Shift Technology | July 22, 2021
Shift Technology, a provider of decision automation and optimization solutions for the global insurance industry, announced today the launch of Shift Claims Automation on Salesforce AppExchange, giving insurers and agents more options for settling simple claims without the involvement of claims handlers or loss adjusters. Giving insurance firms' customer service representatives the tools, information, and expertise they need to assist resolve claims more quickly and correctly is one of the most effective methods to address the industry's customer experience issues.
Shift Claims Automation is a virtual claims handler that assists customer service professionals or agents in immediately resolving claims rather than going through the conventional claims procedure. All of the information needed to take a claim forward is automatically validated by the solution. An AI decision engine assesses the policy's coverage, responsibility, the authenticity and suitability of documentation, and the possibility of a fraudulent or suspicious claim. Allowing colleagues to settle claims with clients directly can decrease the time it takes to remit money, resulting in more positive customer experiences. Because the solution is available on AppExchange, it will work with current Salesforce deployments.
About Salesforce AppExchange
Salesforce AppExchange, the world's largest corporate cloud marketplace, gives companies, developers, and entrepreneurs new ways to build, sell, and grow. AppExchange links clients of all sizes and across industries to ready-to-install or customizable applications and Salesforce-certified consultants to address any business problem, with over 6,000 listings, 9 million user installations, and 117000 peer reviews.
About Shift Technology
Only AI-native decision automation and optimization solutions developed especially for the global insurance sector are available from Shift Technology. The Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions by addressing many key procedures across the insurance policy lifecycle. Shift was awarded Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award after evaluating billions of insurance transactions.
AXA XL | February 24, 2022
Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company ('A+' rated) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies ('A' rated) in a move intended to bolster Applied's operating capabilities in support of its strategic partners as the E&S market hardens. The transaction is scheduled to close during Q2 as anticipated regulatory approvals are received.
Mr. Jamie Sahara, President of Applied Underwriters, characterized the acquisition as a major advantage to Applied, its emerging E&S market leadership and its growing collaboration with channel partners in the sector:
"Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market."
-Mr. Jamie Sahara, President of Applied Underwriters
Mr. Steve Menzies, Chairman of Applied Underwriters, noted that the structure for the transaction drew upon a business transfer process used in Oklahoma that is based upon the successful Part VII transfer procedure used in the UK and the EU:
"We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act's regulatory process and its regulators' application of it. Uniquely, the IBT process permits insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both the transferring and assuming companies an efficient, transparent and straightforward process, while also realizing a legal finality. Our deal was complex and the Oklahoma regulatory format really helped facilitate this."
-Mr. Steve Menzies, Chairman of Applied Underwriters
According to Mr. Menzies, the transaction required the redomestication of the company: "The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of surplus lines authorizations. To effect the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, so that Oklahoma's IBT process could be used. We thank the regulators involved in these states in acting to benefit the sector and, ultimately, the clients we serve."
Formed in the 1950s, the Company that is Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company became part of what is now AXA XL.
Catlin Specialty Insurance Company currently holds an 'A+' rating from AM Best. The North American Casualty companies are rated 'A' by AM Best.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. AXA XL partners with those who move the world forward.
Sapiens International Corporation | November 04, 2020
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, today announced the launch of IDIT Go, a pre-configured, cloud-native solution that streamlines implementation and operations, enabling general (non-life) insurers to rapidly launch new offerings. The completeness of the solution, together with Sapiens' agile methodologies, deliver tangible business benefits within a very short time frame, at a fixed price.
Sapiens' fully digital solution, IDIT Go, is a cloud-first platform that delivers benefits only the cloud can provide, including streamlined upgrades, 24/7 accessibility from anywhere, increased operational efficiencies and security. By also providing full managed services in the cloud, Sapiens enables insurers to focus on their core business objectives without worrying about IT.
IDIT Go can be deployed within just a few months, with complete core PAS capabilities. IDIT Go is a new, pre-configured version of the Sapiens IDITSuite core insurance solution and provides access to a diverse array of product configurations for personal and commercial lines.
Designed to offer 'plug 'n play' business functionality and enhanced user experience, IDIT Go provides the following key benefits: faster time to market based on low-code architecture, digital-first configurable portals, resilient policy administration system (PAS), and cloud-native benefits and scalability for future growth.
"Empowering insurers in their quest to be more agile and adapt to ever-changing market requirements is at the core of Sapiens' mission. IDIT Go is a scalable solution that serves as a catalyst for growth," said Roni Al-Dor, Sapiens president and CEO. "IDIT Go leverages our depth of industry expertise, innovative technology and robust capabilities to ensure we support our clients' needs in every step of their digital transformation and assist them to achieve a rapid time to value."
IDIT Go also features a menu of open APIs, which offers P&C providers full access to Sapiens' insurtech ecosystem, enabling the quick addition of tools for customer engagement, sales and marketing, product enhancements and more. IDIT Go serves established industry players, greenfield insurers and digital startups alike. The solution offers multi-lingual, multi-currency and multinational functionality.
Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to more than 500 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements.