Novidea partners with Xceedance

Novidea, Xceedance | February 05, 2020

Novidea partners with Xceedance
Data-driven insurance distribution platform Novidea has announced a partnership with Xceedance, a provider of insurance consulting, managed services, technology, data sciences and blockchain services. Novidea provides a cloud-based platform that connects insurance distributors to a digital insurance ecosystem using the Salesforce Cloud and artificial intelligence. The partnership with Xceedance will allow Novidea to scale up its operations to meet a growing demand, the company said. “Our growth vision and approach put a strong emphasis on collaboration with leading industry experts to make the onboarding of new customers to the platform as seamless as possible,” said Alex Zukerman (pictured above), chief revenue officer for Novidea. “Xceedance is a leading global player with proven delivery and consulting expertise, and shares many of the same values as Novidea. We’re excited to collaborate with Xceedance to increase our global reach in 2020 and work towards our shared goal of changing the insurance distribution process.”

Spotlight

Section 62A. Tax credit for investment in health insurance.-(1) A resident person 474[***] other than a company shall be entitled to a tax credit for a tax year in respect of any health insurance premium or contribution paid to any insurance company registered by the Securities and Exchange Commission of Pakistan under the Insurance Ordinance, 2000 (XXXIX of 2000), provided the resident person 475[***] is deriving income chargeable to tax under the head “salary” or “income from business”.

Related News

INSURANCE TECHNOLOGY

OWIT Global Releases Advanced Version of Bordereaux Management Solution

OWIT Global | December 02, 2020

OWIT Global, a provider of insurance-specific microservices solutions for the global insurance industry, declares a serious arrival of their Bordereaux Management Solution. The new delivery grows insurance-specific business rules, furthers usefulness to help approaching and active data takes care of, and contains extra pre-characterized execution dashboards. The Bordereaux Management Solution fathoms the insurance business' need to automate bordereaux preparing for MGAs, Carriers, and Brokers. “We continue to advance our solution with input from our existing customers. For the carrier, we support complex data sets from multiple formats, such as excel spreadsheets with multiple cross-referenced tabs and delimited/fixed-length file formats. For our MGAs, we support extraction and mapping of the data from multiple databases to various carrier contract formats,” said Wendy Aarons-Corman, Chief Executive Officer of OWIT Global. “Our solution also has an analytics service built-in, providing our customers with operational dashboards to evaluate the data running through the solution.” The OWIT Global Bordereaux Management Solution is a no-code, configurable climate, giving the intensity of onboarding and overseeing bordereaux data streams to the business client. Data is burned-through, scrubbed, and changed into an ideal yield record. Rules and outsider calls to approve data is likewise upheld. “Our customers are experiencing an immediate ROI. The time to configure and test has a dramatic reduction compared to the traditional model,” Aarons-Corman continued. “We encourage the industry to take some time to investigate our solution. There is a huge advantage in leveraging an insurance-specific solution that is continually advancing with input from other insurers. It is a great opportunity to get a feature-rich solution at a reasonable cost.” About OWIT GLOBAL OWIT is a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and integrate with existing customer environments to maximize their investments. The OWIT portfolio is comprised of discrete, value-add insurance-based microservices for Bordereaux, Rules, Rating, Portal Configuration, A&H, and Specialty Point of Sale and Document Generation with future capability to tailor a full suite of Policy Administration System (PAS) microservices. The company's offerings can be deployed standalone or integrated with an insurer’s existing environment. OWIT's architecture is also designed to support emerging technologies and functionality, such as blockchain and IoT.

Read More

INSURANCE TECHNOLOGY

CoreLogic and QOMPLX Join Forces to Expand Insurance Data and Model Offering

CoreLogic | August 05, 2021

QOMPLX is proud to announce a new relationship with CoreLogic, an industry-leading provider of property intelligence and data analytics, providing industry access to CoreLogic’s Oasis LMF- enabled models via the QOMPLX:OS marketplace. Q:HELM will include access to CoreLogic’s next level contiguous US Earthquake Model and Japan Earthquake Model, which provide insight into the damage that can occur following an earthquake and how aftershocks can amplify the effects months after an event. Similar to QOMPLX’s other collaborations, the relationship with CoreLogic expands the geographic range and catastrophe offerings of Q:HELM. “CoreLogic is seeking to help the market take advantage of the additional flexibility and choice provided by placing its catastrophe models onto the Oasis Loss Modeling Framework. We are delighted to be providing our models as part of QOMPLX offering to further increase that opportunity,” said William Forde, Senior Director, Product Management, Insurance and Spatial Solutions at CoreLogic. Broadly, this relationship will further expand QOMPLX’s offering of cutting-edge insurance data, services, and models to the insurance and reinsurance industry. “We provide a high-performing ecosystem of diverse offerings inside Q:HELM, and the CoreLogic models will be a major addition to the platform,” said Steve Smith, QOMPLX Director, Insurance Product & Modeling. “QOMPLX has an important role to play in bringing together more complete information and insights needed for industry to address broader weather and climate risk challenges on an ongoing basis” said Jason Crabtree, CEO of QOMPLX. The QOMPLX:OS marketplace provides customers access to services that can be purchased on-demand and offers significant advantages to provide more informed insurance underwriting decisions and better risk selection. Key features include: One-Stop Shop – A single platform with a common user interface Mix and Match – Choose offerings based on your specific needs Multiple Contract Options – Customers can pay as you go Diverse Suite of Offerings – Variety in models, data and services This robust offering for insurers and reinsurers is emblematic of QOMPLX’s unique role in risk analytics. We provide solutions to mitigate major long-term risks to capital and climate that are foundational to our modern global economy. The underlying capabilities of the QOMPLX core data factory fuel our cloud insurance risk analytics offering with the ability to rapidly ingest, transform and contextualize data at scale, much faster than traditionally seen across the industry. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy, and protect their homes.

Read More

Hailstorms in the US hit the property insurance market hard

Insurance Business America | April 27, 2020

Wildfires and hurricanes from recent years have impacted many homeowners’ and businesses’ ability to find affordable property insurance, but they’re not the only types of weather events that are contributing to a hardening property market. Hailstorms rank as one of the more damaging weather events in the US with 5,382 major hailstorms occurring in 2019 and 4,610 hailstorms in 2018, the latter of which resulted in $810 million in property and crop damage, according to the National Oceanic and Atmospheric Administration (NOAA). It’s no surprise then that the property insurance market is finally reacting to this icy threat. “The assumption of risk from property carriers has proven unsustainable due to years of deteriorating property rates and terms and conditions, and the lowering of deductibles – just general soft market issues,” said Andy Hendrix, SVP of US property at Colony Specialty, a part of Argo Group. “The other concern that we have as property carriers is roof maintenance from both commercial and personal lines risks that haven’t really been consistent.”

Read More

Spotlight

Section 62A. Tax credit for investment in health insurance.-(1) A resident person 474[***] other than a company shall be entitled to a tax credit for a tax year in respect of any health insurance premium or contribution paid to any insurance company registered by the Securities and Exchange Commission of Pakistan under the Insurance Ordinance, 2000 (XXXIX of 2000), provided the resident person 475[***] is deriving income chargeable to tax under the head “salary” or “income from business”.