Core Insurance, Insurance Technology
Businesswire | July 18, 2023
FINEOS Corporation (ASX:FCL) announced today that Securian Canada has selected FINEOS for its disability management claims administration software solution. Securian Canada is a leading insurance provider of innovative, life-ready insurance and protection solutions in Canada. The FINEOS claims administration solution is scheduled to go live this fall to support Securian Canada’s short- and long-term disability benefits programs.
FINEOS is the global leader providing end-to-end core software systems for life, accident and health insurance. The FINEOS Platform is purpose-built for the group and supplemental employee benefits market. More than a dozen customers in Canada use the FINEOS Platform, and FINEOS serves 7 of the 10 largest employee benefits insurers in the U.S.
“We are delighted Securian Canada has chosen FINEOS and look forward to building a long-term, mutually beneficial relationship,” said CEO Michael Kelly. “The FINEOS Platform will help Securian deliver an excellent customer experience and will bring automation and efficiencies to their operations, enabling their staff to maximize their time caring for Canadians in the moments that matter the most.”
“Securian Canada needs a best-in-class partner to support our ambitious strategic plans in the disability space,” said Sharla Postic, SVP Insurance Operations for Securian Canada. “We believe the FINEOS purpose-built platform and industry-leading capabilities in disability claims administration will help us continue to raise the bar in providing innovative insurance products and services to our customers.”
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S., as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, EMEA, and Asia Pacific.
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Core Insurance, Insurance Technology
PR Newswire | August 07, 2023
Today, NEXT Insurance, a leading digital small business insurer, announced it is expanding its insurance offerings for small businesses with the launch of commercial umbrella/excess liability in 41 states, and the expansion of liquor liability coverage in 7 additional states. Commercial umbrella/excess liability insurance includes the same coverage, conditions, and exclusions as its underlying general liability policy, and provides coverage when that policy's per-occurrence or aggregate limits are exhausted. This expansion will be launched on a direct and agents channel, furthering NEXT's commitment to customers while providing the best possible experience for agents.
NEXT's umbrella/excess liability coverage will sit over customers' general liability policies and provide higher limits for coverage offered in that policy, ensuring small businesses can get the protection they need from a potentially catastrophic loss due to a lawsuit. Customers will be able to add this optional coverage to a general liability policy post-purchase to easily modify their insurance needs as their business needs continue to grow. Often, umbrella/excess liability coverage is required due to a contractual obligation, like a new construction client requiring higher limits on general liability to take on a project, or moving operations to a new building and a landlord requires an umbrella/excess liability policy. With this expansion, instead of needing to call to make policy changes, customers can now self-serve, adding umbrella/excess liability coverage to their policy in the Customer Portal, providing them the tools to tailor their coverage to satisfy new insurance requirements instantly.
NEXT is also furthering its commitment to restaurant small business owners with the expansion of liquor liability coverage to 7 additional states including Illinois, Michigan, Massachusetts, Missouri, Minnesota, Utah, and Iowa. Liquor liability is a crucial protection for small businesses that manufacture, sell, or serve alcoholic beverages. Available as a part of NEXT's general liability coverage, NEXT's liquor liability covers losses resulting from the intoxication of customers and is designed for small businesses such as cafés, diners, pop-up restaurants, and fine dining.
On the launch of umbrella/excess liability coverage, Jack Ramsey, NEXT Insurance Vice President of Agent Business, shares:
"We're launching umbrella/excess liability coverage to help entrepreneurs thrive. As businesses grow, their liability insurance needs change, and as a carrier, we want to make sure we're able to continue to support our customers' growth. We're confident that this highly-requested umbrella/excess liability offering will address the demand we've seen from both customers and agents who require this coverage for contractual obligations, and we are excited to be able to offer this expansion ourselves with the aim of being a one-stop-shop for our small business customers."
This news follows NEXT's integration with Ivans Download™ for General Liability and Workers' Compensation policies, and the recent strategic hire of Jack Ramsey as the company's Vice President of Agent Business. NEXT is doubling down on its commitment to the needs of agents and customers alike by quickly iterating and reacting to feedback, providing an unparalleled digital experience to help them thrive and expand their business.
About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com.
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Life Insurance, Health Insurance
PR Newswire | August 17, 2023
EvolutionIQ, the market-leading Claims Guidance platform for Disability, Workers' Compensation, and Property & Casualty lines of insurance, today announced that Principal Financial Group® has extended the use of EvolutionIQ's Claims Guidance platform into production for all of its disability insurance lines. Principal® is now the first carrier to extend EvolutionIQ across every segment of its group and individual disability product segments.
EvolutionIQ's machine learning understands complex bodily injury to help guide claim examiners to the right actions on claims. Principal has extended EvolutionIQ's impact to all disability coverage phases. With claim actions happening earlier across all parts of the recovery journey, a positive ripple-effect occurs through the entire process.
Data shows that EvolutionIQ enables Principal examiners to reduce unnecessary customer interactions by 64% on stable-bound claims, which are claims that will migrate to a mature status due to the longer recovery times expected. With fewer unnecessary interactions, customers are able to focus more time on recovery. Improved customer experience includes:
More accurate referrals to clinical and vocational experts – which eliminates delays when the help of a specialist is what is most needed to help with recovery.
Better identification of modified occupation opportunities or alternative occupations for those whose illness or injury means they will not be able to return to work in their original occupation.
Faster benefit payments for sick or injured customers whose claims are stable or designated as long-term. These customers also benefit as the need to check-in with claims teams is significantly reduced.
Matching senior examiners to more complex claims so that the right expertise is applied at first notice of injury.
"Principal is dedicated to providing unique, tech-driven solutions for employers that simplify the benefits experience, not just at onboarding or the claims payment experience, but as part of the entire process in between," said Kara Hoogensen, Senior Vice President & Head of Workplace Benefits at Principal Financial Group. "Our continued collaboration with EvolutionIQ has improved the experience for our customers."
Added EvolutionIQ co-Founder and co-CEO Michael Saltzman: "We are thrilled to continue to work with Principal across their disability product lines. They are committed to all forms of innovation that advance the interests of their customers and policy holders and we're honored to help them further their mission every day."
Principal first integrated with EvolutionIQ in 2021 with the successful pilot and production launch of EvolutionIQ's Group Mature module. In 2022, Principal became a strategic investor in EvolutionIQ's Series B funding round, joining existing strategic investors New York Life Ventures, Tokio Marine, Guardian and Sedgwick, and has now expanded its use to include Group Short Term Disability and Group Long-Term Disability Core modules, as well as EvolutionIQ's Individual Disability module.
About EvolutionIQ
EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers' Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ's proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process.
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