Core Insurance, Insurance Technology
PR Newswire | August 24, 2023
Clearcover, a next-generation car insurance company, today announces the launch of "Choice," its embedded insurance solution that provides a customizable end-to-end auto insurance integration for brands.
The integration, powered by Clearcover's proprietary API-based technology platform, enables brands to seamlessly deliver price and policy comparisons from various carriers so customers can choose the option that offers the best value for them.
"Our goal at Clearcover is to provide our customers with the most convenient, affordable car insurance coverage, and 'Choice' enables us to do that with an even broader reach," said Clearcover CEO and Co-founder Kyle Nakatsuji.
By integrating with "Choice," brands across the financial services industry can provide eligible customers with a simple end-to-end experience that allows them to comparison shop for auto insurance carriers, including Clearcover Insurance Company.
"We're thrilled to expand our distribution reach to a whole new pool of potential customers by lending our 'insurance-in-a-box' digital solution to other brands," said Clearcover Chief Product and Innovation Officer Adam Fischer. "We are continuing to focus on meeting our customers where they are on their financial journeys and making it simple for partners to integrate our technology."
Goodcover, the fair and modern insurance provider, is the first company to integrate with "Choice" for Goodcover Auto. Launched this month, the service is designed to help eligible Goodcover policyholders find car insurance rates from top insurers to pair with their renters insurance.
"The 'Choice' platform plays a significant role in powering the backend of Goodcover Auto, seamlessly integrating Goodcover members' profiles and streamlining the quote process to make auto insurance selection more efficient," said Co-founder and CEO of Goodcover Chris Lotz. "This partnership helps Goodcover members take control of their financial goals and further strengthens our commitment to empowering renters."
Clearcover, which closed its Series E round of funding last November, has raised more than $480 million to date. The award-winning Insurtech recently announced moves to broaden its embedded insurance strategy.
"Choice" comes just several months after Clearcover launched an embedded insurance solution with Experian in which consumers receive final, bindable quotes when they shop for auto insurance via the company's comparison shopping service.
Clearcover is a next-generation insurance company that provides customers with the technology they need to confidently make the smartest decisions at every step. Clearcover is challenging the status quo with hassle-free insurance that redefines what it means to put the customer first, delivering affordable car insurance with one of the industry's fastest claims experiences. Clearcover includes Clearcover, Inc., which was founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover Insurance Company (NAIC #16524) and Clearcover Insurance Agency. Clearcover has raised more than $480 million in funding to date. In 2022, the insurance fintech ranked No.50 on the Deloitte Technology Fast 500™ and No. 151 on the Inc. 5000 Fastest Growing Privately Held Companies in America. Clearcover has also been featured by Glassdoor as one of the nation's "Best Places to Work."
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.
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.
PR Newswire | September 14, 2023
Cowbell, a leading provider of cyber insurance for small- and medium-sized enterprises (SMEs), today announced its partnership with Zywave, an industry-leading provider of insurtech solutions. The partnership is powered by Herald, a digital infrastructure provider that connects software developers to commercial insurance carriers through a single API, and leverages Cowbell's leading technology and individualized coverage options for a superior customer experience through Zywave's expanding, simple and efficient, API-first interface for quoting commercial and E&S insurance. The collaboration marks the first standalone cyber insurance offering on Zywave's Hub, which provides MGAs, wholesale brokers, and retailers, with quicker access to modernized cyber insurance products.
Despite cyber being the fastest-growing line of insurance business in recent history, four out of five SMEs are still uninsured or underinsured, according to a recent report published by the small business resource AdvisorSmith. By partnering with Zywave, Cowbell extends its reach within MGAs and brokers and helps further accelerate the adoption of cyber insurance within the SME market.
"As the first cyber insurance provider on Zywave's Hub via Herald's API, our adaptive programs are now available to over 40 additional trading partners," said Rajeev Gupta, co-founder and CPO of Cowbell. "These partners can now experience the simplicity of placing the industry's best cyber insurance coverage for their clients and protecting their clients' future cyber risks with Cowbell's tailored risk mitigation service."
"This is an exceptionally powerful partnership between the most innovative leaders in the industry," said Duncan Crystal, co-founder and CRO at Herald. "Together, we're proving how API-driven distribution can transform an industry that has traditionally run on paper. Our unified offering makes it easier for carrier partners to plug into networks of brokerages and MGAs, resulting in more premium for all players in the value chain, along with better coverage for businesses."
The ability to adapt to ever-changing market conditions in almost real-time allows capacity providers like Cowbell to expand or contract the markets they serve without being hindered by manual processes and antiquated technology. Expanding Zywave's offerings through Cowbell's advanced technology and quality insurance programs ushers in a new and improved way for brokers to sell cyber insurance to their clients.
Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing small and medium-sized enterprises (SMEs) coverage adaptable to today's and tomorrow's threats and the advanced warning of cyber risk exposures. In its unique AI-based approach in risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Cowbell is backed by 20 prominent leading global (re)insurance partners and serves SMEs in 50 U.S. states, the District of Columbia and the United Kingdom. Founded in 2019, Cowbell is based in the San Francisco Bay Area with employees across the U.S., Canada, India, and the U.K. For more information, please visit https://cowbell.insure/.
Herald builds digital infrastructure for commercial insurance. Developers who use Herald quote and bind insurance from multiple carriers through a single API. For more information, visit https://heraldapi.com.
Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content, and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 insurers, agencies, and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management, and safety. Additional information can be found at www.zywave.com.