INSURANCE TECHNOLOGY

Majesco Expands Digital1st EcoExchange with Additional Verisk Underwriting Solutions

Majesco | July 28, 2021

Majesco Expands Digital1st EcoExchange with Additional Verisk Underwriting Solutions
Majesco, a global leader in cloud insurance platform software for insurance business transformation, today announced that A-PLUS (loss history), Coverage VerifierSM (policy history), Roof Age, Major Systems, and Condition Score property insights had been added to Majesco's Digital1st EcoExchange by Verisk, a leading global data analytics provider.

Majesco Digital1st EcoExchange is a next-generation partner ecosystem that uses third-party services to provide a truly plug-and-play environment. It offers carriers with pre-integrated capabilities with Majesco solutions to assist insurers in digitizing, optimizing, and innovating their business, customer, and channel requirements now and in the future. In addition, Verisk, a long-standing partner, extended its current applications on Majesco's marketplace with the following:

A-PLUS is a comprehensive loss history database fueled by insurer contributions that allow for more accurate personal car underwriting and rating at the time of quotation. A-PLUS reporting tools allow quick choices based on data from various loss and coverage types. The Fair Credit Reporting Act (FCRA) regulates full-detail reports, which offer up to seven years of claims activity on risks.

The FCRA-regulated Coverage Verifier offers up to seven years of personal auto insurance history to assist in identifying current, lapsed, or suspended coverages, guiding critical underwriting and rating decisions, and reducing fraud.

Roof Age uses Verisk's extensive industry expertise and advanced data science to estimate the age of a structure's roof by combining permit insights, assessor records, and various other data elements. As a result, roof Age enables insurers to rapidly evaluate the age of a structure's roof to provide roof year and actionable, numeric confidence ratings for use in underwriting and rating applications.

Major Systems offers information on the health of a structure's major systems, including the building, mechanical, electrical, and plumbing systems. These insights are important for insurers to find a balance between real risk exposure and exceptional customer service.

By better knowing a property's history, Condition Score allows insurers to improve their underwriting approach. A property's score considers significant property change events such as maintenance, remodeling, and renovation activity, as well as related cost drivers. Thus, allowing insurers to segment and underwrite risks using a variable covering a property's whole history.

With the inclusion of these Verisk accelerators, Majesco clients may better price risk for improved profitability, make recommendations on loss control/prevention during underwriting, and simplify the application and underwriting process.

About Majesco
Majesco is the leading software partner for the P&C and L&A insurance industries, enabling clients to modernize, optimize, and innovate at scale. Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance.

Our technology, experience, and leadership assist insurers in innovating and connecting to build their business's future. We have an amazing track record of innovation and real-world results, with over 825 successful implementations and over 65 % of our clients on Cloud with Majesco platform solutions.

Spotlight

The Affordable Care Act (ACA) ushered in dramatic changes for small employers and the market where these employers purchase coverage. However, the impact of ACA provisions designed to improve coverage options and reduce administrative costs for small businesses has been lessened by the availability of non-ACA compliant plans and other benefit arrangements. This report assesses small-group market trends through a review of premium and enrollment data, federal and state policy decisions, and semi-structured interviews with insurance company executives, brokers, and representatives of small business purchasers in six states Arkansas, Minnesota, Montana, New Mexico, Pennsylvania, and Vermont.

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CORE INSURANCE

Yum China to Further Upgrade Employee Benefits, Adding One Million Yuan Medical Insurance Coverage for Restaurant General Managers

Yum China Holdings, Inc. | November 26, 2021

Yum China Holdings, Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) announced at its 2021 Restaurant General Managers ("RGMs") Convention, held virtually, that it will offer enhanced medical insurance coverage of up to RMB 1 million to each of its approximately 10,000 RGMs. The Company will also increase critical illness insurance coverage for family members of qualified RGMs to RMB 200,000. As one of the most extensive employee benefits plans in the industry in terms of number of people covered, the newly upgraded benefits will be implemented from January 2022 and will build on existing initiatives including equity incentives, family insurance and housing subsidies. The Company is also upgrading its "Family Care Fund" plan for the restaurant management team (RMT) and restaurant service team leaders, increasing critical illness insurance coverage under the plan to RMB 150,000, while offering access to certain expedited medical services for eligible employees and their family members. The newly upgraded benefits are expected to cover more than 60,000 RMT employees and their family members, as well as 26,000 restaurant service team leaders, helping them mitigate the financial risks brought about by critical illnesses. "The Company is extremely grateful to our restaurant managers for their diligence and agility on the front lines of our restaurants, particularly while navigating the challenges of Covid-19. Thanks to their dedication, Yum China has been able to provide customers with uninterrupted access to meals and excellent service while also supporting the community through trying times, Employee satisfaction is the key to customer satisfaction. Therefore, it is the responsibility of our company to create a working environment for employees guided by our principle of Fair, Care and Pride, as well as taking steps to protect their families." - Joey Wat, CEO of Yum China. Yum China has always adhered to a "people-first" philosophy, ensuring that the health and wellbeing of employees is the Company's top priority. Additionally, the Company continues to increase investment in protecting the health of employees and their families. The upgraded medical insurance package for RGMs covers a wide range of mild and severe diseases, providing greater support against the challenge of high medical expenses. In 2018, Yum China launched the "Family Care Program" for RGMs. In 2020, the Company launched the "Family Care Fund" for RMT employees, which entitles them to additional coverage for critical illness for their parents as well as additional accident insurance coverage for their children and spouses. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children. In December 2020, the fund was extended to also provide critical illness coverage to restaurant service team leaders. The newly announced benefits upgrade is the latest manifestation of Yum China's long-standing commitment to its RGM No.1 corporate culture. The Company believes that RGMs are the most important leaders at Yum China and play a key role in the Company's long-term success. Yum China not only provides employees with competitive salaries and benefits, but also ensures that employees share in the Company's success. After becoming an independently listed company in 2016, Yum China announced that it would award RSUs valued at US$2,000 to every qualified RGM. Following its secondary listing in Hong Kong in 2020, the Company awarded additional RSUs valued at US$3,000 to eligible RGMs. Up to now, a total of 14,000 RGMs have received RSUs. About Yum China Holdings, Inc. Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list in 2021. Yum China has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2021, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute, both for the third consecutive year.

