Lloyd’s of London establishes new insurance contract tool

insurancebusinessmag | July 05, 2019

Enhanced profitability for insurers by reducing administration and claims costs, is among the promises of the new Lloyds of London software tool designed to improve the quality of insurance contract review.

Spotlight

Health insurance providers are already starting the process of making decisions about market participation, product offerings, and pricing for the 2019 plan year. The individual market faces challenges including high premiums and high premium increases, fewer plan choices for many consumers, lower-than-projected enrollment, and risk pool challenges in certain states and markets. Members of Congress and the Administration have a short opportunity to enact legislation that would put strong downward pressure on premiums in 2019, 2020 and beyond.

Spotlight

Health insurance providers are already starting the process of making decisions about market participation, product offerings, and pricing for the 2019 plan year. The individual market faces challenges including high premiums and high premium increases, fewer plan choices for many consumers, lower-than-projected enrollment, and risk pool challenges in certain states and markets. Members of Congress and the Administration have a short opportunity to enact legislation that would put strong downward pressure on premiums in 2019, 2020 and beyond.

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INSURANCE TECHNOLOGY

Verisk Analytics Lauded by Frost & Sullivan for Pioneering Telematics Data Exchange for Usage-Based Insurance in North America

Frost & Sullivan | August 17, 2021

Based on its recent analysis of the North American telematics data exchange market, Frost & Sullivan recognizes Verisk Analytics with the 2021 North American Company of the Year Award for pioneering connected telematics data exchange technology. With the largest data repository of connected vehicle driving data in North America, the Verisk Data Exchange provides significant value to consumers, insurers, and original equipment manufacturers. Consumers benefit from personalized premiums, insurers gain unprecedented access to telematics data from connected vehicles and operational efficiencies for their usage-based insurance (UBI) programs, and OEMs are able to deliver enhanced connected services that enrich the overall ownership experience for their drivers. "Verisk has successfully built a platform that supports major stakeholders, such as insurers and OEMs, while planning for the future of connectivity," said Niranjan Manohar, Consulting Director, Mobility. "By providing instant access to telematics data from connected vehicles, its platform allows insurers to assess risks accurately. The resulting operational efficiencies enable them to not only streamline underwriting processes but identify and retain safer drivers and increase customer touchpoints." With driver cosent, Verisk's platform collects data from more than 8 million telematics-equipped vehicles through relationships with four major OEMs: Ford, GM, Honda, and Hyundai. Through Verisk's risk analytics capabilities and reach to insurers, these OEM alliance partners can deliver high-value connected services that enhance the ownership experience, helping drivers improve and making it easier to unlock behavior-based discounts. Even though other telematics service providers draw data from millions of vehicles, few companies can boast the network effect that Verisk achieves through its Verisk Data Exchange. In addition to connected vehicles, the platform also supports other sources of telematics data: third-party telematics solution providers (TSPs), aftermarket hardware solutions, and smartphones. This source-agnostic approach allows the Verisk Data Exchange to support both personal and commercial lines of auto insurance. The data exchange model changes the dynamics between insurers and customers by enabling continuous and ongoing interactions. As connected vehicles become standard, insurers will find it easier to onboard new customers to usage-based insurance (UBI) policies because embedded telematics requires no additional monitoring. Verisk's popular DrivingDNA® solutions deliver advanced telematics risk scores and normalized telematics data to insurers at point of quote, allowing them to calculate safe driving discounts upfront. Furthermore, insurers can use this data to assess portfolio risk more accurately, create driver scoring models, and improve customer engagement tools, benefitting policy holders. "In a space that has seen many new entrants emerge, Verisk remains a trusted name with years of experience. Besides four of North America's largest OEMs signing into the network, Verisk serves five of the top 10 insurers as well as numerous other mid-market, regional, and insurtech customers," noted Niranjan Manohar. "As the network of connected vehicles continues to expand, the Verisk Data Exchange is poised to scale and adapt to the needs of insurance partners, OEMs, and drivers." Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration. Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.

