operating their own authorization capabilities, collaboration features and permissions for each of their applications. Styra Run features: Seamless integration into the application UI, API, and data layer Offloaded storage and global replication of end-user permissions data Pre-built OPA logic for application authorization use cases like adding sharing capabilities for consumer apps or team-based controls for enterprise apps “Styra Run revolutionizes the way that app developers think about and implement authorization for end-users,” said Tim Hinrichs, co-founder and CTO of Styra “Every app on the planet has permissions, access control, sharing or other authorization built in. But by eliminating the need to constantly recreate authorization in each application, Styra Run improves time to market and quality, and provides better features than teams would build themselves. Similar to how ‘Sign in with Google’ eliminated the need for local user identity and passwords, Styra Run eliminates the need for custom built-per-app permission systems, so app developers and product teams can focus on better features and end-user experience.” “Styra Run revolutionizes the way that app developers think about and implement authorization for end-users,” said Tim Hinrichs, co-founder and CTO of Styra Styra Run is hosted, managed and maintained by Styra and is developed by OPA’s creators. OPA is the de facto standard for authorization in the cloud-native environment with over 130M downloads to date, and is used by global organizations such as Goldman Sachs, Atlassian and Pinterest. The current state of SaaS authorization Before Styra Run, access control functionality — such as defining who can edit a document, see photos or create new users within an application — had to be implemented differently for every application, based on the application’s particular coding language and database type. Authorization controls are considered a tier-0 service and thus require high availability, very low latency, global replication and strict consistency guarantees. Building a solution that meets these demands typically requires 6-18 months of work by a team of specialists. Once built, the authorization system must be maintained, upgraded and patched throughout the entire application lifecycle. Styra Run eliminates the need for custom authorization deployment Styra Run provides customers an enterprise-grade authorization service, available via simple drop-in APIs, for companies who build and manage SaaS applications. This service allows end users to control their own account and access permissions, and as such is equally valuable in both consumer and business applications. With Styra Run, organizations can: Speed up time-to-production with a turnkey approach to authorization system development Avoid re-building authorization as SaaS application requirements change Remove the operational burden of replicating permissions data across the world Implement immediate permission updating and access for near-zero latency across all users “We heard firsthand from the OPA community and Styra customers that users needed a faster and better way to implement authorization for multi-tenant SaaS apps – both B2B and B2C,” said Torin Sandall, VP of Open Source at Styra. “OPA already solves the policy logic problem, but the community still needed a way to manage the contextual data that’s required for access decisions — like which roles, groups and permissions should be available to end users. We worked with the OPA community to combine hosted OPA logic, with contextual data management, to give developers a turnkey access control and authorization service that provides immediate, global policy across all their end users.” Styra Run is currently available in private Beta. Those interested in integrating Styra Run into their SaaS application, or using a pre-built sample app for sandbox exploration should contact Styra. About Styra Styra enables enterprises to define, enforce and monitor policy across their cloud-native environments. With a combination of open source (Open Policy Agent) and commercial products (Declarative Authorization Service), Styra provides security, operations and compliance guardrails to protect applications, as well as the infrastructure they run on. Styra policy-as-code approach lets developers, DevOps, and security teams mitigate risks, reduce human error and accelerate application development. Learn more at Styra.

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INSURANCE TECHNOLOGY

Embedded Insurance Platform Mulberri Raises $4M Seed

MULBERRI | July 29, 2022

Mulberri, the business insurance platform for modern PEOs and brokers, announced it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio). A shared platform that makes business insurance easier to access and manage, Mulberri will use the funding to continue to expand its infrastructure and data modeling to help make business insurance more simple, efficient, and transparent. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “We’ve been gratified by the enthusiastic response to Mulberri from investors and insurtechs alike. Looking towards the future, we’re excited to continue building out our technology so we can help even more PEOs and brokers reach their highest potential.” The process of buying, selling, and managing business insurance has always been complex, but increasingly it has become too slow. With manual workflows, archaic processes, and low-tech solutions, business insurance processes have lagged behind other insurance sectors, which have embraced automation and data-first approaches. But that’s where Mulberri comes in. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. “Business insurance processes have been long overdue for an overhaul,” said Jon Soberg, Managing Partner at MS&AD Ventures. “Mulberri recognized this problem and has developed an innovative, streamlined solution.” Mulberri delivers on the speed, transparency, and efficiency that PEOs and brokers have been asking for. The platform provides smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services. It also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems like HRIS, Payroll and others. “Mulberri’s embedded platform empowers each one of the critical parties –– the SMB, the PEO, the broker, and the carrier –– while meaningfully leveling up automation and ease of doing business for the industry as a whole. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defense,” said Joseph Malchow, founding partner of Hanover Technology Investment Management. “Ultimately, that means a faster-growing book of business and happier customers. Hanover is proud to partner with Hamesh and the Mulberri team to transform business insurance.” ABOUT MULBERRI Mulberri is a pioneering embedded insurtech that is revamping the way insurance is delivered. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. To learn more, visit https://www.mulberri.io/.

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LIFE INSURANCE

Chubb Acquires Cigna’s Life and Non-Life Insurance Companies in Asia Pacific

Chubb | July 04, 2022

The personal accident, supplemental health, and life insurance businesses of Cigna (NYSE: CI) in six Asia-Pacific markets are housed in the life and non-life insurance firms that Chubb Limited (NYSE: CB) has completed its acquisition of. The businesses, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, were purchased by Chubb for $5.36 billion. The final acquisition price was less than the first announcement, which takes into account several small modifications as well as the effects of rising interest rates and currency exchange rates on the acquired book value. By increasing its presence in the Asia-Pacific region, a long-term development area for the company, this complementing strategic purchase helps Chubb. With the addition of Cigna's business, Chubb's global portfolio in the Asia-Pacific region will increase from $4 billion to about $7 billion in premiums, or about 18% of the company's total premiums, with roughly 95 percent of the acquired business going to its life insurance segment and the remaining going to its overseas general insurance segment. The company's global A&H writings will grow to a premium amount of around $6 billion, up from $3.7 billion, and its life insurance section will grow to a $5.4 billion enterprise. "Cigna's business, which is approximately 80% A&H, adds significantly to our business in Asia. The Asia-Pacific region offers great potential for long-term growth and wealth creation. The Cigna businesses have favorable underwriting margins, produce high-quality earnings, and are not exposed to the P&C cycle. Chubb is so well positioned to capitalize on market and product opportunities, including the cross-selling of Chubb's non-life products to life customers, with a strong brand, technology, and complementary direct marketing skills and partnerships. At the same time, I am also pleased to welcome nearly 3,000 new colleagues to Chubb. Together, the leadership and talented professionals of Chubb and Cigna will enable us to provide greater value to our customers, distribution partners, and shareholders." -Evan G. Greenberg, Chairman and CEO of Chubb.

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