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CORE INSURANCE

Oakbridge Insurance Continues Expansion Through New Partnership with Snider Killingsworth Insurance & Risk Management

Oakbridge Insurance | September 17, 2021

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INTELLECTUAL PROPERTY

Majesco Announces Launch of Insight Driven Underwriting Workbench - Majesco Digital Underwriter360 for P&C

Majesco | September 03, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Digital Underwriter360 for P&C, a next-gen insight driven underwriting workbench for commercial and specialty lines. Majesco Digital Underwiter360, powered by Majesco Digital1st® Insurance is an intelligent, insight-driven cloud-native SaaS, that enhances underwriting efficiency and profitability, drives underwriter productivity and profitability, and creates greater transparency and collaboration with brokers. “In order for insurers to elevate the customer experience, they must make the underwriting processes more efficient, profitable and responsive,” says Manish Shah, President and Chief Product Officer for Majesco. “Built on Majesco Digital1st® Insurance no code/low code platform, Majesco Digital Underwriter360, leverages today’s leading technology to increase efficiencies and effectiveness, maximize underwriter’s expertise and improves collaboration between underwriters and brokers. Our relationship with KPMG to develop and deliver another next-gen digital solution built with the customer in mind brings a new level of innovation and capability to the industry.” SMA research highlights the expectations of insurance executives regarding the magnitude of changes coming… 80% of insurance executives expect underwriting to be significantly different than it is today within 5 years and 94% expecting significant change in 10 years. The expected changes expose the gaps between today’s capabilities and those required in the future and which Majesco Digital Underwriter360 addresses. "The potential for underwriting transformation in P&C is tremendous,” stated Deb Smallwood, Senior Partner at Strategy Meets Action. “Our research indicates significant recognition that this will take a new solution and set of technologies separate from policy management solutions. To make this great leap forward, insurers need new thinking on roles and processes coupled with a new digital platform that is advanced beyond the portals and workbenches of the past. Majesco Digital Underwriter360 represents an innovative new solution that will help revolutionize underwriting.” Majesco engaged KPMG LLP in the experience centric design and development of the solution using Majesco Digital1st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution focuses on better insights, increased productivity, and driving more seamless interactions for the underwriter. Some of the key capabilities include: Insight driven: Multi-level risk view, across the portfolio and line of business for digitally optimized risk assessment and management. Just in time, relevant information: Data and information pushed to the underwriter’s fingertips at the exact moment they need it to optimize underwriting. Intelligent data ingestion and extraction: Refine rules and leverage technologies like AI to collect, automate and analyze the data to provide a full picture of the exposures for a given submission. Portfolio Optimization: Prioritize, assess, and reinforce risk appetite across the portfolio of business through the use of data and a holistic view of risk. Broker Collaboration: Increased and predictable collaboration between broker/agent and underwriter creating full transparency and speed for quote. Streamline underwriter workflow and improve risk assessment: Automated, efficient workflow, routing and case management capabilities to optimize underwriting and improve risk assessment leading to better outcomes. Automated data prefills: Using a growing array of structured and unstructured data sources from InsurTech and traditional third-party data providers to optimize the underwriting process and maximize underwriter’s knowledge. 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Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

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Spotlight

The Affordable Care Act (ACA) ushered in dramatic changes for small employers and the market where these employers purchase coverage. However, the impact of ACA provisions designed to improve coverage options and reduce administrative costs for small businesses has been lessened by the availability of non-ACA compliant plans and other benefit arrangements. This report assesses small-group market trends through a review of premium and enrollment data, federal and state policy decisions, and semi-structured interviews with insurance company executives, brokers, and representatives of small business purchasers in six states Arkansas, Minnesota, Montana, New Mexico, Pennsylvania, and Vermont.