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CORE INSURANCE

Equitable and Bestow Partner to Launch Digital Term Life Insurance Offering

Bestow Inc. | December 09, 2021

Life insurance technology company Bestow and Equitable, a leading financial services company and principal franchise of Equitable Holdings (NYSE: EQH), today announce a first-of-its-kind enterprise partnership and the launch of a new, entirely digital term life insurance offering called Term-in-10SM. "As one of the most respected life insurers in the industry, Equitable is the ideal first enterprise carrier partner for us at Bestow, We came together because of our joint commitment to build innovative solutions that expand access to financial protection. We're excited to deliver our unique product expertise and platform to Equitable Advisors, Financial Professionals and customers." - Melbourne O'Banion, Co-Founder and CEO of Bestow Powered by Bestow's industry-leading platform, Term-in-10SM was designed for Equitable from the ground up to combine the best of digital distribution paired with the tailored support of a financial professional. It is solely available through Equitable Advisors Financial Professionals who are agents of Equitable Network, LLC — providing a digital solution to existing customers and leveraging technology to reach and serve the next generation of customers. Existing and prospective Equitable customers work with a financial professional to determine their specific life insurance needs and then apply for a term life insurance policy entirely online. If approved, coverage begins immediately. Bestow's platform transforms the typical several-week term life insurance buying experience into one that is accomplished in about 10 minutes. Designed with simplicity, affordability and value in mind, Term-in-10SM never requires a medical exam and is available in robust coverage amounts up to $1 million and in 10, 15 and 20-year term lengths. "Insurance is personal. There are substantial advantages to using a financial professional and life insurance agent who understands the specific requirements each client needs to protect their family and provide them with a comprehensive financial strategy, We're excited about the relationship with Bestow as it allows us to provide a better more efficient experience for our current and prospective clients." - Dave Karr, Chairman of Equitable Advisors. Bestow's enterprise offering delivers a single source application, underwriting, and policy servicing experience that supports the entire end-to-end sale and administration of term life insurance — with more products to come. Leading carriers like Equitable Financial Life Insurance Company can license Bestow's platform to develop and launch digital solutions that serve new customers, enhance financial professional productivity and reduce substantial cost and time hurdles that come with the administration of term life insurance products. In addition to offering a full-stack solution, Bestow provides the expertise and resources needed to launch digitally optimized life insurance products. "The insurance space is facing unprecedented change and opportunity given tech-driven disruptions and rising consumer expectations coupled with cost and competitive pressures, We also recognize that the pandemic prompted interest in new protection solutions and the way Americans shop for these products as more folks shifted their attention to focusing on their holistic well-being over the past year. The partnership with Bestow is another important step in our strategy to help financial professionals serve the needs of their clients with innovative and tailored solutions designed with today's consumer in mind." - Hector Martinez, Head of the Life Insurance Business at Equitable. About Bestow Bestow is the leading life insurance technology company. As both a direct-to-consumer destination and an infrastructure provider, Bestow powers instant life insurance solutions for businesses of all sizes, across any channel. In a world full of unknowns, Bestow is on a mission to make life insurance accessible to millions of underserved families by creating the best possible products and experiences that serve future generations. About Equitable Equitable* has been one of America's leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.

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ANNUITIES

Everest Group Names Accenture a Leader for Application and Digital Services in Life & Annuities Insurance

Accenture | January 06, 2021

Accenture has been named a Leader and Star Performer for application and digital services in the global life and annuities (L&A) insurance sector in another report from industry analyst firm Everest Group. Everest Group analyzed the vision, capability and market impact of 21 leading IT application and digital service providers for the L&A Insurance Application and Digital Services PEAK Matrix® 2021 report. Accenture is positioned as a Leader and Star Performer for Market Impact, which assesses service providers against criteria, for example, market adoption, portfolio blend and value to clients; and for Vision and Capability, which includes measures, for example, strategy, service scope, innovation and investments, and delivery. “We’re thrilled to be recognized for our leading capabilities in helping insurers embrace change and compete with the latest technologies and digital experiences,” said Steve Murphy, a senior managing director at Accenture and global technology lead for its Insurance industry group. “The pandemic has only accelerated the need for convenient and personalized digital services from life and annuity providers. We’re continuing to help insurers modernize their legacy technology systems with cloud-centric business models and reimagine the customer experience with analytics.” Service providers are positioned on Everest Group's PEAK Matrix®, which measures their vision, capability and market impact. The report and PEAK Matrix assessment furnish organizations with a framework to measure the relative market impact and capabilities of service providers around the world. About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.

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