INSURANCE TECHNOLOGY
InsurTech NY | September 28, 2021
InsurTech NY, the leading resource for the InsurTech Community in the New York Metro Area, today announced the launch of its Insurance Collaboration Index™. Based on input from InsurTech executives, the index scores insurance and reinsurance companies on their willingness and ability to partner with startup insurance technology companies. It provides a rigorous and objective measure of how easy it is for a carrier and a startup to work together.
InsurTech startups strive to attract the attention of a carrier or a reinsurer, but not all carriers and reinsurers are prepared to enter into a productive and ultimately successful partnership, The Insurance Collaboration Index™ is a tool to help make all-important decisions about choosing and working with a partner. It also helps carriers understand their strengths and weaknesses, and what they need to do to be better partners.
- David Gritz, InsurTech NY co-founder.
Carriers are evaluated on executive buy-in and sponsorship, competent project management, clear objectives, effective communications, and other factors. In addition to providing startups valuable input about potential partners, survey results will help carriers assess how prepared they are to work with startups across a wide range of criteria and offer insights to strengthen their policies and procedures.
Led by InsurTech NY founders Tony Lew and David Gritz, the project draws on the expertise of an advisory board representing a broad cross-section of the insurance and innovation ecosystems. Advisory board members include Scott Hawkins and Alan Walters, Conning; Bryan Falchuk, Insurance Evolution Partners; David Bradford, Iosis Consulting; Mark Gardella, Zephyr Innovation Advisors; Mike Fitzgerald, CB Insights; Irene Yang, Finesse Consulting; and Cynthia Hardy, Pivot Global Partners.
I am pleased to see InsurTech NY undertake this important project. Not only will the Insurance Collaboration Index™ help technology companies like Pinpoint Predictive make smart decisions about their business partners, but the overall insurance industry will also benefit from more effective partnerships and increased innovation.
- Avi Tuschman, founder of Pinpoint Predictive.
About InsurTech NY
InsurTech NY supports the insurance innovation community in the New York metro area. Founded in 2019, InsurTech NY brings together carriers, brokers, investors, and InsurTech startups via bi-monthly programs. InsurTech NY's mission is to drive talent to insurance, make regulation innovation-friendly, attract InsurTechs to the New York metro area, and improve access to investment.
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CORE INSURANCE
Sapiens | July 23, 2021
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today a collaboration with Munich Re, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions, to provide technology-led consultancy and services to enable primary insurers to serve better the commercial insurance market (small and medium-sized businesses).
The commercial insurance market in the United Kingdom is one of the fastest-growing insurance sectors in the country. However, until recently, this market has been underserved, with few insurance packages suited to the segment's specific demands and expectations. Sapiens and Munich Re will collaborate with insurers to help them better target and address this market promptly. The combined solution aims to provide insurers with a modular, scalable technology refresh that allows them to tailor services to the expanding SME sector and actively participate in the post-COVID-19 recovery period.
The Sapiens/Munich Re collaboration complements the recent rise in government-backed and retail banking SME support initiatives, such as backed-loan schemes, increased infrastructure spending, tax exemptions, and restart grants, which are fueling the recovery. According to aggregated Companies House registrations, over 200,000 new companies have been established in the UK this year, with the bulk centered on retail, business services, and construction. Because of the industry's push toward digital, coverage explanation, flexible offers, verified self-selection, and how commercial insurers adapt their customer journey are all important.
About Munich Re
Munich Re is a global leader in reinsurance, primary insurance, and insurance-related risk solutions. Munich Re has exceptional, innovative strength and is a key driver of the insurance industry's digital transformation. Munich Re is one of the world's most sought-after risk partners for businesses, institutions, and private individuals because of its tailor-made solutions and close connectivity to its clients.
About Sapiens
Sapiens International Corporation enables insurers to succeed in an ever-changing industry. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial sectors. Sapiens has over 35 years of expertise delivering to over 600 organizations worldwide, demonstrating a proven ability to fulfill clients' core systems, data, and digital requirements.
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INSURANCE TECHNOLOGY
Sapiens | July 01, 2021
Sapiens International Corporation, a leading global provider of insurance software solutions, announced the availability of two new cloud-native components of its DigitalSuite, a dynamic, digital engagement and enablement platform that helps insurers accelerate their digital transformation: Sapiens Journey and Form Composer. Sapiens Journey & Form Composer, created and developed especially for the insurance market by some of the industry's top digital specialists, can be deployed as a stand-alone solution or as part of a full digital enablement program.
Sapiens Journey & Form Composers enable business users to introduce and manage current journeys and workflows and design and build new ones without writing code. Simple drag-and-drop, low-code functionality, and a library of widgets and components enable insurers to cut costs and speed time to market without relying on IT personnel. In addition, the modules are very user-friendly, graphic, clear, and easy to publish.
Sapiens Journey Composer allows insurers to digitize their existing journeys to improve every stage of the insurance lifecycle for consumers and internal users. Sapiens Form Composer digitizes documentation and forms, allowing insurers to rapidly change journeys by converting conventional PDFs into new digital formats. Together, they can improve existing client journeys while also developing new ones in new businesses or for new lines of insurance. In addition, the modules provide insurers the tools they need to quickly configure and deploy new products, easily integrate data sources, and eliminate costly IT resources, allowing them to control the process of intuitive journey management and creation fully.
Sapiens DigitalSuite's modular, cloud-native components can be connected with insurers' existing technology landscape to build new, digitally native journeys, reinvent consumer experience using new technologies, or cater to new lines of business. Sapiens DigitalSuite's open architecture and seamless connection through advanced APIs, the insight of data-driven business processes, and the agility of a cloud-native environment allow a fast entry into new markets.
About Sapiens
Sapiens International Corporation enables insurers to thrive in this ever business. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial markets. Sapiens has over 35 years of experience delivering to over 600 companies worldwide, demonstrating a proven ability to meet clients' core systems, data, and digital requirements.
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